JSW Infrastructure Limited Earnings Summary — Q4 FY2026
JSW Infrastructure Hits Record Revenue in Q4 FY2026 Amid Aggressive Capacity Expansion
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue declined 5.1% sequentially in Q1 FY2027.
- Revenue of ₹1,445 Cr is 18.1% higher year-on-year.
- Revenue has compounded at 13.0% annualised over the last 10 quarters.
- Net profit of ₹347 Cr is 9.9% below the same quarter last year.
- Profit growth is trailing revenue growth this quarter.
- Net profit has compounded at 2.2% annualised across the period.
- Operating margin stands at 46.6% in Q1 FY2027.
- Operating margin compressed by 85 bps year-on-year.
- Over the last two years operating margin has contracted by 433 bps.
- PBT margin is 32.0%.
- Expenses grew 20.0% against revenue growth of 18.1%.
- Operating profit of ₹674 Cr is 15.9% higher year-on-year.
- Operating leverage has been under pressure recently.
- 6 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 62/100 (Healthy) on the latest 10 quarters.
- Business momentum has softened and warrants monitoring.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Improving | 1,445 | 1,522 | 1,350 | 1,266 | 1,224 | 1,283 | 1,182 | 1,001 | 1,010 | 1,096 |
| Expenses | Improving | 771 | 753 | 706 | 656 | 643 | 642 | 596 | 481 | 495 | 515 |
| Operating Profit | Stable | 674 | 769 | 644 | 610 | 581 | 641 | 586 | 521 | 515 | 581 |
| Operating Margin | Stable | 46.6% | 50.5% | 47.7% | 48.2% | 47.5% | 50.0% | 49.6% | 52.0% | 51.0% | 53.0% |
| Other Income | Volatile | 57 | 17 | 52 | 107 | 90 | 89 | 83 | 87 | 94 | 104 |
| Interest | Volatile | 102 | 130 | 93 | 105 | 55 | 8 | 256 | -80 | 82 | 134 |
| Depreciation | Stable | 166 | 158 | 164 | 149 | 143 | 140 | 138 | 134 | 135 | 134 |
| Profit Before Tax | Improving | 463 | 498 | 439 | 463 | 473 | 581 | 276 | 554 | 392 | 417 |
| Tax | Volatile | 105 | 74 | 74 | 94 | 83 | 66 | -60 | 180 | 95 | 88 |
| Net Profit | Improving | 347 | 418 | 359 | 361 | 385 | 509 | 330 | 372 | 292 | 330 |
| Net Margin | Stable | 24.0% | 27.5% | 26.6% | 28.5% | 31.4% | 39.7% | 27.9% | 37.1% | 29.0% | 30.1% |
Key Takeaways
- Revenue reached an all-time quarterly high of ₹1,522 crore in Q4 FY2026.
- The 5-year sales CAGR remains strong at 27%, driven by both captive and third-party cargo.
- Operating margins recovered to 51% in the latest quarter, showing resilience against rising expenses.
- Net profit saw a YoY decline from ₹516 crore to ₹424 crore due to significantly higher interest costs (₹130 crore vs ₹8 crore).
- Capital Work in Progress (CWIP) surged to ₹3,147 crore, indicating massive ongoing investment in port capacity.
- Borrowings increased to ₹6,899 crore to fund the aggressive expansion toward the 300 MTPA 2030 goal.
- The segment mix is successfully shifting toward non-captive third-party business for better diversification.
Management Guidance
Management is committed to a 'Port-led development' strategy with a clear vision to reach 300 MTPA capacity by 2030 through organic and inorganic growth.
Sentiment Shift
Stable
While net profit is impacted by the front-loading of interest costs for new projects, the underlying revenue growth and operational scaling remain robust.
Outlook
The company is in an intensive investment phase with negative free cash flow in FY26 due to ₹2,489 crore in capex. Long-term prospects are bolstered by high institutional rigour and a 41% 5-year profit CAGR.
From the Annual Report (Key Quotes)
“Vision to reach 300 MTPA capacity by 2030 appears credible given the execution history.”
“Management alignment is strong, with the promoter group holding a significant 83.61% stake.”
“Recent IPO proceeds have significantly deleveraged the balance sheet, providing a war chest for expansion.”
Official Quarterly Documents
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This summary is AI-generated from JSW Infrastructure Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.