Key Metrics of Jsw Infrastructure Limited
About Jsw Infrastructure Limited
Sectors
Company details
- Registered office
- Jsw Centre, Bandra Kurla Complex,, Bandra (east),, Mumbai, In-mh, 400051
- Listed
- NSE: JSWINFRA · ₹316.10
Operational Areas of Jsw Infrastructure Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 01 Oct 2026 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹710 Cr | View |
| 22 Sep 2026 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹500 Cr | View |
| 25 Nov 2025 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹300 Cr | View |
| 05 Sep 2025 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹1,500 Cr | View |
| 08 Oct 2024 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹1,250 Cr | View |
| 28 Aug 2024 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹1,250 Cr | View |
| 22 Feb 2024 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹250 Cr | View |
| 15 Dec 2023 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹250 Cr | View |
| 09 Dec 2022 | CARE | Reaffirmed | — | A1+ | — | ₹330 Cr | View |
| 20 Sep 2022 | CARE | Reaffirmed | — | A1+ | — | ₹280 Cr | View |
| 26 Jul 2022 | CARE | Reaffirmed | — | A1+ | — | ₹230 Cr | View |
| 16 Aug 2021 | CARE | Reaffirmed | — | A1+ | — | ₹70.0 Cr | View |
| 06 Jan 2021 | CARE | Watch | — | A1+ | Developing | ₹140 Cr | View |
| 17 Nov 2020 | CARE | Watch | — | A1+ | Developing | ₹70.0 Cr | View |
| 28 Jan 2020 | CARE | Reaffirmed | — | A1+ | — | ₹70.0 Cr | View |
| 14 Dec 2018 | CARE | Watch | AA- | — | Stable | ₹103 Cr | View |
| 20 Jul 2018 | CARE | Other | — | — | — | — | View |
| 18 Jan 2018 | CARE | Watch | AA- | A1+ | — | ₹165 Cr | View |
| 02 Jan 2018 | CARE | Upgraded (from A+) | AA- | A1+ | Stable | ₹165 Cr | View |
Credit strengths (CARE, Oct 2026)
+ Geographically diversified port locations and scaling of logistics business
JSWIL benefits from a geographically diversified port infrastructure portfolio comprising three minor ports at Jaigarh and Dharamtar in Maharashtra, and eight terminals across major ports, including Mormugao, Mumbai and Mangalore on the western coast, and Paradip and Ennore on the eastern coast. The company also has an international presence through its oil storage terminal at the Port of Fujairah, UAE. As on June 30, 2026, JSWIL had an aggregate operational capacity of ~186 million metric
+ Strategic importance to JSW group
Due to its presence at major ports such as Paradip, Mangalore, Ennore and Mormugao, and ownership of Jaigarh and Dharamtar ports, JSWIL holds strategic importance to JSWSL, the JSW group’sflagship entity, and to JSWEL. JSWIL’s Paradip terminals is close to coal and iron ore mines in Odisha, and Ennore, Mormugao and Mangalore terminals is near JSWSL’s Vijaynagar and Salem plants and JSW Cement Limited’s Nandyal plant. While Jaigarh and Dharamtar port primarily cater to cargo requirements
+ Moderate growth in cargo volumes in FY26 and Q1FY27 amid global disruptions
JSWIL reported moderate cargo volume growth of ~4% to 122 MMT in FY26 from 117 MMT in FY25, supported by strong throughput growth at South West Port and DharamtarPort, commissioning of the JSW JNPT Liquid Terminal, and commencement of interim operations at the Tuticorin Terminal. The growth was partly offset by lower volumes at the Paradip Iron Ore Terminal and JSW Middle East Liquid Terminal due to reduced iron ore exports and geopolitical disruptions in the Middle Eastrespectively.
