JSW Infrastructure Ltd Management Discussions

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

ECONOMIC OVERVIEW

Global Economy

While the global economy adjusted to a landscape reshaped by higher trade barriers, new policy measures and elevated uncertainties due to the West Asia war, positive factors that kept the momentum going have been rising international trade, continuous technological innovation, stable energy markets, and increased foreign direct investments. From a growing middle class to expanding trade and faster, market-driven clean energy adoption, the year still delivered tangible progress for the developing economies, despite a difficult global backdrop, and will usher in newer opportunities for growth.

In the latest World Economic Outlook (WEO), the International Monetary Fund (IMF) projected growth to slow to 3.1% in 2026 and 3.2% in 2027, down from 3.4% in 2025, as geopolitical tensions, particularly the conflict in Middle East, weigh on economic activity. The global economy continues to face renewed risks from the conflict, including disruptions to the commodity markets and tighter financial conditions. However, inflation and food price increases are being held in check, and advances in digital public infrastructure, nutrition, and weather forecasting has improved everyday resilience for people. These gains show that, even amid the global crisis, targeted investments and multilateral cooperation can still move the needle on sustainable development.

The war in the Middle East triggered a severe energy crisis. With the closure of the Strait of Hormuz, one of the worlds busiest oil shipping channels, Brent Crude surpassing US$ 120/barrel and gas climbed more than 12%, unleashing a domino effect of consequences - from kerosene shortages to a looming world food crisis. The conflict resulted in over 6.7 million barrels/day lost in production, stalling regional exports, and triggering massive airfare surges as key Gulf shipping lanes were blocked. The closure of the Strait did not just affect oil prices. Despite a provisional reopening during the current 10-day ceasefire, global supplies of jet fuel, fertilisers, industrial CO₂ and naphtha were affected, potentially leading to shortages of food and other essential products across the globe.

However, international trade grew strongly in 2025, notwithstanding tariff wars, protectionist measures, and onshoring policies. UNCTADs forecast suggests that global trade in goods and services will exceed US$ 35 trillion in 2025, a rise of 7% over 2024. East Asias growth led the way, but African exports also grew strongly. Overall, services growth and South-South trade were leading drivers for EMDE exports.

World GDP growth (actuals and projections) (%)

	Projections
	CY2024	CY2025	CY2026	CY2027
World output	3.3	3.4		3.2
Advanced economies	1.8	1.9	1.8	1.7
Emerging markets and developing economies	4.3	4.4	3.9	4.2
China	5.0	5.0	4.4	4.0
India	6.5	7.6	6.5	6.5

(Source: World bank, IMF)

Indian Economy

Despite global challenges, India remains among the fastest-growing major economies. The progress is majorly supported by robust domestic demand, a stable monetary policy, focus on infrastructure development, digital transformation, easing inflation, and a continued push towards manufacturing-led expansion. According to the Second Advance Estimates (based on the revised series) Indias real GDP grew by 7.6% in FY 2025-26. Government initiatives, such as Make in India and Production Linked Incentive (PLI) schemes, GST rationalisation have strengthened manufacturing capabilities and self-reliance, helping India navigate external uncertainties.

CY 2025 marked an inflection point with policy overhauls across the western economies across major global markets, and India being connected to global value chains, did not remain immune to these shifts and faced external shocks and acute effects from these global policy changes.

The fiscal year started on a strong footing as retail sales grew, government spending rebounded, and investment activity remained healthy, driven by significant uptick in government capex, signalling new confidence in infrastructure-led growth. According to IMFs latest report, although India stepped lower to now rank as the worlds 6^th largest economy, it continues to maintain its position as the fastest- growing major economy.

The Reserve Bank of India (RBI) continued with its neutral stance on policy rates in the Monetary Policy, while retaining the repo rate at 5.25%. It remains vigilant, closely monitoring the situation and assessing the balance of risks. RBI projects that persistently elevated energy prices due to the West Asia conflict and possible El Nino conditions could pose upside risks to inflation.

While RBI remains committed to judiciously contain excessive or disruptive volatility, it states that the fundamentals of the Indian economy are on a stronger footing, providing it with greater resilience to withstand shocks now than in the past.

Future outlook

Despite the headwinds, India remains squarely focussed on domestic demand to keep growth buoyant and inflation levels low. It has deployed a set of fiscal, monetary and trade reforms that cushioned the economy and set the foundation for future growth. The nation continues to build on its strong foundations of economic growth, structural reforms and social progress with the key ambition of attaining high middle-income status by CY 2047 - the centenary year of its 2027 independence. IMF has projected the Indian economy to grow by 6.5% in 2026 and 2027consecutively with easing tariff pressures and momentum from strong domestic performance supporting the outlook, outweighing the adverse effects from escalating tensions in West Asia.

At a time when global growth is expected to slow to 3.1% and 3.2% in CY 2026 and CY 2027, Indias remarkable performance underscores its resilience and highlights the sustained strength of its economic fundamentals, making the nation a crucial player in the world economic trajectory.

While higher US tariffs could weigh on exports and manufacturing in subsequent quarters, domestic demand should continue to drive growth, supported by easing inflation, GST rationalisation, and continued policy support. World Banks Global Economic Prospects (GEP) Report credits Indias growing momentum to a thriving services sector and a revitalised manufacturing base, driven by transformative government initiatives. Although risks persist from trade disruptions and geopolitical tensions, improved employment, credit access, and easing inflation are expected to boost private consumption in the country.

(Source: PJB, MoSPI, IMF, Deloitte)

INDUSTRY OVERVIEW

Global Infrastructure Industry

Infrastructure is a critical enabler of long-term global economic growth, supporting prosperous societies, elevated standards of living, and every modern industry. The global infrastructure sectors market size, which stood at US$ 2.56 trillion in 2023, is estimated to have grown to US$ 2.89 trillion in CY 2025, and is expected to further grow to reach US$ 3.92 trillion by 2030, growing by a CAGR of 6.27% between 2025

30. The global infrastructure sector market is fuelled by population growth, urbanisation, government expenditures, technological innovations, public-private partnerships, and sustainable development objectives. Rising demand for transportation systems, smart cities, energy efficiency, and infrastructure resilience supports market growth and investment.

As cities grow, there is an increased demand for housing, transport systems, utilities, and public services. Innovations in smart cities, automation, and digital technologies are reshaping the infrastructure landscape. Technologies such as AI, loT, and blockchain enhance the efficiency and sustainability of infrastructure systems ranging from smart grids to intelligent transport networks.

Further, increasing environmental concerns are nudging the sector towards sustainable infrastructure. Governments and organisations are putting greater emphasis on green buildings, renewable energy systems, and climate-resilient infrastructure to lower carbon footprints and improve environmental resilience. Sustained industrialisation, especially in developing countries, drives demand for infrastructure development in energy, transportation, and manufacturing industries, generating strong growth in the infrastructure market.

(Source: Spherical insights; Research and Markets)

Key driving factors

Technological innovations, such as smart cities, automation, IoT (Internet of Things), and artificial intelligence (AI), are revolutionising the infrastructure industry. Technologies such as smart grids, intelligent transport systems, and green buildings are fuelling the demand for contemporary, high-technology infrastructure that increases efficiency, sustainability, and resilience. Governments globally are making significant investments in infrastructure development to drive economic growth, generate jobs, and enhance the quality of life. Moreover, numerous governments provide convenient financing facilities and public-private partnerships (PPPs) to encourage investment in infrastructure development.

