JSW Infrastructure Limited (NSE: JSWINFRA) Q4 2025 Earnings Call dated Apr. 30, 2025
Corporate Participants:
Unidentified Speaker
Rinkesh Roy — Joint Managing Director and Chief Executive Officer
Lalit Singhvi — Whole Time Director and Chief Financial Officer
Analysts:
Unidentified Participant
Mohit Kumar — Analyst
Alok Deora — Analyst
Ankita Shah — Analyst
Koundinya Nimmagadda — Analyst
Aditya Mongia — Analyst
Ketan Jain — Analyst
Mohit Kumar — Analyst
Vinit Barve — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the JSW Infrastructure Limited conference call hosted by NUVAMA Institutional Equities. 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 is being recorded. I now hand the conference over to Mr. Achal Loade from Nuvama Institutional Equities. Thank you. And over to you, sir.
Unidentified Speaker
Thank you. On behalf of Nuvama Institutional equities, we welcome you all to the Q4FY25 earnings conference call of JSW Infrastructure Limited to discuss the results. Today we have with us Mr. Rinkesh Roy, Managing Director and CEO, Mr. Lalit Singhvi, Full Time Director and CFO and Mr. Vishesh Pachnanda, Head Investor Relations. Without much delay, I’ll now hand over the call to the management to start with 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.
Rinkesh Roy — Joint Managing Director and Chief Executive Officer
Achill. I’m Rinkesh. Good evening and thank you all for joining our earnings call for the quarter and the year ended 31st March 2025. The overall global growth landscape is marked by uncertainty leading to significant volatility across business environments, financial markets, commodity markets, supply chains and capital flows. Despite global challenges, India has remained one of the fastest growing major economies supported by robust domestic demand, a stable monetary policy and a focus on infrastructure development. Government initiatives aimed at enhancing manufacturing logistics are generating new opportunities across various sectors, including ours. The government is undertaking significant measures to enhance the efficiency and effectiveness of the logistics sector.
Both central and state governments are collaborating to increase the nation’s total port handling capacity from the current 2,700 million tonnes per annum to 3,500 million tons per annum by 2030 and 10,000 million tonnes by 2047. In line with this vision, the involvement of private players is being progressively expanded through PPP terminals. Major ports in India which are owned by the central government account for over 50% of the country’s port capacity with a substantial plan to 400 million tonnes per annum by financial year 2030 or before, encompassing Greenfield, Brownfield and other growth projects within the stipulated time and budget 2 to significantly scale up the logistics business segment, targeting a top line of Rs.
8,000 crores by FY30 and an EBITDA margin approaching 25%. The objective is to expand the business on an asset light model to achieve an industry leading return on capital employed and number three to continuously seek out value accretive inorganic opportunities. In that respect, FY25 was a year of strategic progress for us and achieving various milestones for our company. We have made significant progress in the journey towards the completion of our expansion projects to reach a capacity of 400 million tonnes by FY2030 or before. We have made significant progress in the journey towards the completion of our expansion projects.
Now specifically on the developments during the quarter at Tutikorin and jnpa we have received approval from the relevant authorities to begin interim operations. Consequently, we have handled approximately 0.9 million tonnes and 0.1 million tonnes respectively. This quarter, following the timely completion of the construction of the COVID shed at Southwest Port Goa, I am pleased to announce that the cargo handling capacity at Southwest Port has increased from 8.5 million tons per annum to 11 million tons per annum. This has resulted in the company’s total capacity increasing from 174 to 177 million tons per annum. Further approvals are being sought to increase the total capacity of the Goa terminal to 15 million tonnes.
We have successfully completed the acquisition of the slurry pipeline and and signed a long term takeover agreement with JSWST. Currently 180km out of the 302km pipeline work has been completed and we are on schedule to finish the construction by March 27th. Moving on to the operational and financial performance. For the year 25 the total cargo handle stood at 117 million tons. This is a 9% year on year growth. A third party cargo grew by 34% year on year to 57.3 million tonnes. And the share of third party increased to 49% in the overall mix, a jump from 40% a year ago.