+ Healthy growth in scale operations with healthy profitability
JSWIL reported a healthy growth of ~20% in total operating income (TOI) to ₹5,373 crore in FY26, driven by the full-year consolidation of Navkar Corporation Limited and moderate growth in cargo volumes. JSWIL has demonstrated a strong growth trajectory, recording a compounded annual growth rate (CAGR) of ~19% in TOI from FY23-FY26. While the consolidated PBILDT margin moderated to 48.68% in FY26 from 50.69% in FY25 due to the increasing contribution of the relatively lower-margin
+ Robust financial flexibility and steady improvement in leverage
JSWIL continues to maintain a comfortable capital structure despite ongoing debt-funded capex and acquisitions, supported by healthy profit accretion and strong cash flow generation. Overall gearing remained low at 0.59x as on March 31, 2026, and Net Debt/PBILDT remained strong at 1.38x in FY26 Debt protection metrics remained strong with interest coverage of ~7x in FY26. The company also benefits from a natural hedge through USD -denominated marine income, which partly offsets foreign currency
Credit challenges
− Project execution risk for underlying capex
JSWIL is undertaking multiple projects in the next 3-5 years, including four greenfield port projects at Jatadhar (Orissa), Keni (Karnataka), Murbe (Maharashtra) and Oman and an under-construction slurry pipeline project. Brownfield projects include capacity expansion at Jaigarh Port, Dharamtar Port, Mangalore Container terminal among others and capex for newly awarded terminals at V.O. Chidambaranar port and Kolkata Port , apart from significant capex in logistics segment.
− Competition from nearby ports and terminals and concentrated cargo mix
JSWIL faces competition from the minor ports on both the eastern and western coasts. Its cargo profile continues to remain concentrated in coal, coke and iron ore, which together constitute for 80% of the total cargo handled for FY26. This concentration exposes JSWIL to the inherent cyclicality of the steel industry and energy demand from thermal power plants. Despite a gradual decline, cargo concentration from the JSW group, remained high at 52% in FY26. This exposes JSWIL to risks associated w
− Relatively higher revenue sharing for terminals at major ports and presence of MGT clauses
Per concession agreements, terminals at major ports operated by JSWIL are required to pay a revenue sharing in the range of 18-36%, except for one terminal where the revenue share stands at 52.52%. Certain terminals are also subject to minimum guaranteed tonnage (MGT) clauses, requiring payment in case of underachievement in cargo volumes. Pricing at some terminals is governed by the relevant Board of Major Port Authority, resulting in limited pricing flexibility.
Could lead to an upgrade
• Significant scale-up in operations, supported by successful completion of the planned capex in the ports and logistics segment and achievement of envisaged operating margins.
Could lead to a downgrade
• Significant debt-funded capex/inorganic acquisition resulting in net debt/profit before interest, lease rentals, depreciation and taxation (PBILDT) beyond 2x on a sustained basis. • Deteriorating business linkages and financial profile of counterparties (the JSW group companies), impacting JSWIL’s revenue visibility. • Significantly declining cargo handling rates impacting profitability. • Extension of loans and advances or guarantees to related parties outside JSWIL.
Agency-reported financials (CARE, 22 Sep 2026)
| Metric | March 31, 2025 | March 31, 2026 | Q1FY27 |
|---|---|---|---|
| Total operating income | ₹4,490 Cr | ₹5,373 Cr | ₹1,445 Cr |
| PBILDT* | ₹2,276 Cr | ₹2,616 Cr | ₹674 Cr |
| Profit after tax (PAT) | ₹1,521 Cr | ₹1,547 Cr | ₹358 Cr |
| Overall gearing (x) | 0.48× | 0.59× | — |
| Interest coverage (x) | 6.69× | 7.34× | 7.11× |
| Revenue growth (YoY) | — | 19.7% | — |
| PAT margin | 33.9% | 28.8% | 24.8% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Issuer | Other | — | ₹0 | — | AA+ (Stable) | Reaffirmed | CARE |
| Long-term Short-term bank | Working capital & bank lines | — | ₹660 Cr | — | AA+ (Stable) | Other | CARE |
| facilities Short-term bank facilities | Working capital & bank lines | — | ₹10.0 Cr | — | A1+ | Reaffirmed | CARE |