(Source: Spherical insights)

Need for infrastructure-related investments

A confluence of global forces is accelerating the need for infrastructure investment. Outdated assets, rapid urbanisation, geopolitical shifts, and technological advancements are exposing the limitations of yesterdays infrastructure. According to estimates from McKinsey, a cumulative US$ 106 trillion in investment will be necessary through CY 2040 to meet the need for new and updated infrastructure. The required investment spans seven critical infrastructure verticals, with transport and logistics requiring the largest share (US$ 36 trillion), followed by energy and power (US$ 23 trillion), digital (US$ 19 trillion), social (US$ 16 trillion), waste and water infrastructure (US$ 6 trillion), agriculture (US$5 trillion), and defence (US$ 2 trillion).

(Source: Mckinsey)

Global Maritime Industry

The market size of the global maritime industry, estimated to grow from US$ 2,098.5 billion in CY 2023 to US$ 2,685.9 billion by CY 2033, exhibiting a CAGR of 2.50% during the forecast period 2023-2033. The industry is experiencing steady growth, driven by high demand for container ships, liquified natural gas carriers, and technological advancements in port operations.

The maritime market is currently experiencing a transformative phase, driven by the below advancements:

• Sustainability initiatives are reshaping operational practices across the maritime sector

• Digital transformation is becoming increasingly vital, with Asia- Pacific emerging as a leader in adopting innovative technologies

• Geopolitical influences are affecting shipping routes and logistics strategies, highlighting the need for adaptability in the market

• Technological advancements and regulatory compliance are the key drivers propelling growth in the cargo ships and logistics services segments

India Infrastructure Industry

A primary economic engine

The infrastructure sector is a key driver of the Indian economy and a key enabler in helping India grow its economy. Investments in building and upgrading physical infrastructure, especially in synergy with the ease of doing business initiatives, remain pivotal to increase efficiency and costs. The governments focus on building infrastructure of the future has been evident given the slew of initiatives launched recently.

To meet Indias ambition of becoming a US$ 10 trillion economy by 2030, infrastructure development is the need of the hour. The government has launched the National Infrastructure Pipeline (NIP) combined with other initiatives such as Make in India and the production-linked incentives (PLI) scheme to augment the growth of the infrastructure sector. Historically, more than 80% of the countrys infrastructure spending has gone toward funding for transportation, electricity, and water, and irrigation.

Over the past decade, India has consistently prioritised large-scale investment in infrastructure as a driver of inclusive progress and competitiveness. The World Bank ranks India among the top five countries worldwide among low and middle-income economies for job creation in infrastructure.

Infrastructure investment increased from Rs.11.2 lakh crore in Union Budget 2025-26 to an estimated Rs.2.2 lakh crore in Budget 2026-27, and vis-a-vis Rs.2 lakh crore in FY 2014-15, maintaining its upward trajectory and underscoring the Governments commitment to infrastructure-led growth. Union Budget 2026-27, continued the momentum in the sector by announcing new measures to strengthen financing instruments, expand public capital expenditure, and support risk mitigation and asset monetisation. These initiatives reflect the vision of Viksit Bharat, where modern infrastructure serves as its foundation.

During the year, infrastructure momentum in CY 2025 marked a visible change on the ground with several high-impact projects up and reshaping travel, trade and urban mobility, reflecting a coordinated push to improve connectivity across regions and within cities. Landmark projects such as the Samruddhi Mahamarg, Sonamarg Tunnel, Dwarka Expressway and Ganga Expressway are expected to be the game-changers for regional connectivity and economic activity.

(Source: PIB)

Private sector - a key in Indias infrastructure financing

In a key development, India has emerged as the largest recipient of private participation in infrastructure investment in South Asia, accounting for over 90% of the regions total investment. Institutions like the National Investment and Infrastructure Fund (NIIF) and the National Bank for Financing Infrastructure and Development (NaBFID) have emerged as pivotal anchors, mobilising global and domestic capital and providing long-term development finance to strengthen Indias infrastructure ecosystem. Alongside these institutions, instruments such as Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs) have enabled monetisation of completed assets and recycling of funds into new projects.

In line with the governments vision, the involvement of private players is being progressively expanded through PPP terminals. Major ports in India owned by the central government, account for over 50% of the countrys total port capacity, with a substantial portion yet to be privatised. This presents a tremendous opportunity for port infrastructure companies to leverage and expand their operations.

(Source: PIB)

Indias flagship infrastructure programmes National Infrastructure Pipeline (NIP)

The National Infrastructure Pipeline (NIP) is a first-of-its-kind, whole- of-government exercise to provide world-class infrastructure to citizens and improving their quality of life. It aims to improve project preparation and attract investments into infrastructure. Growing urbanisation, increasing working-age population, shift to a services- based economy and climate change are some of the factors that will require a further boost to Indias infrastructure sector and amplify need for the National Infrastructure Pipeline.

Bharatmala

Bharatmala, under Ministry of Road Transport and Highways, Government of India, is an umbrella programme for the highways sector in India that focusses on optimising efficiency of freight a passenger movement across the country by bridging critical infrastructure gaps. Special emphasis will be given on providing connectivity to far-flung border and rural areas.

The Bharatmala Pariyojana envisages development of about 26,000 km length of Economic Corridors, which along with Golden Quadrilateral (GQ) and North-South and East-West (NS-EW) Corridors are expected to carry majority of the Freight Traffic on roads. Further, about 8,000 km of Inter Corridors and about 7,500 km of Feeder Routes have been identified for improving effectiveness of Economic Corridors, GQ and NS-EW Corridors. Under Phase-1 of Bharatmala, project length of 34,800 km has been planned, of which 796 projects with the total length of 26,425 km have been awarded, of which cumulative length of over 21,000 km has been constructed.

Sagarmala

Sagarmala Programme, a flagship initiative to transform India into a global maritime hub is a core pillar of the Maritime India Vision 2030 and Maritime Amrit Kaal Vision 2047. Launched in CY 2015, Sagarmala represents a decisive shift in Indias development strategy - from infrastructure in isolation to port-led development. Sagarmala focusses on cutting logistics costs, enhancing trade efficiency, and creating employment through smarter, greener transport networks. With over 845 projects worth more than Rs.6 lakh crore to be implemented by 2035, with 272 projects worth Rs.1.41 lakh crore already completed, and 217 projects worth Rs.1.65 lakh crore under implementation, Sagarmala is one of the largest maritime infrastructure initiatives undertaken by any country.

Gati Shakti

Gati Shakti, the US$ 1.3 trillion national master plan for infrastructure, has been a forerunner to bring about systemic and effective reforms in the sector, and has already shown a significant headway. Infrastructure support to the nations manufacturers also remains one of the top agendas as it will significantly transform goods and exports movement making freight delivery effective and economical.

Sagarmala recognises a simple economic truth - efficient ports and logistics systems are not merely facilitators of trade - they are catalysts of industrial growth, employment generation and regional development. At a time when global supply chains are being reconfigured, Indias ability to leverage its maritime strengths could determine its competitiveness in the decades ahead.

The results of Sagarmala have already begun to show. Indias major ports have handled record cargo volumes in recent years, while improvements in operational efficiency - such as reduced vessel turnaround times - signal a gradual but significant transformation in port performance. As an example, the average vessel turnaround time for Indias ports has almost halved from 96 hours in CY 2014 to 49.5 hours in CY 2025. Sagarmalas real strength lies in its integrated approach, built around multiple interconnected pillars that collectively aim to transform the maritime landscape.

