JSW Infrastructure, India's second-largest private port operator, heads into its Q2 FY 2026-2027 print with cargo momentum running at 6% YoY but the Fujairah conflict still disrupting Middle East volumes. The print will speak to whether the company holds its reaffirmed ~Rs. 3,000 Cr FY27 Operating EBITDA guidance and how margins normalise after management flagged the Jaigarh one-off cargo lift as non-recurring.
| Results date | October 27, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 1,444.83 Cr (+18% YoY) |
| Previous quarter PAT | Rs. 357.60 Cr |
| Previous quarter EBITDA margin | 46.65% |
| Market cap | Rs. 74,909.48 Cr |
| CMP | Rs. 321.6 |
The board meets on 27 Oct 2026 to approve unaudited standalone and consolidated results for the quarter and half year ended 30 Sep 2026. The trading window, closed from 1 Oct 2026, reopens 30 Oct 2026.
The Q2 FY27 earnings call is scheduled for 27 Oct 2026 at 5:30 p.m. IST, organized by Investec Capital Services. Speakers include Rinkesh Roy (Joint MD & CEO), Nagarajan J (CFO) and Vishesh Pachnanda (Head IR).
The quarter's central test is whether cargo growth holds near the 6% YoY pace of Q1's 31 MT toward the FY27 target of 127 million tonnes (ex-Fujairah), with the Middle East conflict ongoing as of 24 September 2026 against the 2-2.5 MT and Rs. 100-125 Cr EBITDA baked into guidance from Fujairah. On the demand side, power-sector coal imports jumped 85.6% YoY to 5.52 MT in August — a 15-month high — and power demand crossed 260 GW in September with coal stocks tightening, supporting management's El Nino thermal-coal lever, though the Paradip iron ore drag has no confirmed recovery with NMDC cutting prices effective 8 August 2026. Management reaffirmed FY27 guidance on the 21 July 2026 call — Operating EBITDA of approximately Rs. 3,000 crores on revenue of Rs. 6,850 Cr — while flagging that the Jaigarh-driven margin lift from alumina and project cargo is one-time and not expected to recur, making margin normalisation the base-case direction. The rupee's slide past 95 per dollar through September (95.79 at 30 Sep vs 88.69 a year earlier) is a swing factor for the unrealized-FX line, which cost the company a Rs. 7.26 Cr forex loss in Q1 FY27, while the post-QIP cash pile of Rs. 9,863 Cr supports a treasury-income tailwind. The call is also expected to cover the logistics ramp toward the Rs. 400 Cr FY27 EBITDA target after Q1 logistics EBITDA of Rs. 73 Cr ran at 3.6x the year-ago level.
Performance vs previously stated guidance: Management reaffirmed FY27 guidance on the Q1 call; the Q2 print tests the run-rate against it.
Project commissioning milestones: Several named projects carry completion windows that fall in or near this quarter.
Fujairah and Paradip volume trajectory: The two volume lines that most affect the 127 MT FY27 cargo target.
Margin and other-income bridge: Management flagged the Q1 margin lift as one-off; the FX and treasury lines swing PBT.
Management said on the 21 July 2026 call that the application is with the Karnataka Coastal Zone Management Authority, which forwards it to MoEF&CC, and the environment clearance should take another 3 to 4 months. The project had already seen a one-year deferral due to delays in the constitution of KCZMA.
The CFO clarified that the Q1 FY27 margin expansion was primarily driven by Jaigarh's higher third-party volumes of alumina and project cargo, which are not expected to recur. Management has therefore indicated the margin improvement may not be sustainable.
Other income fell quarter-on-quarter due to the absence of the one-off Rs. 40 Cr interest received from Hiranandani, a JV partner at Jaigarh Port, in Q4 FY26. Management expects treasury income to increase for the remainder of FY27 after QIP proceeds were received as of 30 June.
Management reaffirmed Operating EBITDA guidance of approximately Rs. 3,000 crores for FY27 and Rs. 5,000 crores for FY28 on the Q1 FY27 call. Q1 FY27 Operating EBITDA of Rs. 674 Cr represents the running start against that target.