JSW Infrastructure Ltd Management Discussions

ECONOMY OVERVIEW

GLOBAL ECONOMY

The global economy in CY 2024 demonstrated resilience and adaptability despite ongoing geopolitical shifts and structural transitions. Growth remained steady at 3.3% year-over-year (YoY) signalling cautious optimism in a dynamic environment. The United States led among advanced economies recording a robust 2.8% growth supported by strong labour markets and strong domestic demand. While the Eurozone experienced slower growth at 0.9%, it continued its structural realignment particularly in energy-intensive industries. Overall advanced economies grew by 1.8% YoY. Emerging Markets and Developing Economies (EMDEs) continued to be a key engine of global growth expanding by a healthy 4.3%. India and China stood out with impressive growth

rates of 6.5% and 5.0% respectively driven by rising domestic consumption rapid digital adoption and increased infrastructure investment particularly in India and South-East Asia.

The global energy transition gained strong momentum in 2024, marked by increased investments in renewable energy infrastructure and clean technologies, reflecting a growing and widespread commitment to achieving climate goals. China?s recovery is progressing steadily, supported by ongoing reforms and policy measures, even as it navigates challenges from a cooling property sector and softer external demand. While regional conflicts, climate-related disruptions and rising trade fragmentation present ongoing risks, these challenges highlight the importance of continued global cooperation and innovation to sustain recovery and build resilience for the future.

Global Economic Growth (%)

World Output (Real GDP, Annual % change)	Estimate	Projections
	CY23	CY24	CY25	CY26
Global Economy	3.5	3.3	2.8	3.0
Advanced Economies	1.7	1.8	1.4	1.5
United States	2.9	2.8	1.8	1.7
Euro Area	0.4	0.9	0.8	1.2
Emerging Markets and Developing Economies	4.7	4.3	3.7	3.9
Emerging and Developing Asia	6.1	5.3	4.5	4.6
China	5.4	5.0	4.0	4.0
India	9.2	6.5	6.2	6.3

The global economic outlook for 2025 reflects a promising blend of emerging opportunities and manageable risks, shaped by evolving trade relationships and proactive policy measures. Inflation in advanced economies is projected to ease steadily, reaching target levels around 1.5% by 2026. Meanwhile, emerging markets and developing economies are also expected to experience a gradual easing of inflation, settling near 3.7% over the same period. The U.S. decision to impose tariffs on different countries in March 2025, along with subsequent retaliatory actions, has the potential to disrupt global trade, increase inflationary pressures and weigh on economic growth.

Advanced economies are on track to achieve their inflation goals sooner, while EMDEs, especially China and India, continue to demonstrate strong growth momentum. Although recent trade tensions and tariff measures may introduce some upward pressure on prices, ongoing technological progress and well- designed policy responses are enhancing economic resilience. Additionally, the growing emphasis on renewable energy is driving global growth by creating jobs, reducing energy costs and supporting long-term energy security.

In 2025, the global economy is expected to grow by 2.8% year- over-year, with a further improvement to 3.0% projected in 2026. Advanced economies are anticipated to achieve modest but consistent growth of 1.4% in 2025 and 1.5% in 2026, while Emerging Markets and Developing Economies are set to maintain a stronger pace, expanding by 3.7% and 3.9% respectively. Inflation is forecast to ease globally, declining to 4.3% in 2025 and further moderating to 3.6% in 2026. Despite ongoing uncertainties around trade policies and inflation, proactive fiscal interventions and global cooperation are anticipated to cushion risks. Through innovation, targeted investments, and adaptive policy shifts, the global economy remains well-positioned to sustain growth and explore new avenues of opportunity.

The global infrastructure construction market is poised for robust growth, with a compound annual growth rate (CAGR) of 6.27% projected from 2025 to 2030. Additionally, the World Trade Organisation (WTO) projects global merchandise trade to grow by 2.8% in both 2024 and 2025, followed by a slight moderation to 2.6% in 2026. These encouraging trends reflect the positive

effects of globalisation and supportive policy frameworks, which are accelerating the shift toward clean energy and positioning it as a vital driver of sustainable and inclusive growth worldwide.

(Source: IMF)

INDIAN ECONOMY

India continues to rank among the fastest-growing major economies globally, driven by a favourable demographic profile, resilient domestic consumption, structural economic reforms and a sustained push for digital transformation. Key growth enablers include robust GST collections, expanding infrastructure and manufacturing activity and rapid technological adoption across sectors. The governments focus on improving ease of doing business and encouraging a startup ecosystem has further strengthened economic momentum. However, in FY2025, GDP growth moderated to 6.5% year-on-year, reflecting the impact of global headwinds and domestic challenges. Contributing factors to the slowdown include softening manufacturing output, elevated food inflation, subdued urban demand, stagnant employment generation, widening trade imbalances and muted private sector investments.

Despite facing challenges, India remains on a steady growth path, driven by strong manufacturing, expanding services, increased infrastructure investment and government initiatives promoting digital transformation, financial inclusion and ease of doing business. Gross GST collections hit 1.96 lakh crore in March 2025, signalling robust economic activity, while the Index of Eight Core Industries grew by 0.5% in April 2025, with Cement, Coal, Steel, Electricity and Natural Gas recording positive gains. For FY2025, GST collections rose 9.4% year-on-year to 22.1 lakh crore. Efforts to diversify trade through new free trade agreements helped reduce external risks and rising urbanisation alongside a growing middle class boosted consumer spending. Inflation concerns, driven by global supply chain issues and volatile commodity prices, led RBI has played a proactive role in managing inflation and supporting growth.

The Reserve Bank of Indias Monetary Policy Committee (MPC) enacted two consecutive repo rate cuts of 25 basis points each, lowering the rate to 6% by April 2025 and adopting a more accommodative monetary stance. In its 6^th June, 2025 meeting,

the MPC further eased the repo rate by 50 basis points, bringing it down to 5.50%. In a bid to boost liquidity, the RBI decided to cut the cash reserve ratio (CRR) by 100 basis points to 3% in a phased manner. The move comes at an opportune time and is expected to stimulate domestic demand, support credit growth, and add fresh momentum to overall economic activity. Consumer Price Index (CPI) inflation is projected to average 3.2% in the fiscal year 2024-25, a significant decline from 5.4% in 2023-24 and is expected to remain moderate at around 3.7% in FY2026.

Indian GDP Growth Rate (in %)

Outlook

India?s economic outlook remains strong and forward-looking, supported by a combination of structural strengths and proactive policy measures. The country is on track to become the world?s third-largest economy, powered by robust domestic demand, increasing capital investments and a series of structural reforms aimed at boosting productivity and global competitiveness. Growth is expected to hold steady at 6.5% year-on-year in FY2026, matching the previous year?s performance and remaining above the global average. A key factor underpinning this momentum is the government?s substantial capital expenditure of 11.2 lakh crore - 3.1% of GDP - allocated for FY2026, reinforcing its commitment to infrastructure development and long-term capacity building. In addition, India?s demographic advantage, marked by a large and youthful population, continues to support consumption and labour supply. Over the past decade, focused investments in digitalisation, regulatory reforms, financial inclusion and physical infrastructure have laid a strong foundation for sustained growth. As the economy urbanises and industrialises, the shift towards clean and renewable energy will play a crucial role in shaping a sustainable and resilient growth trajectory.

(Source: PIB)

INFRASTRUCTURE INDUSTRY - POSITIONED FOR GROWTH

The global infrastructure sector is undergoing a significant transformation, prioritising sustainable development and heightened environmental awareness, propelled by growing global climate commitments. The industry is increasingly embracing cleaner technologies in public infrastructure projects and accelerating the integration of renewable energy solutions. Modernising existing infrastructure alongside the development of new, sustainable assets has emerged as a strategic priority for both governments and private investors. Governments across the globe are rolling out ambitious infrastructure development initiatives aimed at driving economic growth and improving connectivity. The scale of investment needed is substantial, with projections suggesting that over US$ 2 trillion per year will be required in transportation infrastructure alone through 2040 to support global economic expansion.