Sagarmala 2.0

Looking ahead, the proposed Sagarmala 2.0 signals the next phase of this maritime transformation. With a significantly larger investment outlook and a broader vision aligned with long-term national goals, the next phase aims to position India as a global maritime hub. It seeks to deepen integration, enhance sustainability, and foster innovation, while continuing to focus on inclusive growth.

Efficient logistics, robust infrastructure, and competitive trade systems are essential components of economic growth, and Sagarmala, in its vision and execution, addresses all three of these. It represents a strategic shift in how India views its geography - not as a constraint, but as an opportunity. By leveraging its coastline and waterways, India is positioning itself to become a key player in global trade.

(Source: PIB)

Industry Outlook

India is estimated to need an investment of US$ 840 billion over the next 15 years into urban infrastructure to cater to the ever-rising needs of its fast-growing population. This investment will only be rational as well as sustainable, additionally focussing on long-term maintenance and strength of our buildings, bridges, ports, and airports.

Indias steel sector is experiencing robust growth, positioning itself as a global bright spot. With strong manufacturing demand, the sector is set to become the worlds second-largest consumer. Indias steel consumption is expected to grow by 5-6% CAGR rising to reach between 240 million and 260 million metric tonnes by CY 2035. The growing demand for steel in India is expected to be driven by the demand for high-grade steel from key sectors.

The cement sector in India too holds a positive, high-growth outlook, with capacity expected to surpass 850 mtpa by FY2028 to meet robust demand from infrastructure and housing. The outlook for the cement sector remains positive, supported by healthy demand trends, improving prices and higher capital expenditure allocation in the FY2027, which is expected to boost demand further.

The Power sector in India too is experiencing rapid, high-growth expansion. India is the third-largest producer and consumer of electricity in the world, with an installed capacity of 513.73 GW, as of December 2025. The overall energy demand is projected to grow at 6-6.5% annually over the next five years, underscoring the scale of opportunities for the sector.

Global investment and partnerships in infrastructure, such as the India-Japan forum for development in the Northeast are also indicative of more investments. These initiatives come at a momentous juncture as the country aims for self-reliance in future-ready and sustainable critical infrastructure.

India, it is estimated, needs to invest US$ 840 billion over the next 15 years into urban infrastructure to meet the needs of its fast-growing population. This investment will only be rational as well as sustainable, if we additionally focus on long-term maintenance and strength of our buildings, bridges, ports, and airports.

(Source: IBEF)

India Maritime Industry

Indias maritime industry is a vital economic driver handling 95% of the nations trade by volume and 70% by value, underlining the sectors centrality to Indias economy and competitiveness. Supported by a coastline of 7,517 kms, 13 major ports and over 200 minor ports, Indias maritime industry is rapidly growing through initiatives such as Sagarmala and the Maritime India Vision 2030 targeting increased capacity, green shipping, and a global top-5 status by 2047. The Maritime India Vision 2030 charts 150+ initiatives with projected investments of Rs.3-3.5 lakh crore.

In FY 2025-26, major ports collectively handled 914.73 million tonnes of cargo, as compared with 854.86 million tonnes in 202425, surpassing the annual target of 904 MT and marking a year-on- year growth of 7%, signalling robust growth in maritime trade and port efficiency. For the non-major ports, total cargo volume handled during FY 2025-26 stands 753.07 million tonnes compared to 742.41 million tonnes handled during FY 2024-25. This indicates 1.44% growth on a y-o-y basis.

This reaffirms the sectors strong recovery, enhanced operational efficiency, digital initiatives and increased handling of key commodities such as Petroleum, Oil, and Lubricants, containers, and coal. The milestone underscores the impact of transformative reforms and strategic investments undertaken by the Government to modernise port infrastructure, enhance logistics efficiency, and strengthen Indias position as a leading maritime nation under the Maritime Amrit Kaal Vision 2047.

Navigating Indias maritime path

With globalisation deepening supply chain interdependence and India emerging as a major manufacturing and energy hub, the efficiency of ports and shipping directly influences national competitiveness. From crude oil and coal to electronics, textiles, and agricultural products, the vast majority of imports and exports flow through bustling ports, connecting India to markets around the world.

Maritime India Vision 2030

To position itself as a global maritime powerhouse, India launched a transformative roadmap Maritime India Vision 2030 (MIV 2030) in 2021. With over 150 strategic initiatives, the vision seeks to modernise ports, expand shipping capacity, and strengthen inland waterways, while embedding sustainability and skill development at its core. MIV 2030 is a catalyst for trade, investment, and employment, charting Indias course toward economic growth and global competitiveness.

In a bold move to position itself as a global maritime powerhouse, India has set sail with the Maritime India Vision 2030 (MIV 2030), a transformative roadmap launched in 2021. With over 150 strategic initiatives, the vision seeks to modernise ports, expand shipping capacity, and strengthen inland waterways, while embedding sustainability and skill development at its core. More than a blueprint for cargo movement, MIV 2030 is a catalyst for trade, investment, and employment, charting Indias course toward economic growth and global competitiveness.

MIV 2030 - Central Themes

The Maritime India Vision 2030 identifies ten pivotal themes that will shape Indias journey toward becoming a global maritime powerhouse, positioning the nation at the forefront of the international landscape:

MIV 2030 projects a total investment of Rs.3-3.5 lakh crore across ports, shipping, and inland waterways. Backed by a recent landmark package of 69,725 crore to boost shipbuilding and revitalise the maritime ecosystem, India is charting a strategic course to leverage its vast coastline to anchor itself firmly on the global maritime map. The targeted allocations and strategic initiatives align seamlessly with the overall vision, translating its projected investments into actionable measures.

India maritime - Witnessing a decisive decade

Indias maritime sector is entering a decisive decade, with new laws, mega projects, and global investment ambitions shaping the Maritime India Vision 2030. With a strong focus on green technologies and digital innovation, India is preparing to not only meet its trade demands but also emerge as a maritime leader. Building onto this foundation is Maritime Amrit Kaal Vision 2047, a long-term roadmap for Indias maritime resurgence, with investments of nearly 80 lakh crore earmarked for ports, coastal shipping, inland waterways, shipbuilding, and green shipping initiatives.

The government is driving sustainable maritime operations by setting up green corridors, introducing green hydrogen bunkering at major ports, and promoting the use of methanol-fuelled vessels. Outlining more than 300 actionable initiatives, it projects Indias rise as one of the worlds top maritime and shipbuilding powers by the centenary of independence.

(Source: PIB)

Global Ports - An Overview

The global port infrastructure market size, which was valued at US$ 205.45 billion in CY2024 and US$ 213.38 billion in CY2025, is projected to grow to US$ 290.86 billion by CY2032, exhibiting a CAGR of 4.5% during the forecast period. Port infrastructure refers to physical facilities and structures essential for operations and management of maritime transportation. This includes docks, berths, terminals, warehouses, and cargo-handling equipment that support the loading and unloading of ships. Additionally, essential services such as customs, security, and maintenance are integral parts of ports.

