Q2 FY2027 – Key Highlights
- Cargo Volumes of India operations grew by 8% YoY, while the total cargo volumes stood at 29.4 Million Tonnes
- Revenue from operations increased by 17% YoY to *1,481 Crore
- Operating EBITDA of 7674 Crore an increase of 11% YoY
- PAT was 7328 crore versus *369 crore in Q2 FY2026, primarily impacted by unrealized forex losses from INR depreciation
- Strong Balance Sheet
- Net Cash of $1,693 Crore, Gross Debt of $7,292 Crore and Cash and Bank balance of 78,985 Crore
Q2 FY2027 – Key Updates
- Executed the 30-year concession agreement for the 13 MTPA Kolkata Outer Container
Terminal strengthening the Company’s container business on India’s eastern coast. - Commenced interim operations at the 6.3 MTPA Kolkata Container Terminal, awarded in July 2025, to grow volumes ahead of full-scale operations.
- Successfully completed the acquisition of NCR Rail Infrastructure Limited under the NCLT-approved resolution plan, expanding the Company’s logistics footprint in North India.
- Secured the Letter of Acceptance for the development of a Gati Shakti Multi-Modal Cargo Terminal at Kulipalaiyam, Tamil Nadu, expanding the Company’s logistics presence to 8 facilities across 5 states and strengthening its multimodal logistics network
- Scaled the rail rake fleet from 42 to 78 rakes, with expansion to 110 rakes targeted by March 2027
JSW Infrastructure honoured at All India Maritime and Logistics Awards (MALA) 2026 for Expanding its Footprint in Ports & Terminals and growing its national presence across the ports and logistics value chain - JSW Dharamtar Port won the Smart Port Digital Transformation Award at the Sustain Port India 2026 Awards, recognising its leadership in digital innovation and operational excellence
Operational & Consolidated Financial Performance
Q2 FY2027
During the quarter, the Company’s India cargo volumes grew by 8% YoY while the total cargo volumes stood at 29.4 million tonnes.
The increase in volume was driven by improved capacity utilization at Paradip Coal, Ennore Bulk and Mangalore Coal terminals and was further contributed by the interim operations at the Tuticorin Bulk Terminal and Kolkata Container Terminal. The overall growth was partially offset by a challenging operating environment at Fujairah Liquid Terminal along with lower volumes at Jaigarh Port and Paradip Iron Ore Terminal.
Operational revenue for the ports segment increased by 9% during the quarter to *1,202 crore, compared with *1,103 crore in Q2 FY2026. The revenue increase was driven by volume growth, increase in the ancillary services and rupee depreciation. Operating EBITDA for the Port segment stood at 7594 Crore an increase of 2% primarily driven by the volume growth.
Logistics business generated revenue from operations of 2279 crore compared to 7163 crore in the same quarter previous year. Operational EBITDA for the logistics segment stood at 81 Crore up from 25 crore, an increase of 3.3x. EBITDA margin rose to 28.9% from 15.2% earlier, driven by the growing contribution from rail logistics business. The rail rake fleet increased from 42 rakes at the beginning of the quarter to 78 rakes by quarter-end. Further, 32 rakes are expected to be delivered over H2 which would take the total fleet to 110 by March 2027.
Increase in port volumes and growth momentum in the logistics segment resulted in consolidated operating revenue increase of 17% to 71,481 crore from 71,266 crore in Q2 FY2026. Operational EBITDA grew by 11% to 7674 crore compared to 7610 crore in the corresponding quarter last year.
Profit Before Tax (PBT) stood at *431 crore compared with *463 crore in Q2 FY2026, the decline was primarily driven by unrealized foreign exchange losses and higher depreciation charges, reflecting the commissioning of growth projects in the ports business and the continued scale-up of the logistics segment. The impact on PBT was partially offset by higher other income during the period. Consequently, Profit After Tax (PAT) stood at 7328 crore, compared with $369 crore in the corresponding period last year.
H1 FY2027
During the first half of the year, the Company handled cargo volumes of 60.5 million tonnes which is higher by 4% over the last year with India operations recording 10% YoY growth. The volume increase is primarily due to robust throughput at the Paradip Coal, Dharamtar Port, Jaigarh Port and Ennore Bulk Terminal and was further contributed by the interim operations at Tuticorin Bulk Terminal. However, the growth was partially offset by a challenging operating environment at Fujairah Liquid Terminal.
The higher volumes and the stellar contribution from the logistics business resulted in 18% YoY growth in the operational revenue which stood at 72,926 Crore and 13% YoY growth in operational EBITDA which stood at ₹1,348 Crore. Consequently, PAT for the period stood at
₹686 Crore.
