{"id":182562,"date":"2026-05-08T10:45:48","date_gmt":"2026-05-08T14:45:48","guid":{"rendered":"https:\/\/alphastreet.com\/india\/jsw-infrastructure-limited-jswinfra-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-08T10:45:48","modified_gmt":"2026-05-08T14:45:48","slug":"jsw-infrastructure-limited-jswinfra-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/jsw-infrastructure-limited-jswinfra-q4-2026-earnings-call-transcript\/","title":{"rendered":"JSW Infrastructure Limited (JSWINFRA) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

JSW Infrastructure Limited (NSE: JSWINFRA) Q4 2026 Earnings Call dated May. 08, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Rinkesh Roy<\/strong> \u2014 Joint Managing Director and Chief Executive Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Alok Deora<\/strong> \u2014 Analyst<\/em><\/p>\n

Ketan Jain<\/strong> \u2014 Analyst<\/em><\/p>\n

Priyankar Biswas<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to the JSW Infrastructure Limited Q4FY26 earnings conference call hosted by Motilal Oswald Financial Services Limited 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 this conference, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded.<\/p>\n

I now hand the conference over to Mr. Alok Devra from Motila Loswal Financial Services. Thank you and over to you sir.<\/p>\n

Alok Deora<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you and good evening everyone and welcome to the 4Q FY26 earnings conference call of JSW Infra. We have with us today Mr. Rinkesh Roy, Joint Managing Director and CEO Mr. Lalit Singh, we strategic advisor and board member, Mr. J. Nagarajan’s Chief Financial Officer and Mr. Vishesh Pansananda, hand of Investor Relations. I would now hand over the call to the management to provide some opening remarks and you can go with the Q and A. Thank you. And over to you sir.<\/p>\n

Rinkesh Roy<\/strong> \u2014 Joint Managing Director and Chief Executive Officer<\/em><\/p>\n

Thank you. Good evening and thank you all for joining. Our earnings call for the quarter and year ended 31st March 2026. Against the backdrop of a more complex global environment shaped by heightened geopolitical tensions in the Middle east and moderated, India’s macro environment continues to remain relatively resilient supported by domestic consumption and government spending. During the year and in particular during the quarter, we navigated a challenging operating environment and despite these headwinds delivered a resilient performance across both ports and logistics.<\/p>\n

Overall, on a consolidated basis, our operating revenue was rupees 5361 crores for the year representing a 20% Y on Y growth. Operating EBITDA for the period stood at rupees 2604 crores marking a 15% increase while adjusted net profit reached 1644 crores. The board has recommended dividend of rupees 0.90 per share which is 45% of the face value. Let me now touch upon the operating environment and key developments during the quarter starting with the ports business. As previously disclosed, the company’s 5 million ton per annum liquid storage facility in Fujairah oil Industrial Zone FOIs located outside the Strait of Homur was impacted following damage to certain infrastructure at the storage facility.<\/p>\n

The operating environment in the region remains volatile influenced by heightened geopolitical developments and crude oil price movements. We remain closely engaged with local regulators, port authorities and the government who have been continuously supporting and guiding us during this turbulent period. Based on our current assessment, operations are expected to progressively normalize in due course. We’ll continue to keep stakeholders updated on the developments. During the quarter, we achieved several important operational milestones.<\/p>\n

We successfully completed the 4.5 million ton JNPA liquid berth Modernization project, enhancing our liquid cargo handling capabilities at one of India’s premier gateway ports. We also expanded cargo handling capacity at the no Coal Terminal from 9.6 million tons per annum to 11 million tons following receipts of the consent to operate. The no Coal Terminal acquired in November 20 with an installed capacity of 8 million tonnes and volumes of 3.1 million tonnes in FY21 stands as a compelling illustration of our approach to value creation.<\/p>\n

Since acquisition, we have progressively scaled capacity to 11 million tons per annum with volumes of 10.4 million tonnes, reflecting our proven operational excellence in turning around port and logistics assets with a clear and unwavering focus on improving returns on capital employed. Earlier in the year we were awarded the SMPA Kolkata Container Terminal project with a capacity of half a million TU’s. Following the signing of the concession agreement, we moved swiftly to accelerate our operational readiness and have very recently received approval to commence interim operations.<\/p>\n

This milestone reflects the same execution discipline and operational excellence we have consistently demonstrated at JNPA and the ability to commence revenue generating operations while modernization works progress in parallel, minimizing time to revenue and maximizing returns on invested capital on our ongoing growth projects. The 302 kilometer iron ore slurry pipeline continues to progress steadily and remains on schedule. To date, 247km of welding and 235km of pipeline lowering have been completed, representing approximately 82% and 78% completion respectively.<\/p>\n

Strong execution momentum continues with the project on track for completion by March 27. Once operational, the pipeline will significantly enhance the efficiency and reliability of iron ore transportation, reducing dependence on road and rail logistics, lowering the cost of iron ore movement and delivering a step change improvement in supply chain predictability for our customers. Meanwhile, the construction activities at the Jatadar Port are in full swing with pile foundation work of the berths being 80% completed and 7 million cubic meters of bridging being completed with the target of completion of the entire project by March 27.<\/p>\n