| Short-term bank facilities | Working capital & bank lines | — | ₹40.0 Cr | — | A1+ | Reaffirmed | CARE |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| — | Commercial Paper | Commercial paper | — | 15 Apr 2025 | 30 Sep 2025 | ₹0 | — | Withdrawn |
| — | — | Other | — | 15 Apr 2025 | 30 Sep 2025 | ₹1,000 Cr | A1+ | Matured |
| — | Debentures Non | Debentures & bonds | — | 07 Jan 2014 | 07 Mar 2018 | ₹0 | — | Withdrawn |
| INE880J14029 | — | Commercial paper | — | — | — | — | — | Withdrawn |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Bank Overdraft | ₹40.0 Cr | CARE A1+ |
| BG/LC | ₹430 Cr | CARE AA+; Stable / CARE A1+ |
| Commercial Paper (Standalone) | — | Withdrawn |
| Issuer Ratings | — | CARE AA+; Stable |
| LT/ST | ₹230 Cr | CARE AA+; Stable / CARE A1+ |
| Non Convertible Debentures | — | Withdrawn |
| Term loan | — | Withdrawn |
| Treasury Limit | ₹10.0 Cr | CARE A1+ |
Lenders
| Fund-based - ST | Bank Overdraft | Axis Bank Ltd. |
| Fund-based - ST | Bank Overdraft | Kotak Mahindra Bank Ltd. |
| Fund-based - ST | Treasury Limit | Kotak Mahindra Bank Ltd. |
| Fund-based/Non-fund-based | LT/ST | IDFC First Bank Ltd. |
| Fund-based/Non-fund-based | LT/ST | Kotak Mahindra Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | Axis Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | Yes Bank Ltd. |
Credit assessment · Construction (EPC contractors)
ICRA Rating Methodology – Construction (Oct 2024) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 71% |
| Information on file | 89% · missing: Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 74% chance the next rating action is stable or better
- Current rating AA+ (investment grade)
What happened, step by step
- Oct 2026 — ₹6,555 cr raised through equity
- Oct 2026 — Debt free repayment of debt free
“Financial flexibility strengthened further following the successful qualified institutional placement (QIP) of ₹7,503 crore in June 2026, including a fresh issue of ₹6,555 crore earmarked towards capacity expansion, debt reduction and strategic growth initiatives.”
- Dec 2022 — Term debt tied up
- Dec 2023 — Project / plant of ₹5,000 cr, debt-to-equity 50:50
“Further to that, it has also announced a greenfield port project at Keni, Maharashtra with an approximate cost of Rs.5,000 crore which is expected to be funded in debt to equity of 50:50.”
Rated limits by facility
Timeline
From the report
Financial flexibility strengthened further following the successful qualified institutional placement (QIP) of ₹7,503 crore in June 2026, including a fresh issue of ₹6,555 crore earmarked towards capacity expansion, debt reduction and strategic growth initiatives.
From the report
In June 2026, JSWIL strengthened its financial flexibility through a successful QIP issue aggregating ₹7,503 crore, with ₹6,555 crore as fresh issue earmarked towards capex in port and logistics businesses, debt reduction and strategic growth initiative s.
From the report
This has led JSWI L to be net debt free as on June 30, 2026.
From the report
Financial flexibility strengthened further following the successful qualified institutional placement (QIP) of ₹7,503 crore in June 2026, including a fresh issue of ₹6,555 crore earmarked towards capacity expansion, debt reduction and strategic growth initiatives.
From the report
In June 2026, JSWIL strengthened its financial flexibility through a successful QIP issue aggregating ₹7,503 crore, with ₹6,555 crore as fresh issue earmarked towards capex in port and logistics businesses, debt reduction and strategic growth initiatives.
From the report
This has led JSWIL to be net debt free as on June 30, 2026.
From the report
JSWIL reported strong gross cash accruals (GCA) of ₹2,005 crore in FY25 (FY24: ₹1,681 crore).
From the report
PBILDT margins declined due to inclusion of low-margin logistics business, despite which overall PBILDT remained healthy at 50.69% in FY25.JSWIL reported strong gross cash accruals (GCA) of ₹2,005 crore in FY25 (FY24: ₹1,681 crore).
From the report
It reported strong gross cash accruals (GCA) of ₹1,681 crore in FY24 (FY23: ₹1,347 crore).
From the report
It reported strong gross cash accruals (GCA) of ₹1,681 crore in FY24 (FY23: ₹1,347 crore).