Asia Pacific region - Securing the largest market share

Asia Pacific accounted for USD 56.46 billion in 2025, representing 26.46% of the global market share, and is projected to reach US$ 59.48 billion in 2026. Asia Pacific is anticipated to account for the second-highest market size of US$ 59.48 billion in 2026, exhibiting the second-fastest growing CAGR of 4.70% during the forecast period. This growth is largely attributed to the increasing demand for trade and commerce in countries such as China, India, and Japan, which are home to some of the worlds largest and busiest ports. In China, the countrys ports have been instrumental in facilitating its growing trade volumes, with the countrys containerised cargo volumes reaching 234 million TEUs in 2020, according to the China Ports and Shipping Society (CPSS).

The rapid growth of e-commerce in China has also led to an increase in the demand for express delivery services, further driving the demand for infrastructure activities across the ports. The market value in China is expected to be US$ 15.44 billion in 2026.

On the other hand, India is projecting to hit US$ 11.18 billion and Japan is likely to hold US$ 10.11 billion in 2026.

(Source: Fortune business insights)

Global port capacity

Ports facilitate 90% of global trade by volume and 70% by value, serving as economic arteries. Ports are the gateways for importing and exporting goods, seamlessly connecting global supply chains. Port operations dictate the speed of supply chains, influence the cost of goods, and serve as crucial indicators of a nations economic health. Cargo ports specialise in handling specific types of goods, including containerised, bulk (oil, coal), or breakbulk cargo (machinery).

Global maritime trade relies heavily on the worlds busiest ports, which serve as critical gateways for international commerce. These massive logistics hubs handle millions of containers annually, facilitating the movement of goods that power the global economy. Global container throughput exceeded 849 million TEUs, with the top 100 ports handling 743.6 million TEUs in 2024, reflecting an 8.1% increase. In 2024, the worlds top 20 ports generated a consolidated traffic of 414.6 million TEUs, an increase of 7.1% compared to the previous year.

Driven by Asian growth, particularly China, global capacity continues to rise after rebounding from pandemic-related stagnation, with Shanghai leading at over 51 million TEUs.

(Source: Shipfinex, upply)

Bulk

The global dry bulk shipping market size was estimated at US$ 168.5 billion in 2025. The market is expected to grow from US$ 174 billion in 2026 to US$ 249.8 billion in 2035, at a CAGR of 4.1% according to a by Global Market Insights Inc.

(Source: G M Insights)

Container

Container ports are vital knots in the global supply chain, enabling the transport of shipping containers across vast distances and several means of transportation, be it ships, trucks, or trains. Being a manufacturing powerhouse and a leading exporter of machinery, electronics, and consumer goods, China has some of the largest container ports in the world in terms of total capacity and throughput.

Liquid

Global port capacity for liquid bulk, including oil, chemicals, and liquefied natural gas (LNG) is experiencing significant expansion, particularly in Asia, driven by the rising demand and new infrastructure projects. Over 362 million barrels of new liquid storage capacity is expected to become operational by 2028, with port terminals leading in project development.

(Source: GlobalData)

Indian Ports - An Overview

With its 11,000+ km coastline, India is the 16^th largest maritime nation in the world and a critical player in global trade. The countrys maritime infrastructure is anchored by 12 major ports and more than 200 notified minor and intermediate ports. Six new mega ports are being planned under the National Perspective Plan for Sagarmala to enhance Indias maritime capacity and reduce logistics costs at Vadhavan (Maharashtra), Enayam (Tamil Nadu), Tajpur (West Bengal), Paradip Outer Harbour (Odisha), Sirkazhi (Tamil Nadu), and Belekeri (Karnataka).

Nearly 95% of Indias trade by volume and 70% by value is carried through maritime transport, underscoring the sectors central role in sustaining economic growth and international commerce. The government has been a strong enabler for the industry, allowing 100% Foreign Direct Investment (FDI) under the automatic route for port and harbour construction and maintenance, while also offering a 10-year tax holiday to enterprises engaged in the development, operation, and maintenance of ports and inland waterways.

Indias major ports consistently demonstrated remarkable progress over the past decade, with FY 2025-26 emerging as a milestone year in terms of cargo handling, operational efficiency, and infrastructure modernisation. Indias major ports registered an impressive annual growth rate of 7.00% in cargo handling, increasing from 854.86 million tonnes in FY 2024-25 to 914.73 million tonnes in FY 2025-26, highlighting their resilience and capacity in accommodating rising trade volumes. Commodity-wise cargo performance at major ports remained strong during FY 2025-26. Coal cargo recorded the highest growth of 28.08%, increasing to 192.32 million tonnes in FY 2025-26 from 150.16 million tonnes in FY 2024-25. POL and crude products grew by 16.18% y-o-y to 272.28 million tonnes in FY 2025-26, while fertiliser cargo increased by 13.04% y-o-y to 29.26 million tonnes in FY 2025-26. Container traffic also registered healthy growth of 10.07%, rising to 213.01 million tonnes in FY 2025-26. Iron ore cargo remained broadly stable, with a marginal growth of 1.54%. However, foodgrains declined by 44.69%, and other commodities declined by 21.07% during FY 2025-26.

For the non-major ports, total cargo volume handled during FY 2025-26 stands 753.07 million tonnes with 1.44% y-o-y growth. For non-major ports, overall growth was moderate during FY 2025-26. Fertiliser cargo recorded strong growth of 51.90%, increasing to 18.54 million tonnes from 12.20 million tonnes in FY 2024-25. POL and crude products grew by 13.47% to 196.74 million tonnes in FY 2025-26, while container traffic increased by 2.25% to 161.65 million tonnes in FY 2025-26. However, coal cargo declined marginally by 0.89%, while iron ore, foodgrains and other commodities declined by 7.38%, 28.48% and 11.80%, respectively during FY 2025-26. Despite these declines, growth in POL, fertilisers and containers supported the overall cargo movement at non-major ports.

As of August 2025, India had 234 port modernisation projects worths Rs.2,91,622 crore (US$ 34.12 billion). Of this, 98 projects worth Rs.32,066 crore (US$ 3.75 billion) have been completed and 62 projects worth Rs.75,650 crore (US$ 8.85 billion) are being implemented.

Factors driving Indias Ports industry

• Infrastructure modernisation: Significant private sector investment via PPP has modernised terminals, increasing operational efficiency and cargo handling capacity.

• Rising containerisation and trade: As India grows into a US$ 10 trillion economy, container traffic is expected to grow by a CAGR of 7%, driven by industrial activity and rising consumption.

• Improved hinterland connectivity: Development of dedicated freight corridors and improved rail and road networks are critical in streamlining logistics and reducing transit times.

• Increased efficiency: The average turnaround time has improved due to digitalisation, with major ports reducing pre-berthing detention, enhancing competitiveness on the global stage.

• Expansion in coastal shipping:

A push towards more cost-effective and eco-friendly transportation, such as Rail-Sea-Rail movement for cargo is gaining momentum.

Other significant drivers include development of deep-draft ports to accommodate larger vessels and increased focus on green port initiatives to power terminals with renewable energy by FY2030. With perseverance and creativity, Indias ports are positioning themselves as beacons of responsibility, inspiring the world toward a cleaner, brighter future.

(Source: IBEF)

Exim Trade in India

Positive growth in Indias exports is a result of expected revival in manufacturing activity, conclusion of export orders, favourable prospects of current trade negotiations, and expected continued accommodative stance in India. Building the momentum of the previous year, cumulative exports (merchandise a services) during April-March 2025-26 are estimated to have touched US$ 860.09 billion, as compared to US$ 825.26 billion in April-March 2024-25, indicating an estimated growth of 6.15%. This marks the highest-ever shipments and underscore the resilience of outbound trade despite the global trade environment.

