JSW Infrastructure Limited (NSE: JSWINFRA) Q1 2026 Earnings Call dated Jul. 22, 2025
Corporate Participants:
Unidentified Speaker
Rinkesh Roy — Joint Managing Director and Chief Executive Officer
Lalit Singhvi — Whole Time Director and Chief Financial Officer
Vishesh Pachnanda — Head Investor Relations
Analysts:
Unidentified Participant
Achal Lohade — Analyst
Alok Deora — Analyst
Mohit Kumar — Analyst
Priyankar Biswas — Analyst
Vinit Barve — Analyst
Aditya Mongia — Analyst
Ketan Jain — Analyst
Mohit Jain — Analyst
Nitisha — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the Q1FY26 earnings conference call of GSW Infrastructure Limited. Posted by Nirvama Institutional Deputies As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference has been recorded. I now hand the conference over to Achal Lohade from Nuvama Institutional Equities. Thank you. And over to you, sir.
Achal Lohade — Analyst
Yeah, thank you. Good evening everyone. We have with us Mr. Rinkish Roy, Joint Managing Director and CEO, Mr. Lalit Singh, Director and CFO, and Mr. Vishesh Pachman, header Relations. Without much delay, I’ll now hand over the call to the management to start with the brief opening remarks which will be followed by Q and A. Over to you, sir.
Rinkesh Roy — Joint Managing Director and Chief Executive Officer
Thank you, Achal. Good evening and thank you all for joining our earnings call for the quarter ended 30 June 2025. The global economy is in the face of recalibration, facing subdued growth and rising uncertainties. Recent US tariff hikes on key trade partners have disrupted investments and significantly impacted developing economies. Amid geopolitical tensions and shifting supply chains, India stands out for its resilience, stability and forward looking economic approach. With inflation under control and fiscal consolidation progressing, India is well positioned to achieve over 6.5% growth in FY26. Supporting this outlook, the RBI adopted an accommodative stance in June 25, cutting the repo rate by 50 basis points to 5.50%.
Backed by easing inflation and strong fundamentals, this move is expected to boost liquidity, reduce borrowing costs and drive investment across sectors. India’s port sector remains central to its trade and infrastructure ambitions. In FY26, the government has ramped up efforts to privatize, modernize and expand port capacity while enhancing connectivity and digitizing operations. At JSW infrastructure, we have focused on scaling our cargo handling capacity from 177 million tonnes per annum to 400 million tonnes per annum by FY 2030 or earlier. While building a strong Pan India logistics network. Growth will be further driven by opportunities such as privatization of terminals at major ports and value accretive inorganic expansions in port and related infrastructure.
As part of this strategy we have secured a letter of award from the Shyama Prasad Mukherjee Port Authority for the redevelopment of Birth Age and mechanization of birth 7 and 8@netaji subhash.kolkata enhancing our container handling capacity in line with our logistics expansion goals. Our resolution plan for NCR Rail Infrastructure Limited has been approved under the insolvency process and we have received a letter of intent from the Resolution Professional regarding our road project. Progress at Kenny Port continues as planned with a public hearing scheduled for August on the 302 kilometre iron ore slurry pipeline project. 214 km of welding and 192 km of pipeline lowering have been completed.
The project remains on track for completion by March 27. At Murbay Port, hydrographic and geotechnical studies have been successfully completed. The EIA report has been submitted for the process of public hearing for the Jakarta project. The anchor customer has signed the concession agreement and innovation agreement is expected to be finalized shortly. Work on the JNPA Liquid terminal is progressing well and we are confident of completing the project within this quarter. Moving on to the operational and financial performance for the period April 25 to June 25 the total cargo handle stood at 29.4 million tonnes. This is a 5% year on year growth.
This growth aligns with our historical trends where cargo volumes in the second half of the year typically exceed those in the first half. We remain on track to achieve annual guidance of 10% volume growth over the last year. A third party cargo grew by 8% year on year to 15.3 million tonnes and the share of third party stands at a record high of 52% in the overall mix from 50% a year ago. Navkar Corporation has delivered an outstanding performance in the first quarter of FY26 highlighted by a strong recovery in operational volumes and a return to profitability.
Total revenue for the quarter stood at 1,314 crores reflecting a growth of 19% year on year. EBITDA for the period stood at 671 crores which is a 10% year on year growth and net profit for the period was 319 crores implying a 31% growth. With this, let me hand over to Mr. Lalit Singh to take us through the financials and other details.