From the report
It reported strong gross cash accruals (GCA) of ₹1,348 crore in FY23 (FY22: ₹740 crore).
From the report
InOctober 2023, JSWIL completed its IPO of ₹2,800 crore with the objects of prepayment of debt in its SPVs to the tune of ₹880 crore, funding of capex plans of ₹1,182 crore, IPO expense of ₹74 crore and balance for general corporate purpose of ₹664 crore.
From the report
It has also announced a greenfield port project at Keni, Karnataka with an approximate cost of ₹5,000 crore which is expected to be funded in debt to equity of 50:50.
From the report
Liquidity: Strong JSWIL has a strong liquidity position on a consolidated level marked by sufficient generations of cash accruals vis -à-vis repayment obligations and sufficient liquid investments (including unencumbered cash and bank balance) to the tune of ₹1,928 crore as on March 31, 2023, and ₹2,576 crore as on December 31, 2023 (excluding IPO proceeds), besides unutilised working capital limits.
From the report
Also, it reported strong gross cash accruals (GCA) of ₹1,348 crore during FY23 (FY22: ₹740 crore).
From the report
During October 2023, JSWIL completed its IPO of Rs.2,800 crore with the objects of prepayment of debt in its SPVs to the tune of Rs.880 crore, funding of capex plans of Rs.1,182 crore, IPO expense of Rs.74 crore and balance for general corporate purpose of Rs.664 crore.
From the report
Further to that, it has also announced a greenfield port project at Keni, Maharashtra with an approximate cost of Rs.5,000 crore which is expected to be funded in debt to equity of 50:50.
From the report
Liquidity: Strong JSWIL has a strong liquidity position on a consolidated level marked by sufficient generations of cash accruals vis -à-vis repayment obligations and sufficient liquid investments (including unencumbered cash and bank balance) to the tune of ₹1,928 crore as on March 31, 2023, and ₹2,533 crore as on September 30, 2023 (excluding IPO proceeds), besides unutilised working capital limits.
From the report
However, it reported a strong gross cash accruals (GCA) of ₹728 crore (FY21: ₹600 crore).
From the report
Hence, considerable revenue sharing with limited pricing flexibility increases market risk forthese terminals especially for Paradip East Quay where large capacity is to be tied up with the third party.
From the report
Liquidity: Strong JSWIL has a strong liquidity position on a consolidated level marked by sufficient cushion in accruals vis-à-vis repayment obligations and sufficient liquid investments (including unencumbered cash and bank balance) to the tune of ₹1,026 crore as on March 31, 2022, besides unutilised working capital limits.
From the report
However, it reported a strong gross cash accruals (GCA) of ₹728 crore (FY21: ₹600 crore).
From the report
Hence, considerable revenue sharing with limited pricing flexibility increases market risk for these terminals especially for Paradip East Quay where large capacity is to be tied up with the third party.
From the report
Liquidity: Strong JSWIL has a strong liquidity position on a consolidated level marked by sufficient cushion in accruals vis-à-vis repayment obligations and sufficient liquid investments (including unencumbered cash and bank balance) to the tune of ₹1,026 crore as on March 31, 2022, besides unutilised working capital limits.
From the report
However, it reported a strong gross cash accruals (GCA) of ₹728 crore (FY21: ₹600 crore).
From the report
Hence, considerabl e revenue sharing with limited pricing flexibility increases market risk for these terminals especially for Paradip Coal Terminal where large capacity is to be tied up with th e third party.
From the report
Liquidity: Strong JSWIL has a strong liquidity position on a consolidated level marked by sufficient cushion in accruals vis -à-vis repayment obligations and sufficient liquid investments (including unencumbered cash and bank balance) to the tune of ₹1,026 crore as on March 31, 2022, besides unutilised working capital limits .
From the report
During FY22, JSWIL reported cash flow of ₹1,175 crore from operations as against ₹990 crore in FY21.
From the report
Hence, considerable revenue sharing with limited pricing flexibility increases market risk for these terminals especially for Paradip coal terminal where large capacity is to be tied up with the third party.
