1. At a Glance
India’s #2 commercial port operator with global ambitions and MTPA dreams. JSW Infra is riding the logistics boom with ports, terminals, and enough cargo movement to make the Indian Railways jealous. But is the financial ballast strong enough?
2. Introduction with Hook
Picture a company that moves 100+ million tonnes of cargo but still can’t escape debt. That’s JSW Infrastructure: India’s maritime muscle with cargo capacity envy.
- FY25 PAT: ₹1,521 Cr (Up 31%)
- FY25 Revenue: ₹4,476 Cr
- FY25 OPM: A thicc 51%
- ₹30,000 Cr capex dream by FY30
It’s not just moving containers—it’s moving mountains. But is the tide always high?
3. Business Model (WTF Do They Even Do?)
JSW Infrastructure Ltd is the logistics and maritime arm of JSW Group. It provides:
- Cargo handling (dry bulk, break bulk, liquid, containers)
- Storage, warehousing, and terminal ops
- Port logistics, rail connectivity, pipelines
It operates 10 ports across India and 2 terminals in the UAE. Think of them as the highway managers of the sea—just with cranes and cranes of debt.
4. Financials Overview
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue (₹ Cr) | 3,195 | 3,763 | 4,476 |
| Net Profit (₹ Cr) | 750 | 1,161 | 1,521 |
| OPM (%) | 51% | 52% | 51% |
| EPS (₹) | 3.97 | 5.50 | 7.16 |
| ROE (%) | 17% | 16% | 16% |
💸 High margins, low dilution. A rare combo in infrastructure.
🚢 Profit growing faster than the Adani-Birla gossip chain.
5. Valuation
- P/E: 45.2
- P/B: 6.71
- Market Cap: ₹65,110 Cr
- Book Value: ₹46.2
Fair Value Range: ₹270 – ₹340
Rationale: With strong growth, 50% margins, and rising volumes, it’s priced for perfection—but one hiccup in trade routes and the stock could go underwater (figuratively).
6. What’s Cooking – News, Triggers, Drama
🛳️ Headlines:
- ₹740 Cr DBFOT Kolkata port deal
- Acquired Navkar Corp, slurry pipeline biz (₹1,617 Cr)
- MoU with Konkan Railway = Bhoke siding = Port expansion
- FY25 Capex Plan = ₹30,000 Cr to reach 400 MTPA by FY30
- CEO switcheroo: Arun out, Rinkesh Roy (ex-JNPT) in
🧨 Triggers:
- Capacity expansion = higher volumes
- Acquisitions = faster integration
- Govt’s National Logistics Policy = tailwind
7. Balance Sheet
| Item | FY23 | FY24 | FY25 |
|---|---|---|---|
| Equity Capital | ₹360 Cr | ₹410 Cr | ₹415 Cr |
| Reserves | ₹3,635 Cr | ₹7,616 Cr | ₹9,282 Cr |
| Borrowings | ₹4,568 Cr | ₹4,758 Cr | ₹5,042 Cr |
| Total Assets | ₹9,312 Cr | ₹13,694 Cr | ₹16,807 Cr |
🧱 Borrowings stable—no crazy debt spiral
🚀 Reserves have more than doubled in 2 years = strong internal accruals
8. Cash Flow – Sab Number Game Hai
| Year | CFO (₹ Cr) | CFI (₹ Cr) | CFF (₹ Cr) | Net CF (₹ Cr) |
|---|---|---|---|---|
| FY23 | 1,797 | -883 | -825 | 90 |
| FY24 | 1,803 | -4,202 | 2,504 | 105 |
| FY25 | 2,100 | -1,691 | -521 | -112 |
🧾 FY24 investing cash outflow is bonkers (-₹4,202 Cr) = Navkar, pipeline capex
🧘 Cash flows from operations solid. No defaults here, captain.
9. Ratios – Sexy or Stressy?
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| ROCE (%) | 17% | 16% | 14% |
| ROE (%) | 17% | 16% | 16% |
| Cash Cycle | 46 | 66 | 66 |
| Debt/Equity | 0.97 | 0.53 | 0.48 |
🔧 ROCE dipping, but still solid
📉 Debt/Equity improving. Not your usual infra sob story
10. P&L Breakdown – Show Me the Money
| Year | Sales (₹ Cr) | Operating Profit (₹ Cr) | Net Profit (₹ Cr) | OPM (%) |
|---|---|---|---|---|
| FY23 | 3,195 | 1,623 | 750 | 51% |
| FY24 | 3,763 | 1,968 | 1,161 | 52% |
| FY25 | 4,476 | 2,262 | 1,521 | 51% |
🤑 OPM consistently over 50%—every investor’s wet dream
📈 Profits almost doubled in 2 years
11. Peer Comparison
| Company | P/E | ROCE (%) | Market Cap (₹ Cr) | OPM (%) | PAT (₹ Cr) |
|---|---|---|---|---|---|
| Adani Ports | 29.0 | 13.8 | ₹3,12,096 Cr | 59.5% | ₹10,761 Cr |
| JSW Infra | 45.2 | 13.9 | ₹65,110 Cr | 50.5% | ₹1,521 Cr |
| Guj Pipavav | 19.3 | 24.9 | ₹7,701 Cr | 58.5% | ₹399 Cr |
| Allcargo Terminals | 23.9 | 11.8 | ₹798 Cr | 17% | ₹33 Cr |
⚖️ JSW Infra: Not cheapest, but fastest growing
🛠️ Adani = giant; Pipavav = efficient; JSW = expanding with muscle
12. Miscellaneous – Shareholding, Promoters
| Shareholder Type | Mar 2024 | Mar 2025 |
|---|---|---|
| Promoters | 85.61% | 85.61% |
| FIIs | 4.15% | 4.75% |
| DIIs | 2.74% | 2.69% |
| Public | 5.79% | 5.67% |
🧱 Promoter stake rock-solid = full skin in the game
🤑 FIIs nibbling slowly—watch this space
13. EduInvesting Verdict™
JSW Infrastructure isn’t just a port operator—it’s a high-margin, logistics-expanding juggernaut with national ambitions and global footprints. From slurry pipelines to berth expansions, it’s building India’s sea spine.
But with expansion comes execution risk. And while the stock’s premium valuation may scare the value investing crowd, the numbers say this port isn’t drifting—it’s docking profits steadily.
If India’s trade grows, JSW Infra grows faster. But if trade slows… well, tide comes in, tide goes out.
Metadata
– Written by EduInvesting Research | July 15, 2025
– Tags: Ports, JSW Infra, Adani Rival, Cargo King, Maritime Infra, India Growth