Total revenue for the year ended March 25 stood at 4,829 crores reflecting a growth of 20% year on year. Total EBITDA for the period stood at 2615 crores which is a 17% year on year growth. And net profit for the period was 1521 crores, a growth of 31%. The board has recommended the dividend of rupees 0.80 per share representing 40% of the face value. With this let me hand over to Mr. Lalit Singh Bi, our CFO 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 coal business. In Q4FY25 the company handled cargo volumes of 31.2 million tonnes as compared to 29.9 million tonnes in our quarter ended March 24. The 5% increase volume increase was primarily driven by the robust coal demand in the coal terminals at Mangalore, Anore and Paradis and was also fueled by the start of interim operations at Tudigar terminal and Gentle liquid terminal growth was partially offset by the lower cargo volumes in the INO terminal at Paradi. Third party cargo has increased to 15.5 million tonnes from 14 million tonnes representing 11% growth and share of third party volume stood at 50% versus 47% a year ago.
The growth in cargo volume and the change in volume mix resulted in 5% increase in operational revenue for the port segment for the quarter from 1096 crores in FY24 to 1152 crores in FY25. Operational EBITDA for the port segment stood at 626 crores from 581 crores an increase of 8%. The EBITDA growth was largely driven by the increased revenue we have consolidated Navkar Corporation Financial in the previous quarter with effect from 10-11-24. The total consolidated revenue of the company stood at 1372 crores and total EBITDA stood at 730 crores reflecting year on year growth of 14% and 7% respectively.
Consolidated depreciation was 140 crores and finance cost was 94 crores in the current quarter as compared to 134 crores and 75 crores respectively in the quarter ended March 24. Given the changes in the INR and subsequent changes in the yield curve, we have recognized a mark to market unrealized gain of 86 crore and 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 March 25 stood at 581 crores as compared to 417 crores in the quarter ended March 24. Pad for the current year for the current quarter grew by 57% at 516 crores as compared to 329 crores in the same period last year.
During FY25 the company undertook capital expenditure amounting to 2,444 crores which was directed towards the acquisition of Slurry pipeline as well as towards various ongoing and new projects. In addition, during the year company successfully completed the acquisition of Navkar Corporation at an enterprise value of 1596 crore. For FY26 the company plans to invest approximately 5500 crores with a significant portion around 4000 crores allocated towards the port business and 1500 crores year mark for the logistics segment. As of March 25th we have net debt of 1471 crores. With a net debt to operating EBITDA of 0.65 and 1 of the strongest balance sheet in the sector.
This coupled with steadily increasing annual operating 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 ton 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, sir. We will now begin with a question and answer session. Anyone who wishes to ask a question may press STAR and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star in two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Mohit Kumar from ICICI Securities. Please go ahead.
Mohit Kumar
Yes sir. Thanks for the opportunity. My first question. Thanks for the opportunity. Am I clear now?
Rinkesh Roy
Yes.
Mohit Kumar
My question is with the government looking to free. Looking to free up the pricing for existing concessions. What do you make of the draft proposal?
Rinkesh Roy
So we have been in agreement with this and we have been pursuing along with all other associations that this comes to fruition very quickly. Because this is with the abolition of tam. The regulation on prices should have also been removed.
Mohit Kumar
So do you think broadly it is as per the industry liking the adjustments on the revenues and the formula which are given for the adjustments?
Rinkesh Roy
No, it is. You see finally in the end analysis, although the pricing is free, you can only charge up to what the customer or the market can bear. It’s not something that it’s for the industry to you know charge exorbitant rates. Because there are most of the ports sector. The companies have two port solutions. So that I think will be a major issue that people will be pricing themselves very exorbitant.
Mohit Kumar
Understood. So my second question is can you please explain the nature of investment in logistics business of rupees 15 billion which year marked for FY26.
Rinkesh Roy
Yeah. So there is. You know we have acquired Navkar and Navkar also they have not invested in last two years.
Rinkesh Roy
So we.