The global Infrastructure Sector Market size is estimated at US$ 2.89 trillion in 2025, and is expected to reach US$ 3.92 trillion by 2030, at a CAGR of 6.27% during the forecast period. According to the WTO?s latest Global Trade Outlook and Statistics, the volume of world merchandise trade is projected to decline by 0.2% in 2025 under current conditions and tariff situation. This shift marks -0.2% contraction in merchandise trade in 2025 - down from +2.9% in 2024. However, a recovery is anticipated with the merchandise trade expected to increase by 2.5% in 2026. Regionally, the impact on merchandise trade is likely to be uneven.

India?s infrastructure sector is expected to experience significant growth, driven by various government initiatives and an increase in government investments. With 11.2 lakh crore allocated for capital expenditure in FY2026, infrastructure development remains a priority for economic growth and job creation. Key developments include highway expansion faster construction and increased private sector participation. Urban infrastructure is also strengthening through initiatives such as the Urban Challenge Fund, the extended Jal Jeevan Mission and the revised UDAN scheme.

Flagship programmes driving large-scale

The sector is set to stimulate the * economy with the industrial India?s infrastructure sector is expected to experience significant growth, driven by various government initiatives and an increase in government investments. With 11.2 lakh crore allocated for capital expenditure in FY2026, infrastructure development remains a priority for economic growth and job creation.

Governments thrust on infrastructure capex in India ( Trillion)

infrastructure improvement in India

National Infrastructure Pipeline: The National Infrastructure Pipeline (NIP) is a significant initiative by the Government of India designed to accelerate infrastructure development from 2020 to 2025. It targets key sectors such as energy, roads, railways and urban development, with investments from the central and state governments as well as the private sector. The NIP is essential for helping India reach its goal of a US$ 5 trillion economy by FY2025. It plays a critical role in driving economic growth, generating employment and enhancing the country?s global competitiveness.

Bharatmala: Launched in 2017, the Bharatmala Pariyojana seeks to develop 26,000 km of Economic Corridors to accommodate the majority of road freight traffic. This initiative covers the Golden Quadrilateral (GQ), North-South and East-West (NS-EW) Corridors, as well as ring roads, bypasses and elevated corridors designed to alleviate urban congestion and enhance logistics efficiency. A substantial portion of the roads is expected to be completed by 2025. The plan also involves the creation of 35 Multimodal Logistics Parks with an investment of 46,000 crore, which will have the capacity to handle 700 million metric tonnes of cargo upon becoming operational.

Sagarmala: The Sagarmala Programme launched in 2015 by the Ministry of Ports Shipping and Waterways is transforming India?s maritime sector by improving ports boosting trade and enhancing infrastructure. Under the Sagarmala programme, 839 projects have been identified with an estimated investment of 5.79 lakh crore. Of these, 272 projects have been successfully completed with an investment of 1.41 lakh crore as of 27^th March, 2025. This has led to the expansion of coastal shipping, further development of inland waterways and enhanced global competitiveness of Indian ports.

Moreover, Sagarmala 2.0 aims to strengthen India?s maritime sector by focusing on shipbuilding, ship repair, ship recycling

and the comprehensive upgrade of port infrastructure. With a planned investment of 40,000 crore, the initiative is expected to drive significant improvements in operational efficiency and sustainability. Additionally, the Sagarmala Startup Innovation Initiative (S2I2) launched in 2025 would promote new ideas in green shipping smart ports and maritime logistics by providing funding and mentorship.

PM Gati Shakti: The PM Gati Shakti National Master Plan focuses on streamlining project planning and providing financial incentives to states. The Gati Shakti digital platform is also being upgraded to include social infrastructure mapping to support investment decisions.

Launched in 2021, this initiative promotes integrated planning and execution of infrastructure projects. It enhances connectivity across various transport modes, improves last-mile connectivity and reduces travel time. As of 2024, 44 Central Ministries and 36 States/UTs have joined, integrating 1,614 data layers. A key achievement includes the evaluation of 208 major infrastructure projects worth 15.39 lakh crore, all in line with PM Gati Shakti principles.

GLOBAL PORTS OVERVIEW

The global port infrastructure market was valued at US$ 205 billion in 2024 and is expected to reach US$ 291 billion by 2032, growing at a CAGR of 4.5%. It comprises critical physical components such as docks, terminals, warehouses and cargo handling systems, along with essential services like customs, security and maintenance. With the expansion of international trade and increasingly complex supply chains, the demand for high-capacity and technologically advanced ports continues to rise. E-commerce growth, faster logistics expectations and the adoption of intermodal transport solutions are accelerating investment in smart and sustainable port infrastructure.

In response, industry leaders are focusing on infrastructure modernisation, automation and environmentally-responsible operations to enhance throughput and resilience. The segment is also benefiting from various government initiatives worldwide to enhance port capacity and efficiency, particularly in emerging economies where maritime trade plays a crucial role in economic development. However, progress is tempered by ageing infrastructure, bureaucratic delays, labour shortages, limited funding and regulatory complexities. Despite these hurdles, emerging opportunities in digitalisation, green technologies and collaborative funding models offer a promising path forward for sustained market development.

(Source: Fortune Business Insights)

INDIAN PORTS OVERVIEW

India?s maritime sector is vital to its trade and economy, managing approximately 95% of the country?s trade by volume and 70% by value. With 12 major ports and over 200 minor and intermediate ports, the sector plays a crucial role in supporting economic growth. As the world?s sixteenth-largest maritime nation, India holds a strategic position on global shipping routes, with most cargo ships between East Asia and regions like America, Europe and Africa passing through its waters. India?s maritime sector plays a key role beyond trade. India saw a 22% increase in India- flagged ships or vessels over a 10-year period to 1,526 in 202324. As per Shipping Ministry data, India in FY2024, built ships with 26,412 gross tonnage (GT), recording a 19% y-o-y increase, reflecting its growing presence in global shipping. It also ranks

third worldwide in ship recycling by tonnage, highlighting its contribution to sustainable maritime practices and the global supply chain. These achievements support India?s efforts to modernise and expand its port infrastructure.

Functional Major and Non-Major Ports in India

Sr. No. State/UT	Non-Major Ports	Major Ports
1 Andhra Pradesh	15	1
2 Goa	5	1
3 Gujarat	48	1
4 Karnataka	13	1
5 Kerala	17	1
6 Maharashtra	48	2
7 Odisha	14	1
8 Tamil Nadu	17	3
9 West Bengal	1	1
Andaman and Nicobar 10 Islands	24	-
11 Daman S Diu	2	-
12 Puducherry	3	-
13 Lakshadweep	10	-
Total (As of 26th July, 2024)	217	12

Indias EXIM Trade

During FY2025 (April to March), India?s trade activity demonstrated strong growth across both merchandise and services sectors. Merchandise exports remained steady at US$ 437.42 billion, slightly higher than US$ 437.07 billion recorded in FY2024, while merchandise imports increased significantly to US$ 720.24 billion from US$ 678.21 billion, reflecting rising domestic demand and industrial expansion. Services exports showed robust growth, reaching US$ 383.51 billion compared to US$ 341.06 billion in FY2024, underscoring the strengthening of India?s services sector. Services imports also rose to US$ 194.95 billion from US$ 178.31 billion. Overall, total exports (merchandise and services combined) increased to US$ 820.93 billion from US$ 778.13 billion, while total imports grew to US$ 915.19 billion from US$ 856.52 billion. The trade deficit widened to US$ 94.26 billion, up from US$ 78.39 billion in the previous fiscal year, reflecting India?s expanding economy and growing import requirements to support development and growth.