Our brownfield expansion projects continue to progress steadily. At Jaigad Port, civil works for birds have been completed with dredging currently around 60% complete. At Dharampar Port, birth construction and related work is progressing well. Moving on to our logistics business, NAVCA reported a strong performance underpinned by healthy volume growth across segments. For FY26, domestic volumes grew by 40% and EXIM volumes grew by 21% y on y alongside a steady improvement in capacity utilization from 44% in FY25 to 56% in FY26, reflecting better asset efficiency and operating leverage.<\/p>\n

Despite headwinds at the Morbi ICD arising from fuel shortages impacting certain customers. NAFTA reported operating EBITDA of Rupees 40 crores in Q4FY26 while full year operating EBITDA stood at 118 crores versus Rupees 8 crores in FY25 representing a 14 fold increase. In February 26, the company has successfully completed the acquisition of 25 Lakes with operations fully integrated effective first February 26. This acquisition provides immediate access to Indian Railways, GPWIS and LSFQ schemes along with long term operating licenses under these programs.<\/p>\n

Since integration, the rail rig business has contributed operating EBITDA of rupees 25 crores beyond the existing bouquet of 25 newly acquired and 17 container rigs housed under Navkar, taking the total fleet to 42 rakes. We have accelerated the scale up of our logistics platform. In April 26th we placed orders for 40 additional rakes reinforcing our growth momentum. This is aligned with our medium term objective to meaningfully expand our fleet to around 250 rates over the next two to three years with a clear focus on asset utilization, returns and earnings visibility.<\/p>\n

We are also pleased to share that the Gati Shakti Multimodal Cargo Terminal at Arupunam, Chennai, located entirely on railway land which was awarded to us in June 24 for construction and operations, has been successfully commissioned and has received approval from Indian Railways to commence commercial operations effective April 26, further strengthening our integrated logistics offering. Our logistics segment continues to focus on rail centric domestic cargo while EXIM cargo is driven by enhanced capacity utilization across the network.<\/p>\n

The cumulative CAPEX outflow on these projects, including acquisitions is approximately Rupees 6,200. In addition, the company has already committed a further Rupees 5,300 crores of capex by placing orders for machineries, long lead items and other civil works towards ongoing projects across ports and logistics business. While our guidance issued in January 26 did not factor in developments at the overseas liquid terminal, we delivered in line with our operating ebitda guidance for FY26 and continue to maintain our EBITDA guidance for FY27 and FY28.<\/p>\n

Reflecting the availability of multiple growth levers, these include higher volumes at Goa, Jaigad and Paradis, phased debottling, bottlenecking and Capesize coal handling capability at Ennor and the accelerated commencement of interim operations at the SMP8 Kolkata Container Terminal supported by favorable energy sector dynamics including higher thermal coal demand in an El Nino scenario. Hence, consolidated operating EBITDA is expected to grow by 15% to 3000 crores in FY27 and nearly double from the FY26 base to rupees 5000 crores in FY28 driven by ports capacity additions and sustained EBITDA contributions from logistics assets.<\/p>\n

With this, let me hand over to Mr. Mahagrajan to take you through the financials and other details.<\/p>\n

Operator<\/strong><\/p>\n

Thank you Rinkitji and good evening everybody. Let me first talk about our port business. In Q4FY26 the company handled cargo volumes of 31.6 million tonnes as compared to 31.2 million tons in the quarter ended March. Volume increase was primarily driven by strong performance at Southwest Port, Dharantar and Jagar port on the bank of higher volumes of anchor customer and was also fueled by start of entering operations at Tuti Borin and JNPA Liquid terminal. The growth was largely impacted due to ongoing Middle east conflict.<\/p>\n

Lower volumes at Pujara facility and cargo deferments at Indian operations driven by lower availability of vessels and higher freight cost. However, the situation has improved from April 26. Group cargo has increased from 17 million tonnes. Group cargo has increased to 70 million tonnes from 15.7 million tonnes representing an 8 percentage growth. Operational revenue for the port Segment increased by 12% during the quarter to 1295 crores compared with 1152 crores in FY25. This growth was driven by price adjustments communicated earlier for SWP and Goa andor terminals along with price increase at the Mangalore container terminal effective from January 26th.<\/p>\n

This happened. This announcement or this was communicated to us in March 2026 but the effective date was January 26th. Along with higher ancillary services like storage and transportation offered to domestic customers and higher cargo volumes. The improvement was further supported by sharp INR depreciation. Operational EBITDA for port segment stood at 705 crores up from 626 crores, a jump of 13%. EBITDA growth was largely driven by increased revenue. Operational EBITDA margin increased by 10 basis points to 54.5%.<\/p>\n

Talking of Navgar, it delivered a strong operational financial result in Q2s. Q4 FY26 total exile cargo volumes reached 86,000 PU’s representing a 14% YoY growth. Domestic cargo volume stood at 4.27,000 metric tons, up 56% compared to the same period last year. Overall capacity utilization stands at 60% for the quarter versus 56% for the full year. Revenue from operations for Lauka rose to 201 crores while operating EBITDA climbed to 40 crores, showing substantial improvement while net profit increased to 14 crore, a significant turnaround from a loss of 19 crore in the previous year.<\/p>\n