Rinkesh Roy
We see lot of low hanging fruit. So we will be investing board has approved around 170 crores to be spent in Navka. Then we are looking to as per our plan of 9000 crores we have spelled out, we are increasing. We are placing some orders for the rakes. So that would be a substantial investment. What we are looking around 600 crores in that. And then there are GCTS and there are some acquisition possibilities which we are right now working. So all put together we are looking at 1500 crores to be spent during this year.
Mohit Kumar
Understood. My last question sir, on the volume especially at Dramtara and Jaigarh. I think they are flattish for last couple of years. Is it fair to assume that we’ll see some growth in FY26?
Rinkesh Roy
See as we said earlier also at our these locations we are depending on the group cargo and group cargo we will have a growth, lumpy growth. So they are running at a particular capacity. Till the new capacities come in we will remain at the same level. So it was little subdued last year but it is almost stable. You can say that the cargo will remain there. So our growth is coming from third party cargo. So 27, 28 we are expecting quantum jump and Durby steel plants takes their capacity from 10 to 15 million tons. And that will give benefit of say around 12 to 15 million tons.
That are Dharantar and Jagat ports. So this, if you take all this together the growth would be quite good on a CAGR basis. But if you see on year, on.
Rinkesh Roy
Year basis it will remain stable.
Mohit Kumar
Understood sir. Thank you. And best of luck sir. Thank you.
operator
Thank you. The next question comes from the line of Priyankar Biswas from BNP Paribas Exeon. Please go ahead.
Unidentified Participant
Thanks sir for the opportunity. Sir, can you provide some guidance or color if you can. Let’s say what sort of cargo volumes we can expect in FY26 and potentially what sort of logistics revenue that you may be targeting to clock in FY26.
Rinkesh Roy
So broadly we are looking at a 10% growth in port volumes. And the revenue in the logistics business we are looking at around 50% growth.
Unidentified Participant
So 50% growth is at the entire logistics not just Navcar. So total. Okay, I said one more thing that a lot of our growth outlook is also somehow future growth outcome. It comes also is hinges on birth privatization at major ports. So are there anything we are seeing in the near term pipeline? So let’s say in the next one.
Rinkesh Roy
Year possibly already you know two expression of interest have come out. One at Kolko port, one recently at Paradeep. So this we are expecting it this process to be speeded up in the coming months.
Unidentified Participant
So any idea of what can be the sizes of this? Like if we have to factor in.
Rinkesh Roy
Broadly we are looking at, you know, concessions coming out in the range of 30, at least 30 to 40 million tons per annum in the per on a per annum basis in the next one or two years.
Unidentified Participant
Okay sir, and just one last question from my side. So in FY20, so in the fourth quarter, just like in the previous year, was there any take or pay type of revenues? And also can you also give the esop charges in FY25 and possibly what you see in FY26?
Rinkesh Roy
Yeah, so you know like every last quarter the whatever the take or pay quantities are assessed and then revenue is earned. So in this quarter also for our, you know, lng birth at Jagat Port, so revenue was booked on the T core pay basis on the ESOP charging. Again, you know the cost this year was much lower compared to, you know, last year as we said earlier. So it was lower by 20 crores in Q4.
Unidentified Participant
And would there be any charges in FY26 ESOP?
Rinkesh Roy
So FY26 will be just 25 crores for the full year. So now it was, you know, almost. Everything is already charged off
Unidentified Participant
at Jagger. Can you give the take or pay quantum if it’s possible. That’s the last question. Okay sir, that’s largely all from my side.
operator
Thank you. The next question comes from the line of Alok Deora from Motilal Oswal Financial Services♥. Please go ahead.
Alok Deora
Hi, good evening. So just had a few questions. First is on the port side. So you know this iron ore volumes, you know particularly have been lower even in this quarter, which it was the same thing in the last quarter as well. So where do we see that going? The paradeep iron or volumes because that’s coming at around 2 million tonnes.
Rinkesh Roy
So in the last quarter, if you remember when we had spoken that time, Vedanta mines had not come on stream so they have now come on stream. So and there were issues on pellet exports because of low prices. So this will be a slightly volatile market. We will not be able to kind of exactly predict the nature of this because primarily a large part of this movement is for the export market. So we will be watching the trends but broadly right now there is some demand that we have seen that most of the forecasts are for hundred dollars of pricing but which is a good enough pricing for movement of iron ore.