(Source: PIB)

Trends in All India Cargo

Cargo handling at Indian ports is essential for the nation?s trade and economic growth as it supports the movement of goods both domestically and internationally. The maritime transport sector is driven by the global trade expansion with ports managing both international and domestic shipments.

In FY2025, India?s major ports achieved record cargo handling of 855 million tonnes, marking 4.2% annual growth, driven by increased container, fertiliser and POL cargo. Paradip and Deendayal Ports each surpassed 150 million tonnes and

Jawaharlal Nehru Port Authority (JNPA) handled a record 7.3 million Twenty-foot Equivalent Unit (TEUs).

The Indian ports allocated 962 acres for industrialisation with 68,780 crore investment potential, while PPP investments tripled to 3,986 crore during the year. Operational efficiency and financial performance improved significantly, with total revenue from ports rising 8% to 24,203 crore. Over the past decade, cargo volumes and container traffic grew steadily, reflecting successful modernisation and rising investor confidence.

India?s 12 Major Ports overseen by the Ministry of Ports, Shipping and Waterways share data on cargo volumes through the Port Data Management Portal (PDMP). During FY2025, cargo handled at Major Ports recorded a growth of 4.22% compared to FY2024. The total cargo volume increased to 853.5 million tonnes (MT), up from 819.0 MMT handled in FY2024. Similarly, Non-Major Ports witnessed a 2.22% rise in cargo handling during FY2025, with volumes reaching 739.5 MT compared to 723.4 MT in the previous fiscal year.

Commodity-wise Trends in All-India Cargo Handling (in MT)

	Major Ports	Non-Major Ports	All India Ports
	FY 2024	FY 2025	FY 2024	FY 2025	FY 2024	FY 2025
Petroleum, Oil a Lubricants	245.8	252.9	193.3	199.7	439.1	452.6
(POL) and Crude Products
Containers	181.5	193.4	135.9	157.9	317.4	351.3
Coal	192.0	186.3	207.6	201.3	399.6	387.6
Other Commodities	119.7	140.2	87.9	99.9	207.6	r—r o
Iron Ore	60.7	49.4	76.5	62.7	137.2	I—1 cxi 1—1 r—r
Food Grains	1.5	5.5	4.1	4.4	5.6	9.9
Fertiliser	17.7	25.8	18.1	13.6	35.8	39.4
Total	818.9	853.5	723.4	739.5	1,542.3	1,593.0

Cargo Handling Capacity Addition and Utilisation

India?s ports sector is poised for significant expansion with an expected annual capacity increase to 3,500 MTPA by FY2030 and port capacity to quadruple to 10,000 MTPA by 2047. In India, six port clusters are planned to be developed by the year 2047 under Maritime Amrit Kaal Vision, 2047. Among these, four port clusters - Kochi-Vizhinjam, Galathea South Bay, Chennai- Kamarajar-Cuddalore, and Paradip along with other Non-Major Ports with a planned capacity exceeding 300 Million Tonnes Per Annum (MTPA). The remaining two clusters - Deendayal-Tuna Tekra and Jawaharlal Nehru-Vadhavan - are being developed as Mega Ports with a capacity of over 500 MTPA. This growth will be largely fuelled by rising volumes in the handling of Petroleum, Oil, and Lubricants (POL), coal, and containerised cargo. India?s major ports are poised to strengthen their competitiveness, supported by a strategically located 11,099 kilometre coastline and 20,275 kilometre of national waterways, alongside ongoing investments in mechanisation, process optimisation, port community systems, and integrated multi-modal logistics. These efforts have led to higher cargo volumes, shorter vessel wait times, better capacity utilisation, and stronger investor confidence.

(Source: PIB, IBEF)

Underlying factors driving Indias Port Industry Rising Global Export of Goods & Services

India?s export growth is expected to remain strong supported by a robust agricultural harvest a revival in manufacturing and increasing demand from key trading partners. Merchandise exports including non-oil and non-gems and jewellery exports are projected to continue their upward trend despite challenges such as global trade policy uncertainties geopolitical tensions and economic fragmentation. For FY2025, total exports are estimated to reach US$ 446.5 billion with non-oil exports at US$ 382 billion and non-oil non-gems and jewellery exports at US$ 350 billion. The government has introduced key initiatives like the Production-Linked Incentive (PLI) scheme and the Make in India programme aiming to boost domestic manufacturing attract foreign investments and position India as a global manufacturing hub.

However, potential U.S. trade tariffs could pose challenges by raising costs and reducing the competitiveness of key export sectors such as textiles, pharmaceuticals and automotive components. Heightened trade policy uncertainty could disrupt supply chains and push businesses to explore alternative markets. Despite these risks India?s strategy of export diversification expanding domestic production through targeted policy measures and negotiating new trade agreements could help cushion the impact. These efforts will be critical in

maintaining steady export growth and ensuring India?s resilience in the evolving global trade landscape.

Over the past decade, investments through Public-Private Partnerships have modernised Indian ports to international standards, resulting in a 30% reduction in ship turn-around time and a doubling of port capacity. These advancements have helped India emerge among the top three nations globally in seafarer strength and rank within the top 20 in global shipbuilding. The rise in imports has directly contributed to higher revenues for the port sector, aided by enhanced operational efficiency, adoption of digital technologies and improved hinterland connectivity. Continued strategic investments in modernising infrastructure, expanding cargo handling capabilities and encouraging private partnerships have further strengthened revenue growth - highlighting the sector?s resilience and its pivotal role in powering India?s industrial and economic progress.

Expansion of Coastal Shipping

The government?s focus on promoting coastal shipping as a cost-effective and environmentally friendly mode of transport is expected to reduce logistics costs and ease pressure on land-based transport. This will boost cargo movement between domestic ports and create demand for coastal terminals. India recorded a historic 145.5 MMT cargo movement on inland waterways in FY2025, up from 18.1 MMT in FY2014, with a 20.86% CAGR. The number of National Waterways rose to 111 and operational length expanded to 4,894 km. The proposed Coastal Shipping Bill, 2024 introduces key provisions for licensing and regulating foreign vessels in India?s coasting trade. The bill aligns local aspirations with national goals and provides a framework for the next 25 years of coastal economic growth under the Maritime Amrit Kaal Vision 2047.

(Source: PIB, Reuters)

Key Challenges in Ports Industry of India

The port infrastructure industry faces several challenges, including high capital expenditure requirements and long gestation periods that strain financial resources. Global trade uncertainties driven by geopolitical tensions and trade wars further impact cargo volumes and revenue predictability. Regulatory hurdles, environmental compliance and funding constraints - exacerbated by rising interest rates - add to project complexity. Additionally, infrastructure bottlenecks, competition-induced overcapacity and the slow pace of digital adoption hinder efficiency. Ports are also increasingly exposed to climate risks, while labour challenges and evolving global supply chain dynamics further compound operational and strategic pressures.

Key Entry Barriers for a Port

• Infrastructure Constraints

• Congestion and Inefficiency: Major ports suffer from congestion due to inadequate infrastructure, leading to cargo backlogs, higher turnaround times and increased operational costs.

• Poor Hinterland Connectivity: Inefficient road and rail networks restrict the smooth movement of goods to and from ports, affecting productivity and trade efficiency.

• High Operational Costs: Indian shipyards face cost disadvantages due to expensive raw materials, high labour costs and additional taxes on ship imports, increasing financial strain.

