JSW Infrastructure (JSWINFRA IN) – Q4FY26 Result Update – Strong Q4 despite disruptions; LT growth visibility intact – BUY
Published on 09 May 2026
JSW Infrastructure (JSWINFRA) reported a strong Q4FY26 operating performance, aided by a) higher ancillary services income, b) price hikes at few ports, and c) continued ramp-up in the logistics business. Recurring income from H-energy on LT take or pay agreement for LNG cargo handling (Rs750mn), forex gains (Rs170mn), storage income and price hikes at South-West Port, Ennore & Mangalore Container Terminals aided Q4. Cargo volumes grew 1.3% YoY impacted by disruptions at Fujairah and cargo deferments caused by vessel shortages and higher freight costs, partly offset by strong growth at South-West & own ports. Port EBITDA/t improved on higher contribution from own ports. Robust 74% YoY revenue growth in logistics (led by improved Navkar utilisation and rail rakes business), supported cons EBITDA. JSWINFRA’s overall ports capacity increased to 183mtpa during the quarter following expansion at Ennore Coal Terminal and commissioning of the JNPA Liquid Terminal. The stock is trading at EV of 22.0x/16.4x FY27E/28E EBITDA. Maintain ‘BUY’ with revised TP of Rs342 (earlier Rs358) valuing at same 19x EV of Mar’28E EBITDA.