Lalit Singhvi — Whole Time Director and Chief Financial Officer
Thank you Rinkesh and good evening everyone. Let me first talk about our ford business. In Q1FY26 the company handled cargo of 29.4 million tonnes as compared to 28.1 million tonnes in the quarter ended June 24. The 5% volume increase was primarily driven by strong performance of coal handling operations at Andor PNC and Paradis. Robert’s performance at Southwest Port and Ramsar Port along with interim operations at Tuttigong Terminal and JNCL Liquid Terminal also contributed to the growth. The growth was partially offset by lower cargo volumes at Ino Terminal at Paraguay and third party volumes at Jagat Port.
Third party cargo has increased to 15.3 million tonnes from 14.1 million tonnes representing 8% growth and the share of third party volumes stood at 52% versus 50% a year ago. The growth in cargo volume and the change in volume mix resulted in 8% increase in operational revenue for the port segment for the quarter from 1010 cores in Qi FY25 to 1,086 crores in Q1FY26. Operational EBITDA for the core segment stood at 561 crore up from 515 crore an increase of 9%. The margin has improved to 51.7% from 51% a year ago. Navkar Corporation delivered strong operational and financial results in Q1 FY26.
Total exempt cargo volume reached at 81,000 Tuscan representing a robust growth of 31%. Year on year growth. Domestic cargo volume stood at 2.75,000 metric tonnes up 11% compared to the same period last year. The revenue from operations rose to 138 crore reflecting a 17% increase. Year on year EBITDA climbed to 20 crores showing substantial improvement while net profit turned positive at rupees 2 crore, a significant turnaround from loss of 13 year in the previous year. Following our recent acquisition. Total consolidated revenue of the company stood at 1,314 crore and total EBITDA stood at 671 crore reflecting a year on year growth of 19% and 10% respectively.
The EBITDA growth was largely driven by the EBIT revenue. Consolidated depreciation was 143 crores and finance cost was 91 crores in the current quarter as compared to 135 crores and 1774 crores respectively in the quarter ended June 24. Given the changes in the INR and subsequent changes in the yield curve, we. Have recognized a mark to market unrealized. Gain of 36 crores. This is essentially a non cash charge and in line with guidelines of India’s 109. As a result, profit before tax for the quarter ended June 25 stood at 473 crore as compared to 392 crores in the quarter ended June 24. PAAS for the current quarter grew by 31% at 390 crores as compared to 297 crores in the same period last year. The aggregate financial commitment across all road projects encompassing awarded work orders and procurement of materials stand at approximately 3000 crores as of June 25th. We have net debt of 1246 crores with net debt to operating EBITDA of 0.54x and this is one of the strongest balance sheet in the sector.
This coupled with steady growth annual cash flows from the current asset base we are well positioned to pursue a growth plan to enhance our present cargo handling capacity to 400 million tonnes and parallel grow our logistics business with a top line of 8000 crore by FY 2030. With this I request the operator to open the line for questions. Thank you.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press char and one on the Touchstone phone. If you wish to remove yourself from the question queue you may press char and 2. Participants are requested to use answers while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Alok Deora from Motilal Oswal. Please go ahead.
Alok Deora
Hello sir. Good evening sir, just a couple of questions. First is on the volume growth. So it’s been you know low single digit for us and we have guided for nearly 9 to 10% volume for this year. So how do we see that number now shaping up? Because there will be a big catch up for you know in the remaining part of the year.
Rinkesh Roy
We still stand by our guidance of 10% for the entire year and we are seeing very good trends also. So we still stand firm on that guidance of 10%.
Lalit Singhvi
Hello. Typically if you see our second half is always higher than the first half. If you see last year also every year it is like this because you know first half is a monsoon affected and second half are always typically growth increases. So we are fairly confident. And you know second quarter also starting July itself is showing a good trend. So we are confident of covering up the whatever the shortfall of the first half and the second half for sure.
Alok Deora
Got it. And sir, this employee cost actually has come down quite sharply. QOQ and even yoy. So just any color on that.
Lalit Singhvi
Yeah, you see that our ESOP chart that is continuously reducing Quarter on quarter, it is usually most of the ESOP charges already factored in. So this quarter also if you see compared to last year it’s lower and again Q4 also is much lower. So basically the employee cost including ESOP has come down.