• Technological Limitations

• Outdated Port Operations: Several ports continue to rely on outdated cargo handling equipment and inefficient management systems, reducing global competitiveness.

• Need for Modernisation: Investing in advanced

technology such as automation, digitisation and AI- driven logistics is crucial for improving operational efficiency.

• Environmental Concerns

• Sustainability Challenges: Ports face increasing

pressure to adopt eco-friendly practices, requiring significant investments in emission control, waste management and energy-efficient infrastructure.

• Regulatory Compliance: Stricter environmental regulations demand additional resources for sustainable port development, impacting financial viability.

GOVERNMENT INITIATIVES

The following government initiatives have been implemented as

of FY2025:

• Budget FY 2025 Highlights: The FY 2026 budget outlines strong support for infrastructure development through key allocations and reforms. A 25,000 crore Maritime Development Fund (MDF) has been introduced to boost long-term investments in port infrastructure, shipbuilding and inland vessel development, with 49% government contribution and 51% funding from ports and private players.

• Enhancing Maritime and Waterway Infrastructure: The Central Government approved 98 PPP projects worth

approximately 69,800 crore, including 23 captive projects, excluding the 76,220 crore Vadhavan Port Project. Currently, 56 projects valued at 41,480 crore are operational, adding around 550 MTPA to port capacity.

• Development of New National Waterways: The Inland Waterways Authority of India (IWAI) has identified 26 new National Waterways after conducting techno-economic feasibility studies to evaluate their navigability and cargo movement potential. The development of these waterways aims to provide a sustainable and cost-effective transportation alternative across various regions easing congestion on road and rail networks while enhancing the efficiency of inland water transport.

• Digital Solutions for Enhanced Efficiency: Digital platforms have been introduced to enhance operational efficiency and streamline cargo movement on National Waterways. The CAR-D (Cargo Data) Portal serves as a centralised system for real-time tracking compilation and analysis of cargo and cruise movement data. Additionally, the PANI (Portal for Asset S Navigation Information) platform provides navigation updates infrastructure details fairway conditions and emergency services ensuring better coordination among stakeholders.

• Strengthening Regional Trade through Inland Water Transport (IWT): India and Bangladesh have expanded trade connectivity by increasing the number of ports of call and waterway routes improving cross-border cargo transport. In FY2024, the Maia Riverine Port has been successfully operationalised with multiple trial movements. Bhutan is also leveraging inland waterways as a cost-effective alternative to road transport allowing for larger shipments at lower costs.

• MoUs for Cargo and Cruise Promotion: Multiple

Memorandums of Understanding (MoUs) were signed in FY 2024 to enhance cargo transport and promote river tourism. These include the development of a riverine religious tourism circuit on the Brahmaputra in partnership with Assam Tourism and the operation of Ro-Pax vessels in Bihar to improve passenger and cargo transport. An agreement was also established with Numaligarh Refinery for petroleum transportation via inland waterways. Additionally, six electric catamaran vessels were introduced in Ayodhya Varanasi and Mathura to encourage eco-friendly tourism. Further strengthening the sector ten MoUs were signed at the Global Maritime India Summit 2023 to boost cargo and cruise tourism.

(Source: PIB)

MARITIME INDIA VISION 2030

In recent years, the global maritime and logistics sector has witnessed significant transformation driven by digitalisation, decarbonisation and supply chain diversification. With shifting trade patterns and the growing emphasis on resilient infrastructure, nations are strategically investing in ports, multimodal logistics and green shipping technologies to enhance competitiveness and sustainability. Against this global backdrop, India has aligned its maritime strategy with its broader economic ambitions of becoming a US$ 5 trillion economy and a global manufacturing hub. The maritime sector, being a critical enabler of trade, infrastructure and regional connectivity, plays a central role in this vision. The launch of the Maritime India Vision (MIV) 2030 in December 2024 has accelerated structural reforms and long-term planning for port-led development. Focused on infrastructure, logistics efficiency, technology and sustainability, MIV 2030 outlines 150 targeted initiatives to position India among the top global maritime nations.

Key Performance Highlights (FY2022-2024)

• Major Port Capacity increased from 1,598 MMTPA to 1,630 MMTPA

• Vessel Turnaround Time (TAT) improved from 53 hours to 48 hours

• Ship Berth Day Output rose from 16,000 MT to 18,900 MT

• Cargo movement on National Waterways increased from 108 MMT to 133 MMT

• Coastal shipping tonnage grew from 260 MMT to 324 MMT

• Port traffic rose from 720 MMT to 820 MMT (Source: PIB)

Technology, Monitoring and Governance

• The Sagarmanthan portal enables real-time tracking of capital expenditure, performance and project delivery under MIV 2030

• Functional cells like ViBhaS (Viksit Bharat Sankalp) and NAVIC (Navigation with Indian Constellation) are being leveraged for innovation, project monitoring and decisionmaking

Backed by forward-looking policies, digital integration and multimodal logistics infrastructure, India is poised to become a key link in global trade flows. The port and logistics sector is expected to catalyse economic growth by enhancing export competitiveness, reducing logistics costs and fostering regional development. India?s maritime transformation is well underway. Through strategic investments, robust governance and a unified vision under MIV 2030, the country is not only expanding its maritime footprint but also creating future-ready infrastructure for a resilient, inclusive and globally competitive logistics ecosystem.

(Source: PIB)

SUSTAINABILITY

India is advancing its green energy and sustainable maritime agenda through flagship initiatives like the Harit Sagar Green Port Guidelines, Green Tug Transition Programme (GTTP) and National Green Hydrogen Mission. These efforts aim to promote clean energy adoption, alternative fuels and green infrastructure in the maritime sector. A recent conclave reinforced this commitment by focusing on investments in hydrogen, biofuels, LNG, low- emission ships and green port practices, aligning with India?s

decarbonisation goals under Maritime India Vision 2030 and Amrit Kaal Vision 2047. The IMO Secretary-General acknowledged India?s leadership in sustainable shipping. Complementing these efforts, the 746 crore Jal Marg Vikas Project-II (Arth Ganga) aims to boost cargo movement, river tourism and community livelihoods along the Ganga while protecting its ecosystem. The GTTP targets a fully green tug fleet across major ports by 2040. Beyond ports, India?s broader net-zero roadmap by 2070 includes expanding renewable energy, green hydrogen infrastructure, carbon capture technologies and electric mobility. Strengthening carbon markets, improving energy efficiency and attracting green investments will be vital to ensuring a sustainable, low-carbon future.

KEY OBJECTIVES OF THE GREEN PORT POLICY

The Green Port Policy 2025 is a strategic initiative aimed at transforming India?s port operations into environmentally sustainable and energy-efficient hubs. The policy seeks to minimise environmental impact while ensuring long-term economic growth by integrating advanced technologies and sustainable practices. The key objectives include:

• Adoption of Renewable Energy: Encourage the use of solar and wind power to reduce dependence on fossil fuels and lower carbon emissions.

• Air Quality Improvement: Promote cleaner fuels electrification of port equipment and shore power supply for docked vessels to curb air pollution.

• Efficient Water Resource Management: Implement advanced water conservation techniques and support the reuse of water resources for enhanced sustainability.

• Sustainable Waste Management: Develop and enforce comprehensive waste reduction reuse and recycling strategies to minimise environmental impact.

• Enhanced Energy Efficiency: Introduce cutting-edge energy-saving technologies to optimise port operations and lower carbon footprints.

• Community and Stakeholder Engagement: Strengthen transparent communication and encourage local community participation in environmental sustainability initiatives.

• Sustainable Business Practices: Integrate ecological considerations into corporate decision-making to balance economic growth with environmental responsibility.