Sure.
Alok Deora
And sir, you started your comments with about global uncertainty and challenges in supply chain and so how do we see the moment in volume shaping up ahead? I mean you also mentioned about the 10% growth in cargo volume 526. So is that like a base case scenario or could there be any downside or upside risk to that number? Just wanted your thoughts on that.
Rinkesh Roy
So broadly if you see we cater to steel energy and others. This is our broad mix and of cargo handling in steel. If you see most of the movement is for domestic use except for some quantity that moves at Paradip. So our impression is that with the duty safeguards also coming in for steel imports we foresee that the steel market will be doing well. So on the cargo front we have nothing to fear there. On the energy front we are seeing that there is a huge demand for energy and coal being the primary base for that.
So there also we are not forcing any major change. And lastly on containers we have a very small exposure at Mangalore and that is also if you see the trend of traffic there is primarily to South Africa or the Middle East. So we really don’t foresee much of challenge in this uncertainty. And that is what I had pointed out that we are pretty confident on this guidance that we have given. So 10% guidance is on a conservative basis only and it is, you know, no way it will affect with the, you know, current tariff issues which are going on. So it is a very conservative guidance. So I, I don’t force any issue in that.
Alok Deora
Got it sir, just a one last question. So in the logistics business, I mean it, we are incurring losses at this point primarily due to the Navkar consolidation. So how do we see this moving ahead? In terms of. You mentioned about the revenue being 50% higher in 26. How do we see the profitability moving? Because we have taken it now and it’s been almost 2/4 heavy. Got the, you know, the synergies getting in place now or, or our, you know expert is getting into that or it will take some before we kind of turn also profitable.
Rinkesh Roy
See we have just you know finished six months. So we see a lot of opportunity in the logistics sector And Navkar will certainly do well. In fact whatever was there, you know, their accounting practices, in our practices there were certain cleaning up required, certain provisioning were required. This is all one time which has all been done with this current year ending. So their normalized EBITDA if you look at it it was anyway 50, 55 crores. So because of this cleaning up, you know they ended with sort of a 10 crore EBITDA. And with now since we have aggressive plans for logistics sector we are looking for 50% plus revenue growth and EBITDA will also have a quantum jump from the, you know, normalized EBITDA which I talked about.
So we see a lot of scope going there and our overall logistic play in which there are lot more things to happen. So Navkar will also get synergy of that. We are looking at at least an EBIT of 100 crores at Navkar in the current financial. So with 50% revenue increase and EBITDA levels for normalized EBITDA it may go almost double. So. So lots of opportunities are there in the logistics sector.
Alok Deora
Got it. Got it. That’s all from my side, sir. Thank you. And all the best, sir.
operator
Thank you. The next question comes from the line of Achal Lohade from Nuama wealth from Nuama Institutional Equities. Please go ahead.
Unidentified Participant
Yeah, thank you. Wanted to understand for achieving this 8,000 crore revenue and logistics what kind of capital employed are you looking at? What kind of further capex are we looking at? Logistics.
Rinkesh Roy
So logistics we are, you know we have set a plan that you know we’ll be spending say 9000 crore overall in 5 years. Thousand crores almost spent. And this year we are contemplating another 1500 crore. So our plan is by FY30 we’ll have 8000 crores of revenue with 2000 crores of EBITDA. And we see this happening with the current year itself. We are exploring certain opportunities. We’ll start giving EBITDA from the current year itself.
Unidentified Participant
Right. And in terms of the timeline for the greenfield project if you could just highlight how are they tracking what stage of approval are we for each of these? Can.
Rinkesh Roy
The major projects like let us say Jaigad and Dharamsar expansion, they are already on track and work civil works have already started at both places. Similarly JNPA Liquid terminal we should be looking at commissioning it by July, August this year. So we are on track there. Tuti Coden we are looking at, you know, doing it. We are looking at completion by Q4 of FY26. Mangalore Container Terminal expansion. Again we are on track. We should be doing it by Q2 or 27. Goa as I told you it’s completed. LPG terminal at Jaigird targeting by June 26.