We have consolidated newly acquired rail rates in current quarter with effect from Fab 26. Consolidated operational revenue for the company stood at 1522 crores and the operating EBITDA stood at 769 crore reflecting a YoY growth of 19% and 20% respectively. Consolidated depreciation was 158 crores and finance cost was 87 crores in the current quarter as compared to 140 crores and 94 crores respectively in the quarter ended March 25. Given the changes in the INR and subsequent changes in the yield curve, we have recognized the mtm unrealized loss of 43 crores which is essential in non cash cash and in line with the guidelines of India’s 109.<\/p>\n

As mentioned by rinkage in his opening remarks regarding the damage at Sugera facility, we have filed an insurance claim and our consultants are positive about the admissibility of these claims. However, as a matter of abundant precaution we have kept a provision of 68 crore in Q4FY26. As a result, adjusted pat for the current quarter stood at 528 crores which is 15% YoY growth for 27 and 28. The company plans to invest approximately 16,500 crores, a significant portion around 13,000 crore allocated to the ports business and 3,500 crores earmarked for the logistics segment.<\/p>\n

Just to reiterate, our logistics segment guidance remains same which is 400 crores EBITDA in FY27 and 700 crores in F28. However, we have marginally trimmed the revenue numbers to reflect a higher EBITDA margin. In MSFT Orange business we have netted off the freight charges from revenue since it is a pass through. As of March 26th we have a net debt of 3100 crores with a net debt to operating EBITDA of 1.2x and one of the strongest balance sheet in the sector. This coupled with steadily increasing annual cash flows from the current asset base, we are well positioned to pursue growth plan to enhance our present cargo handling capacity to 400 million ton.<\/p>\n

And in parallel grow our logistics business with a top line of 8000 crores F 2030. With this I request the operator to open the line for Q and A. So shall we proceed with the Q and A?<\/p>\n

Rinkesh Roy<\/strong> \u2014 Joint Managing Director and Chief Executive Officer<\/em><\/p>\n

Yes.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

All right. Thank you. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on your touch tone telephone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to please use handsets while asking a question. Ladies and gentlemen, we will now wait for a moment while the question queue assembles. Our first question comes from the line of Ketan Jain from Avendus Spark.<\/p>\n

Please go ahead.<\/p>\n

Ketan Jain<\/strong><\/p>\n

Thank you. Good evening. Thanks for the opportunity. Congratulations on a good setup.<\/p>\n

Operator<\/strong><\/p>\n

I just wanted to understand the driver for higher logistics EBITDA margin which we reported this quarter. Would you please come again?<\/p>\n

Alok Deora<\/strong><\/p>\n

The drivers for higher logistics EBITDA margin and higher margin in logistics.<\/p>\n

Operator<\/strong><\/p>\n

Okay. As I mentioned, this is because of higher capacity utilization at our Navka terminal. Especially for the whole year the capacity utilization stands at 56 percentage. If you look at FY25 capacity utilization that was around 44 percentage. And for Q4 of FY26 the capacity utilization in Nauka stands at 60 percentage. On top of it we have also. As you are aware we have acquired this rail 25 rakes from our group company. So that has given an EBITDA of around 25 crores. It was in operation for two months February and March.<\/p>\n

We have received all our delivery of all the 25 rakes. And we have also guided around 150 crores of EBITDA for FY27 from those 25. All in all this has resulted in enhancement in the EBITDA from the logistics space for Q4FY26.<\/p>\n

Alok Deora<\/strong><\/p>\n

Understood. And on the realization front, as you mentioned it was because of the higher realization and price increase in Goa and Bangalore container port. Does that drive the 11% increase in realizations in the fourth quarter or what is the reason?<\/p>\n

Operator<\/strong><\/p>\n

Yes, that is one of the reason. Apart from that the Hirani one time income we have booked around 75 crores which is a part of the take or pay contract. And plus forex fluctuations plus additional storage income we have gotten fewer four ports. So all this have resulted in the enhancement in the revenue.<\/p>\n

Alok Deora<\/strong><\/p>\n

What is this one time item pertain to?<\/p>\n

Operator<\/strong><\/p>\n

This is not a one time item recurring one but it comes in Q4.<\/p>\n

Alok Deora<\/strong><\/p>\n

What is the nature of this sir,<\/p>\n

Operator<\/strong><\/p>\n

This is a. I would say a minimum take over a contract which has been signed with HNSG wherein they have. They use our LBB terminal at.<\/p>\n

Alok Deora<\/strong><\/p>\n

Understood? Understood. This is the last question. I was just reading a media article on some findings of environmental committee<\/p>\n

Operator<\/strong><\/p>\n

At Dharamkar port. Is there any findings or any takeaway from that or do we have any challenges in our execution?<\/p>\n