The Green Port Policy 2025 aims to establish India as a global leader in sustainable maritime practices ensuring a cleaner greener and more resilient future for the port sector.

INDIAN LOGISTICS SECTOR

India?s logistics industry is undergoing a transformative phase, fuelled by the rapid growth of e-commerce, adoption of cutting-edge technologies, and sustained government support. Traditionally limited to transportation and storage, the sector has evolved into an integrated ecosystem offering comprehensive supply chain solutions, including product management, last-mile delivery, predictive planning, and value-added services - many of which are powered by advanced analytics and automation. The industry is poised for sustained expansion, with the logistics market projected to grow from US$ 317 billion in 2024 to US$ 484 billion by 2029, and annual growth expected to range between 8.0% and 9.0% over the next decade.

Emerging technologies, including automated transportation systems and smart warehouse management, are reshaping operations by improving efficiency, reducing costs, and enhancing service levels. The push towards integrated logistics - seamlessly linking ports with Inland Container Depots (ICDs),

freight stations, logistics parks, and multimodal hubs - is further strengthening the competitiveness of Indian ports as end-to-end logistics centres.

India already has a wide network of operational ICDs across various states, with major hubs in Haryana (11 ICDs, 546,603 TEUs), Gujarat (9 ICDs, 373,916 TEUs), and Delhi (2 ICDs, 255,050 TEUs). Several new ICDs are being developed in states like Bihar, Goa, Karnataka, Madhya Pradesh, Maharashtra, Punjab, and others. To facilitate this expansion, an Inter-Ministerial Committee has been constituted to streamline the approval process for ICDs, Container Freight Stations (CFSs), and Air Freight Stations (AFSs), ensuring transparency and consistent policies.

Despite notable progress, India?s logistics costs remain high - around 14% of GDP - compared to the single-digit levels seen in developed economies. However, initiatives such as the Gati-Shakti programme, combined with robust infrastructure development and policy-driven technology adoption, are expected to improve cost efficiency and sectoral performance. The emergence of customised, integrated logistics services that span multimodal transportation, warehousing, and peripheral support functions will be central to sustaining this momentum and unlocking the full potential of India?s logistics sector.

(Source: PIB, Write Research)

INDUSTRY OUTLOOK

India is set to transform its maritime sector with a strategic roadmap unveiled at the Global Maritime India Summit, supported by an investment of 80,000 lakh crore. The short-term outlook for the Indian port industry remains positive, supported by strong economic growth, recovery in global trade and rising containerisation. Continued government focus on infrastructure upgrades, multimodal connectivity under PM Gati Shakti and increased private sector participation through PPP models are expected to enhance port efficiency. Growing demand from manufacturing, e-commerce and consumer sector is likely to boost container traffic. Additionally, digitalisation and sustainability initiatives are improving operational performance. However, global shipping disruptions and geopolitical tensions may pose short-term challenges to cargo movement.

The Amrit Kaal Vision 2047, building upon the Maritime India Vision 2030, aims to modernise ports, enhance inland waterways and promote sustainable shipping, aligning with the country?s Blue Economy objectives. The plan outlines over 300 initiatives focused on port infrastructure, digitalisation, green shipping and capacity expansion being developed through extensive stakeholder consultations and global benchmarking. As India expands its global trade footprint and modernises logistics infrastructure, the Ministry of Ports, Shipping, and Waterways remains dedicated to sustaining this momentum and developing globally competitive, digitally enabled, and environmentally sustainable ports that will drive India?s trade and economic ambitions into the future.

COMPANY OVERVIEW

JSW Infrastructure Limited (hereafter referred to as JSW Infrastructure? or the Company?) is the second-largest private commercial port operator in India in terms of cargo handling capacity with a total capacity of 177 MTPA. The Company is a part of the JSW Group, a multinational conglomerate with a diverse

portfolio of international assets across various sectors. JSW Infrastructure was initially established in 2004 to cater to the logistics and supply chain requirements of JSW Steel and other companies within the group. The Company provides a wide array of maritime-related services including cargo handling, storage solutions, logistics and other value-added services to a variety of customers. JSW Infrastructure operates 12 port concessions across India with strategically located ports and terminals on both the west and east coasts of the country.

JSW Infrastructure also manages a liquid storage terminal in Fujairah, UAE which has a storage capacity of 465,000 cubic metres. The Company operates two dry bulk terminals under operations and maintenance (OSM) agreements with a total cargo handling capacity of 41 MTPA at the Fujairah and Dibba locations in the UAE. The Company expanded in 2019 and began serving third-party customers. The Company has ventured into the logistics industry in FY2025, expanding its portfolio with innovative supply chain solutions. The Company?s third-party business represented 49% of the total cargo handled in FY2025, an increase of 34% yoy.

Long-Term Port Concessions Driving Stability

JSW Infrastructure engages in the development and operation of ports and port terminals through port concessions. A port concession is a contract that allows the Company to develop and operate port facilities for a set period. The Company?s concessions typically last for long periods, ranging between 30 and 50 years, ensuring long-term revenue predictability. JSW Infrastructure?s operational ports and terminals have an capacity-weighted average remaining concession period of around 24 years. The Company?s Jaigarh Port, one of its largest assets, holds a remaining concession period of 34 years.

Strong Pan-India Presence

JSW Infrastructure operates key ports along both the west and east coasts of India. The Company?s ports on the west coast include those in Maharashtra, Goa and Karnataka. The Company?s ports on the east coast are located in Odisha and Tamil Nadu.

Strong Infrastructure enabling customers preferred port

The Company?s Port are strategically located near key anchor customers and are chosen for their convenient access to cargo origination and consumption points. JSW Infrastructure serves industrial regions such as Maharashtra, Goa, Karnataka, Tamil Nadu, Andhra Pradesh and Telangana. The Company also serves mineral-rich areas including Chhattisgarh, Jharkhand and Odisha. JSW Infrastructure benefits from strong evacuation infrastructure at its ports and terminals which includes multimodal evacuation solutions like coastal transport using a dedicated fleet of minibulk carrier?s rail networks road systems and conveyor systems.

Foray into Logistics Sector

The Company acquired a 70.37% stake in Navkar Corporation Limited in FY2025. Navkar operates container freight stations and cargo terminals in Maharashtra and Gujarat, including a multimodal logistics park and an Inland Container Depot in Morbi. It also holds Category 1 and 2 Container Train Operator Licenses, enabling it to serve a broader region through its railway capabilities. The acquisition supports the Company?s strategy to expand both organically and inorganically within port and

logistics infrastructure. This move marks its entry into logistic: services, aimed at improving port connectivity and end-to-eni supply chain efficiency. The acquisition aligns with its long-tern goal of establishing a pan-India logistics network and growing it: share in container cargo driven by India?s economic growth.

Business Overview

Expanding Operational Efficiency and Value-Driven Assets

Port	Existing capacity (MTPA)	Cargo handled in FY2024 (MMT)	Cargo handled in FY2025 (MMT)
JSW Infrastructure Limited		2.7	2.4
JSW Jaigarh Port Limited	55.0	21.5	19.9
South West Port Limited	11.0	7.2	6.4
JSW Dharamtar Port Private Limited	34.0	25.1	23.1
JSW Paradip Terminal Private Limited	10.0	12.4	11.4
Ennore Coal Terminal Private Limited	9.6	9.3	10.2
Ennore Bulk Terminal Private Limited	2.0	1.5	2.1
Mangalore Coal Terminal Private Limited	8.1	4.8	6.3
Paradip East Quay Coal Terminal Private Limited	30.0	16.8	18.9
JSW Mangalore Container Terminal Private Limited	4.2	2.6	2.4
PNP Maritime Services Private Limited	5.0	1.3	5.5
JSW Middle East Liquid Terminal Corp, UAE	5.0	2.0	7.3
JSW JNPT Liquid Terminal Private Limited			0.2
JSW Tuticorin Multipurpose Terminal Pvt Ltd Tuticorin Dry Bulk			0.9
Total Cargo Handled	176.90	107.0	116.9

Note:

1) The volume for the Fujairah oil tank farm business has been restated for the current and prior periods to reflect the actual port cargo handled rather than the storage capacity volumes. This is in line with the practice followed by the relevant Port Authorities. Consequently, the FY2024 cargo is now 2 MT instead of 1.4 MT earlier.

