JSW Infrastructure (JSWINFRA IN) – Q1FY27 Result Update – Resilient quarter; logistics to drive future growth – ACCUMULATE
Published on 22 Jul 2026
JSW Infrastructure (JSWINFRA) reported a resilient inline Q1FY27 operating performance, aided by robust growth in India cargo volumes (excluding Fujairah), strong performance at Jaigarh and Dharamtar, and continued ramp-up in the logistics business. Consolidated cargo volumes grew 5.5% YoY to 31mmt despite temporary disruption at Fujairah, which was partly offset by improved domestic throughput. Ports NSR remained resilient, supported by favourable cargo mix and higher contribution from own ports; while logistics continued to witness strong growth led by improving Navkar utilization and higher contribution from the rail rakes business. However, the temporary shutdown at Fujairah impacted ports EBITDA by ~INR0.7bn during the quarter. Commercial operations commenced at the Arakkonam GCT during the quarter, while the company also secured EC & DFC rail connectivity approval for Murbe Port, marking key milestones for its long-term growth pipeline. Maintain ‘Accumulate’ with revised TP of INR361 (earlier INR354) valuing at same 20x EV of Mar’28E EBITDA.