Merchandise exports registered a positive growth of 2.20% with cumulative value having increased to US$ 366.63 billion, as compared to US$ 358.75 billion during April-January 2024-25. Cumulative nonpetroleum exports were valued at US$ 320.94 billion, an increase of 4.89% compared to US$ 305.98 billion in April-January 2024-25. Major drivers of growth in merchandise exports included engineering goods, petroleum products, meat, dairy and poultry products, marine products and iron ore.

On the other hand, total imports stood at US$ 823.41 billion during April-January 2026, as compared with US$ 772.85 billion in the corresponding period of the previous year. Merchandise imports at US$ 649.86 billion increased 7% from US$ 606 billion in the same period of the previous year. Services imports were higher by 4% at US$ 173.55 billion vs US$ 166.72 billion in the earlier period.

(Source: PIB)

All India Cargo - Key Trends

Indias ports collectively handled a record 1668 MT of cargo during FY 2025-26, surpassing the previous record high of 1597 MT. This marks a year-on-year growth of 4.4% demonstrating sustained growth in maritime trade and reaffirming the sectors strong recovery, enhanced efficiency, and sustained growth trajectory. This milestone underscores the impact of transformative reforms and strategic investments undertaken by the Government to modernise port infrastructure, enhance logistics efficiency, and strengthen Indias position as a leading maritime nation under the Maritime Amrit Kaal Vision 2047.

Looking ahead, inland waterways are expected to handle more than 200 MT by 2030, and more than 500 MT by 2047 under the Maritime Amrit Kaal Vision. This has been promoted through schemes such as Jalvahak, along with favourable regulatory measures such as tax reforms. (Source: ICRA)

Trends in All-India Cargo Handling (In MT)

Commodity-wise growth in Cargo at Major and Non-Major Ports

	Major Ports		Non-Major Ports		All-India Ports
	FY 2025	FY 2026	FY 2025	FY 2026	FY 2025	FY 2026
Petroleum, Oil & Lubricants (POL) and	234.4	272.3	173.4	196.8	407.8	469.1
Crude Products
Coal	150.2	192.3	204.5	202.8	354.7	395.1
Container	193.5	213.0	158.1	161.6	351.6	374.6
Iron Ore	49.3	50.1	67.4	62.4	116.7	112.5
Other Commodities	195.9	154.6	121.4	107.1	317.3	261.7
Fertilisers	25.9	29.3	12.2	18.5	38.1	47.8
Foodgrains	5.7	3.2	5.3	3.8	11.1	7.0
Total	854.9	914.8	742.3	753.0	1,597.2	1,667.8

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: In-efficient 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 and digitisation 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

Some of the major initiatives taken by the government to promote the ports sector in India are as follows:

• The Rajya Sabha passed the Indian Ports Bill, 2025 on 18^th August, 2025, replacing the 1908 colonial law to modernise port operations, enhance transparency, ensure environmental and safety standards, and align with global practices.

• The government introduced One Nation One Port Process (ONOP) initiative in February 2025 which aims to unify documentation and processes across all major ports, reducing paperwork by 25% for container and bulk cargo operations and driving substantial savings in logistics costs.

• The Union Budget 2025-26 introduced a Maritime Development Fund (MDF) of Rs.25,000 crore (US$ 2.9 billion) to support ship acquisition and infrastructure, aiming to raise the share of Indian- flagged ships in global cargo to 20% by 2047.

• The Government of India is advancing Sagarmala 2.0 with Rs.40,000 crore (US$ 4.65 billion) in support to drive Rs.12,00,000 crore (US$ 139.49 billion) in investments from 2025 to 2035, enhancing shipbuilding, port modernisation, coastal growth, and maritime competitiveness.

• To encourage a modal shift to Inland Water Transport (IWT), the Government introduced the "Jalvahak" Cargo Promotion Scheme on 15^th December, 2024, offering 35% reimbursement on operational costs and launching scheduled cargo services on key NW routes. The Union Budget 2025-26 also extended the tonnage tax regime to inland vessels under the Indian Vessels Act 2021.

(Source: IBEF)

Sustainability

Indias maritime sector stands at a crucial crossroads-where the twin goals of economic growth and environmental sustainability must converge. The vision of a sustainable maritime future is not merely aspirational - it is an urgent necessity. From adopting shore power and LNG bunkering to retrofitting vessels with green propulsion technologies and ensuring port infrastructure aligns with international environmental standards, India is fast shaping a resilient and ecoconscious maritime ecosystem. The government reaffirm our collective resolve to transition towards greener ports, cleaner fuels, and energy- efficient shipping practices.

Indias maritime sector is focussing on the adoption of low-emission fuels such as LNG, methanol and green hydrogen by 2035. The government has articulated a clear roadmap for operationalising Net Zero goals in the maritime space, integrating innovation, international cooperation, and robust capacity-building as cornerstones of transformation. Initiatives are being taken around the development of green shipping corridors, dedicated bunkering and refuelling hubs, and port-based renewable energy systems.

National Action Plan to promote green shipping

Policy instruments

• Regulatory measures and requirement

• Development of rules for alternate fuels

• Move towards second-hand ships coming to Indian flag to be at least IMO-GHG Phase-2 certified by 2030

• Just in time arrival by 2023 for port- based incentive for low emissions ships by 2023

Infrastructure

• Green ports

• Batter charging stations

• Bunkering stations for LNG/Hydrogen

Technology and solutions

• Zero and low emissions solution for shipping

• Promotion of hybrid power for short sea shipping by 2023

• Shore power supply to all ships at all ports by 2023

• Promoting alternate fuels on all (short sea, coastal and international shipping) by 2030

(Source: PIB)

Green Port Policy

Harit Sagar: Green Port Guidelines

The Harit Sagar Green Ports Guidelines of 2023 align with the targets set under the Maritime India Vision (MIV) 2030, and with Indias COP26 commitments to reduce emission intensity by 45% by 2030 and achieve net-zero by 2070. They serve as a comprehensive framework to help Indian ports develop safe, efficient, green, and sustainable operations.

Below are the salient features of the Green Port Policy:

• Ports must reduce carbon emissions per tonne of cargo by 30% by 2030 and 70% by 2047

• Ports must increase the share of renewable energy to over 60% by 2030 and over 90% by 2047. As of 2025, New Mangalore Port has achieved 100% solar power integration, serving as a benchmark for renewable adoption

• Ports must electrify more than 50% of port equipment and vehicles by 2030, rising to over 90% by 2047

• Ports must expand green cover by over 20% by 2030 and over 33% by 2047 to improve environmental quality

• Ports must ensure shore-to-ship power supply is available to all vessels in phases, reaching EXIM vessels by 2025

• Ports must achieve 100% wastewater reuse and reduce freshwater consumption by over 20% by 2030 through better resource management

(Source: PIB)

Industry Outlook

The Indian ports & shipping sector is on a transformative growth path, supported by rising investments, expanding cargo volumes, and a strategic policy push. Development of domestic waterways promises a cost-effective and environmentally sustainable mode of freight movement. By 2030, the operationalisation of 23 waterways will further diversify Indias logistics network. The ports sector stands at an inflection point, with multi-year demand tailwinds driven by growing trade, LPG/chemical logistics, and transformation toward integrated, digital, and sustainable supply chains.