2) Interim operations commenced at JNPA Liquid Terminal and Tuticorin Dry bulkTerminal.

3) Tuticorin Dry bulk interim operations are carried out in JSW Infrastructure Standalone.

Key Developments - FY2025

• V.O. Chidambarana Port, Tuticorin: JSW Infrastructure signed a concession agreement in July 2024 for the construction of a 7 MTPA berth to handle dry bulk cargo with an estimated capital expenditure of 600 crore. Interim operations commenced in January 2025.

• JNPA (Liquid Terminal): The Company signed a concession agreement in April 2024 for the development of two liquid cargo berths with a total capacity of 4.5 MTPA and an estimated capex of 100 crore. JSW Infrastructure has delivered 95% of the pipelines while 55% has been currently under installed. Interim operations commenced in November 2024

• Expansion at Mangalore Container: JSW Infrastructure is expanding cargo handling capacity from 4.2 to 6 MTPA with an estimated capex of 150 crore. Yard design and infrastructure engineering works are in progress.

• LPG at Jaigarh: The Company is building a 2 MTPA LPG facility at Jaigarh with an investment of 900 crore. The Company completed the plot grading work by 95% and the berth construction and LPG terminal work is under progress. The Company aims to complete the project in the coming years.

• Expansion at Goa: JSW Infrastructure is expanding cargo handling capacity by 15 MTPA from 8.5 MTPA through the construction of a covered shed. The Company has completed the covered shed work as per scheduled timeline. The Consent to Operate (CTO) has been put in place for 2.5 MTPA which increase the current capacity to 11 MTPA, while for balance expansion of 4 MTPA, the approvals are currently under process.

• Expansion at Dharamtar & Jaigarh: JSW Infrastructure is expanding capacity by 36 MTPA at Dharamtar (21 MTPA) and Jaigarh (15 MTPA) to support the 5 MTPA steel-making capacity expansion of its anchor customer at Dolvi. The Company has allocated an estimated capex of 2,359 crore. JSW Infrastructure has floated enquiries and tenders for equipment and conveyors. The Company is progressing with berth construction and dredging work.

• Greenfield Port: The Company is developing Keni Port as an all-weather 30 MTPA Greenfield multi-cargo deep-water commercial port with direct berthing. JSW Infrastructure signed a concession agreement with the Karnataka Maritime Board in November 2023. The Company has allocated an estimated capex of 4,119 crore. JSW Infrastructure has received the Terms of Reference for environmental clearance.

• JSW Infrastructure is also building a greenfield port at Jatadhar in the state of Odisha with a capacity of 30 MTPA. The Company has allocated an estimated capex of 3,000 crore. JSW Infrastructure has completed 2.5 million cubic metres of dredging.

• Slurry projects: The Company is developing a 30 MTPA slurry pipeline project covering 302 km in Odisha from Nuagaon to Jagatsinghpur. JSW Infrastructure has completed 210 km of welding and 180 km of pipeline lowering. The Company has incurred a capex of 1,660 crore and has an estimated total capex of 4,000 crore. The Company has completed acquisition and signed a Long-Term Take or Pay Agreement with JSW Steel for the project.

Growth in Cargo Capacity and Volumes

The Company?s installed cargo handling capacity increased to 177 MTPA in FY2025 from 170 MTPA in FY2024. The Company handled cargo volumes of 116.9 MMT during the year, up from 107.0 MMT in the previous year +9% growth. The increase in overall cargo volume has been supported by incremental contributions from the acquired assets - Fujairah Liquid Terminal and PNP Port, improved capacity utilisation at coal terminals in Paradip, Ennore and Mangalore as well as the interim operations commenced at the JNPA and Tuticorin terminal.

Cargo volumes handled

Third-party cargo volumes rose to 57.25 MMT in FY2025 from 42.83 MMT in FY2024, marking a growth of 34%. As a result, the share of third-party cargo improved to 49% of the total cargo handled, compared to 40% in the previous year, while group cargo accounted for the remaining 51%. The growth was driven by expanding operations higher capacity utilisation rising demand and continuous infrastructure enhancements at its ports.

Future Strategies

The Company remains committed to establishing world-class facilities, expertise, technology and a digitised logistics value chain that utilises visibility, analytics and automation. The Company is working to more than double its cargo handling capacity to around 400 MTPA by FY2030 or earlier. JSW Infrastructure is also focused on increasing capacity utilisation across its strategically located ports in the coming years, driven by rising cargo volumes.

Simultaneously, the Company is advancing its logistics segment with a planned investment of 9,000 crore (FY 2025-30). Building on the Navkar acquisition, this initiative is aimed at creating a robust, integrated pan-India logistics network. The Company is reinforcing its focus on value-accretive growth and industry-leading returns on capital.

FINANCIAL HIGHLIGHTS - FY2025

The consolidated financial statements of the Company incorporate the financial performance of its following subsidiaries:

1. JSW Jaigarh Port Limited

2. South West Port Limited

3. JSW Tuticorin Multipurpose Terminal Private Limited (formerly JSW Shipyard Private Limited)

4. JSW Murbe Port Private Limited (formerly Nandgaon Port Private Limited)

5. JSW Dharamtar Port Private Limited

6. JSW Mangalore Container Terminal Private Limited

7. JSW Keni Port Private Limited (formerly Masad Infra Services Private Limited)

8. Jaigarh Digni Rail Limited

9. JSW Jatadhar Marine Services Private Limited

10. JSW Paradip Terminal Private Limited

11. Paradip East Quay Coal Terminal Private Limited

12. Ennore Bulk Terminal Private Limited

13. Mangalore Coal Terminal Private Limited

14. Ennore Coal Terminal Private Limited

15. Southern Bulk Terminals Private Limited

16. JSW Terminal Middle East FZE

17. PNP Maritime Services Private Limited

18. JSW JNPT Liquid Terminal Private Limited

19. JSW Middle East Liquid Terminal Corp.

20. JSW Port Logistics Private Limited

21. Navkar Corporation Limited

22. JSW Overseas FZE

Key Financial Highlights ( Crore)

	FY 2025	FY 2024	FY 2023
Revenue from Operations	4,476	3,763	3,195
Revenue Growth (%)	18.95%	17.78%	40.55%
Total Income	4,829	4,032	3,373
Operating EBITDA	2,262	1,965	1,620
Operating EBITDA Margin (%)	50.54%	52.21%	50.71%
EBITDA	2,615	2,234	1,798
EBITDA Margin (%)	54.15%	55.40%	53.32%
Profit for the period/year after tax (PAT)	1,521	1,161	750
PAT Margin (%)	31.51%	28.78%	22.22%.
Net Worth	9,329	7,966	3,935
Net Debt	1,471	65	2,216
Net Debt to Operating EBITDA	0.65	0.03	1.37
Net Debt to Equity (Gearing Ratio)	0.14	0.01	0.54
Return on Equity (ROE) (%)	14.51%.	14.10%	18.33%.
Return on Capital Employed (ROCE) (%)	14.35%.	18.42%	19.49%.
Earnings Per Share (?)	7.27	6.01	4.12
Operating Cash Flow	2,100	1,803	s i—1
Installed Capacity (MMT)	176.90	170.00	158.43
Capacity Utilisation (%)	63.86%	61.06%	56.88%
Total Cargo Volumes Handled (MMT)	116.91	107.04	92.83
Total Cargo Growth (%)	9.22%.	14.67%	^49.81%.

