JSW Infrastructure Limited (JSWINFRA)
Large CapInfra stocks · Large cap · NSE
JSW Infrastructure operates a network of strategically located ports and terminals across India's West and East coasts, and in the UAE, with a total operational capacity of 186 MTPA. The company also has a growing logistics segment, including ICDs, CFS, and rail rakes, providing integrated port-related infrastructure services.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 0/100PAT -8% YoY · margin compression · Rev +18% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,445 Cr | +18.1% | -5.1% |
| EBITDA | ₹674 Cr | +16.0% | -12.4% |
| Operating margin | 47.0% | +0 bps | -400 bps |
| PAT | ₹358 Cr | -8.2% | -15.6% |
| PAT margin | 24.8% | -708 bps | -308 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Q1 FY27 cargo volumes grew 6% YoY to 31 MT, driving an 18% YoY revenue increase to ₹1,445 Cr and 16% YoY operating EBITDA growth to ₹674 Cr. Third-party cargo share declined slightly to 48%.
JSW Infrastructure delivered solid Q1 FY27 results with robust revenue and EBITDA growth, supported by increased cargo volumes and strong performance in the logistics segment. Significant capacity expansion plans and new project wins, particularly in container handling and greenfield ports, underpin future growth. However, the slight dip in third-party cargo share and challenges in overseas operations warrant close monitoring.
Cargo Handled (Customer Mix) Q1 FY27
Latest issuer-disclosed distribution across 2 reported categories.
Port Capacity Expansion
Targeting ~2.4x increase in overall capacity to 400 mtpa by FY30E from 186 mtpa in Q1 FY27.
Logistics Segment Foray
Expanding into Greenfield ICDs & MMLPs, Gati Shakti Multi-Modal Cargo Terminals (GCT), and increasing rail & container rakes.
Inorganic Growth & Privatisation Bids
Leveraging balance sheet for inorganic growth opportunities in port and port-related infrastructure, and participating in privatisation bids.
New Project Wins
Secured another PPP project at Syama Prasad Mookerjee Port with a capacity of 0.9 million TEUs, increasing total container handling capacity at Kolkata to 1.4 million TEUs.
South West Port, Goa Expansion
Expanded capacity from 11 MTPA to 12 MTPA.
Mangalore Container Terminal Expansion
Expanded capacity from 4.2 MTPA to 6.0 MTPA.
Kolkata Container Terminal
Commenced interim operations and secured a new PPP project for 0.9 million TEUs, targeting completion in Q3 FY28.
Murbe Port, Maharashtra
Secured Environmental Clearance and approval for rail connectivity to the DFC.
Anchor Customer Expansion
Expansion of 5mtpa steel-making capacity of anchor customer at Dolvi supports Dharamtar & Jaigarh port expansions.
Government Initiatives for Logistics
GPWIS and LSFTO initiatives by the Government support investment into rail & container rakes.
Challenging Overseas Operating Environment
Lower volumes at Fujairah Liquid Terminal due to a challenging operating environment in the Middle East, affecting third-party cargo.
Competition
Forward-looking statements acknowledge competition as a factor that could cause actual results to differ materially.
Government Policies and Regulations
Forward-looking statements highlight government policies and regulations as a risk factor.
Political, Economic, Legal and Social Conditions
Forward-looking statements mention political, economic, legal and social conditions in India as potential risks.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Infrastructure businesses often experience seasonal variations in cargo movement and project execution. A Year-over-Year comparison provides a clearer view of underlying operational trends and long-term growth trajectory, rather than short-term sequential fluctuations.
Total Cargo Handled (Ports)
Total cargo handled: 31 MT in Q1 FY27, growth of 6% YoY.
Third Party Cargo Share (Ports)
Third-party cargo declined by 1.9% YoY, with its share standing at 48% in Q1 FY27 (vs 52% in Q1 FY26).
Consolidated Revenue from Operations
Revenue from operations of ₹1,445 Crore up 18% YoY.
Consolidated Operating EBITDA & Margin
Operating EBITDA of ₹674 Crore up 16% YoY, with margin at 46.6% in Q1 FY27 (vs 47.5% in Q1 FY26).
FY27E Consolidated Guidance
Management guides for FY27E Consolidated Revenue of ₹5,200 Crore and Operating EBITDA of ₹2,600 Crore.
FY28E Consolidated Guidance
Management guides for FY28E Consolidated Revenue of ₹8,000 Crore and Operating EBITDA of ₹4,300 Crore.
FY30 Port Capacity Target
Road map for growth targets 400 mtpa total operational capacity for the port segment by FY30E.
FY30 Logistics Segment Targets
Targeting ₹8,000 Crore Revenue, ₹2,000 Crore EBITDA, and ₹9,000 Crore CAPEX (FY25-30) for the logistics segment by FY30.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Third-Party Cargo Share | 48% in Q1 FY27 (down from 52% in Q1 FY26) | Reversal of the declining trend and sustained growth in third-party cargo volumes to diversify revenue streams. |
| Project Execution & Commissioning | Multiple projects (Tuticorin, Jaigarh LPG, Dharamtar/Jaigarh expansion, Slurry Pipeline, Jatadhar) targeting completion by FY27/Q3 FY28. | Timely completion and ramp-up of new capacities to meet stated growth targets and avoid cost overruns. |
| Logistics Segment Performance | Revenue up 71.8% YoY, Operating EBITDA up 261.7% YoY in Q1 FY27. | Sustained high growth rates and margin expansion in the logistics segment, given its strategic importance for diversification. |
| Overseas Operations Recovery | Fujairah Liquid Terminal volumes impacted by challenging Middle East environment. | Signs of recovery in overseas cargo volumes and improved operating environment. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
59NeutralSMA20 +1.9% / mo · MACD − · sector +2.3pp vs Nifty (3M)
Technical chart
JSWINFRAdaily · 1Y · AUTO+27.4%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 49. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~1.8% over last month) — short-term momentum positive.
- RSI(14) at 49 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 6% off 52W high · 43% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 14.7% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +3.6%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 43 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 43 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 19/25 to the score.
- Balance sheet contributes 7/15 to the score.
Main drags
- Fair-value margin of safety is negative at -90.1%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 59th percentile of the scored universe and 66th percentile within Infra. No major sub-score weakness stands out.
Healthy Trust Lite: Promoter holding is 73.9%. Key concern: Promoter holding fell 9.7%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Infra: 66th pctile, median 64 · Large: 35th pctile, median 73
76 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 73.9%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.5%.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Promoter holding fell 9.7%.
- ▸1/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 50.00
- P/B
- 6.43
- EV/EBITDA
- 25.36
- Market Cap
- 77589.00Cr
Profitability
- ROE
- 15.30%
- ROCE
- 13.60%
- ROA
- 7.49%
- Dividend Y
- 0.27%
Growth (CAGR)
- Revenue 5Y
- 27.00%
- EPS 5Y
- 40.00%
- Revenue 3Y
- 19.00%
- EPS 3Y
- 29.00%
Balance Sheet
- Debt/Equity
- 0.63
- Interest Coverage
- 6.27×
- Altman Z
- 6.62
- Book Value
- 51.80
Cash Flow
- FCF Yield
- 0.53%
- FCF Positive Y
- 3/5
- OCF
- 2100.00 Cr
- EPS TTM
- 6.91
Shareholding
- Promoter Hold
- 73.93%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 81%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Infra, ranked by similarity
Peers
Business-comparable names in Infra, ranked by similarity
Peers
Business-comparable peers in Infra — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.