JSW Infrastructure Q2 results: Net profit declines 12% on unrealised forex losses; revenue rises to ₹1,481 crore

The company said the decline in profit was primarily due to unrealised foreign exchange losses resulting from the rupee’s depreciation.

The firm’s revenue from operations, however, surged 17% year-on-year (YoY) to ₹1,481 crore in the September quarter of FY27, as against ₹1,266 crore registered in the year-ago period.

The operating profit, also known as earnings before interest, taxes, depreciation, and amortisation (EBITDA), jumped 11% to ₹675 crore as compared to ₹610 crore in the corresponding quarter of the previous fiscal year.

Its EBITDA margin contracted to 45.58% in the reporting quarter from 48.17% in Q2 FY26.

JSW Infrastructure reported a net cash position of ₹1,693 crore in Q2, with gross debt of ₹7,292 crore and cash and bank balances of ₹8,985 crore.

A look at H1 FY27

For half a year (H1 FY27), JSW Infra’s net profit jumped 8% to ₹2,095 crore as compared to ₹1,943 crore on a YoY basis. Its revenue from operations for H1 FY27 stood at ₹2,341 crore as against ₹4,360 crore in H1 FY26, marking a decline of 46%.

During the first half of the year, the company handled cargo volumes of 60.5 mt, which is higher by 4% over the last year, with India operations recording 10% YoY growth.

The higher volumes and the stellar contribution from the logistics business resulted in 18% YoY growth in the operational revenue.

Cargo volume check

The company said its cargo volumes for India operations grew by 8% YoY, while the total cargo volumes stood at 29.4 million tonnes (mt). The increase in volume was driven by improved capacity utilisation at Paradip Coal, Ennore Bulk and Mangalore Coal terminals and was further contributed by the interim operations at the Tuticorin Bulk Terminal and Kolkata Container Terminal.

Further, the overall growth was partially offset by a challenging operating environment at Fujairah Liquid Terminal along with lower volumes at Jaigarh Port and Paradip Iron Ore Terminal, the firm said.

Segment updates

JSW Infra’s operational revenue for the ports segment increased by 9% in Q2 FY27 to ₹1,202 crore, compared with ₹1,103 crore annually. This was driven by volume growth, an increase in ancillary services and rupee depreciation. Operating EBITDA for the segment rose 2% to ₹594 crore, primarily driven by volume growth.

Logistics business generated revenue from operations of ₹279 crore compared to ₹163 crore in the same quarter of the previous year. EBITDA margin rose to 28.9% from 15.2% earlier, driven by the growing contribution from the rail logistics business.

The rail rake fleet increased from 42 rakes at the beginning of the quarter to 78 rakes by quarter-end. Further, 32 rakes are expected to be delivered over H2, which would take the total fleet to 110 by March 2027.

On Tuesday, JSW Infrastructure closed at ₹317.25 apiece on the National Stock Exchange, falling 0.06%. The earnings, however, came after market hours.

According to NSE data, as of October 27, 2026, JSW Infrastructure has a total market capitalisation of ₹73,919.30 crore.