Rinkesh Roy<\/strong><\/p>\n

So basically if you see that was a report that there was some spillover dust on the mangrove. So there were two issues. One is the number of mangroves planted has been tremendous and that addition has been done. The committee only pointed out that. Please provide a windscreen so that this somewhere, this dust doesn’t land on the mangroves. That is all. And we are complying with all these conditions.<\/p>\n

Operator<\/strong><\/p>\n

Understood. So no change in the aggregation timeline, right sir?<\/p>\n

Rinkesh Roy<\/strong><\/p>\n

No.<\/p>\n

Operator<\/strong><\/p>\n

Understood. Thanks a lot sir.<\/p>\n

Alok Deora<\/strong><\/p>\n

And all the best for the next year.<\/p>\n

Priyankar Biswas<\/strong><\/p>\n

Thank you. Our next question comes from the line of Priyankar Biswas with GM Financial. Please go ahead<\/p>\n

Operator<\/strong><\/p>\n

Sir. Thanks for the opportunity for this question. And of course congratulations to you that despite such a challenging environment I would say that this 2600 crores EBITDA guidance was met in the first place. So my first question is around that only. Like if there had been no such, let’s say puja linked disruptions that had happened to you. So you may have probably ended up at a slightly more higher ebitda. So how much higher it could have been. And also like what were the levers that offset the negative impact of Pujera in this particular quarter?<\/p>\n

That’s the first question. So 30 crores will be the. Would have been the incremental EBITDA. So there are plus a little bit of volume loss in our other ports because of rerouting of or rerouting stroke deferment of Cargo. So around 30 to 32 crores is what we would have earned more.<\/p>\n

Alok Deora<\/strong><\/p>\n

And how did you offset that.<\/p>\n

Operator<\/strong><\/p>\n

Lost because of this. So what were the offsets that we were able to.<\/p>\n

Rinkesh Roy<\/strong><\/p>\n

So you see we did very well in the segment logistics segment where we. As he had explained earlier there was a tremendous increase in capacity utilization in Q4 and the addition of new rates altogether plus what we had also provided additional services in many of our ports like Jagadh and Goa. So these have helped to drive up the numbers to 2600.<\/p>\n

Operator<\/strong><\/p>\n

Also forex fluctuation was there. It’s the spike happened in Q4. If you see. So 16 crores of FX gain we have earned in Q4 that has also contributed to the EBITDA<\/p>\n

Ketan Jain<\/strong><\/p>\n

That’s very clear. Like if I can ask something like since you<\/p>\n

Operator<\/strong><\/p>\n

Have already spelled out let’s say your ebitda guidance for FY28 and also indicated what your EBITDA can be, let’s say in FY30 like. But what I understand is a lot of your projects, very large projects like let’s say Kenny and Oman, these are coming on stream was the very fag end of FY30 like. More like end of FY29, early 50. So the full effects of these are not really within its horizon. So can you please comment like slightly beyond FY50 what kind of growth we should still see continuing from here?<\/p>\n

And based on the current project pipeline alone, what can be like a steady state EBITDA, let’s say in the 2030-35 period.<\/p>\n

Rinkesh Roy<\/strong><\/p>\n

I’ll just break up your question into two parts and where I would like to highlight two things that you would have seen that all our projects, the projects that we had lined up to 28, they’re all progressing very well. And in this period between 26 to 28 where we are aiming to go up from 183 to 300, all the projects have progressed steadily and the CAGR in revenue in this period will be around 42% and the CAGR would be around 39%. This is the first part I thought I would like to clarify. The second part is about the coming on stream of Kenny and Oman project.<\/p>\n

So these would be. I agree with you. It would be the lead 29, 30 and they are already. We have got the process for both and Oman will be taking up after the, you know, this current problems are over. And post 2030, that’s what you want to know. Post 2030 you see any plants everywhere are getting lined up for expansion. So there we foreseen that since we would have created the shell for the course. You know, adding capacity to the new port is a less, you know, it takes less effort, less capex. So that is where the other drivers where currently let us say janzadab is at 33.<\/p>\n

Ketan Jain<\/strong><\/p>\n

And when we<\/p>\n

Rinkesh Roy<\/strong><\/p>\n

Go into phase two, we’ll be looking at adding another 2030 million tons of capacity. So that will go up to 60. Similarly, Chemi will be going up from 30 to another will be adding another 30 million tons of capacity post 2030. So these would be our path for growth. And what we have also not mentioned here is that the privatization of terminals that opportunities that are already coming up in major ports. So here we are one of the strongest contenders as you know we are the largest holders of concessions in major ports.<\/p>\n

We have 10 such concessions and we will be further adding on to this. So this will be broadly 400 plus strategy. That will be<\/p>\n

Operator<\/strong><\/p>\n

Like when you are putting let’s say so like where are you going to get the volumes from? So if you can just elaborate on that like how the volumes would be<\/p>\n

Rinkesh Roy<\/strong><\/p>\n

Correct. So if you look at it currently the steel plant as I mentioned to you, everyone is slated for expansion. So Vijayanagaraj is slated for expansion from 18 million to 25 million. So 7 million into 3. That is a you know, net requirement of another 20 million tons of cargo for the plant is going to come up. So these are these drivers and in that entire sector if you look at Kenny, the entire Bellarix region is slated for more capacity addition. So we are very beat on that post 2030 with all the capacity expansions further being lined up including at Jatagar, at Burvi, everywhere.<\/p>\n

