JSW Infrastructure Q2 FY27 Results Analysis: PAT Slips 12%, Logistics Revenue Surges 72% (JSWINFRA)
JSW Infrastructure Ltd's Q2 FY27 numbers came in mixed, with revenue of Rs. 1,480.92 Cr (+17.01% YoY) and PAT growth of -11.99% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | October 27, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Revenue (Q2) | Rs. 1,480.92 Cr (+17.01% YoY) |
| PAT (Q2) | Rs. 317.92 Cr (-11.99% YoY) |
| EBITDA margin | 45.54% (-263 bps YoY) |
| EPS (Q2) | Rs. 1.35 (-22.41% YoY) |
| Market cap | Rs. 73,930.94 Cr |
| CMP | Rs. 317.25 |
Quarter Snapshot
Revenue grew 17.01% YoY to Rs.1,480.92 Cr with logistics revenue up 71.68% YoY, but a Rs.148.64 Cr exchange loss drove PAT-to-owners down 11.99% YoY; ex-FX PBT grew 23.73%. The Rs.6,555 Cr QIP moved the company to net cash ex-lease, and H1 tracking is on course for the ~Rs.3,000 Cr Operating EBITDA and Rs.6,850 Cr revenue FY27 targets, though the logistics target requires a doubling of the H2 run-rate.
Key Investment Insights
Key Positives
- Revenue from operations grew 17.01% YoY to Rs.1,480.92 Cr; H1 FY27 revenue Rs.2,925.75 Cr, +17.53% YoY
- Logistics segment revenue grew 71.68% YoY to Rs.279.32 Cr with segment result at 5.6x year-ago level and 20.85% margin
- Other income of Rs.188.55 Cr (+76.68% YoY) confirmed management's treasury-income guidance after the June 2026 QIP
- Ex-FX, PBT grew 23.73% YoY (Rs.468.59 Cr to Rs.579.77 Cr)
- Rs.6,555 Cr QIP completed 26 June 2026; company is net cash ex-lease (net debt −Rs.2.46 Cr) vs Rs.3,101 Cr net debt in FY26
- H1 Operating EBITDA of Rs.1,348.26 Cr covers 44.94% of the ~Rs.3,000 Cr FY27 guidance; revenue covers 42.71% of the Rs.6,850 Cr target
- Port segment margin improved 206 bps QoQ to 40.34%
- H1 CFO/PAT of 1.24x indicates high earnings quality
Risk Factors
- Exchange loss of Rs.148.64 Cr (vs Rs.5.30 Cr YoY) drove PBT down 6.94% YoY and PAT-to-owners down 11.99% YoY
- Operating EBITDA margin compressed 263 bps YoY to 45.54% on mix shift toward lower-margin logistics
- Operating expenses grew 26.28% YoY, faster than revenue growth of 17.01%
- Effective tax rate rose to 23.87% from 20.39% YoY, amplifying the PAT decline
- Logistics FY27 revenue target of Rs.1,650 Cr requires Rs.566.73 Cr/quarter in H2, +102.89% over the Q2 run-rate
- Port segment result fell 1.67% YoY with margin down 436 bps YoY to 40.34%
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Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.