JSW Infrastructure
JSW Infrastructure
TransportKey Fundamentals
MidcapPort & Port ServicesTransportTapetide Score
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Key Insights
Strengths
2- Company has delivered good profit growth of 40.4% CAGR over last 5 years
- Company's working capital requirements have reduced from 18.2 days to 10.5 days
Weaknesses
2- Stock is trading at 6.90 times its book value
- Company might be capitalizing the interest cost
Growth Rate
AI Analysis — Bull vs Bear
JSW Infrastructure (market cap about ₹84,765 Cr) has grown sales at a 27% CAGR and profit at a 40% CAGR over five years. In FY25 it handled 117 MT of cargo (up 9% YoY), with revenue up 20% to ₹4,829 Cr and PAT up 31% to ₹1,521 Cr. However, TTM profit growth has turned to -3% against 19% TTM sales growth, and the stock trades at a P/E of 55.4 with ROE of about 15-16%. This leaves the valuation dependent on a large port and logistics expansion being delivered on time.
- Profit has compounded at a 40% CAGR over 5 years and 29% over 3 years. FY25 PAT rose 31% YoY to ₹1,521 Cr.
- Sales have compounded at 27% over 5 years and 19% over 3 years, with TTM growth holding at 19%. FY25 revenue grew 20% to ₹4,829 Cr.
- Reliance on the promoter group is falling. Third-party cargo grew 34% YoY in FY25 and made up 49% of volumes, up from 40% in FY24.
- Working capital days dropped from 18.2 to 10.5, which points to better cash conversion as the company grows.
- Management's FY26 guidance calls for about 10% port volume growth and about 50% logistics revenue growth, building on 117 MT handled in FY25.
- The company had a large cash buffer to fund growth, with cash and equivalents of ₹4,501 Cr reported at Q2 FY25.
- Returns have been steady, with ROE at 15-16% across the 3-year, 5-year, 10-year and last-year periods.
- Q4 FY25 PAT rose 57% YoY to ₹516 Cr on 14% revenue growth to ₹1,372 Cr, showing strong operating leverage in that quarter.
- At a P/E of 55.4, a large amount of future growth is already built into the price, leaving little room if execution slips.
- Earnings momentum has slowed. TTM profit growth is -3%, compared with 19% TTM sales growth and a 40% 5-year profit CAGR.
- The stock trades at a high multiple of book value, 4.82x on the metrics supplied and 6.99x per the listed cons. With ROE around 15%, this premium to book is hard to justify on returns alone.
- The company may be capitalising interest cost. If so, reported P&L finance costs look lower during the build-out, and earnings could fall once the assets start operating.
- Growth is slowing at the operating level. Q4 FY25 EBITDA grew only 7% YoY to ₹730 Cr and cargo volumes only 5% to 31.2 MT, well below full-year revenue growth of 20%.
- About 51% of FY25 cargo still came from sources other than third parties, mainly the promoter group. This ties volumes to JSW Group steel and power demand.
- The dividend yield is just 0.25%, so shareholder returns depend almost entirely on growth being delivered.
- The stock returned only 12% over one year despite 19% TTM sales growth. The listing history is too short for 3-year or 5-year stock CAGR data.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Q1 FY27 profit falls 9.89% Sep 10
Consolidated net profit fell 9.89% YoY to ₹346.63 crore in Q1 FY27, even though revenue rose 18.06% to ₹1,444.83 crore. Profit falling while revenue grows points to margin pressure.
- Acquired NCR Rail is loss-making Sep 10
NCR Rail Infrastructure reported a net loss of ₹25.96 crore on revenue of just ₹11.19 crore in FY2026. Integrating it may weigh on near-term consolidated earnings. The stock slipped 0.64% to ₹340.35 on BSE after the announcement.