And Kenny Port already we are looking at applying for the regulatory clearances from environment Jatadar, the concession agreement should be signed by this quarter. And we should look at your completion by March 27th. And slurry pipeline also as I told you it’s going on around 200 plus kilometers have been welded. 180 has been lowered and we look at its completion by March 27th. So these are the major projects which were supposed to come up before March 27th. So we are more or less on track on these projects.
Unidentified Participant
Understood. And can you just clarify a little bit with respect to this 10% volume growth, how much are you building, you know, from the, you know, the third parties and how much would be captive growth or capture? Could be more group cargo, could be more flattish.
Rinkesh Roy
So here our growth we are looking at, you see these interim operations at these two terminals at JNPT and Tutikorin. This will be giving us around 50% of that growth. The rest 50% will come from better utilization of capacities primarily at Paradeep coal terminal and at Goa. So as was told by our cfo, so that since the capacity expansion at Dholvi steel plant is from 10 to 15 will be the place where we will have a lumpy growth. So the rest all will remain more or less at similar levels. So next year’s, you know, third party cargo will obviously further increase from the current level of 50% because most of the growth is coming from, from third party in the next year’s plan.
Unidentified Participant
Understood. And just one last question with respect to different media articles about the green energy projects which we are looking at, if you could elaborate a little bit on that and what kind of capital can we see deploying there?
Rinkesh Roy
So you know, at our jagged port we are looking these opportunities and there is a lot of interest from various, you know, companies to set up green, ammonia, type of, you know, stuff. So we are very keen and once we have something here, we can always plan to have it in guinea also. So things are being seen by the various, you know, interested parties and as soon as something materialized we will keep media updated.
Unidentified Participant
So is it fair to say that. So whatever Capex we do, it will be obviously basis the customers need. So it’s not that we’ll set up capacity and wait for the customer. Have I understood?
Rinkesh Roy
No, no, no. We are not setting up, we are just enablers. You know, this gives business to the core. Better utilization of our waterfront is what. We’Ll be looking at.
Unidentified Participant
Any material Capex is not expected on these counts, is that right?
Rinkesh Roy
No. Unless there is a guaranteed traffic that we see otherwise we are not looking at it.
Unidentified Participant
Understood? All right, I’ll call back in with you. Thank you so much.
operator
Thank you. The next question comes from the line of Ankita Shah from Elara Capital.
Ankita Shah
Please go ahead sir. Only one question on margins. Given that the mix is going to change also you’re expecting improvement in the logistics segment. So how is margins expected to pan out in FY 26, 27 given that our port expansion is going to be more back ended. So how much consolidated margins expected to pan out?
Rinkesh Roy
Now we are able to look at the segments reporting so port margins will remain say around 52% or so. And our logistics we are aiming around 15% margin. So we will have to see, you know, separately. If you look at the combined one, it has to come down because logistics will always be like this and we are looking at over a longer period of time, even logistic margins going up to 25. So but currently if you look at immediately which is 12, 13%, it will go to 15% by next year.
Ankita Shah
Great, that’s it. Thank you and all the best.
operator
Thank you. The next question comes from the line of Kundimia Nimagara from Jeffrey’s group. Please go ahead.
Alok Deora
Yeah, hi sir, thanks for the opportunity. Sir, couple of questions, questions from my end. Firstly on the third party volumes, I mean you did speak about FY26 but from on, on a sustainable basis what should be the growth that we could, we could, we can look at it over here maybe because I mean nine months we saw strong growth with addition of new ports and then this quarter it’s only 11%. So on a sustainable basis what is the number that we can look at it over here? If you can also briefly touch base upon the key industries that drive this growth.
That’s the first question.
Rinkesh Roy
Okay, so here basically if you see the growth that we are looking at in 26, 70% of it will be primarily from third party, 30% will be group. So that is what will be the ratio in the coming incremental group that incremental that, that is from 117 to another 10% that we are looking at. And in the long term basis we, you know, between till the Dolby plant expansion comes on stream you will be having a higher percentage of third party vis a vis the group cargo. And once it comes on Steam and the other projects like Slurry Pipeline, Jetta that coming on stream, you will be broadly seeing a movement back towards more of group cargo.