So that will be the main drivers for growth.<\/p>\n

Operator<\/strong><\/p>\n

So would it be fair to conclude that even after FY50 when you let say reach 8,000, 10,000 crore you would still be able to continue at at least 15, 20% growth for the next few years. You would be a fair opportunity. We<\/p>\n

Rinkesh Roy<\/strong><\/p>\n

Are looking at 25% CAGR growth. That is the target that we have set for ourselves. So beyond 2030 we, we would be continuing to expand in our existing ports that we have created currently and that will be pursuing it further.<\/p>\n

Operator<\/strong><\/p>\n

Okay,<\/p>\n

Rinkesh Roy<\/strong><\/p>\n

That’s very clear.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Deepak Maurya from hsbc. Please go ahead. Deepak Maurya, your line has been unmuted. You may proceed with your question. The current participant seems to have dropped from the queue. Our next participant in the queue for the question is Ronap Mukherjee from Big Debt Asset Management. Please go ahead with your question. Thank you for that. Congratulations to the team for great execution in this quarter. Just a couple of questions and maybe following on from the previous participant.<\/p>\n

We spoke about the volumes at Kenny, the volume demand. Could we also get some color on the volume demand for Jet other and if possible sort of an idea how this splits by captive and third party. Secondly for the Dolby expansion which ports would benefit from from the 5 million ton planned expansion apart from Jaigarh and Karangtar?<\/p>\n

Rinkesh Roy<\/strong><\/p>\n

Okay, so currently we are Dolby. Let me start with Dholvi. Dolby is getting into expansion from 10 million to 15 million. And in that we are seeing growth in cargo at Dharangar from 24 to 38 and similarly growth in cargo at Jaigir from close to 2021 to around 3334. So that would be a net addition of 26 to 27 million tonnes at both these ports put together. Similarly at Jakadar, currently the entire focus has been more on movement of iron ore and iron ore pellet. So the initial capacities that have been built up are for movement of these commodities outward from the port.<\/p>\n

With the setting up of the steel plant, we will be adding on another at least 15 million tons of cargo into the steel plant because this would be primarily import based for coal and fluxes. And that plant is also supposed to scale up very soon. So first of all the Jatagar cargo stream currently would be mostly captive. But there is a condition that you can handle third party cargo with permission from the, from the maritime board. So that permissions as and when we fully develop the infrastructure, those permissions have been taken.<\/p>\n

So that is close to 25% of the capacity that is allowed.<\/p>\n

Operator<\/strong><\/p>\n

Got it. Got no super clear on Jagger and sometimes just a quick follow up on Jatadhar just to understand the flow of materials. So from the slurry pipeline we have that sort of exiting at the pellet plants and from there that goes to Jatadhar port to be exported to Japan or they’ll sort of come back to our group companies<\/p>\n

Rinkesh Roy<\/strong><\/p>\n

Or for export. All three options are possible.<\/p>\n

Operator<\/strong><\/p>\n

Got it, got it. And maybe one last question from my end. So internally when we look at Greenfield and these brownfield<\/p>\n

Ketan Jain<\/strong><\/p>\n

Expansions, how do you think about conceptually around say returns or measures, how do we approach that?<\/p>\n

Operator<\/strong><\/p>\n

So Greenfield Typically Project IRR we look at 16 percentage post tax and obviously good ARR is around 20 to 21 percentage and a brownfield. Obviously the capital cost comes down where the project IRR itself post tax comes around 20 to 21 percentage. Like in case of Jagger, what we are doing now, Jagger everywhere, the projectile for all these incremental expansions is around 22 million percentage post tax.<\/p>\n

Priyankar Biswas<\/strong><\/p>\n

It’s<\/p>\n

Operator<\/strong><\/p>\n

Very clear. Thank you so much. Thank you. Our next question is from the line of Aritra Banerjee from Domrida. Please go ahead.<\/p>\n

Ketan Jain<\/strong><\/p>\n

Yeah, thank you sir for taking my question and congratulations for delivering a very good set of numbers. So my first question is that on the NAVCARD front the progress and expansion has been quite impressive. So what is the peak level or sustainable level of capacity utilization that we can expect? And what is the, what is the peak EBITDA margin and EBITDA that you would expect from Navkar for going forward.<\/p>\n

Rinkesh Roy<\/strong><\/p>\n

So from Navkar you see in the existing assets we would be looking at further upping it to around 75 to 80% capacity utilization. And the numbers because we are also acquiring one or two terminals in this Navkar company. So the numbers will be looking at upwards of 200 cr in the next two to three years.<\/p>\n

Ketan Jain<\/strong><\/p>\n

Just one small clarification to this capacity utilization that you mentioned from the point this quarter. So would it have been higher by no geopolitical disruptions in this quarter. We were still able to pocket at the globalization that was achievable this quarter.<\/p>\n