- NCR Rail acquisition completed Sep 10
JSW Infrastructure completed the ₹467.47 crore acquisition of NCR Rail via Khurja Rail Terminal, effective 10 September 2026, plus ₹41.94 crore for about 39.57 acres from Arshiya. The deal adds a six-line freight terminal 90 km from New Delhi and 40 km from Jewar Airport, along with a 130-acre land bank and 0.2 mn sq ft of warehousing.
- LOI for first Ballari ICD Sep 15
JSW Port Logistics received an LOI to set up its first Inland Container Depot in Ballari, which will handle customs clearance and cargo consolidation. This builds out JSW Infrastructure's inland logistics footprint beyond ports.
- ₹150.47 crore block trades Sep 25
About 41.34 lakh shares worth ₹150.47 crore changed hands in large trades: ₹110.44 crore on BSE at ₹365.00 and ₹40.03 crore on NSE at ₹361.10. Both prices are above the ₹340.35 level seen on Sep 10.
- Analyst meets on Sep 16, 18 Sep 9
The company scheduled analyst and investor meetings for September 16 and 18 as part of routine investor relations. No financial or operational details were disclosed.
TL;DR: JSW Infrastructure is pushing its port-to-logistics strategy forward with the ₹467.47 crore NCR Rail acquisition and an LOI for its first ICD in Ballari. Both strengthen its rail and inland cargo network in North and South India. The main risk is profitability: Q1 FY27 net profit fell 9.89% despite 18.06% revenue growth, and the acquired NCR Rail business is loss-making. Large block trades near ₹361–365 suggest steady institutional interest, so the trend depends on whether the new logistics assets can turn profitable and margins recover in the coming quarters.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 878 | 848 | 940 | 1,096 | 1,010 | 1,001 | 1,182 | 1,283 | 1,224 | 1,266 | 1,350 | 1,522 | 1,445 |
| Expenses | 427 | 396 | 460 | 515 | 495 | 481 | 596 | 642 | 643 | 656 | 706 | 753 | 771 |
| Operating Profit | 451 | 452 | 480 | 581 | 515 | 521 | 586 | 641 | 581 | 610 | 644 | 769 | 674 |
| OPM % | 51% | 53% | 51% | 53% | 51% | 52% | 50% | 50% | 47% | 48% | 48% | 51% | 47% |
| Other Income | 40 | 47 | 78 | 104 | 94 | 87 | 83 | 89 | 90 | 107 | 52 | 17 | 57 |
| Interest | -16 | 71 | 143 | 134 | 82 | -80 | 256 | 8 | 55 | 105 | 93 | 130 | 102 |
| Depreciation | 95 | 101 | 108 | 134 | 135 | 134 | 138 | 140 | 143 | 149 | 164 | 158 | 166 |
| PBT | 412 | 328 | 307 | 417 | 392 | 554 | 276 | 581 | 473 | 463 | 439 | 498 | 463 |
| Tax % | 22% | 22% | 17% | 21% | 24% | 33% | -22% | 11% | 18% | 20% | 17% | 15% | 23% |
| Net Profit | 322 | 256 | 254 | 329 | 297 | 374 | 336 | 516 | 390 | 369 | 365 | 424 | 358 |
| EPS in Rs | 1.72 | 1.21 | 1.19 | 1.57 | 1.39 | 1.77 | 1.57 | 2.43 | 1.83 | 1.72 | 1.71 | 1.99 | 1.49 |
Profit & Loss
| Particulars | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 888 | 998 | 1,080 | 1,143 | 1,604 | 2,273 | 3,195 | 3,763 | 4,476 | 5,361 | 5,582 |
| Expenses | 377 | 410 | 550 | 524 | 787 | 1,164 | 1,572 | 1,795 | 2,214 | 2,757 | 2,886 |