So that will be kind of varying in the range of 55 to 45% in this range it will be moving up and down as and when the projects get commissioned.
Koundinya Nimmagadda
Sir, can you speak a little bit about the catchment area or the industries that will give you this growth over here? Because adding port is one part and then getting volumes through for that port is a different thing. Right? So that’s where I was trying to understand.
Rinkesh Roy
So primarily if you see the government as now promoting something called rail come sea route movement of coastal cargo especially for energy needs across India. So there the key getaway, energy getaway for coal is Paradun and that is where our Paradip terminal comes into play for the energy requirements across south India. And now we are looking at western India and North India as well. Similarly iron ore catchment area, the main mines are in Odisha. And if you would have seen our entire long term strategy has also been to have a terminal at Paradeep as well as to add the slurry pipeline to Jakada to further augment and reduce transportation costs for every customer including the group customer.
Then on the receiving side we have Jaigad Dharantar and Tutti Korin is on the receiving side. So these are agents and Enod. So these are agents strategically located points which are serving mostly cement or energy plants. So both of which go hand in hand with the movement of steel. So the moment the steel production and steel requirements go up this also starts moving up. So broadly if you see our terminals are very strategically located to ensure this volume growth not only now but also in the future.
Lalit Singhvi
So basically if you see our terminals most of them are running at a capacity of 100 to you know 80 to 100% capacity. This is primarily because their location is like that. The interland is very nearby, they all develop so we don’t foresee any problem in the getting cargo.
Koundinya Nimmagadda
Understood sir, very clear. So my second question is on the logistics front. So we have this large plans of 8000 crore revenue and also taking up margins from 1415% currently to 25%. So I’m just trying to understand how do we plan to offer cost effective logistics because ultimately even for the end customers it makes sense only if the logistics cost that we offer or cost comparative visa with our existing vendors, third party vendors even if it’s JSW steel. So how do we intend to offer these logistics solutions and also at cost effect level and also increase the margins for us.
Rinkesh Roy
So I’ll just give you one example that you know we are looking at strategizing this growth in an asset light model. So our main targets are getting into Gati Shakti terminals where we don’t have to spend a huge capex on building the railway sidings or purchasing land at very expensive. So that is the first part of it is the terminal capexes we are looking at a very way lower than what the industry generally does. Number two we are looking at powering these terminals through group cargo wherever they are available. And this through a combination of rakes, additional containers and new terminals which move into the right market.
Lastly, we are looking at reducing the empty return ratio of this rate so that on return we get third party cargo and other cargo so that the entire model sees to it that we are able to reduce the final cost for the customer.
Koundinya Nimmagadda
Understood, sir. So last one, bookkeeping question. When can we pencil in this 15 million ton per annum for Goa 1 QFY26 or will it be further delay from that already?
Rinkesh Roy
As I told you, from 8.5 to 11 we have already done. And this is a part of a process where hopefully this should be done in the next two quarters at least two quarters.
Koundinya Nimmagadda
Sure, sir. Got it. Thank you. And all the best.
operator
Thank you. The next question comes from the line of Aditya Mongia from Kotak Securities. Please go ahead.
Aditya Mongia
Yeah, thank you for the opportunity. I’ll go ahead with my questions. The first one I’ll pick up is on logistics. I think we Talked about the 600 crore kind of quantum the company want to spend on weights kind of compared to what quant does on a regular basis. Just try to get a sense is this more domestic kind of business that you are trying to set up on the logistics front kind of ties in with your strategy would be, you know.
Lalit Singhvi
Much higher what we have planned in next year in Anagar.
Aditya Mongia
Yeah. So these rates that you are going to kind of get will be used for the domestic business. Right. More than exempt. Right.
Rinkesh Roy
Yeah.
Aditya Mongia
Understood. The second question that I had was more on goal B. I wanted to get a sense from you that posted becoming 15 million tons of capacity and that giving us a fairly solid growth in fiscal 28. Is there scope to grow the asset further from there because or would the same thing happen again that you would scale up a volume a single year and then the growth may taper off.
