JSW Infrastructure Posts Strong Profit Growth in Second Quarter of 2027
Key Facts
Profit after tax declined despite growth in operating profit and cargo volumes during the quarter. Earnings before interest, taxes, depreciation and amortization reached ₹674 crore, up 11% from ₹610 crore in the second quarter of FY2026, according to data reported by InvestyWise from the company’s announcement. The results show a divergence between the expansion of operating activity and its revenue growth on one hand, and a decline in the bottom line on the other. The available information did not include a verified share price movement following the results announcement.
Profit before tax fell to ₹431 crore from ₹463 crore a year earlier. The company attributed the decline mainly to unrealized foreign exchange losses and higher depreciation expenses, according to TradeAlone’s report of the company’s announcement on NSE. The company said, "The decline was mainly driven by unrealized foreign exchange losses and higher depreciation expenses." These items explain the gap between growth in operating profit and the decline in profit before tax, as increased activity and revenue did not offset the impact of depreciation expenses and currency losses on the final result. Year on year, both profit before tax and net profit declined, while earnings before interest, taxes, depreciation and amortization increased.
Total cargo volumes reached 29.4 million tonnes in the second quarter, while volumes across the company’s India operations grew 8% year on year, according to a company disclosure reported by TradeAlone. In the logistics segment, revenue rose to ₹279 crore from ₹163 crore in the corresponding quarter of the previous year. Growth in this business adds to the picture of the company’s expansion beyond port revenue alone, as the results showed improvement in logistics alongside higher cargo volumes in its India operations. The railway wagon fleet also increased to 78 wagons at the end of the quarter, compared with 42 previously. The company aims to raise the fleet to 110 wagons by March 2027, as part of an expansion tied to the development of its logistics services.
The company completed its acquisition of NCR Rail Infrastructure Limited, expanding its logistics network into northern India, according to a summary of a BSE disclosure published by ForgeUp. It also signed a 30-year concession for the Kolkata Outer Container Terminal, with capacity of 13 million tonnes a year. Temporary operations began at the Kolkata Container Terminal, which has capacity of 6.3 million tonnes a year. These developments add new assets and projects to the company’s business, reflecting its geographic expansion and its railway and container projects. They come as the company seeks to grow its total operating capacity through its projects and logistics facilities.
For the first half of FY2027, revenue from operations reached ₹2,926 crore, up 18% year on year, while earnings before interest, taxes, depreciation and amortization rose to ₹1,348 crore, up 13%. Net profit for the first half was ₹686 crore, according to a summary of a BSE disclosure. The figures reflect continued growth in revenue and operating profit over the six-month period, while net profit remained subject to the impact of expenses and items that weighed on second-quarter results. Comparing the two periods, first-half revenue growth exceeded operating profit growth, while net profit remains a separate indicator from operating performance. The company had set October 27, 2026, for a board meeting to review results for the quarter and half-year ended September 30, 2026, according to a BSE disclosure reported by Trendlyne.
The company reported total operating capacity of 183 million tonnes a year in FY2026 and is targeting 400 million tonnes a year by 2030, according to its investor relations page. This target places expansion projects, including the Kolkata terminal concession, railway fleet development and the acquisition in northern India, within a long-term plan to increase capacity. The company aims to reach 110 railway wagons by March 2027, while its operating capacity target extends to 2030. Adding this capacity depends on progress on the projects and facilities announced by the company, including the two Kolkata terminals with capacities of 13 million tonnes a year and 6.3 million tonnes a year, respectively. The results thus combine first-half growth in revenue and operating profit with a second-quarter decline in profit after tax, alongside operating expansion whose future targets remain in progress.