1. At a Glance
India’s second-largest private port operator just dropped anchor on a ₹390 Cr quarterly profit (+31% YoY), and dropped a ₹30,000 Cr capex bomb for future growth. Logistics is officially the new oil.
2. Introduction with Hook
Imagine a giant cargo ship loaded with profits, blasting through Indian ports at full speed. That’s JSW Infra.
While others are busy figuring out how to monetize ports, JSW Infra is already building the next ten.
- Q1 FY26 Revenue: ₹1,224 Cr (+21% YoY)
- Q1 FY26 PAT: ₹390 Cr (+31% YoY)
- TTM Net Profit: ₹1,614 Cr
- Capex Plan: ₹30,000 Cr (that’s not a typo)
3. Business Model (WTF Do They Even Do?)
- Operates 13 ports across India
- Cargo Handling, Logistics, Marine Infrastructure
- UAE terminals: 41 MTPA via O&M
- Vertically integrated with JSW Group (steel, power, cement, etc.)
- Infrastructure-as-a-Service for other industrial giants
- Recurring annuity-type model, high EBITDA margins
JSW Infra = “If it floats or moves on water, we own it, charge it, or park it.”
4. Financials Overview
| Particulars | FY23 | FY24 | FY25 | TTM |
|---|---|---|---|---|
| Revenue (₹ Cr) | 3,763 | 4,476 | 4,690 | 4,690 |
| EBITDA (₹ Cr) | 1,968 | 2,262 | 2,329 | 2,329 |
| PAT (₹ Cr) | 1,161 | 1,521 | 1,614 | 1,614 |
| EPS (₹) | 5.5 | 7.16 | 7.6 | 7.60 |
| ROE (%) | 16% | 16.2% | 16.2% | 16.2% |
| ROCE (%) | 16% | 13.9% | 13.9% | 13.9% |
EBITDA margins hover ~50%+ thanks to infra stickiness.
5. Valuation
- Market Cap: ₹66,602 Cr
- P/E (TTM): 41.8x
- Book Value: ₹46.2 → P/B = 6.87
- ROE: 16.2%
- EBITDA Margin: 50%
- Dividend Yield: 0.25%
Fair Value Estimate:
- P/E 28–35 (infra average): ₹215–₹270
- EV/EBITDA 20x (infra premium): ₹290–₹330
- DCF (steady cash flow projection): ₹260–₹310
Fair Value Range: ₹260–₹330
CMP ₹317 = Approaching upper band. Fully priced for “infra optimism”.
6. What’s Cooking – News, Triggers, Drama
- Q1 FY26 results beat estimates → ₹390 Cr PAT
- Capex of ₹30,000 Cr planned across new ports, terminals, logistics
- IPO funds usage update: ₹1,890 Cr used, ₹821 Cr still available
- Appointed new independent director: Rajive Kumar
- Major interest cost fluctuation in past quarters → potential for accounting scrutiny
7. Balance Sheet
| Particulars (₹ Cr) | FY23 | FY24 | FY25 |
|---|---|---|---|
| Equity Capital | 360 | 410 | 415 |
| Reserves | 3,635 | 7,616 | 9,282 |
| Borrowings | 4,568 | 4,758 | 5,042 |
| Fixed Assets | 5,975 | 7,757 | 9,523 |
| CWIP | 46 | 132 | 2,020 |
| Total Liabilities | 9,312 | 13,694 | 16,807 |
Key Highlights:
- Heavy on fixed assets (duh, infra)
- Debt stable despite expansion
- CWIP jumped 15x → Capex wave incoming
8. Cash Flow – Sab Number Game Hai
| Cash Flow (₹ Cr) | FY23 | FY24 | FY25 |
|---|---|---|---|
| Operating Cash Flow | 1,797 | 1,803 | 2,100 |
| Investing Cash Flow | -883 | -4,202 | -1,691 |
| Financing Cash Flow | -825 | 2,504 | -521 |
| Net Cash Flow | 90 | 105 | -112 |
Translation:
- Core operations are money machines
- Cash burn = aggressive asset building
- IPO cash being deployed tactically
9. Ratios – Sexy or Stressy?
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| ROCE (%) | 17% | 16% | 14% |
| ROE (%) | 16% | 16.2% | 16.2% |
| Cash Conversion | 46 | 66 | 66 |
| Debt/Equity | 0.98 | 0.62 | 0.54 |
| Interest Coverage | 3.0x | 4.4x | 6.3x |
Verdict:
- Returns are solid
- Working capital is lean
- Interest coverage improving = healthy balance sheet
10. P&L Breakdown – Show Me the Money
| Quarter | Revenue (₹ Cr) | Net Profit (₹ Cr) | EPS (₹) |
|---|---|---|---|
| Q4 FY25 | 1,283 | 516 | 2.43 |
| Q1 FY26 | 1,224 | 390 | 1.83 |
Observation:
- Strong quarter, slight dip QoQ is seasonal
- YoY growth remains robust
11. Peer Comparison
| Company | P/E | ROE (%) | TTM Revenue | PAT (₹ Cr) | OPM (%) |
|---|---|---|---|---|---|
| Adani Ports | 28.5 | 18.7 | ₹30,475 Cr | ₹10,760 Cr | 59% |
| JSW Infra | 41.8 | 16.2 | ₹4,690 Cr | ₹1,614 Cr | 50% |
| Gujarat Pipavav | 19.6 | 18.9 | ₹988 Cr | ₹399 Cr | 58% |
Conclusion:
JSW Infra = Middle-tier ROE, high margin, ambitious scale.
Valuation higher than peers, betting on growth.
12. Miscellaneous – Shareholding, Promoters
| Shareholder Type | Jun ’24 | Mar ’25 |
|---|---|---|
| Promoters | 85.61% | 83.61% |
| FIIs | 4.15% | 6.64% |
| DIIs | 2.74% | 2.82% |
| Public | 5.79% | 5.98% |
Takeaways:
- Promoter dilution: minor but consistent
- FII interest rising sharply
- Still a tightly held stock (90%+ with big hands)
13. EduInvesting Verdict™
JSW Infra is the Neeraj Chopra of ports—quiet, powerful, and ready to launch missiles (aka capex).
At a time when most infra companies struggle to maintain EBITDA margins above 30%, JSW sits comfortably at 50%+, all while expanding like it’s playing Monopoly IRL.
Is the valuation rich? Yes.
Is the opportunity vast? Absolutely.
This one’s for long-term visionaries with the stomach for cranes, dredgers, and ₹30,000 Cr bets.
Metadata
– Written by EduInvesting Team | 23 July 2025
– Tags: JSW Infrastructure, Ports, Q1 FY26, Maritime Logistics, Infra Stocks, Capex, JSW Group
