Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹83286 Cr.
Stock P/E
53.8
P/B
4.7
Current Price
₹357.5
Book Value
₹ 75.9
Face Value
2
52W High
₹375.3
52W Low
₹ 233.5
Dividend Yield
0.25%

JSW Infrastructure Overview

Business

JSW Infrastructure Ltd. is a port-related infrastructure company primarily engaged in providing port services, including cargo handling, storage, and logistics solutions. The company develops, operates, and maintains ports and terminals, facilitating the movement of various types of cargo such as dry bulk (e.g., iron ore, coal), liquid bulk (e.g., petroleum products, chemicals), containers, and general cargo. It operates on a concession-based model, often acquiring long-term rights to develop and operate port facilities from government authorities. The company generates revenue through port charges, handling fees, storage charges, and other value-added logistics services provided to its customers. A significant portion of its business involves handling cargo for its parent, JSW Group, while also serving third-party customers.

Revenue Mix

JSW Infrastructure's revenue primarily stems from various cargo handling operations across its port terminals. While specific segment contribution percentages are not publicly detailed for every cargo type, its operations broadly cover:

Dry Bulk Cargo: Handling commodities like iron ore, coal, coke, limestone, and grains.

Liquid Bulk Cargo: Handling petroleum products, chemicals, and edible oils.

Container Cargo: Services for containerized goods.

General Cargo: Handling miscellaneous cargo.

The company operates both multi-cargo ports and specialized terminals, with the mix of cargo handled varying by location and client demand. Its strategy involves a balance between catering to captive cargo requirements of the JSW Group and attracting third-party cargo.

Industry

The Indian port industry is a crucial facilitator of trade and economic growth, characterized by increasing capacity and modernization efforts driven by government initiatives like Sagarmala. It comprises major ports (controlled by the central government) and non-major ports (controlled by state governments). JSW Infrastructure operates non-major ports and terminals under long-term concessions, strategically located along India's coastline. It is one of the leading private port operators in India, competing with other private players like Adani Ports and SEZ, and various state-run port entities. Its positioning benefits from being part of the larger JSW Group, which provides a steady base of captive cargo, reducing reliance solely on external market demand.

MOAT

JSW Infrastructure possesses several competitive advantages:

Strategic Locations & Long-Term Concessions: Its ports are strategically located to serve industrial hinterlands and major trade routes, secured through long-term concessions that limit new entrants.

Integration with JSW Group: A significant portion of its cargo comes from the parent JSW Group (steel, energy, cement), providing a stable revenue base and integrated logistics solutions. This captive cargo reduces demand volatility.

Scale and Infrastructure: Operating multiple port terminals with substantial capacity allows for economies of scale in operations and investments.

High Switching Costs: For major industrial clients, changing port providers can involve significant logistical disruptions, re-negotiation of supply chains, and re-routing costs, creating a sticky customer base.

Capital Intensive Barrier: The port industry requires massive capital investment and long gestation periods, acting as a significant barrier to entry for new competitors.

Growth Drivers

India's Economic Growth: Sustained GDP growth in India directly translates to increased trade volumes, driving demand for port services.

Government Focus on Infrastructure: Initiatives like Sagarmala, National Logistics Policy, and increased infrastructure spending boost port development and connectivity.

"Make in India" & Export Growth: As India's manufacturing base expands and exports grow, demand for efficient port infrastructure for cargo movement will rise.

Coastal Shipping & Inland Waterways: Government push for multimodal transportation and coastal shipping to decongest roads and railways will increase cargo handled by ports.

Capacity Expansion & Acquisitions: Organic expansion of existing facilities and strategic acquisitions of new port assets or concessions will drive future growth.

Diversification of Cargo Mix: Expanding into handling a wider range of high-value cargo like containers and specialized liquids can enhance revenue per unit.

Risks

Economic Downturns: A slowdown in global or Indian economic activity can reduce trade volumes and cargo handled, impacting revenue.

Commodity Price Volatility: Fluctuations in prices of key commodities (e.g., iron ore, coal) can affect cargo volumes and profitability, especially given its exposure to dry bulk.

Regulatory & Environmental Risks: Changes in port policies, customs regulations, environmental norms, or delays in obtaining clearances can affect operations and expansion plans.

Competition: Intense competition from other private port operators and government-owned major ports can put pressure on tariffs and market share.

Project Execution Risks: Delays or cost overruns in new port development or expansion projects can impact profitability.

Dependence on JSW Group: While a strength, over-reliance on captive cargo can also be a risk if the parent group's industries face challenges.

Management & Ownership

JSW Infrastructure Ltd. is promoted by the JSW Group, a prominent Indian conglomerate led by Mr. Sajjan Jindal. The company benefits from the group's strong lineage, financial backing, and deep understanding of industrial logistics requirements. The management team consists of seasoned professionals with experience in port operations and infrastructure development, leveraging the group's expertise while operating as a publicly listed entity. The JSW Group holds a significant ownership stake, ensuring strategic alignment and long-term vision.

