JSW Infrastructure Ltd Q2FY26 – The Port That Thinks It’s a Stock Rocket, But Still Checks Tides Before Launch

1.At a Glance

Ports are supposed to be boring. Ships come, ships go. But JSW Infrastructure — the ₹62,500 crore beast from Sajjan Jindal’s JSW empire — is turning ports into playgrounds for capex and corporate drama. With nine ports across India, two terminals in the UAE, and a ₹30,000 crore expansion plan that could fund a small nation, this company is literally docking ambition.

At ₹298 a share, it sits like a moody harbour crane — neither falling apart nor lifting spirits, down about 7% in the last three months. But under the hood, EBITDA margins at 49% and PAT margins at 32% scream “asset-heavy but minting money.” ROE of 16.2% isn’t bad either — the kind of number you’d flex at an alumni meet.

FY24 closed with revenue of ₹4,954 crore and PAT of ₹1,585 crore, while Q2FY26 printed ₹1,372 crore in revenue and ₹369 crore profit — slightly lower QoQ, but still showing muscle. The balance sheet looks tight: ₹5,314 crore debt, ₹4,316 crore cash, and a current ratio of 2.9.Basically, this is what happens when a logistics company gets a billionaire’s gym membership.

2.Introduction – India’s Port Powerhouse with a Six-Pack

Let’s be honest — when you hear “JSW,” you think steel, not ships. But JSW Infrastructure is the silent sibling that decided, “Why only build factories when you can own the sea that feeds them?”

The company has grown from a family jetty in Ratnagiri to India’ssecond-largest private port operator, handling 106 million tonnes of cargo in FY24. And like every overachieving sibling, it’s now eyeing 400 MTPA capacity by FY2030. Because if Adani can, why not me?

Ports are notoriously capital-heavy, but JSW Infra’s playbook is elegant: build strategically located ports, lock in long-term clients (including its rich cousin JSW Steel), and squeeze every ton of throughput like a Mumbai local at peak hour.

It’s not just a “loading-unloading” story anymore — it’s integrated logistics, energy terminals, rail connectivity, and UAE expansion rolled into one. And unlike its elder cousin in the steel business, this one has fewer emissions and more EBITDA.

3.Business Model – WTF Do They Even Do?

JSW Infrastructure is like India’s version of Maersk, but with more swagger and less ocean.

Here’s the simple recipe:

• Build or acquire a port.
• Let JSW Group and third-party clients dump and move their cargo.
• Charge them for everything — from berth hire to towage to storage.
• Reinvest the cash into more ports.Repeat until you’re India’s logistics overlord.

Revenue streams split as follows:

• 51%from JSW Group customers (steel, cement, power).
• 33.5%from third-party cargo — growing fast.
• 15.5%from vessel-related charges — the “parking fees” of the maritime world.

Cargo mix (FY23):Iron ore (32%), thermal coal (29%), non-thermal coal (25.5%), liquids & gas (11%), containers (0.5%), others (2%). So yes, the company’s basically moving everything India burns, builds, or breathes.

Capacity utilization:62.6% — which means there’s still plenty of runway (or rather, jetty) left for growth.

Ports like Jaigarh and Dharamtar are the crown jewels, while new PPP projects atTuticorinandJNPTshow that JSW Infra isn’t scared of government paperwork — a bold feat in itself.

4.Financials Overview

Commentary:Revenue and EBITDA growth still solid, though PAT dipped QoQ (probably tax