JSW Infrastructure Q2 FY27 results: Profit falls 11% to ₹328 crore, revenue rises 17%
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JSW Infrastructure reported an 11.1% year-on-year decline in consolidated profit after tax (PAT) to ₹328 crore for the September quarter of FY27, as unrealised foreign exchange losses and higher depreciation expenses offset growth in its ports and logistics businesses. PAT stood at ₹369 crore in the corresponding quarter last year.
Consolidated revenue from operations increased 17% to ₹1,481 crore in Q2 FY27, compared with ₹1,266 crore a year earlier. Operating EBITDA rose 11% to ₹674 crore from ₹610 crore, while profit before tax declined to ₹431 crore from ₹463 crore, according to the company's results announced on Tuesday.
Logistics business drives growth
JSW Infrastructure's logistics business emerged as a key growth driver, with revenue from operations rising to ₹279 crore from ₹163 crore in the year-ago quarter, an increase of around 71%. Operating EBITDA surged more than threefold to ₹81 crore from ₹25 crore, while the segment's EBITDA margin expanded to 28.9% from 15.2%.
The company increased its rail rake fleet from 42 at the beginning of the quarter to 78 by September-end. It expects delivery of another 32 rakes in the second half of FY27, taking the fleet to 110 by March 2027.
The ports business generated revenue of ₹1,202 crore, up 9% from ₹1,103 crore a year earlier. However, operating EBITDA for the segment increased a relatively modest 2% to ₹594 crore.
Cargo volumes rise 8%; new terminals expand footprint
Total cargo handled during the quarter stood at 29.4 million tonnes, while volumes across its Indian operations grew 8% year-on-year. Improved capacity utilisation at Paradip Coal, Ennore Bulk and Mangalore Coal terminals, alongside interim operations at the Tuticorin Bulk and Kolkata Container terminals, supported growth.
The company executed a 30-year concession agreement for the 13-million-tonne-per-annum (MTPA) Kolkata Outer Container Terminal. It also commenced interim operations at the 6.3 MTPA Kolkata Container Terminal, awarded in July 2025.
JSW Infrastructure completed the acquisition of NCR Rail Infrastructure under a National Company Law Tribunal-approved resolution plan. It also secured a letter of acceptance for a Gati Shakti Multi-Modal Cargo Terminal at Kulipalaiyam, Tamil Nadu, taking its logistics facilities to eight across five states.
H1 revenue grows 18% as expansion continues
For the first half of FY27, revenue rose 18% year-on-year to ₹2,926 crore, while operating EBITDA increased 13% to ₹1,348 crore. Cargo volumes reached 60.5 million tonnes, up 4%, with Indian operations recording 10% growth. Half-year PAT stood at ₹686 crore.
As of September-end, the company reported net cash of ₹1,693 crore, gross debt of ₹7,292 crore and cash and bank balances of ₹8,985 crore. It aims to increase total cargo-handling capacity from 186 MTPA currently to 400 MTPA by 2030.