JSWINFRA
Large CapJSW Infrastructure Limited
Infra
JSW Infrastructure operates ports and port-related infrastructure across India's West and East coasts, and in UAE, handling diverse cargo. It also has a growing logistics segment including Inland Container Depots (ICDs), Container Freight Stations (CFS), and rail rakes. Total operational capacity is 183 mtpa.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 25/100PAT -18% YoY · Rev +19% YoY · margin expansion · +13% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,522 Cr | +18.6% | +12.7% |
| EBITDA | ₹769 Cr | +20.0% | +19.4% |
| Operating margin | 51.0% | +100 bps | +300 bps |
| PAT | ₹424 Cr | -17.8% | +16.2% |
| PAT margin | 27.9% | -1236 bps | +82 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 consolidated revenue grew 19% YoY to ₹1,522 Cr, with Operating EBITDA up 20% YoY. FY26 cargo handled reached 122 MT (+4% YoY). Q4 cargo growth was flat due to Middle East conflict and vessel availability issues, impacting third-party volumes.
JSWINFRA delivered strong financial results for FY26, driven by port and logistics operations. Significant capacity expansion projects are progressing, supporting future growth. While Q4 cargo volumes were flat due to external factors, the overall strategic direction and balance sheet strength suggest the long-term thesis remains intact, pending execution of large capex plans.
FY26 Cargo Handled by Customer Mix
Latest issuer-disclosed distribution across 2 reported categories.
Port Capacity Expansion
Targeting ~2.4x increase in overall capacity to 400 mtpa by FY30 through brownfield expansions and greenfield port developments.
Logistics Segment Foray
Expanding into Greenfield ICDs & MMLPs, Gati Shakti Multi-Modal Cargo Terminals, and investing in rail & container rakes (targeting 110 rail rakes, 140 container rakes).
Inorganic Growth Opportunities
Leveraging strong balance sheet for inorganic growth opportunities in port and port-related infrastructure, including privatization bids.
JNPA Liquid Terminal Modernisation
4.5 MTPA project successfully completed, enabling full-fledged commercial operations.
Ennore Coal Terminal Expansion
Capacity expanded from 9.6 mtpa to 11 mtpa, with enhanced capability to handle Cape-size vessels.
Kolkata Container Terminal
Concession agreement signed for 6.3 mtpa (0.45 million TEUs). Interim operations expected to commence shortly, completion in H1 FY28.
Dharamtar & Jaigarh Port Expansion
36 mtpa capacity expansion (Dharamtar 21mtpa, Jaigarh 15mtpa) targeting completion by March 2027.
Government Logistics Initiatives
GPWIS and LSFTO initiatives by the Government support scaling the logistics segment and rail rake investments.
Strategic Asset Locations
Locational advantage of ports enhances sticky cargo profile and provides good connectivity to industrial hinterlands.
Middle East Conflict Impact
Ongoing conflict led to lower volumes at Fujairah facility and cargo deferments at Indian operations due to lower vessel availability and higher freight costs in Q4 FY26.
Geopolitical Disruptions
Geopolitical events, such as the Middle East conflict, can directly impact cargo volumes, vessel availability, and freight costs, affecting operational performance.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing annual growth and overcoming seasonality in port operations. QoQ trends are relevant for monitoring sequential momentum, utilization, and the immediate impact of external factors on cargo volumes and logistics.
Total Cargo Handled (Ports)
Q4 FY26: 31.6 MT (+1% YoY); FY26: 122 MT (+4% YoY). Strong performance at South West Port, Dharamtar Port, and Jaigarh Port.
Third Party Cargo Mix (Ports)
Q4 FY26: 46% (vs 50% in Q4 FY25); FY26: 48% (vs 49% in FY25). Q4 volumes impacted by Middle East conflict and cargo deferments.
Logistics Volume (ICD+CFS TEUs)
Q4 FY26: 86k (+14% YoY); FY26: 427k (+40% YoY). Domestic cargo up 56% YoY in Q4, EXIM up 14% YoY.
Consolidated Revenue from Operations
Q4 FY26: ₹1,522 Crore (+19% YoY); FY26: ₹5,361 Crore (+20% YoY).
FY30 Capacity Target
Management aims to achieve a total operational capacity of 400 mtpa for the port segment by FY30.
Logistics Segment Targets
Logistics segment targets ₹8,000 Crore revenue and ₹2,000 Crore EBITDA by FY30.
Balance Sheet Strength for Growth
Company maintains a strong balance sheet with Net debt to Operating EBITDA of 1.2x, well-positioned for organic and inorganic growth.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Cargo Handled Growth (especially Third-Party) | Q4 FY26: +1% YoY (Total), -6% YoY (Third-Party). FY26: +4% YoY (Total), +3% YoY (Third-Party). | Sustained recovery in third-party cargo volumes and overall growth, particularly as Middle East conflict impact subsides. |
| Execution of Key Capacity Expansion Projects | Multiple projects (Tuticorin, Mangalore, Jaigarh, Dharamtar, Slurry Pipeline, Jatadhar) are underway with defined timelines. | Timely commissioning and ramp-up of new capacities, especially large greenfield projects like Keni Port. |
| Logistics Segment Performance | FY26 revenue ₹715 Cr, EBITDA ₹142 Cr. Q4 domestic cargo up 56% YoY, EXIM up 14% YoY. | Progress towards FY30 targets of ₹8,000 Cr revenue and ₹2,000 Cr EBITDA, and successful integration of new rail rakes. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
58NeutralSMA20 +3.7% / mo
Technical chart
JSWINFRAdaily · 1Y-0.2%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 58. Wait for confirmation.
- SMA20 falling (~1.5% over last month) — short-term momentum negative.
- RSI(14) at 58 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 4% off 52W high · 21% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 19/25 to the score.
- Balance sheet contributes 8/15 to the score.
Main drags
- Fair-value margin of safety is negative at -0.0%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +2 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 79th percentile of the scored universe and 83rd percentile within Infra. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 83.6%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Infra: 83rd pctile, median 65 · Large: 58th pctile, median 74
77 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 83.6%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.7%.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 37.40
- P/B
- 5.46
- EV/EBITDA
- 20.61
- Market Cap
- 59410.00Cr
Profitability
- ROE
- 15.40%
- ROCE
- 13.70%
- ROA
- 7.60%
- Dividend Y
- 0.28%
Growth (CAGR)
- Revenue 5Y
- 27.00%
- EPS 5Y
- 41.00%
- Revenue 3Y
- 19.00%
- EPS 3Y
- 29.00%
Balance Sheet
- Debt/Equity
- 0.63
- Interest Coverage
- 6.80×
- Altman Z
- 5.36
- Book Value
- 51.80
Cash Flow
- FCF Yield
- 0.69%
- FCF Positive Y
- 3/5
- OCF
- 2100.00 Cr
- EPS TTM
- 7.25
Shareholding
- Promoter Hold
- 83.61%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 43%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Infra — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.