Alok Deora
Okay. So this going forward this number run rate could kind of continue .
Lalit Singhvi
Yeah. So this will not go up. In fact this will further come down.
Alok Deora
Sure. Just a last question. So logistics business, we saw around 131crore of growth last quarter and now it’s around 138. So how we should see this number shaping up for this year and next year so broadly?
Rinkesh Roy
Broadly we are looking at around 700 to 800 crores revenue in the entire year and we’re looking at around 100 crores EBITDA for the year 26. And mostly we our plans are in place and we are following those plans and we should be achieving these results.
Alok Deora
Got it. I’ll come back in the queue for more questions. Thank you sir. All the best.
operator
Thank you. The next question is from the line of Mohit Kumar from ICICI Securities. Please go ahead.
Mohit Kumar
Yes. Good morning sir. Good evening and thanks for the opportunity. My first question is on the volume sales. Jagger and Drum Dar volume numbers have continuously declining for last three to four years. Right. In fact we did 12.1 million coming if my memory is correct. And last year we did 9.8 and this year again we had 9.8. Despite the underlying steel production growth especially in this quarter from JS to steel at 6.5%. So can you please explain this anomaly?
Lalit Singhvi
One is, you see this, our group cargo as we discussed earlier also will always have a lumpy group. Whenever the capacity additions come then there will be a, you know, quantum jump till the capacity is same. So next last few years you see capacity is almost similar and now it is going up and it is primarily serving to the lowly steel plant. If you look at Jagad and Baramkar, so Jagad Veramkar is turning to steam and it was almost static. What you have seen decline was finally, you know, due to the last quarter again there were some, you know, maintenance shutdowns in earlier period also in this period also.
But if you look at in current quarter this Dharamptar has not gone down. There is a growth of 7% or so in the Dharamsar. It is only Jagat which has shown a little decline which was primarily one is some third party cargo also got reduced because MOP and this urea. One last quarter government has not placed the Orders and this is coming up in the subsequent quarter and little bit of, you know, we are seeing that this growth of JSW steel will cover it up. So Q2 onwards, you can see that they have now, you know, booked this iron ore import in a large vessel which can come only at Dagger.
So we are seeing that traction coming from July month itself. So whatever is the shortfall which gets covered in the Q2 onwards. So we don’t foresee there is any issue coming from the, you know, from our group cargo perspective.
Rinkesh Roy
If you broadly see this, if you put Jaigarh plus Dharamkar together, they’ve broadly been doing 43 to 46 million tonnes of cargo every year. That is the range at which it operates and this year we’ll be operating at the higher end of the range. We’ll be targeting around 40.
Mohit Kumar
Understood sir, thank you for detailed answer. My second question of Kolkata Container Terminal. I think the entire Kolkata handles around 0.8 million TEU. And if I, if I remember correctly, Kolkata has I think V 1.4 billion TE container and Kola is looking to expand article. It is in the process of bidding out another 0.9 million tu and I think bid is due after in the month of July or August. The question is the price discovery of rupees 4678 per tu is very, very competitive given the interline potential. Can you please help us explain this price discovery and how do you see the volume, volume coming at this port?
Rinkesh Roy
So as you rightly pointed out that Calcutta, the other bids that will be coming up, you have already now got a base price here, whatever we quoted for the project earlier. So we feel that it’s a very competitive price. Keeping in view that the other projects are going to come up and if you understand Calcutta and that area better, most of the cargo is very sticky in nature. That it serves the hinterland is very, very clear close to the port areas. So we don’t foresee that. With better efficiencies being brought into play and better turnaround of vessels at the port.
With the port also looking at taking up new efficiency measures in increasing throughput across the log gates, we don’t foresee much of a challenge in being competitive.
Mohit Kumar
Take it offline. The third question can please help us the details of the anchor agreement to sign Jettaar, what is there take or pay agreement and for how much volume?
Lalit Singhvi
Yeah, Jetta has, you know, we have yet to sign the innovation agreement but there’s, you know, there is a assured cargo coming from them, you know that this is Slurry line pipeline is getting, you know, attached to this port. Slurry pipeline has already got the takeoff pay agreement which will trigger from, you know, 1st of April 27th and the entire cargo which is coming through slurry pipeline will get transported through this port only. So cargo is assured here. So there absolutely there is no issue of, you know, any dirt of cargo for this port.