Rinkesh Roy<\/strong><\/p>\n

The actual effects started coming in somewhere in April. I would not say for the March quarter there was much of effect. It would have started coming in fact was then the first fortnight of April which subsided by second fortnight of April.<\/p>\n

Ketan Jain<\/strong><\/p>\n

Got it. Got it. And just one last question I think you have mentioned before but just a little clarification to the breakup of the logistics going into FY28 of the overall guidance that you have shared.<\/p>\n

Operator<\/strong><\/p>\n

So 700 crores is what we have given. This is primarily it will be a mix of revenue from Nauka, some rakes, the 25 rigs which we have plus additional rakes as 40 rakes order we have already given and we continue, we will continue to give orders for more rakes plus our Gati Shakti terminals and our ICDs will start performing like Anaconam Kuritini and a few more are in Ban. So that put together we expect to achieve a 700 crore EBITDA in FY28<\/p>\n

Ketan Jain<\/strong><\/p>\n

Any color. Like what would be like the split between Napsa and the remaining assets on this.<\/p>\n

Rinkesh Roy<\/strong><\/p>\n

So NAFTA would be around 200. Close to 200. The rest would be from assets in JSW, Infra and Portland Logistics. These two other subsidiaries. Predominantly it will be coming from the rate business.<\/p>\n

Operator<\/strong><\/p>\n

Sir, your line is not clear. You’re not audible. If you’re speaking.<\/p>\n

Ketan Jain<\/strong><\/p>\n

We are not audible.<\/p>\n

Operator<\/strong><\/p>\n

The participant was asking the question have you. Sure. Certainly sir. We’ll go ahead with the next question which is from the line of Rajeshri Maitra from Incred. Please go ahead.<\/p>\n

Priyankar Biswas<\/strong><\/p>\n

Thanks for the opportunity. Sir, how much of your revenue is forex denominated? Roughly what percentage?<\/p>\n

Operator<\/strong><\/p>\n

So F26 it was $84 million. We are in dollar denominated revenue.<\/p>\n

Priyankar Biswas<\/strong><\/p>\n

And. And I think you mentioned the number but I didn’t get it. For the FX gain this quarter, what is the amount?<\/p>\n

Operator<\/strong><\/p>\n

17 crores.<\/p>\n

Priyankar Biswas<\/strong><\/p>\n

1 7.<\/p>\n

Operator<\/strong><\/p>\n

Yeah.<\/p>\n

Priyankar Biswas<\/strong><\/p>\n

Okay, thank you. 17 crores. Okay, thank you. That’s all,<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question is from the line of Claudia Carpenter with S and P Global. Please go ahead.<\/p>\n

Ketan Jain<\/strong><\/p>\n

Oh, good. Thank you very much. Can you say if you are going to rebuild at the year and if so, how<\/p>\n

Priyankar Biswas<\/strong><\/p>\n

Long it’s going to take?<\/p>\n

Operator<\/strong><\/p>\n

Claudia, can you please come again, we could not hear you.<\/p>\n

Ketan Jain<\/strong><\/p>\n

Can you say if you’re going to rebuild at Fujairah?<\/p>\n

Rinkesh Roy<\/strong><\/p>\n

So you see, based on our best estimates, keeping in view the entire security issues prevailing there, we expect approximately 50% of operations to recommence shortly subject to normalization of the environment there, with the balance ramping up in a phased manner thereafter. And while we expect population. So the damage to tanks has been three out of a total 15. So<\/p>\n

Ketan Jain<\/strong><\/p>\n

Are you gonna. Are you gonna fix them? Are you gonna repair them?<\/p>\n

Rinkesh Roy<\/strong><\/p>\n

Yeah, we’re gonna fix them shortly. But that can’t be done right now because the situation is not conducive to even get the repair was done there right now.<\/p>\n

Ketan Jain<\/strong><\/p>\n

Okay, so how long will it take?<\/p>\n

Rinkesh Roy<\/strong><\/p>\n

Situation stabilizes. So once, as I told you, once, we expect approximately 50% of our entire capacity to come on stream very shortly. Subject to, as I told you, that things normalize.<\/p>\n

Ketan Jain<\/strong><\/p>\n

Were they complete. A complete loss.<\/p>\n

Operator<\/strong><\/p>\n

Claudia, sorry, but you’re not. Your line is not very clear. And I will request you to please rejoin the queue if you can establish a better connection. Thank you. We will proceed with our next question which will be from Alok Devra from Motila Loswal Financial Services. Please go ahead.<\/p>\n

Alok Deora<\/strong><\/p>\n

Good evening. So sir, just had a couple of questions. So first on the Middle east disruption, any impact we are also projecting for 1Q and any provisions or any impact which we are likely to see in the first quarter. If you can highlight on that,<\/p>\n

Operator<\/strong><\/p>\n

The first quarter operations are not there. Hello.<\/p>\n

Alok Deora<\/strong><\/p>\n

No, no, first quarter. I mean. I mean in the. In the coming months, I mean.<\/p>\n

Operator<\/strong><\/p>\n

Yeah, so Q1, most probably by. In June, we are planning to commence the operations.<\/p>\n