The Company?s consolidated income increased 19.76% in FY2025, reaching 4,829 crore, up from 4,032 crore in FY2024, driven primarily by higher cargo volumes. The increase in volume was primarily driven by additional volumes from the acquired assets - Fujairah Liquid Terminal and PNP Port - as well as higher capacity utilisation across the coal terminals at Paradip, Ennore and Mangalore. Higher revenue, improved operational efficiency and cost management initiatives are expected to drive EBITDA growth by 17.06% to 2,615 crore, with a strong margin of 54.15%

in FY2025, compared to 2,234 crore and a 55.40% margin in FY2024. Profit After Tax (PAT) grew by 31.08% YOY to 1,521 crore in FY2025, compared to 1,161 crore in FY2024.

The Company possesses one of the strongest balance sheets in India?s port sector, with a net debt of 1,471 crore and a net debt- to-operating EBITDA ratio of 0.65. It maintains healthy liquidity, with cash and cash equivalents of 3,188 crore and a gross debt of 4,659 crore.

Particulars	FY 2024		FY 2025	Y-o-Y
Reason for change
Debtors Turnover (no. of days)	52	61	16%	Increase in ratio mainly due to increased operations
Interest coverage ratio	26.90	67.95	153%	Interest coverage ratio improved due to repayment of borrowings and improved EBIDTA
Current Ratio	7.40	3.02	-59%	Current ratio decreased due to decrease in cash a cash equivalent and bank balances
Net Debt / Equity	0.01	0.14	1,679%	Increase in ratio due to utilisation cash towards capex
Operating EBIDTA margin	52.2%	50.5%	-3%.	Lower operating margin due lower margin in logistics segment
Net Profit margin	28.78%	31.51%	10%.	Improved due to increase in operations and lower tax
Return on Equity (RoE) (%)	14.1%	14.5%	3%.	Improved due to increase in profit after tax

Information Technology

The Company is committed to delivering efficient operations by utilising advanced technologies, competitive infrastructure and enhanced automation. JSW Infrastructure has implemented industry-specific software solutions to acquire real-time data at each of its ports and terminals.

JSW Infrastructure leverages advanced technology to optimise costs, improve performance and maximise operational efficiency. The Company uses technology to streamline processes, enhance collaboration and deliver high-quality services to clients.

Key Tech-based initiatives

The Company leverages advanced technology to enhance efficiency by reducing costs and improving performance. JSW Infrastructure integrates digital solutions across bidding design

project management and operations. The Company equips ports with state-of-the-art infrastructure to accommodate larger vessels and improve affordability for clients aligning with the government?s goal of reducing logistics costs and turnaround times.

JSW Infrastructure focuses on automation and competitive infrastructure by adopting industry-specific and trade-specific software to facilitate real-time decision-making across ports and terminals. The Company has initiated the implementation of Digi Tower a business and operational intelligence module at Jaigarh Port with plans to expand to other locations.

The Company enhances HR efficiency and employee experience by employing digital platforms for internal communication and HR analytics ensuring data-driven decision-making and responsiveness to workforce needs.

Key components of our digital programs

• iPortman V4.2 Upgrade

• Eco Portal

• Digital Control Tower (BI, OI and Analytics)

• D-CAM

• Smart Ports (Digital, IoT, AI & ML)

• Cloud Infrastructure (Asure, AWS, GCP, SAP BTP)

Human Resource Management

The Company?s HR policies and practices are designed to support employees in reaching their full potential. JSW Infrastructure focuses on continuously improving the performance of its workforce, organisation and human resources function to drive greater business value. The Company?s primary goal is to provide individuals with the opportunity to excel while ensuring a safe, secure and motivating work environment.

Labour Practices and Human Rights

JSW Infrastructure ensures the effective implementation of HR policies through its dedicated HR team and guarantees compliance with ethical standards, human rights and applicable local laws. The Company has established complaint committees to address any cases of sexual harassment that may arise in the workplace. JSW Infrastructure also reviews workmen and safety- related issues in Safety Management Committee meetings that take place at its manufacturing units and project locations.

Corporate Social Responsibility

JSW Infrastructure is committed to empowering the communities in which it operates and promoting sustainable livelihoods. The Company achieves this through the leadership and efforts of the JSW Foundation which oversees the CSR mandate of the JSW Group. The Company consistently invests in initiatives aimed at improving living conditions, promoting social development, addressing inequalities and mitigating environmental challenges. JSW Infrastructure also supports rural development projects that focus on health, nutrition, education, livelihood and skill development.

The Company?s CSR initiatives are categorised into Direct and Indirect Impact Zones based on the proximity of its facilities to the communities served. JSW Infrastructure plans to expand the Direct Impact Zone as its operations grow. The Company collaborates with government bodies and civil society organisations to implement these initiatives and regularly monitors their effectiveness.

Social interventions in CSR

• The Company regularly conducts community health check-ups and provides counselling services as a key component of its health and nutrition initiatives

• JSW Infrastructure actively supports childhood education by offering necessary infrastructure enhancements

based on the specific needs of the community through its education initiatives

• The Company is dedicated to ensuring the availability of potable water in Digital innovation Zone (DIS) villages by supplying it via tankers and also offers waste management services as part of its efforts to improve water and environmental sanitation

• JSW Infrastructure works to enhance employability by promoting the development of skills through its livelihood and skill enhancement programs

RISK MANAGEMENT SYSTEM

The Company prioritises risk management with an integrated system that identifies, monitors and mitigates risks to its operations and resources. Its comprehensive Risk Management Policy supports sustained growth and strong governance, applying to all functions and ensuring compliance with the Companies Act, 2013. The Board of Directors Risk Committee is responsible for developing, implementing and overseeing the risk management strategy.

ENTERPRISE RISK MANAGEMENT

The Company?s Enterprise Risk Management Framework is designed to effectively identify, assess, evaluate and manage both internal and external risks while implementing appropriate mitigation strategies. JSW Infrastructure acknowledges that compliance-related, operational and strategic risks have the potential to disrupt its operations and hinder the achievement of its objectives. The Company addresses all risks and opportunities with the goal of creating value for its stakeholders. The Company?s risk-based approach is essential for ensuring the efficient management of its operations and effective handling of risks. JSW Infrastructure follows this approach to successfully achieve its strategic, operational, reporting and compliance objectives.

HEALTH, SAFETY & ENVIRONMENT

At JSW Infrastructure, safety is not just a priority, it is a core value that shapes our every action. We believe every individual deserves to return safely to their loved ones daily. That?s why we are committed to fostering a culture where safety is integral to every task, decision, and interaction. We aim for a Zero Harm? environment for all - employees, contractor workers, associates, partners, and visitors - by continually enhancing our safety management systems.

Key strategies for health and safety with a vision of achieving Zero Harm?, we integrate effective leadership, robust systems, and a competent workforce across our operations to ensure the highest safety standards and nurture a culture of accountability and excellence.

Key Safety Initiatives in FY2025

The Company maintains a robust internal Occupational Health and Safety (OHS) management system across all its locations and has achieved ISO 45001 certification at three of its sites. JSW Infrastructure is currently revising its Group Standards and plans to develop subject matter experts at all sites to support this initiative moving forward. The Company investigates all incidents that occur and takes appropriate corrective actions. These findings are shared with all plant sites and necessary measures are implemented to ensure that such incidents do not occur again in the future.

