JSW Infra pins growth hopes on logistics arm; sets FY26 revenue target at ₹700–800 Cr
MUMBAI : JSW Infrastructure Ltd, India’s second-largest commercial port operator, is betting big on its recently expanded logistics arm. The company is eyeing a ₹700-800 crore turnover from this vertical only; with an EBITDA of ₹100 crore in FY26.
The logistics build-out is expected to rely on a mix of captive volumes from JSW Group and return cargo from EXIM players.
Apart from the expansion of Navkar Corporation, capex spend shall be made towards adding new Gati Shakti terminals, possible acquisitions in DCFs and ICDs, leasing/purchasing rakes and leveraging group assets.
In FY25, JSW Infra made a strategic foray into the logistics sector — from a pure-play port operator to an integrated ports and logistics platform — by picking up controlling stakes in Navkar for an enterprise value of ₹1,700 crore, gaining access to key logistics assets, including container freight stations, inland container depots (ICD), and Category I and II container train operator licences.
The company’s top brass, in recent investor calls, outlined an investment roadmap with a capital outlay of over ₹9,000 crore across its logistics vertical to fuel long-term growth. They had ₹8,000 crore topline from logistics alone by FY30, backed by strategic acquisitions and infrastructure rollouts.
“The aggregate financial commitments across all growth projects encompassing awarded work orders and procurement of materials stand at approximately ₹3,000 crore,” said Lalit Singhvi, CFO, JSW Infrastructure, during the company’s Q1 FY26 earnings call.
Simultaneously, the company aims to double its cargo handling capacity from 177 million tonnes per annum (mtpa) to 400 mtpa by FY30.
JSW Infra’s net debt stood at ₹1,246 crore with a net debt-to-EBITDA ratio of just 0.54x, giving it enough headroom to invest in expansion without stressing the financials.
“We are well positioned to pursue a growth plan to enhance our present cargo handling capacity to 400 million tonnes and parallel grow our logistics business with a top line of ₹8,000 crore by FY30,” he said.
ICICI Securities in a research report said, JSW Infra “believes that ₹8000 revenue target is well within sight, by capturing 15 per cent of JSW Group’s logistics spend would push them half way (₹4,000 crore), natural transfer of volumes from ports to logistics (₹2,000-3,000 crore) and adding pure play logistics clientele (₹ 1,000-2,000 crore).”
Logistics playbook: Multi-modal, pan-India
JSW Infra’s logistics vertical has seen strong traction, especially following the acquisition of Navkar Corporation, which returned to profitability in Q1 with ₹2 crore net profit and ₹138 crore revenue.
Additionally, the company acquired the Gati Shakti Multi-Modal Cargo Terminal (GCT) at Arakkonam, near Chennai, under an asset-light model to enhance last-mile infrastructure in southern India.
“…. because we have to create 25-30 centres across the country, right from Arakkonam Chennai, going up to NCR… and we are looking for creating through GCT or stress assets or build our own,” Singhvi added.
One such strategic buyout was NCR Rail Infrastructure Ltd, a private freight terminal in Uttar Pradesh, secured under the insolvency process for ₹467 crore. It sits near the Eastern and Western Dedicated Freight Corridors and will serve the high-volume NCR cluster. The company has six rail lines and 130 acres of land. The resolution plan for NCR Rail Infra has been cleared.
Port projects are picking up
On the ports side, multiple greenfield and brownfield projects are underway.
In case of the Keni Port, a public hearing is scheduled for August, part of the 302-km iron ore slurry pipeline project (completion by March 2027). For the Murbe Port, the EIA has been submitted and hearings are awaited, while hydrographic and geotechnical studies are complete.
For Jatadhar Port, a concession agreement was signed. And cargo assured through a take-or-pay agreement is expected to kick in from FY27.
JSW Infra also won the bid to redevelop and mechanise the container terminal at Berth 8 in Kolkata, commissioning for which is expected by FY27.
The company is exploring further privatisation opportunities at major ports like Paradip and Kolkata.