Mohit Kumar
Okay. So when you say concession signed in June 25, the anchor customer to me you mean that this is of concession, right? That’s what you mean, right?
Lalit Singhvi
No, no, no, no. It is a concession only. It will get no weighted in our name. So you know then it will be a full fledged concession in our name because the concession provides that it can be novated to any of the group companies. So under those provisions of the policy and agreement it will get novated to us. There is no such thing that we have to share anything. It will be completely ingestible in front of me.
Mohit Kumar
Understood? Understood. Thank you. So thank you. Thank you.
operator
Thank you. The next question is from the line of Priyankar Biswas from GM Financial. Please go ahead.
Priyankar Biswas
Yeah. Good evening sir. So my first question is what I observe is that there is a divergence between the volumes at let’s say Dharamtar and Jagat. Typically they tend to move in line. I mean like one is increasing, the other increases. So why is this divergence based on like. Sorry Jagger, volumes are not keeping pace with what is happening at Dharamtar. If you can explain that.
Rinkesh Roy
Priyankar, as I said that you know. There was some third party cargo. Also there is a dip. So you are looking at the total cargo. Jagger, this is the thing so major part if you look at point three out of that 0.15 is third party cargo. So that I explained that MOP and this urea thing. The government has not issued the order which was there in the earlier period and this is coming in the second quarter. And then there is a small gap of the, you know, 0.15 which will get covered in this. There are certain SIPs which were to come in this quarter.
They got, you know, substitute this current quarter in the July. So July itself there is a traction and a lot of import booking has been done by a larger ship which will bound to come at Jagat port. So that will cover it up.
Priyankar Biswas
So if I understand correctly, if that be the case then would it be fair to say that on a full year FY26 basis at least our group volumes would be similar to like what it was. Let’s say in FY24.
Lalit Singhvi
Absolutely, absolutely. It should be, we expect a little, a little better than our last year.
Priyankar Biswas
Okay. And sir, just adding one more question. So what I see is NCR Rail you have acquired recently. So what is the rationale for that acquisition and how it will translate into, let’s say revenues and EBITDA going forward?
Rinkesh Roy
So this, as we told you that earlier, that we’re looking at building up a Pan India logistics network and primarily serving, you know, with the anchor base of steel cargo and then looking at ICDs and containers for return. So keeping that in mind, this is one of those terminals we had identified to fit into our overall Pan India logistics plan. We see a big market in the nearby area and it also serves as a gateway to the NCR region. And location wise, it’s located bang near the eastern DFC as well as it is at the entry of the Western dfc.
So keeping all that in mind, we had found it to be a very strategic location and that’s why we had zeroed in. So it’s part of a bigger network. So it will start giving it a bit as and when we form the network info.
Priyankar Biswas
And so just one more question if I can squeeze in regarding the, let’s say terminal privatization at major ports. So of course you got this Kolkata order, but are there any other ports at least in the very near term, that is in FY26 which you may be interested in and may come up for near term bidding.
Rinkesh Roy
So what we have been given to understand is that many ports have already are getting or in the process of getting clearances for the various terminals. One is in Calcutta which the outer terminal and the inner harbor of Netaji Subhash Dock. These are all also coming up for further privatization bids. Similarly, we are also getting new bids coming up at Paradee. So this process will be ongoing and we’ll be participating in this, evaluating them and looking at all these terminals.
Priyankar Biswas
Okay, sir, that’s broadly from my side. In case I have more, I will come back in the queue.
operator
Thank you. The next question is from the line of Vineet from Investec. Please go ahead. Your line has been unmuted. Please go ahead with your question.
Vinit Barve
Yeah, am I audible?
Rinkesh Roy
Yeah, go ahead.
Vinit Barve
Yeah, okay, thanks. Good evening sir. Thanks for the opportunity. Sir, a couple of questions. One is what’s the status on the approval for expansion of capacity at southwest from 11 to 15 million ton? Where are we on the approval there?
Rinkesh Roy
So here this we have, we have been, will be applying to the state, State Pollution Control Board. For further increasing this capacity we have already got the EC for 15 million tons and the subsequent part of increasing the capacity is now at the state level. So we are pursuing this and we expect the decision to be taken soon.