The Sagarmala programmes massive pipeline of 574 projects worth US$ 82 billion is reshaping coastal and port infrastructure. Mega investments at Kandla Port and the establishment of the US$ 2.87 billion Maritime Development Fund reaffirm the governments commitment to capacity building and global competitiveness in the ports sector.

As these initiatives converge, India is well-positioned to evolve as a sustainable, technology-driven maritime hub. The road ahead will be marked by enhanced efficiency, greater self-reliance, and a stronger presence in global shipping and trade networks.

The Central and state governments are collaborating to increase the nations total port handling capacity from the current 2,700 million tonnes per annum to 3,500 million tonnes per annum by 2030 and 10,000 million tonnes by 2047.

Global Logistics Sector

Logistics is a strategic enabler of growth, powered by technology and increasingly central to competitive performance. The logistics market forms the connective tissue of the global economy, enabling the movement of goods from suppliers to factories, distributors, retailers, and end customers. It encompasses transportation road, rail, air, sea, warehousing, freight forwarding, last-mile delivery, cold-chain solutions, and integrated supply-chain orchestration.

The global logistics market size, which stood at US$ 11.23 trillion in 2025, is estimated to grow to US$ 12.68 trillion in 2026. It is projected to significantly increase and nearly double at US$ 24.36 trillion by 2035, expanding by a CAGR of 8.05% between 2026 and 2035.

One of the key factors positively influencing the global logistics market is the booming e-commerce industry, as well as the improving availability of high-speed network connectivity. The need for effective logistics services is rising as the e-commerce industry grows. Furthermore, the market is being driven by a shift in customer preference toward online purchases.

Key markets trends

• Increasing digitisation and automation:

The logistics industry is experiencing a significant shift toward digitisation and automation. Logistic companies are increasingly adopting technologies such as internet of things (IoT), Artificial Intelligence(AI), Machine Learning, and robotics to streamline operations, improving efficiency and reduce cost. This includes warehouse automation, autonomous vehicles, predictive analysis, and others.

• Growing demand for waterways transportation

Water transport is generally cost-effective for transporting large volume of goods over a long distance and it has high- carrying capacity. Hence, the demand for water transportation is increasing. Such a factors are driving the growth of global logistics market in the forecast period.

India Logistics Sector

Indias logistics sector has been shaped by significant growth and positive developments over the years. The sector is estimated to be valued at more than US$ 320 billion in CY 2025, recording a CAGR of over 10% from around US$ 215 billion in 2021. Logistics currently functions as the backbone of trade and commerce, supporting the economys overall growth. This growth is largely driven by rising consumer demand, rapid growth of e-commerce and quick commerce, and policy support.

Government initiatives aimed at enhancing manufacturing logistics are generating new opportunities across various sectors. The government is undertaking significant measures to enhance the efficiency and effectiveness of the logistics sector.

Further, technology integration in the logistics sector has enhanced operational efficiency and improved performance, while storage and transportation infrastructure development has led to expansion. Together, these factors are expected to drive growth in the logistics sector in the coming years.

Freight movement through inland waterways is gaining traction. In FY 2024-25, India achieved a record 180.7 MT cargo movement on inland waterways. This reflects a CAGR of 20.89% from 18.07 MT in FY 2013-14. This milestone underscores the effectiveness of sustained investments and policy initiatives aimed at enhancing the countrys inland waterways infrastructure. Currently, there are 32 operational national waterways along with 20 new national waterways that is to be operationalised over the next 5 years. This reflects the countrys strategic push towards multimodal connectivity and sustainable transport solutions.

Indian railways carried a record 1,670 million tonnes (MT) of freight in FY 2025-26, registering a growth of 3.25% over the previous year. This strong performance was complemented by a 4.56% increase in the number of wagons handled, which increased from 2,79,12,271 in 2024-25 to 2,91,86,475 in 2025-26. The steady rise in freight loading highlights the increasing demand for reliable, cost-effective, and efficient logistics solutions, positioning Railways as a preferred mode of transport for bulk commodities.

(Source: PJB; Ministry of Ports, Shipping and Waterways)

India Railway Logistics/Freight Services

Indias extensive rail network has the capability to boost cross-country logistical connectivity and reduce road congestion. Railways is the backbone of the countrys logistics sector moving 27% of all goods in the country across its network of 68,000 kms. The Indian Railways (IR) plays a pivotal role in Indias economic growth by facilitating the movement of freight across the country.

The overall performance of freight operations in Indian Railways reinforces its role as a key logistics provider supporting economic activity and infrastructure development across the country. Indian Railways recorded a strong performance in freight operations in FY 2025-26, carrying a record 1,670 MT of cargo, marking a 3.25% increase over the previous year.

Key commodities such as fertilisers and pig iron and steel drove growth, registering increases of 13.49% and 13.11% respectively. Core infrastructure commodities also contributed to the overall performance. Iron ore transportation increased by 6.74% to 190.12 MT, while cement loading rose by 4.74% to 157.17 MT, reflecting ongoing infrastructure and construction activity.

Key government initiatives

A range of initiatives, including the National Rail Plan (NRP), PM Gati Shakti, dedicated freight corridors, electrification and multi-tracking, have been implemented to strengthen infrastructure and enhance operational capacity. These measures are designed to create a physical and systemic foundation for scaling freight movement by rail.

In recent years, the government has been focussed on making the nation a global logistics powerhouse and has invested in numerous schemes and projects towards this goal. In 2022, the National Logistics Policy was launched to provide a tech-enabled, integrated, cost-effective, and future-proof logistics ecosystem. As part of this policy, the 900-acre Integrated Multi-Modal Logistics Hub is being developed in the state of Haryana, to centralise freight consolidation and reduce logistics costs.

A. PM Gati Shakti National Master Plan

Launched in October 2021, the PM Gati Shakti National Master Plan is a transformative Rs.100 crore initiative designed to modernise Indias infrastructure through integrated, data-driven planning. The Network Planning Group (NPG), constituted under the PM Gati Shakti National Master Plan (PMGS-NMP) framework, evaluates the critical infrastructure projects of the central government to ensure integrated planning, multimodality, intermodality, synchronisation of efforts, last-mile connectivity, comprehensive development in and around the project location, data-driven decision-making, at the planning stage. As on February 2026, 352 infrastructure projects with total estimated cost of 16.10 lakh crore have been evaluated through the NPG mechanism. Of these 352 projects, 201 projects have been sanctioned, and of which, 167 projects are currently under implementation.

(Source: PIB)

B. Gati Shakti Multi-Modal Cargo Terminals

Gati Shakti Multi-Modal Cargo Terminals (GCTs) are the modern cargo terminals being developed and set up under the GCT Policy, 2021 of the Ministry of Railways that integrate rail with other modes of transport. Its objective is to enhance the Indian Railways share in total freight movement by providing faster, more efficient, and reliable freight services. This is essential as rail transport is more energy-efficient, cost-effective, and produces far lower carbon emissions compared to road transport, helping India reduce logistics costs and meet its sustainability goals. (Source: PIB)

C. Dedicated Freight Corridors

Dedicated freight corridors are high-capacity electrified railway lines designed exclusively for transport of goods to improve logistics efficiency, reduce transit times, and lower emissions. This includes a network of electric broad gauge freight railway lines that solely serve freight trains, making freight service in India faster and more efficient. The Dedicated Freight Corridor Corporation of India Limited (DFCCIL) is responsible for undertaking planning, development, mobilisation of financial resources and construction, maintenance and operation of these corridors.