Outlook

JSW Infrastructure is well-positioned to capitalize on India's robust economic growth and the government's strong thrust on infrastructure development. Its strategic port locations, integration with the JSW Group for captive cargo, and ongoing capacity expansion initiatives provide a strong foundation for future growth. The company is expected to benefit from increasing trade volumes, a growing manufacturing sector, and the push for multimodal logistics. However, the cyclical nature of the shipping industry, exposure to commodity price volatility, and intense competition remain key factors to monitor. The ability to diversify its cargo mix, expand its third-party clientele, and efficiently execute expansion projects will be crucial for sustained performance in a dynamic and competitive port sector.

JSW Infrastructure Share Price

Live · BSE / NSE · Inception: 2006
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

JSW Infrastructure Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 1096 1010 1001 1182 1283 1224 1266 1350 1522 1445
Other Income 104 94 87 83 175 90 107 60 90 57
Total Income 1200 1104 1088 1265 1458 1314 1372 1409 1612 1502
Total Expenditure 574 495 326 754 642 643 661 720 796 771
Operating Profit 626 609 762 511 816 671 711 689 816 731
Interest 75 82 75 97 94 55 99 79 87 102
Depreciation 134 135 134 138 140 143 149 164 158 166
Exceptional Income / Expenses 0 0 0 0 0 0 0 -7 -72 0
Profit Before Tax 417 392 554 276 581 473 463 439 498 463
Provision for Tax 88 95 180 -60 66 83 94 74 74 105
Profit After Tax 329 297 374 336 516 390 369 365 424 358
Adjustments 1 -4 -2 -6 -6 -5 -8 -6 -5 -11
Profit After Adjustments 330 292 372 330 509 385 361 359 418 347
Adjusted Earnings Per Share 1.6 1.4 1.8 1.6 2.5 1.8 1.7 1.7 2 1.5

JSW Infrastructure Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 720 888 998 1080 1143 1604 2273 3195 3763 4476 5361 5583
Other Income 46 58 77 101 94 107 106 178 269 431 353 314
Total Income 766 946 1075 1182 1237 1711 2379 3373 4032 4908 5714 5895
Total Expenditure 317 378 410 550 524 795 1164 1575 1798 2218 2764 2948
Operating Profit 449 568 665 632 713 915 1215 1798 2234 2689 2950 2947
Interest 100 90 130 177 277 252 420 596 332 340 383 367
Depreciation 74 82 157 171 202 271 370 391 436 547 614 637
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 -80 -79
Profit Before Tax 274 396 377 284 234 393 426 811 1465 1803 1873 1863
Provision for Tax 41 85 97 12 38 108 96 61 304 281 326 347
Profit After Tax 234 310 281 272 197 285 330 750 1161 1521 1547 1516
Adjustments -12 -17 -13 -5 -6 7 -2 -10 -5 -18 -24 -30
Profit After Adjustments 222 294 268 267 190 291 328 740 1156 1503 1523 1485
Adjusted Earnings Per Share 1.3 1.7 1.5 1.5 1.1 1.6 1.8 4.1 5.6 7.2 7.3 6.9

JSW Infrastructure Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 1542 1854 2613 2888 2548 2891 3272 3995 8026 9697 10878
Minority's Interest 140 157 192 197 203 197 200 94 205 792 815
Borrowings 814 943 1364 2000 2611 3390 4095 4095 4270 4439 5952
Other Non-Current Liabilities 121 201 159 119 376 556 607 202 273 170 242
Total Current Liabilities 483 936 847 571 1188 973 907 714 728 1372 1948
Total Liabilities 3099 4091 5174 5775 6927 8008 9081 9100 13502 16470 19835
Fixed Assets 1856 2730 3186 3256 3948 4924 6134 5975 7757 9393 10431
Other Non-Current Assets 625 696 860 1079 1487 1681 610 335 356 2938 4982
Total Current Assets 617 665 1129 1440 1492 1403 2336 2790 5388 4139 4410
Total Assets 3099 4091 5174 5775 6927 8008 9081 9100 13502 16470 19835

JSW Infrastructure Cash Flow

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 16 85 36 77 50 157 151 529 619 723 611
Cash Flow from Operating Activities 293 616 600 328 259 990 1176 1797 1803 2100 2022
Cash Flow from Investing Activities -313 -1052 -1098 -495 -379 -1637 -801 -883 -4205 -1697 -2062
Cash Flow from Financing Activities 89 387 540 140 226 641 3 -825 2504 -521 227
Net Cash Inflow / Outflow 69 -49 41 -27 106 -6 377 90 102 -118 187
Closing Cash & Cash Equivalent 85 36 77 50 157 151 529 619 723 611 798