Vinit Barve
Okay, understood. And sir, at Jaigird LPG terminal we have seen frequent delays in terms of timelines. Initially we had started with January 26th as the timeline then got pushed to June 26th and now we are looking at FY27 year end as the completion date. And even at Tuti Korean we have pushed our timelines by a quarter. What is happening there and what gives you assurance that there will be no further delays at.
Rinkesh Roy
So first of all let me talk to you about Tutti Korean. So Tuttikoren all the orders for piling, the machinery, the conveyor, everything has been placed so and already piling works have started for the conveyors and the orders for the ship unloaders have been placed. So these were the two main, you know orders that were to be given. So that is on. We have just taken you know guidance for another three months because we got the final LOA at March 25 this year. So that was the main reason. We had expected it to come somewhere between December and Jan so that actually pushed it by another quarter.
So that was the main reason. And LPG project in Jaigas, the peso approval we thought was slightly delayed. So keeping that these are all statutory approvals that need to be in place before we can undertake the project. So that was the prime reason. But now we are on track and I think we should be completing it on schedule as we have given the guidance or before that.
Vinit Barve
Understood. And sir, last question from my end for the NCR rail resolution, if you can speak about any consideration which has to be paid out here, what could be the revenue potential of this asset? How should we think about this let’s say over the next three to five.
Rinkesh Roy
Years as I explained to you, you know it’s a part of a strategic fit of you know individual terminals in a pan India logistics network. So the development of the network itself is of, you know, kind of more important than looking at this individual terminals giving their ebitda. So keeping that in mind, it’s very early days to predict the exact numbers and I think Lalish can talk about the considerations.
Lalit Singhvi
So, so this is 467 crore is the amount for which we have you know bidded for this. And as we said that once the grid is complete because we have to create you know 2530 centers across the country right from Arapanam, Chennai going up to ncr. So we have got readily available this asset which is you know very near to, sorry Eastern DSC and JWAR Airport and everything. So that is a very good asset and we are looking for creating two ECT or stress assets or built our own. So out of this once we are getting something like this which is readily available it makes sense for us.
So as we have the cargo availability from the group also as you said the base cargo will be coming from the group for this network and then we will look for possibility of getting a return cargo and all those things. So over a period of time when. The grid is in place. So that will certainly give us the desired ROC which we are looking from the logistics sector.
Vinit Barve
Thank you so much sir for this. Thank you.
operator
Thank you. The next question is from the line of Aditya Mongia from Kotak Securities. Please go ahead.
Aditya Mongia
Good evening everyone. I hope I’m audible to all. I’ll go on with my questions then. The first question that I had was I think something that others are also asked. The Jagad and Tarantar in fiscal 24 did about 47 million tons and we will end FY26 as per your guidance at 45 46. Simple question that I want to ask you is that what is the scope of third party volume growth of these assets and is it as limited as numbers would suggest over last few years? And similarly is Captech taking the leg down because of its numbers getting bad or is it third party which is broadly being absented over there from a growth perspective.
Lalit Singhvi
As I said that Jayagar and Garamsar is serving primary to Dolby steel plant and it will have a lumpy growth. So till the capacity additions come from 10 to 15 million tonnes it will remain almost similar level and 1 or 2 million here and there it may be fluctuating but coming to this year we expect that it will be on a higher side and it will be higher than last year number. It will not be less than last year number. So we expect from Q2 itself we are seeing the traction because this year they are importing more because iron ore prices are lower.
So we see big shifts coming in from month of July itself. So whatever the shortfall is there it will be covered up.
Aditya Mongia
Understood. Maybe a linked up question over here. Is there any change in the sourcing pattern of the captive customer which is leading us to see slightly weaker numbers on the captive side? I asked so because on a two year basis it seems to be declining quite meaningfully and just wanted to kind of check whether there’s any change in sourcing pattern for any of the raw materials at the capital customer requires from itself.
Lalit Singhvi
See there is no such thing that any big numbers coming in. As I said it is only few millions here and there. Out of that 45 to 47 or 48 million. The cargo what they need for running their you know this 10 million ton capacity and it is going to be increased. So cargo is going to come. It is a matter of year or two where you know, you are seeing this problem. As they go to 10 to 15 their requirement will further increase. So whatever the Mumbai increase they are getting it which is around say 10 million is the ultimate what they can do.