| Operating Profit | 511 | 588 | 530 | 619 | 816 | 1,109 | 1,623 | 1,968 | 2,262 | 2,604 | 2,696 |
| OPM % | 58% | 59% | 49% | 54% | 51% | 49% | 51% | 52% | 51% | 49% | 48% |
| Other Income | 57 | 77 | 101 | 94 | 75 | 106 | 176 | 266 | 353 | 266 | 233 |
| Interest | 90 | 130 | 177 | 277 | 228 | 420 | 596 | 332 | 266 | 383 | 430 |
| Depreciation | 82 | 157 | 171 | 202 | 271 | 370 | 391 | 436 | 547 | 614 | 636 |
| PBT | 396 | 377 | 284 | 234 | 393 | 426 | 811 | 1,465 | 1,803 | 1,873 | 1,863 |
| Tax % | 22% | 26% | 4% | 16% | 28% | 22% | 8% | 21% | 16% | 17% | — |
| Net Profit | 310 | 281 | 272 | 197 | 285 | 330 | 750 | 1,161 | 1,521 | 1,547 | 1,515 |
| EPS in Rs | 54.6 | 44.09 | 43.93 | 31.37 | 48 | 54.02 | 3.97 | 5.5 | 7.16 | 7.25 | 6.91 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 10% | 11% | 12% | — |
Balance Sheet
| Particulars | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 56 | 60 | 60 | 60 | 60 | 60 | 360 | 410 | 415 | 417 |
| Reserves | 1,798 | 2,553 | 2,827 | 2,488 | 2,831 | 3,212 | 3,635 | 7,616 | 9,282 | 10,460 |
| Borrowings | 1,599 | 1,732 | 2,051 | 3,103 | 3,946 | 4,740 | 4,568 | 4,758 | 5,042 | 6,899 |
| Other Liabilities | 628 | 840 | 762 | 1,085 | 1,286 | 1,165 | 750 | 909 | 2,068 | 2,439 |
| Total Liabilities | 4,082 | 5,185 | 5,701 | 6,736 | 8,123 | 9,177 | 9,312 | 13,694 | 16,807 | 20,215 |
| Fixed Assets | 2,730 | 3,186 | 3,256 | 3,948 | 4,924 | 6,134 | 5,975 | 7,757 | 9,523 | 10,527 |
| CWIP | 380 | 633 | 862 | 752 | 1,125 | 80 | 46 | 132 | 2,020 | 3,188 |
| Investments | 95 | 28 | 230 | 376 | 296 | 283 | 307 | 244 | 183 | 25 |
| Other Assets | 877 | 1,338 | 1,352 | 1,660 | 1,779 | 2,681 | 2,985 | 5,560 | 5,081 | 6,474 |
| Total Assets | 4,082 | 5,185 | 5,701 | 6,736 | 8,123 | 9,177 | 9,312 | 13,694 | 16,807 | 20,215 |
Cash Flow
| Particulars | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 616 | 600 | 328 | 259 | 990 | 1,176 | 1,797 | 1,803 | 2,100 | 2,022 |
| Investing | -1,052 | -1,098 | -495 | -378 | -1,637 | -801 | -883 | -4,202 | -1,691 | -2,062 |
| Financing | 387 | 540 | 140 | 226 | 641 | 3 | -825 | 2,504 | -521 | 227 |
| Net Cash Flow | -49 | 41 | -27 | 107 | -6 | 377 | 90 | 105 | -112 | 186 |
| Free Cash Flow | -424 | -338 | -24 | -400 | -602 | 669 | 1,528 | 1,555 | 26 | -467 |
| CFO/OP | 137 | 119 | 67 | 48 | 129 | 117 | 122 | 104 | 105 | 91 |
Ratios
| Particulars | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 82 | 108 | 104 | 160 | 94 | 97 | 46 | 66 | 66 | 72 |
| Cash Conversion Cycle | 82 | 108 | 104 | 160 | 94 | 97 | 46 | 66 | 66 | 72 |
| Working Capital Days | -169 | -27 | 181 | 122 | 52 | 63 | 16 | 34 | 10 | 11 |
| ROCE % | — | 12% | 9% | 9% | 10% | 11% | 17% | 16% | 14% | 14% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Documents
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Company Information
JSW Infrastructure Limited provides maritime-related services including, cargo handling, storage solutions, and logistics services.[1]
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