JSW Infrastructure Ratios

# Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) 1.3 1.74 1.48 1.48 1.06 1.62 1.82 4.12 5.63 7.25 7.31
CEPS(Rs) 1.81 2.32 2.43 2.45 2.22 3.09 3.89 6.35 7.79 9.97 10.36
DPS(Rs) 0 0 0 0 0 0 0 0 0.55 0.8 0.9
Book NAV/Share(Rs) 8.99 10.81 14.37 15.84 13.91 15.53 17.37 20.87 37.84 45.94 51.68
Core EBITDA Margin(%) 55.99 57.4 58.9 49.08 54.17 50.4 48.81 50.72 52.21 50.45 48.44
EBIT Margin(%) 52.06 54.72 50.83 42.67 44.75 40.21 37.2 44.04 47.77 47.87 42.08
Pre Tax Margin(%) 38.12 44.56 37.82 26.28 20.48 24.48 18.74 25.39 38.93 40.28 34.93
PAT Margin (%) 32.48 34.96 28.14 25.18 17.19 17.75 14.54 23.46 30.85 33.99 28.85
Cash Profit Margin (%) 42.8 44.22 43.88 40.97 34.85 34.63 30.79 35.71 42.45 46.2 40.31
ROA(%) 8.68 8.63 6.06 4.97 3.09 3.81 3.87 8.25 10.27 10.15 8.52
ROE(%) 18.08 18.47 12.71 9.97 7.33 10.75 11.17 21.8 20.16 17.6 15.24
ROCE(%) 16.01 15.91 13.01 9.93 9.66 10.33 11.65 17.68 17.41 16.01 14.26
Receivable days 61.66 75.56 90.1 115.69 144.98 113.74 86.96 57.34 52.34 60.58 63.55
Inventory Days 17.14 17.16 15.41 21.25 32.09 25.53 14.82 10.71 10.37 10.01 9.57
Payable days 0 0 0 0 0 0 0 0 0 0 0
PER(x) 0 0 0 0 0 0 0 0 43.57 44.11 32.93
Price/Book(x) 0 0 0 0 0 0 0 0 6.49 6.96 4.65
Dividend Yield(%) 0 0 0 0 0 0 0 0 0.22 0.25 0.37
EV/Net Sales(x) 1.46 1.81 1.47 1.86 2.63 2.33 1.51 0.93 13.46 15.3 10.12
EV/Core EBITDA(x) 2.35 2.84 2.2 3.18 4.21 4.09 2.82 1.65 22.67 25.46 18.39
Net Sales Growth(%) 30.1 23.28 12.43 8.23 5.82 40.28 41.75 40.55 17.78 18.95 19.78
EBIT Growth(%) 56.53 29.58 4.45 -9.14 10.97 26.05 31.14 66.4 27.75 19.22 5.27
PAT Growth(%) 58.35 32.7 -9.53 -3.15 -27.74 44.83 16.1 126.83 54.86 31.08 1.67
EPS Growth(%) 70.05 33.74 -14.68 -0.36 -28.31 53.01 12.55 125.6 36.92 28.65 0.78
Debt/Equity(x) 0.72 0.88 0.67 0.72 1.24 1.41 1.41 1.13 0.56 0.49 0.59
Current Ratio(x) 1.28 0.71 1.33 2.52 1.26 1.44 2.58 3.91 7.4 3.02 2.26
Quick Ratio(x) 1.18 0.67 1.27 2.39 1.15 1.34 2.48 3.76 7.25 2.92 2.19
Interest Cover(x) 3.73 5.38 3.91 2.6 1.84 2.56 2.02 2.36 5.41 6.3 5.89
Total Debt/Mcap(x) 0 0 0 0 0 0 0 0 0.09 0.07 0.13

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +20% +19% +27% +22%
Operating Profit CAGR +10% +18% +26% +21%
PAT CAGR +2% +27% +40% +21%
Share Price CAGR +13% +31% — —
ROE Average +15% +18% +17% +15%
ROCE Average +14% +16% +15% +14%

JSW Infrastructure Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 73.93 %
FII 11.19 %
DII (MF + Insurance) 9.21 %
Public (retail) 5.67 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 85.6185.6185.6285.6285.6283.6283.6283.6283.6273.93
FII 2.344.164.214.074.746.617.287.16.8911.19
DII 3.582.742.512.732.712.842.582.22.469.21
Public 8.467.497.677.586.936.936.537.087.035.67
Others 0000000000
Total 100100100100100100100100100100

JSW Infrastructure Peer Comparison

JSW Infrastructure Quarterly Price

10-year quarterly close · BSE
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News & Updates

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JSW Infrastructure Pros & Cons

Pros

  • Company has delivered good profit growth of 40% CAGR over last 5 years

Cons

  • Stock is trading at 4.7 times its book value.
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