So that is only thing that you know 1 or 2 million here and there in Mumbai anchorage keeps you know fluctuating. So that is the only difference. Otherwise there is no such thing that you know which can affect our you know volume growth at Jagadha Dharamchara.
Rinkesh Roy
So broadly the last two, three years trends have been to you know operate between 43 million to 46.5, 47 million tons. That has been the broad range. And this year we are very sure and the guidance is for 46 million plus keeping both Dharan sir and Jaigat together.
Aditya Mongia
Understood, Understood. I’ll move on to the next question. Just wanted to get a sense that this M1 bulk terminal has done close to 3 million tons of quarter. That is the capacity for the figures about 9.6. Could you help us better understand how to feature the growth from this?
Rinkesh Roy
You’re confusing it with no coal. So it is actually 9.6 and that. Yeah, so that is going up to 11. So we broadly on track also. So there’s no issue on that.
Aditya Mongia
And can it expand beyond 11 or.
Rinkesh Roy
Is it with the current setup it will not expand beyond 11. So we have got the EC for 11 and that is what we are looking for.
Aditya Mongia
Okay, the final thing from my side, I just wanted to check the asset. The port volumes breaker that we give for the quarter somehow add up to be a slightly higher number than 29.4. That’s one confusion appears between 9.7. So is there some inter segmental things happened over here or just want to clarify this and part B of the question. Somewhere in the footnote one talks about 50 coding volumes not being there of about 0.6 million tons. So should one be adding 0.6 million to your overall numbers and then thinking through the annualized numbers? Just want to get better sense of those two things.
Vishesh Pachnanda
No anity this Is Vishesh. So that footnote is for the information purpose. That duty current in the last quarter was also considered in the standalone BSW Infrastructure Limited so one should not add or subtract that 0.6. That is just for the information.
Aditya Mongia
Okay. And there’s some small discrepancy of 0.3 million tons. It’s smaller. It’s a 1% of growth that discrepancy.
Vishesh Pachnanda
You know I can come back to you once I get back.
Mohit Kumar
Sure. Those are my questions.
Vishesh Pachnanda
One more thing is there we report numbers in million tons. So it might be you know, rounding up or some casting at particular. So that particular port that could be also an issue. But I can come back to. You will come back on this. You know, if there is a clerical some issue, he’ll come back.
Aditya Mongia
Thank you so much. Thank you.
operator
Thank you. The next question is from the line of Gate and Jain from Aventus Park. Please go ahead.
Ketan Jain
Thank you. Good evening sir. I just had one question. What is the expected commissioning of this.
Rinkesh Roy
Will BE I think 18 months from the letter of. From the award of concession. So it will. It will take some time for the conditions to resident to be completed and from there the clock will start taking. So we will be somewhere, let us. Say so 18 months from the consistent. Which may take another four to six months. Around two years. You can take from now August 27th. Q2 of 27.
Ketan Jain
Okay, 28. Understood. Understood. Thank you. Yeah.
operator
Thank you. The next question is from the line of Mohit Jain from Devin Choksi. Please go ahead.
Mohit Jain
Good evening and congratulations for the big five number, especially on the logistics side. So my question is for the Nafkal Corp only. So what is the current capacity deviation across your three CFs and one ICD particularly the moldy ICD which I guess previously was operating at below 30%. Please correct me if I’m wrong. And so when do you expect them to you know, reach at the optimal level of 70, 80%. And one last thing on this. Based on your existing infrastructure, what is the peak annual revenue potential assuming like full utilization 80, 90% across all three facilities.
Rinkesh Roy
So more if you see we have been continuously, you know going on an upward trend and the critical benchmark was hitting crossing 5,000. So that we have done in the last quarter and we’re maintaining that plus the mix of, you know, major part of it you should realize is how much of empty and loaded ratios we are looking at. That ratio has improved in Modi. So that gives a lot of better returns for us and at the full 80, 90% capacity utilization. You should expect around 800 to 850 crores top line for these three or four terminals.
And as you increase the rate cleat that should be cross touching. So the one part is the terminal and you increase the rate plate it should touch around a thousand cruise.
Mohit Jain
So just to follow up on this, you said in the beginning, I guess we are expecting around 750 to 800 crores in the logistics side this year. So that’s around 80, 90% only. So and I am assuming that most of the contribution is coming from Navka. So do you think we’ll reach a good utilization of Napka this year and next year? We need to look for some organic or inorganic expansion in terms of ICDs or.