Rinkesh Roy
Okay, so there at Dolby you are. I think it will be moving in tandem with the, you know, the expansion. So after that it will be always a lumpy growth. One time it will come and after that it will start stabilizing at that there’s no other magic that can be done to, you know, get something extra there.
Aditya Mongia
Yeah. So the question was that beyond 15 million tons can that asset grow at all? Is there a limitation to where it can go? Because obviously understood your question.
Lalit Singhvi
So you know, when we reached 10 it was very difficult to, you know, think of going to 15. So we have reached 15. So there is always possibility that, you know, because this brownfield are always easier to, you know, implement cost effective as well as time wise. Also Greenfield is always difficult. So there could always be possibility of going further from 15 also. And just to add Aditya, when this plant was acquired by the elker customer in 2011 or 12, it was 2 million ton. And a lot of people question at that time whether it will go to 5 million.
And now you know, then it went to 10 million and now it is progressing to 15 million. So you know things turn out there will be land acquisition nearby and you know the things kind of change. So right now forecasting what will be the figure is difficult for us.
Aditya Mongia
Sure. Could you also share the sports revenues and EBITDA for the foliage and its comparison versus last year just makes it easier to compare numbers because logistics coming inside of the.
Lalit Singhvi
So if you look at you know FY25 so you. You want to look at the port sector. So port sector, if you look at quarter on quarter or you are looking at YTD.
Aditya Mongia
Yeah, for the FY25 would do. Yes.
Lalit Singhvi
So FY25 as we said throughput is 9% increase revenue. Total revenue with ToG is 13% increase. EBITDA is 15% increase. Operational EBITDA is 14% increase, 25% increase and PAD is 33% increase. And just to add, it’s also given on page 12 of our investor presentation. You will have financial performance for ports for the quarter as well as full year.
Aditya Mongia
Thank you Vishesh for that. Maybe a final question which was asked earlier. So just trying to get a little bit more color. So JNPT and Tuti griddings could contribute how much in the Pulia next year would it be a 5 million tons less number that one should be expecting that about 5,6 million tons should easily come from these assets, right?
Rinkesh Roy
Yeah, sure, sure.
Aditya Mongia
That clarifies. And maybe the last final thing over here when you say 50% degrees in logistics, I am assuming over a full year number of 400 plus crores. Right. Is the guidance and not on full.
Lalit Singhvi
Year number is around 485 crores. So from there we are looking 50% increase.
Aditya Mongia
Got that. Thank you for the clarification. Those are my questions. Thank you.
Lalit Singhvi
Thank you.
operator
The next question comes from the line of Ketan Jain from Evandes Park. Please go ahead.
Ketan Jain
Hello, can you hear me sir?
Lalit Singhvi
Yeah, yeah.
Ketan Jain
Sir, I had a question. So recently in February read a news article saying that this is infrastructure plans to enter into airports. Probably buying a stake in some airport in Bengal. What is this about, sir?
Rinkesh Roy
So this was just a discussion stage at some, you know, platform in, you know, West Bengal. This was, you know.
operator
Nothing.
Unidentified Speaker
Foreign.
operator
Ladies and gentlemen, the management has been reconnected. We will resume with the Q and A session. The next question comes from the line of Mohit Kumar from ICICI Securities. Please go ahead.
operator
Hi. Thanks for the opportunity once again. So my question is, can you please help us with the update on the expansion of steel plant in Tarantar? Is it fair to assume that the steel plant will come by March 27 or Q1 FY28?
Rinkesh Roy
Yeah. So this is scheduled for March 27. You know, on the conservative side they are talking about September 27th. But work is progressing well. So we will be ready from port side by March 27th in any case. So we hope that, you know, we’ll get full year. Otherwise if it’s something, you know, a few months here and there. To that extent, it might be, you know, different.
operator
Thank you. Sir. The next question comes from the line of Jain. Please go ahead.
Ketan Jain
Hello, my question was on the airport.
operator
Sorry to interrupt. Ketan, could you be a little louder please? Thank you.
Ketan Jain
Hello, can you hear me now?