In early 2026, Indian Railways, through its visionary Dedicated Freight Corridor initiative, introduced the innovative Trucks-on- Trains (ToT) service. Conceived as part of Indian Railways longterm freight transformation strategy, the DFC network provides the backbone that enables new-generation multimodal logistics. ToT integrates the flexibility of road transport with the efficiency and environmental benefits of electrified rail infrastructure developed under the Dedicated Freight Corridor program. The service allows loaded trucks to be carried on specially modified flat wagons along the dedicated freight corridor. Trucks avoid long, congested highway journeys and travel by rail for the main haul, and then complete short first- and last-mile road movements.

(Source: PIB)

D. RSR Policy - Coal Transportation Model

The Indian government is actively promoting the Rail-Sea-Rail (RSR) Coal Transportation Model, which aims to integrate the RSR transportation for efficient movement of coal. This multimodal system allows for seamless transportation of coal from mines to port and to their end-users, while improving logistical efficiencies. It connects miles to southern/western power plants via sea, offering savings of Rs.760-1,300 per tonne.

The coastal shipping mode of transportation has the potential to revolutionise Indias logistics industry. The mode reduces congestion on the all-rail route (ARR) by providing additional alternative mode of coal evacuation and ensures lower carbon- footprint compared to ARR mode of coal movement. Through the RSR model of coal transportation, the government is aiming to clock 65 million tonnes (MT) by FY2026 and 120 MT by FY2030 in order to lower logistics costs and carbon footprint.

(Source: PIB)

Industry Outlook

State-level logistics policies and city logistics plans are helping address region-specific issues while also identifying opportunities aligned with the regions economy. Initiatives such as the Logistics Ease Across Different States (LEADS) index assess the logistics performance of states and union territories (UTs). It incorporates both perception- based inputs and objective data, covering key metrics including regulatory and institutional support, logistics services, and others.

Meanwhile, the Strengthening Multimodal and Integrated Logistics Ecosystem (SMILE) programme has been launched by the Department for Promotion of Industry and Internal Trade in collaboration with the Asian Development Bank, beginning with a pilot for eight cities in eight states.

Looking ahead, the sector is expected to register a CAGR of over 10% to reach a market value of over US$ 520 billion by 2030. Increased emphasis is also being placed on reducing logistics costs to below 10% of GDP. Further, AI and automation are expected to transform the sector. Ensuring that growth in manufacturing is complemented by adequate development of allied storage, infrastructure and multimodal integration will be critical to achieving these targets.

(Source: Indian Infrastructure)

COMPANY OVERVIEW About Us

JSW Infrastructure Limited (hereafter referred to as JSW Infrastructure or the Company) is a part of the JSW Group, a multinational conglomerate with a diverse portfolio of global assets across multiple sectors. The Company is the second-largest private commercial port operator and fast growing logistics platform in India, has a total operational cargo handling capacity of 183 MTPA.

Founded in 2004 to support the logistics and supply chain needs requirements of JSW Steel and other group companies, it offers a range of maritime-related services including cargo handling, storage, logistics and value-added solutions, having 13 maritime facilities strategically located across India on the countrys west and east coasts.

The Company also manages a liquid storage terminal in Fujairah, UAE, with a capacity of 4,65,000 cubic metres (5 MTPA), and operates two dry bulk terminals under O&M agreements at Fujairah and Dibba, handling a total capacity of 41 MTPA. Since expanding in 2019 to serve third-party customers, the Company entered the logistics sector with innovative supply chain solutions. In FY2026, its third-party business accounted for 48% of total cargo.

Long-term port concessions and value-driven assets

JSW Infrastructure develops and operates ports and terminals through long-term port concessions, typically lasting 30-50 years, providing predictable long-term value. The operational facilities have a capacity- weighted average remaining concession period of around 21 years, with one of its largest, Jaigarh Port, holding a remaining concession period of 32 years.

Strategically located assets

JSW Infrastructure operates strategic ports and terminals along Indias west and east coasts. The west coast ports are located in Maharashtra, Goa and Karnataka, while the east coast facilities are in Odisha, West Bengal and Tamil Nadu.

Being the preferred port for customers

JSW Infrastructure operates ports and terminals that are strategically located near key anchor customers, Industrial regions including Maharashtra, Goa, Karnataka, Tamil Nadu, Andhra Pradesh and Telangana, as well as mineral-rich areas such as Chhattisgarh, Jharkhand and Odisha, offering convenient access to cargo origination and consumption points. Its ports and terminals are supported by robust evacuation infrastructure, including multimodal solutions via coastal transport with a dedicated fleet, rail networks, road systems and conveyor systems.

Presence in Logistics & Port connectivity

The Company is building an integrated port-led logistics ecosystem through the acquisition of Navkar Corporation, bringing key assets like Morbi ICD and CFS facilities at Somathane and Ajivali. This is further strengthened by the development of the Arakkonam GCT and investments in 25 rail rakes, enabling seamless multimodal cargo movement and scaling its logistics footprint across the value chain.

BUSINESS OVERVIEW

Growth in cargo capacity and volumes

The installed cargo handling capacity of the Company grew to 183 MTPA in FY2026, as compared to 177 MTPA in FY2025 and 170 MTPA in FY2024. During the year, the Company handled cargo volumes of 121.6 MT, up from 116.9 MT in FY2025 and 107.0 MT in FY2024. This was supported by increase in capacity utilisation driven by the strong performance of the South West Port, Jaigarh Port and Dharamtar Port. Interim operations at Tuticorin and JNPA liquid terminal also contributed positively.

Cargo volumes

In FY2026, third-party cargo increased to 58.81 MT, up from 57.25 MT in FY2025, representing 2.7% growth driven by expanding operations, higher capacity utilisation, continuous infrastructure enhancements at the ports, and the ever-growing demand. The share of third party cargo stood at 48% of the total cargo volume, while the group cargo contributed the remaining 52%.

Cargo capacity and YoY increase in total cargo handled

	Existing capacity (MTPA)	Cargo handled in FY2025 (MT)	Cargo handled in FY2026 (MT)
JSW Infrastructure Limited		2.43	2.99
JSW Jaigarh Port Limited	55.00	19.85	20.27
South West Port Limited	11.00	6.36	8.55
JSW Jaigarh	34.00	23.14	24.53
JSW Dharamtar Port Private
Limited
JSW Paradip Terminal Private Limited	10.00	11.41	7.26
Ennore Coal Terminal Private	11.00	10.19	10.38
Limited
Ennore Bulk Terminal Private	2.00	2.12	1.65
Limited
Mangalore Coal Terminal Private Limited	8.07	6.26	6.27
JSW Paradip Terminal Private Limited	30.00	18.93	19.01
Paradip East Quay Coal Terminal Private Limited
JSW Mangalore Container Terminal Private Limited	4.20	2.38	2.49
PNP Maritime Services Private	8.00	5.49	5.34
Limited
JSW JNPT Liquid Terminal Private Limited	4.50	0.20	1.30
JSW Tuticorin Multipurpose Terminal Private Limited Tuticorin Dry Bulk		0.85	4.99
JSW Middle East Liquid Terminal Corp, UAE	5.00	7.32	5.71
JSW Terminal (Middle East) FZE	-	-	0.84
Total	183	116.91	121.58

Key Developments, FY2026

Ports Business

The Company strengthened its Port operations during the year, supported by a focus on sustainable growth and an aim to achieve efficiency improvements, as mentioned below.