Rinkesh Roy
Absolutely, absolutely. We will have to add to the, you know, kitty somewhere one or two more terminals especially in the western circuit where it will be more of a logical fit for nafta. Otherwise we will be looking at, you know, expanding its growth.
Mohit Jain
All right. And one last thing, one last question from my side. Since sir, we have guided on the entire logistics space of 8,000 crores of revenue by FY30 and 25% EBITDA margin. And what I’m assuming is that our logistics segment is now bifurcated between Navkar and Jati Shakti, please correct me if I’m wrong.
Rinkesh Roy
No, no. I think it’s all part of. Navkar is also a part of this entire system.
Lalit Singhvi
So we have a DSL logistic company and this Navcar is acquired by this port logistic company. So under Ford logistic company like Navkar will have many more such verticals coming in either you know through GCP or through stress asset buyout or building new one. So what we are talking is the total logistic business when we say of investment of 9,000 crore or sales of 8,000 crore over a period of 5, 6 years. So this will be going like that. So now car, whatever Navkar can absorb, this is their balance sheet will come under Navkar rest.
Most of the things will come under the code logistic company.
Mohit Jain
But this 8,000 crore Navkar is a part of it, right?
Lalit Singhvi
Absolutely.
Mohit Jain
And so just, just to follow up on this car be a very huge contributor to this 8,000 crore like above 50, 60%.
Lalit Singhvi
No, it can’t be like that because your Navkar balance sheet doesn’t permit that much. You know the balance sheet of Navkar. So whatever the way EBITDA is improving now you can see that it Improving substantially. So whatever you can absorb basis, you know, net debt to EBITDA of our guidance we will keep investing in this. But obviously their balance is not that strong that they can take that much of load.
Mohit Jain
Thank you. Thank you. That answers my question. Thank you sir.
Lalit Singhvi
Okay, thank you.
operator
The next question is from the line of Nitisha from ICICI securities. Please go ahead.
Nitisha
Yes, thank you so much for taking my question. So my first question is that we recently signed an MoU with the Konkan Railway for. For rail siding from. From Bokeh railway station to Jayat. So could you just give some color on how binding is the agreement and where are we expecting the rail siding to come in and what is the potential timeline?
Rinkesh Roy
So this is one of the nearest rail heads to Jaigir port. It’s around 2025 km away from Jaigad port. And number two, this railway siding is built on a you know, deposit work business so that we. We are funding the entire project and the Konkan railway is to execute it for us. So they’ll be doing it in a period of again one and a half, two years time. And much of our rail logistics that we are building up. So this will also come into play at Bouquet siding so you can have you know tank containers, containerized traffic fertilizer cargo moving from this Bouquet side.
Nitisha
And are we. Are we expecting you know a rail line from. From Bokeh to the. To the port? Like what. What will be the. What is the situation of cargo from the port to the railway siding? Is it.
Rinkesh Roy
That we are not taking up right now? So this will be a outlet for rail bound traffic for Jagat port on the Konkan railway network.
Nitisha
All right. Also as we can see that the realization for turn on cargo has gone up about 2% this quarter. YOY it’s due to a price rise or due to mix. And if you have taken a tariff height then what is normally the time when the company.
Rinkesh Roy
We have been able. To increase some prices this year like Goa we have increased. Then the coal terminal also we have increased. So wherever there is a possibility otherwise, you know WPI based in any way we are able to increase. But WPI was not that high. So wherever it is non WPI linked. Where you know we have. We have been able to increase substantially.
Nitisha
Thank you. Generally what is the time period when you take this clarify. Is it in. Is it in Q4 or Q1?
Lalit Singhvi
No, it is normally, you know April to March. So you know in the Q1 itself we increase whatever we can increase.
Nitisha
All right. Thank you so much.
operator
Thank you, ladies and gentlemen. We take that as the last question for today, and I would now like to hand the conference over to the management for closing comments.
Rinkesh Roy
So, as we have gone through the results and the detailed questions from you all, I would like to reiterate again once more for the persons attending this conference that we stand by our guidance of 10% growth in throughput, and that’s on the annual basis. And as has been explained to you, historically, H2 is greater than H1 and the trends are quite good in July. So we are quite confident of meeting this guidance. Thank you.
operator
Thank you on behalf of Nirvama Institutional Equities. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.