Lalit Singhvi
Yeah, yeah, yeah.
operator
Please go ahead.
Ketan Jain
Sir, my question was on the airport thing in Bengal. You were answering. Yeah, yeah.
Rinkesh Roy
So see, you know, being a large group, there are many proposals keep coming. So we have, you know, not evaluated anything on the airport or not in discussing the. In A board. So if there is any such things, if we decide, we will certainly, you know, go for. Then, you know, inform the media or investors. But at the moment there is no such proposal or no such discussion. This was, you know, something came up and you know, it was talked. So nothing, nothing has progressed on that.
Ketan Jain
Understood, sir. Also, can you provide me with adjusted PBT and PAT numbers for 4Q and FY25? This call is now being recorded.
Lalit Singhvi
Ketan, we can connect offline. I’ll give you the adjustment numbers. Is that fine?
Ketan Jain
Yeah, yeah. Okay, fine. Not a problem. And so just one last question. As you said, we’ve expanded on the Goa capacity. So do we see a growth in volumes in FY26? More than say 5%.
Rinkesh Roy
We told you that it will be. Goa will be a part of the growth in this year.
Lalit Singhvi
We have been, you know, always 100 capacity utilization. We have seen because there’s no dearth of cargo there being the cheapest cost option for Vijayanagar. So we expect, you know, similar trend for the. Whatever the, you know, 11 million tons they have now we have got the approval.
Ketan Jain
So this should be near to that understood. Okay, thank you sir.
operator
Thank you. The next question comes from the line of Vineet from Investsec. Please go ahead.
Vinit Barve
Thank you sir for the opportunity. Hello, Am I audible?
Lalit Singhvi
Yeah. Yes sir. Go on.
Vinit Barve
Okay. Thanks sir for giving me the opportunity. So a few months back there have been media articles around JSW Group entering into other type of metals including copper. How that can help JSW Group, JSW infra in particular what opportunities would lie there if we were to tap into.
Lalit Singhvi
So it is quite far today JSW Group is contemplating for going for copper. But you know how much capacity and all those things. So as and when you know they come up if there is a nearest port, if we have nearest port, definitely we will have an opportunity to add that cargo into our port.
Vinit Barve
Understood. And so what could be the ratio of input to output? For instance in case of steel we require, we require anywhere around two and a half, three million tons of input in form of iron, iron ore and coal. What will that ratio be in terms of input to output?
Lalit Singhvi
No, we have not gone in that those details as of now. So as and when there is a concrete proposal we will certainly come back to you.
Vinit Barve
Understood? Understood. Thank you so much sir. Thank you.
Lalit Singhvi
Thank you.
operator
Thank you. The next question comes from the line of Nikhil Rongta from LIC Mutual funds. Please go ahead.
Unidentified Participant
Yeah. Hi sir, thank you for the opportunity. Sir, I just have one question on Navkar. So you mentioned like you’ll be investing around 170 crores this year and on the sales side 50% growth EBITDA of 100 crores at least. But one of the statement which you made was next year you have much bigger plans for Nagar. So if I have to look from 2 to 3 years perspective what type of figure can we look at on the revenue side and the EBITDA side?
Lalit Singhvi
No, when I said, you know next year will go big this is basically on the overall logistic play. So Navkar is a part of overall logistic play. So Navkar we have given guidance of next year only. We’ll come back on further, you know, future years depending separately. But what we said when we’ll invest 1500 core, this will be a larger, you know, logistics play. As far as Navkar is concerned we have board has approved 170 crores of investment as of today.
Unidentified Participant
Okay, thank you.
Unidentified Participant
Sure sir. Thank you.
operator
Thank you ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to the management for the closing comments.
Rinkesh Roy
Thank you gentlemen for your time and I’d like to conclude that despite all the uncertainty in the global market, we are very confident of the guidance given to you of 10% growth in Port volumes and the logistics part of it, which is primarily internal. And we are very sure that we will be meeting the guidance given for the year 26. Thank you, Jind.
operator
Thank you, sir. Ladies and gentlemen, on behalf of Nuama Institutional equities, that concludes this conference. You may now disconnect your lines.