From the report
Liquidity Analysis Liquidity: Strong Strong liquidity on a consolidated level characterized by sufficient cushion in accruals vis-à-vis repayment obligations and sufficient liquid investments (including unencumbered cash balance) to the tune of Rs.264 crore as on March 31, 2021.
From the report
Key Rating Weaknesses Project execution risk on account of expansion plan for Jaigarh Port, JSW Dharamtar (Dolvi) and Paradip East Quay Terminal; new projects in pipeline JSW Jaigarh’s capacity enhancement (Phase II) has been successfully completed at a cost of Rs.1939 crore.
From the report
Major portion of the Phase III expansion cost incurred till November 30, 2020 has been met out of internal accruals and debt funding has not been availed for JSW Jaigarh.
From the report
The capital expenditure is expected to be Rs.1255 crore against which the company has incurred project cost of Rs.778 crore as on November 30, 2020.
From the report
However, the total capital expenditure to be incurred has reduced from the amount envisaged earlier as JSWIL has evaluated the slurry line project (having cost of Rs.4600 crore) and considering various aspects of the business and current economic condition, the project is deferred indefinitely.
From the report
Liquidity: Adequate Adequate liquidity on a consolidated level characterized by sufficient cushion in accruals vis-à-vis repayment obligations of Rs.208 crore for H2FY21 and sufficient liquid investments (including unencumbered cash balance) to the tune of Rs.191.96 crore as on November 30, 2020.
From the report
Liquidity: Adequate Adequate liquidity on a consolidated level characterized by sufficient cushion in accruals vis-à-vis repayment obligations of Rs.208 crore for H2FY21 and sufficient liquid investments (including unencumbered cash balance) to the tune of Rs.191.96 crore as on November 30, 2020.
From the report
The assets acquired from Chettinad group have been sanctioned working capital limits during December 2020 hence there has been no utilization for them yet.
From the report
On a standalone basis, JSWIL had liquid investments to the tune of Rs.40.91 crore as on November 30, 2020.
From the report
For funding the acquisition cost of ~Rs.958 crore, debt of Rs. 250 crore is proposed to be raised at the target terminals w hile Rs.400 crore facility is proposed to be raised at South West Port Limited (SWPL, a subsidiary of JSWIL).
From the report
Key Ratings Weaknesses Project execution risk on account of expansion plans at existing port i.e JSW Dharamtar (Dolvi) and ongoing projects at Paradip Port JSWJPL’s capacity enhancement had been successfully completed at the cost of Rs.1939 crore which was funded by the debt: equity ratio of 2.5:1.
From the report
The capital expenditure is expected to be Rs.1255 crore against which the company has incurred project cost of Rs.488 crore as on December 31, 2019 with debt component fully tied up.
From the report
Out of the total new projects under consideration with total cost of Rs.6775 crore, Slurry Pipeline project accounts for major portion at Rs.4600 crore.
From the report
The company maintained cash and bank balance of Rs.101.75 crore as on March 31, 2019 (Rs.90.15 crore as on September 30, 2019) and liquid investments in the form of mutual funds to the tune of Rs.229.76 crore (Rs.184.69 crore as on September 30, 2019).
From the report
However, the promoters have infused Rs.492 crore in December 2017 which will lead to improvement in capital structure.
From the report
Key Ratings Weaknesses Project execution risk on account of expansion plan for Jaigarh Port, JSW Dharamtar (Dolvi) and JSW Paradip Port JSWJPL’s capacity enhancement has been successfully completed at the cost of Rs. 1939 crore which was funded by the debt: equity ratio of 2.5:1.
From the report
As on October 31, 2018, JSWIL has already incurred the project cost of Rs. 427 crore.
From the report
The capital expenditure is expected to be Rs.1255 crore against which the company has incurred project cost of Rs. 240 crore as on October 31, 2018.
From the report
JSWIL is having Cash and Bank Balance of Rs. 328.43 crore as on March 31, 2018.
From the report
JSWIL is also a having liquid investments of Rs. 28.37 crore against which company in having principal repayments of Rs. 131 crores.
From the report
However, the promoters have infused Rs.492 crore in December 2017 which will lead to improvement in capital structure.
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Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
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Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
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