Terminal-wise Safety Initiatives

• The Company has implemented an interlock safety switch on the receiving route of the iron ore terminal at Paradip Terminal as part of its safety initiatives ensuring foolproof

protection to prevent injuries in the belt conveyor system. The Company?s system is designed to stop the belt if a guard is removed and will prevent operation if the guard is not properly fitted. Additionally the Company has customised its unique monthly safety campaign Sumilan? to enhance safety awareness and embed it into the workmen?s mindset promoting a cultural shift that positions safety as a transformative element in the workplace.

• The Company?s Ennore Terminal has been honoured with the prestigious "PLATINUM Award" from APEX India Foundation in recognition of its outstanding performance in health and safety within the service sector for Bulk Terminal Private Limited. Furthermore, the Company received an Award of Appreciation from the Port Health Organisation Chennai for its proactive initiatives in maintaining port health hygiene and conducting effective vector surveillance.

Occupational Health & Safety

The Company is committed to providing a healthy and safe working environment for its employees, contractors, customers and visitors both on-premises and those impacted by its operations. The Company aims to comply with all applicable health and safety legal requirements while striving to achieve a "zero harm" injury and occupational illness-free workplace. The Company ensures that best practice health and safety management standards are implemented and maintained across all its operations.

Key Initiatives

• JSW Infrastructure?s leadership team is responsible for ensuring the implementation of proper policies, procedures and safeguards ensuring that workers have access to the necessary training and supervision

• The Company is committed to developing a strong safety culture through initiatives like regular safety observations, contractor field safety audits, safety training and the safety HERO programme

• JSW Infrastructure encourages employees to take responsibility for their own safety and empowers them to report any concerns to maintain a safe work environment

ETHICAL BEHAVIOUR

The Company considers ethical behaviour as a fundamental part of its business practices. JSW Infrastructure strictly complies with all regulatory laws and corporate governance guidelines while following global best practices. The Company is guided by the JSW Group?s ethics policies and ensures the implementation of ethical and fair business practices across all its operations. JSW Infrastructure regularly communicates its ethical standards and ensures that its workforce is familiar with its Code of Conduct.

The Company has established a vigil mechanism to address concerns regarding unethical behaviour, fraud, violations of the Code of Conduct or any other improper activities. JSW Infrastructure allows directors and employees to report such concerns to the Ethics Counsellor or the Chairman of the Audit Committee. The Company?s vigil mechanism includes policies such as the WhistleBlower Policy, the Gift and Hospitality Policy and the Conflict-of- Interest Policy for Employees. JSW Infrastructure ensures that any suspected or actual violations of its code are reported, thoroughly investigated and resolved promptly.

INTERNAL CONTROL SYSTEM AND AUDIT

JSW Infrastructure considers internal control systems as a fundamental element of its corporate governance framework. The Company?s corporate governance principles provide a comprehensive structure for internal controls and audits tailored to its business requirements. JSW Infrastructure conducts rigorous audits throughout the year across all functional domains, managed by the established Internal Audit and Assurance Services team. The Company?s team, consisting of finance professionals, engineers and experienced executives with expertise in System, Application and Products in Data Processing (SAP), presents key findings to senior management and the Audit Committee. JSW Infrastructure focuses on ensuring compliance with internal controls, enhancing operational efficiency and effectiveness and evaluating key processes and risks. The Company?s internal control systems and procedures aims to effectively identify and mitigate risks, ensuring adherence to established processes and promote a culture of control awareness throughout the organisation.

Significant Features

• JSW Infrastructure ensures adequate documentation of policies, guidelines, authority and approval procedures covering all critical functions.

• The Company implement an ERP system that covers most operations and is supported by a defined online authorisation protocol

• JSW Infrastructure ensures complete compliance with laws, regulations, standards, internal procedures and systems

• The Company maintains the integrity of accounting systems and ensures the proper and authorised recording and reporting of all transactions

• JSW Infrastructure prepares and monitors annual budgets for operating and service functions

• The Company ensures the reliability of financial and operational information

• JSW Infrastructures Audit Committee, mainly made up of Independent Directors, regularly reviews audit plans, key findings, internal controls and compliance with Accounting Standards

• The Company implements a comprehensive Information Security Policy and continuously updates IT systems

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

JSW Infrastructure has implemented robust safeguards, internal control mechanisms and risk management processes tailored to its business operations, ensuring the effectiveness, efficiency and compliance with laws. The Company regularly evaluates these processes to ensure they remain relevant and identifies any deviations for corrective action.

The Companys management assessed the internal control over financial reporting as of 31^st March, 2025 through various reviews including self-review, peer review and external audit. The Companys Audit Committee oversees these reviews, considers improvement suggestions and ensures necessary corrective actions are followed up. The Companys Audit Committee also meets with statutory auditors to discuss the adequacy of internal controls and provides periodic updates to the Board of Directors. JSW Infrastructures Audit Committee concluded that the internal financial controls were adequate and operating effectively as of 31^st March, 2025.

JSW Infrastructure conducts comprehensive internal audits using both contemporary and conventional tools across functions and locations. The Companys Audit Committee ensures the coverage of relevant areas and oversees the internal audit program. JSW Infrastructure takes proactive measures to ensure compliance with upcoming regulations through cross-functional teams. The Company leverages advanced technologies to reduce errors, analyse trends and monitor compliance requirements. JSW Infrastructure has established Standard Operating Procedures to guide operations with business heads responsible for ensuring compliance. The Company conducts continuous internal monitoring to promptly identify risks and issues, ensuring thorough due diligence by management, statutory auditors and internal auditors.

INTERNAL AUDIT

JSW Infrastructure utilises the internal audit services of the JSW Group which reports to the Audit Committee primarily composed of Independent Directors with relevant expertise. The Company integrates the Committee of Sponsoring Organisations of the Treadway Commission (COSO) framework into its audit procedures to enhance financial reporting integrity and align with ethical practices efficient controls and governance.

The Company adopts a comprehensive delegation of authority ensuring checks and balances to identify and address any potential gaps. The Companys Internal Audit team has unrestricted access to all organisational data supported by the implementation of an Enterprise Resource Planning (ERP) system.

JSW Infrastructure reports audit findings and corrective actions to the Audit Committee which regularly reviews the reports from the Internal Auditor. The Company also holds independent sessions with the statutory auditor and Management to assess the effectiveness of internal financial controls.

STATUTORY COMPLIANCE

The Company ensures full compliance with relevant laws through comprehensive systems and processes. The Company Secretary is responsible for implementing these systems and processes to monitor compliance and ensure their effective operation. The Chief Executive Officer and Managing Director present a certificate of compliance with applicable laws at every Board meeting. Additionally the Company Secretary affirms compliance with the law and other applicable regulations to the Company.

AUDIT PLAN AND EXECUTION

The Companys Internal Audit Team of the JSW Group formulates a risk-based audit plan that determines the frequency of audits based on risk ratings assigned to various functions. JSW Infrastructure consults with statutory auditors and the Audit Committee approves and implements the plan. The Company conducts regular reviews including areas of increased significance aligned with emerging industry trends and growth plans. The Audit Committee incorporates additional areas into the audit plan based on feedback from internal customers and external events.

CAUTIONARY STATEMENT

The Company has included statements in this document about anticipated future events and its financial and operational performance, which are forward-looking in nature. It has made certain assumptions for these statements, but they are subject to risks and uncertainties. It acknowledges that these assumptions and predictions may not be accurate. The Company advises readers not to place undue reliance on these forward-looking statements, as various factors could cause actual results to differ significantly from projections. It states that this document is subject to the disclaimer and should be read along with the assumptions, qualifications and risk factors mentioned in the managements discussion and analysis of its Annual Report for FY2025.