JSW Infrastructure Q2 profit dips 2.8% to ₹361 crore; revenue rises 26%

Sajjan Jindal-promoted JSW Infrastructure reported a 2.8 per cent year-on-year (Y-o-Y) decline in consolidated profit attributable to owners at ₹361.24 crore for the second quarter of the financial year 2026 (Q2 FY26). The figure, however, surpassed Bloomberg’s analyst estimate of ₹357.5 crore.

 

Depreciation rose to ₹149 crore from ₹134 crore a year earlier, driven by Navkar’s consolidation and project capitalisation at South West Port, Goa. Finance costs climbed to ₹99 crore from ₹75 crore due to higher net debt.

 

According to J. Nagarajan, chief financial officer, JSW Infra recorded an unrealised foreign exchange loss of ₹5 crore in Q2 FY26, stemming from fluctuations in the dollar–rupee rate and changes in the yield curve — an accounting adjustment under Ind AS 109. In Q2 FY25, the company had reported an unrealised gain of ₹155 crore. These factors impacted profitability in Q2 FY26.

 

 

Cargo volumes handled during the quarter rose 3 per cent Y-o-Y to 28.9 million tonnes, driven by strong performances at South West, Jaigarh, and Dharamtar ports, along with interim operations at Tuticorin and the JNPA liquid terminal. Growth was partly offset by a 2.1-million-tonne shortfall at the Paradip iron ore terminal due to weak seaborne iron ore exports, which the company said limited overall volume growth to below 10 per cent.

 

Revenue from operations grew 26.4 per cent Y-o-Y to ₹1,265.6 crore, supported by higher cargo volumes, an improved mix, and strong contributions from Navkar Corporation, which was consolidated during the quarter. Revenue also exceeded the analyst estimate of ₹1,238.9 crore.

 

The company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased 18 per cent Y-o-Y to ₹716 crore, while total expenses surged 70.1 per cent Y-o-Y to ₹909 crore, led by a 45.6 per cent rise in operational expenses to ₹539.1 crore.

 

Joint Managing Director and Chief Executive Officer Rinkesh Roy said the company expects an improvement in iron ore exports. “Iron ore prices are now firming up, and the trends observed in October are far better than in September,” he noted during the earnings call.

 

In the first half of FY26 (H1 FY26), revenue rose 23.8 per cent Y-o-Y to ₹2,489.4 crore, while profit increased 12.3 per cent Y-o-Y to ₹745.9 crore. As of September 2025, JSW Infra’s cash and bank balance stood at ₹3,088 crore, with net debt at around ₹1,810 crore and a net debt-to-operating EBITDA ratio of 0.75x.

 

Sequentially, revenue rose 3 per cent, while profit declined 6.1 per cent. On Thursday (16 October), the company’s shares closed at ₹309.05 apiece on the BSE.