Alok Deora<\/strong><\/p>\n

Right, right. So. And so for the first half, we should be. After the first half, we should be kind of stabilizing on that.<\/p>\n

Operator<\/strong><\/p>\n

Yes,<\/p>\n

Alok Deora<\/strong><\/p>\n

Sure, sure. And also in the capacity expansion, we have a Oman plant also which will be Oman unit also which will be coming from 28 onwards. I mean 28 to 30 onwards. So what’s the status? I mean would it be a call we’ll be taking at that point of time or just any. What’s the. What’s the progress on that?<\/p>\n

Operator<\/strong><\/p>\n

Concession agreement is under negotiation.<\/p>\n

Alok Deora<\/strong><\/p>\n

Okay.<\/p>\n

Operator<\/strong><\/p>\n

Yes.<\/p>\n

Alok Deora<\/strong><\/p>\n

Okay. So we are kind of going ahead with that. Or it could be in the it would depend on how the situation pans out. Any, any color on that.<\/p>\n

Rinkesh Roy<\/strong><\/p>\n

So actually, if you look at it, I just wanted to clarify two or three things. One is that this entire ports that is outside the Strait of Hormuz, basically Pujara, Dibba and Phukan and Oman, also the entire ports in Oman, these are all outside the states of Omos and they have a lot of strategic value in future. So we had gone to the UAE in between and there we found that the entire UAE government is now focused on developing these ports, including and I think that would be the same case with the government of Oman because they act because you don’t have to cross the Hormuz to access any oil facilities or anything there.<\/p>\n

So there the governments are giving a lot of strategic focus, especially in Fujairah, they have built a railway line. And now that railway line was the lifeline for the entire uae. They were able to transport containers and everything there. So in future these ports would acquire a lot of strategic importance. And I think it’s a positive news there. And as Nagarajan had told you that the concession agreement is under the discussion, there are some conditions, precedent, so as and when they get fulfilled, and then it’s a part of a process.<\/p>\n

So we will be looking at it very positive.<\/p>\n

Alok Deora<\/strong><\/p>\n

Got it, sir, just last question. So in logistics we are forecasting a nearly 25% sort of EBITDA margin and in 27 and even 28 kind of similar margins. So the margins in this business would kind of be in that range only or as we scale up higher, there could be a margin kicker in this business as well.<\/p>\n

Operator<\/strong><\/p>\n

No, it should be around in this range only. But as we scale up, obviously ITDs will start coming in and the ramp up in ITDs again will be gradual. The way you are seeing in Alka, like 44, 56 to 60. So there can be a drop, but so it will be in that zip code of 20 to 25 percentage.<\/p>\n

Alok Deora<\/strong><\/p>\n

Got it, got it. That’s all from my side. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Achal Louarev with Nuvama Institutional Equities. Please go ahead.<\/p>\n

Ketan Jain<\/strong><\/p>\n

Good evening, sir. Thank you for the opportunity. Two questions. One,<\/p>\n

Operator<\/strong><\/p>\n

In terms of this terminal, what is the nature of insurance arrangements we have? You know, is there just the assets are covered or do we also have the insurance for the loss of profit as such assets are adequately covered? Loss of profit insurance is also there. But the region is seeing something like this for the first time or maybe after a very Long time. So we need to take it with a pinch of salt. And that’s where we have made this provision also in our books to the tune of 69 crores.<\/p>\n

Ketan Jain<\/strong><\/p>\n

Right. The second question I have is with respect to forex<\/p>\n

Operator<\/strong><\/p>\n

Gain, you said 17 crores of forex gain. Is that part of your revenue and that’s why the realizations are higher. Just a clarification on that. Okay.<\/p>\n

Alok Deora<\/strong><\/p>\n

Yes,<\/p>\n

Operator<\/strong><\/p>\n

Got it. And if you could split the capex plan like you said, cumulatively you are looking at selling 16,000 crores. If you could call out what kind of spend we were<\/p>\n

Priyankar Biswas<\/strong><\/p>\n

Looking at for FY27 and FY28 and late in terms of ports if you could.<\/p>\n

Operator<\/strong><\/p>\n

Yes. So Achal, we have guided 16 and a half spend for the next two years. F27 and F28. The split as 13,000 for ports and three and a half for logistics.<\/p>\n

Ketan Jain<\/strong><\/p>\n

No, I meant within that. If you could provide the split in terms of year wise and also port side.<\/p>\n

Operator<\/strong><\/p>\n

So it will be 40% this year and 60% in F28.<\/p>\n

Ketan Jain<\/strong><\/p>\n

Got it. Fine. I fall right in the field for follow. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question is from the line of Priyankar Biswas with GM Financial. Please go ahead. Also just a quick follow up question. So can you tell me about what the esop expense in FY26 and if there are any esops there we should consider in FY27, 23 crores was the F26 esop expense visa vis 63 and F25 for F27 maybe you can take the same number of around<\/p>\n

