JSW Infrastructure Ltd, India’s second-largest private port operator and part of the JSW Group, on Thursday reported a 26 per cent year-on-year rise in total revenue to ₹1,372 crore for the quarter ended September 2025 (Q2 FY26).
Consolidated EBITDA increased 18 per cent year-on-year to ₹716 crore, while profit after tax stood at ₹369 crore. Operational revenue grew 26 per cent to ₹1,266 crore on the back of improved port throughput and stronger contribution from the logistics business.
The growth was driven by higher cargo volumes across key ports and the inclusion of logistics subsidiary Navkar Corporation’s performance.
During the quarter, JSW Infra handled 28.9 million tonnes (MT) of cargo, up 3 per cent year-on-year, supported by robust performance at its South West Port, Jaigarh Port, and Dharamtar Port. The company said a 2.1 MT shortfall at its Paradip Iron Ore terminal, due to subdued export market conditions, tempered overall growth. Group cargo increased 6 per cent to 15.7 MT, accounting for 54 per cent of total volumes.
Operational EBITDA for the port segment rose 12 per cent to ₹585 crore, with margins improving to 53 per cent from 52 per cent last year. Navkar Corporation’s operations continued to scale up, with EXIM cargo at 79,000 TEUs (up 20 per cent YoY) and domestic cargo volumes at 394,000 tonnes (up 46 per cent YoY).
The company maintained a healthy leverage profile, with a net debt-to-operating EBITDA ratio of 0.75x and cash and cash equivalents of ₹3,088 crore.
Expansion and diversification push
JSW Infra said it completed public hearings for its proposed greenfield ports at Keni (Karnataka) and Murbe (Maharashtra), advancing the approval process for both projects.
It also expanded its logistics footprint with the acquisition of an 86-acre brownfield rail siding at Kudathini, Ballari, Karnataka, for ₹57 crore, which will be developed into a multi-modal logistics park with container handling systems and a rail freight terminal. The ₹380 crore project is expected to start commercial operations in Q4 FY26.
The company has also signed a 30-year concession agreement with Syama Prasad Mookerjee Port Authority to redevelop and mechanise Berths 7 and 8 at the Netaji Subhas Dock in Kolkata, adding 6.3 MTPA of handling capacity.
Reiterating its growth roadmap, the company said it aims to expand total cargo-handling capacity to 400 million tonnes per annum (MTPA) by FY2030, up from the current 177 MTPA. The plan involves a ₹30,000 crore capital expenditure programme for ports and an additional ₹9,000 crore earmarked for scaling its logistics network.