JSW Infra Q3 results: Profit grows 9% to ₹359 crore amid higher revenue

JSW Infrastructure's Q3 FY26 profit rose 8.9% on higher port volumes and revenue growth, though earnings missed analyst estimates

Sajjan Jindal-promoted JSW Infrastructure reported an 8.89 per cent increase in consolidated profit attributable to owners, which stood at ₹359.1 crore for the third quarter of the current financial year (Q3 FY26), amid higher revenue. The profit, however, missed the Bloomberg analysts’ poll estimate of ₹379.14 crore.

 

Revenue from operations grew 14.2 per cent to ₹1,349 crore, supported by higher port volumes and strong contributions from Navkar Corporation. Revenue also marginally missed the analysts’ estimate of ₹1,353 crore.

 

Cargo volumes handled during the quarter rose 8 per cent to 31.7 million tonnes (MT), driven by strong performance at the South West Port and Dharamtar Port, interim operations at the Tuticorin terminal, and the Jawaharlal Nehru Port Authority (JNPA) liquid terminal. Growth was partially offset by lower volumes at the Paradip iron ore and coal terminals, similar to the previous few quarters.

 

During the company’s earnings call, joint managing director and chief executive officer Rinkesh Roy said the Paradip iron ore terminal saw a decline of 3.9 million tonnes due to macroeconomic conditions in the seaborne iron ore export market. “However, the recent monthly trends in Paradip iron ore are encouraging, with monthly volumes of 0.8 million tonnes in November and 1 million tonnes in December,” he said.

 

Third-party cargo increased to 15.7 MT from 14.3 MT, up 10 per cent, and the share of third-party volume stood at 50 per cent versus 49 per cent a year ago. Navkar Corporation’s total export-import (Exim) cargo volumes reached 85,000 twenty-foot equivalent units (TEUs), up 19 per cent. Domestic cargo volumes rose sharply by 45 per cent to 405,000 tonnes.

 

The company’s operational earnings before interest, taxes, depreciation, and amortisation (Ebitda) for the quarter under review increased 10 per cent to ₹644 crore, while total expenses declined 2.67 per cent to ₹962.97 crore.

 

During the quarter, the company signed an agreement with state-owned Minerals Development Oman (MDO) to develop and operate a 27 million tonnes per annum (mtpa) port, with a project cost of $419 million. The company, through its wholly owned subsidiary JSW Port Logistics, acquired JSW Rail Infra Logistics, JSW Minerals Rail Logistics, and JSW (South) Rail Logistics from JSW Shipping & Logistics for an enterprise value of ₹1,212 crore.

 

In the first nine months of FY26, revenue rose 20.23 per cent to ₹3,839 crore, while profit increased 11.2 per cent to ₹1,105 crore. As of December 2025, JSW Infra’s cash and bank balance stood at ₹3,455 crore and net debt at ₹1,888 crore.

 

The company aims to increase its cargo-handling capacity to 400 mtpa by FY30 or earlier, up from the current capacity of 177 mtpa. To achieve this, it has outlined a comprehensive capital expenditure (capex) plan of ₹30,000 crore for the port segment and ₹9,000 crore to expand its logistics footprint across India between FY25 and FY30.

 

In the current financial year, JSW Infra expects to spend ₹3,500 crore — ₹2,000 crore for ports and ₹1,500 crore for logistics. For FY27 and FY28 together, the port spend will be around ₹13,000 crore, while the logistics spend will be ₹3,500 crore.

 

JSW Infra is targeting consolidated operating revenue of ₹5,400 crore and operating Ebitda of ₹2,600 crore for FY26. On this basis, Ebitda is expected to grow by 15 per cent in FY27 and nearly double by FY28. The management has rolled out three key priorities, including early project completion to help double Ebitda by FY28, scaling up the logistics business to drive quicker Ebitda conversion, and efficiency.

 

Sequentially, revenue rose 7 per cent, while profit declined 59 basis points. On Friday, the company’s shares closed at ₹257.65 apiece on the Bombay Stock Exchange (BSE).