Alok Deora<\/strong><\/p>\n

3.<\/p>\n

Operator<\/strong><\/p>\n

Maybe you can take around 5 crores.<\/p>\n

Alok Deora<\/strong><\/p>\n

5 crores. Also one more thing that given you are significantly below<\/p>\n

Operator<\/strong><\/p>\n

Your net debt to guidance. So you typically say that your threshold levels are 2.5 broadly is what I can recall. So since you the balance sheet had some headroom. So are you considering actively any acquisitions or if so in which space you may be considering if you are not willing to<\/p>\n

Ketan Jain<\/strong><\/p>\n

We get into detail at least the space that you may<\/p>\n

Priyankar Biswas<\/strong><\/p>\n

Consider<\/p>\n

Operator<\/strong><\/p>\n

Acquisitions. Yeah, we will be looking at in the logistics space because they are obviously this capex spend also we have given. So it will be a mix of both the infield, downfield and M and A opportunities. Plus we will continue to bid for all these terminals which are coming up anyway which are not a part of our 400 million guidance. So there again the spend can be there. Thank you ladies and gentlemen. We will take that as a last question for today. I would now like to hand the conference over to the management for closing comments.<\/p>\n

Rinkesh Roy<\/strong><\/p>\n

Thank you Alok. Overall, we have demonstrated a clear scaling to the ongoing port expansion project, steady progress in the logistics segment and a strong turnaround, particularly at Navkar. We are encouraged by the increasing integration of our ports and logistics businesses, creating a seamless one stop solution for our customers. This transformation strengthens our integrated platform and positions us well to deliver strong earnings, compounding over the medium to long term. With this, I wish you all the best.<\/p>\n

Thank you,<\/p>\n

Operator<\/strong><\/p>\n

Thank you. On behalf of Motila Loswal Financial Services Ltd. That concludes this conference. Thank you all for joining us. You may now disconnect your lines. Thanks.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. JSW Infrastructure Limited (NSE: JSWINFRA) Q4 2026 Earnings Call dated May. 08, 2026 Corporate Participants: Rinkesh Roy \u2014 Joint Managing Director and Chief Executive Officer Analysts: Alok Deora \u2014 Analyst Ketan Jain \u2014 Analyst Priyankar […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-182562","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":177248,"url":"https:\/\/alphastreet.com\/india\/jsw-infrastructure-q3-fy26-earnings-results\/","url_meta":{"origin":182562,"position":0},"title":"JSW Infrastructure Q3 FY26 Earnings Results","author":"Divyansh_Kasana","date":"January 23, 2026","format":false,"excerpt":"JSW Infrastructure Limited provides maritime-related services including cargo handling, storage solutions, and logistics services. Financial Results JSW Infrastructure Ltd reported Revenues for Q3FY26 of \u20b91,350.00 Crores up from \u20b91,182.00 Crore year on year, a rise of 14.21%. Total Expenses for Q3FY26 of \u20b9963.00 Crores down from \u20b9990.00 Crores year on\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/JS.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/JS.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/JS.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/JS.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/JS.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/JS.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":171598,"url":"https:\/\/alphastreet.com\/india\/jsw-infrastructure-q2-fy26-earnings-results\/","url_meta":{"origin":182562,"position":1},"title":"JSW Infrastructure Q2 FY26 Earnings Results","author":"Divyansh_Kasana","date":"October 17, 2025","format":false,"excerpt":"Company Overview JSW Infrastructure Ltd is a leading player in maritime services providing cargo handling, storage, and logistics solutions. The company operates key port and terminal facilities handling bulk and containerized cargo in India. Presenting below its Q2 FY26 Earnings Results. Q2 FY26 Earnings Results JSW Infrastructure reported consolidated revenues\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"JSWSTEEL Q2 FY26 Earnings Results","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/JSWIN.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/JSWIN.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/JSWIN.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/JSWIN.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/JSWIN.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/JSWIN.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":166562,"url":"https:\/\/alphastreet.com\/india\/jsw-infrastructure-ltd-q3fy25-32-rise-in-profits\/","url_meta":{"origin":182562,"position":2},"title":"JSW Infrastructure Ltd Q3FY25; 32% rise in Profits","author":"Chirag Gupta","date":"January 31, 2025","format":false,"excerpt":"Incorporated in 2006, JSW Infrastructure Limited provides maritime-related services including, cargo handling, storage solutions, and logistics services. Financial Results: JSW Infrastructure Ltd reported Revenues for Q3FY25 of \u20b91,182.00 Crores up from \u20b9940.00 Crore year on year, a rise of 25.74%. Total Expenses for Q3FY25 of \u20b9990.00 Crores up from \u20b9711.00\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/01\/1-1.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/01\/1-1.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/01\/1-1.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/01\/1-1.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/01\/1-1.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/01\/1-1.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":168194,"url":"https:\/\/alphastreet.com\/india\/jsw-infrastructure-ltd-q4fy25-57-rise-in-profits\/","url_meta":{"origin":182562,"position":3},"title":"JSW Infrastructure Ltd Q4FY25; 57% rise in Profits","author":"Chirag Gupta","date":"May 1, 2025","format":false,"excerpt":"Incorporated in 2006, JSW Infrastructure Limited provides maritime-related services including, cargo handling, storage solutions, and logistics services. 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