JSW Infrastructure Q2 profit falls 12% despite 17% revenue growth

JSW Infrastructure reported a 12% year-on-year decline in consolidated net profit to ₹318 crore for the second quarter of FY27, compared with ₹361 crore a year earlier. The decline was primarily due to unrealised foreign exchange losses arising from the rupee's depreciation, the company said.

Revenue rose 17% to ₹1,481 crore from ₹1,266 crore in the year-ago quarter, driven by higher cargo volumes, growth in ancillary services and rupee depreciation.

Earnings before interest, tax, depreciation and amortisation (EBITDA) increased 11% to ₹675 crore from ₹610 crore. However, the EBITDA margin narrowed to 45.6% from 48.2% a year earlier.

Cargo volumes at the company's India operations grew 8% year on year during the quarter, while total cargo volumes stood at 29.4 million tonnes.

Operational updates

During the quarter, JSW Infrastructure signed a 30-year concession agreement for the 13-million-tonne-per-annum Kolkata Outer Container Terminal, strengthening its container business on India's eastern coast.

The company also began interim operations at the 6.3 MTPA Kolkata Container Terminal, which was awarded in July 2025, to build cargo volumes ahead of full-scale operations.

It completed the acquisition of NCR Rail Infrastructure Ltd under a resolution plan approved by the National Company Law Tribunal, expanding its logistics presence in North India.

JSW Infrastructure also secured a Letter of Acceptance to develop a Gati Shakti Multi-Modal Cargo Terminal at Kulipalaiyam, Tamil Nadu. The project will expand its logistics network to eight facilities across five states.

The company's rail rake fleet grew from 42 to 78, with a target of reaching 110 rakes by March 2027.

First-half FY27 performance

In the first half of FY27, JSW Infrastructure handled 60.5 million tonnes of cargo, up 4% year on year. Cargo volumes at its India operations rose 10%.

The company attributed the growth mainly to higher throughput at Paradip Coal, Dharamtar Port, Jaigarh Port and Ennore Bulk Terminal, along with contributions from interim operations at Tuticorin Bulk Terminal. The increase was partly offset by a challenging operating environment at Fujairah Liquid Terminal.

Operational revenue grew 18% year on year to ₹2,926 crore, while operational EBITDA rose 13% to ₹1,348 crore. Profit after tax for the six-month period stood at ₹686 crore.

At the end of the reporting period, JSW Infrastructure had net cash of ₹1,693 crore, gross debt of ₹7,292 crore, and cash and bank balances of ₹8,985 crore.