• Completed modernisation of the liquid berth at JNPA, with a current capacity of 4.5 million tonnes, which will improve liquid cargo efficiency at one of Indias key gateway ports, supporting the strategy to diversify from bulk-heavy cargo into liquid cargo.

• Increased capacity of Ennore Coal Terminal from 9.6 MTPA to 11 MTPA and increased draft length at berths to handle capesize vessels. The expansion will enable the Terminal to handle higher volumes more efficiently, supporting growing customer demand.

• The 302-kilometre iron ore slurry pipeline, expected by March 2027, will enhance iron ore logistics by shifting transport from road or rail to a more efficient pipeline system, reducing costs and improving supply reliability and supply chain efficiency for the anchor customer.

• Brownfield expansion projects also progressing as planned, driven by capacity additions of 21 MTPA at Dharamtar and 15 MTPA at Jaigarh Ports, aligned with 5 MTPA steel capacity expansion at Dolvi.

These enhancements will support higher cargo volumes and strengthen long-term growth visibility at both these private ports.

• As Indias only port operator simultaneously developing three greenfield ports, the long-term growth pipeline is supported by advantageously located, high-capacity assets including a 30 MTPA port at Jatadhar (Odisha), a 33 MTPA port at Murbe (Maharashtra), and a 30 MTPA port at Keni (Karnataka). Once completed, these projects reinforce JSW Infrastructures leadership in capacity creation and underscore commitment to shaping the next phase of Indias maritime infrastructure.

• Partnered with Minerals Development Oman to develop a 27 MTPA greenfield port at Dhofar, with an investment of US$ 419 million, to develop, create and operate the bulk port.

• Also scaling up container business by securing secured two bids at Syama Prasad Mookerjee Port Authority, Kolkata. These include reconstruction and mechanisation of berths at Netaji Subhash Dock with 0.45 million TEUs (6.3 MTPA) capacity.

Logistics Business

• Navkar Corporation delivered a strong performance with domestic and EXIM cargo volumes growing 40% and 21%, respectively. Capacity utilisation improved to 56% from 44%, reflecting higher operational efficiency. Despite temporary challenges at Morbi ICD due to fuel supply constraints, Operating EBITDA rose sharply to 118 crore from 8 crore in FY2025, highlighting improved fundamentals and profitability.

• Marking a strategic entry into rail logistics, JSW Infrastructure is developing an ICD and MMLP at Kudathini near Vijayanagar, Karnataka. Kudathini MMLP will offer rail based dispatch, storage, consolidation and value-added services for outbound steel and other industrial cargo, strengthening integrated logistics capabilities. Upon commencement of ICD operations, the facility will handle EXIM cargo, with container handling services forming a key component of its revenue stream.

• Strengthening integrated logistics ecosystem through development of two GCTs at Arakkonam (Tamil Nadu) and Somathane (Maharashtra), enhancing presence across key consumption and industrial centres under the Gati Shakti initiative.

• Investing in a dedicated rail rake fleet to strengthen port evacuation from and expand hinterland connectivity. Acquired 25 rakes, adding to 17 container rakes in Navkar Corporation, taking the total fleet to 42. With additional orders placed, scaling the fleet to ~250 rakes in the medium term.

• Navkar Corporation Limited received the Letter of Acceptance from the Railways for developing a Gati Shakti Multi-Modal Cargo Terminal (GCT) at Somathane, fully located on Railway land, under the GCT policy.

ROADMAP FOR FUTURE GROWTH

Key strategies

Future Strategies

The Company is focussed on building world-class infrastructure and digitised logistics value chain driven by analytics, visibility and automation. It aims to more than double its cargo handling capacity to 400 MTPA by FY2030 or earlier, while enhancing utilisation across its beneficially situated ports in line with the rising cargo volumes.

Simultaneously, it is advancing its logistics segment with a planned investment of Rs. 9,000 crore over FY 2025-2030. Building on the Navkar acquisition, this initiative aims to establish a robust, integrated pan- India logistics network. The Company continues to reinforce its focus on value-accretive growth and delivering industry-leading returns on capital.

Ports: Growth in cargo volumes, coupled with a favourable shift in cargo mix, drove a 10% increase in revenue from operations to Rs.4,647 crore in FY2026, up from Rs.4,226 crore in FY2025. Operating EBITDA also grew by 10% to Rs.2,462 crore in FY2026, compared with Rs.2,231 crore in the previous year, reflecting sustained operational efficiency and robust throughput growth.

Logistics: Strong operational performance at Navkar Corporation, along with the consolidation of the newly acquired rail rakes business, contributed to robust growth in the logistics segment. Revenue from operations stood at Rs.715 crore in FY2026, while operating EBITDA reached Rs.142 crore, underscoring the segments growing contribution to the Companys integrated logistics platform.

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 Kolkata Container Terminal Private Limited

21. JSW Port Logistics Private Limited

22. Khurja Rail Terminal Private Limited

23. Navkar Corporation Limited

24. JSW Rail Infra Logistics Private Limited

25. JSW Minerals Rail Logistics Private Limited

26. JSW (South) Rail Logistics Private Limited

27. JSW Overseas FZE

Key Financial Highlights ( Crore)

	FY 2026	FY 2025	FY 2024
Revenue from Operations	5,361	4,476	3,763
Revenue Growth (%)	19.78%	18.95%.	17.78%
Total Income	5,707	4,829	4,032
Operating EBITDA	2,604	2,262	1,965
Operating EBITDA Margin (%)	48.56%.	50.54%.	52.21%.
EBITDA	2,950	2,615	2,234
EBITDA Margin (%)	51.68%.	54.15%.	55.40%
Profit for the period/year after tax (PAT)	1,547	1,521	1,161
PAT Margin (%)	27.10%.	31.51%.	28.78%.
Net Worth	10,510	9,329	7,966
Net Debt	3,101	1,471	65
Net Debt to Operating EBITDA	1.19	0.65	0.03
Net Debt to Equity (Gearing Ratio)	0.27	0.14	0.01
Return on Equity (ROE) (%)	13.23%	14.51%.	14.10%
Return on Capital Employed (ROCE) (%)	13.45%	14.35%.	18.42%
Earnings Per Share ( )	7.32	7.27	6.01
Operating Cash Flow	2,021	2,100	1,803
Installed Capacity (MT)	182.77	176.90	170.00
Capacity Utilisation (%)	62.29%	63.86%	61.06%.
Total Cargo Volumes Handled (MT)	121.58	116.91	107.04
Total Cargo Growth (%)	3.99%	9.22%.	14.67%.

 

Particulars	YTD FY 2025	YTD FY 2026	YoY	Reason for change
Debtors Turnover (no. of days)	61	64	5%	Increase in ratio mainly due to increased operations
Interest coverage ratio	67.95	22.17	-67%	Manily due to decrease in FD & MF income
Current Ratio	3.02	2.27	-25%	Mainly due to increase in capital payables
Net Debt / Equity	0.14	0.27	89%	Due to increase in debt
Operating EBIDTA margin	50.54%	48.56%	-4%	Lower operating margin due higher portion of logistics segment
Net profit margin	31.51%	28.85%	-8%	Mainly due to forex loss and exceptional items
Return on Equity (RoE) (%)	14.51%.	13.23%	-9%	Mainly due to forex loss and exceptional items

INFORMATION TECHNOLOGY

The Company enhances operational efficiency through advanced technologies, modern infrastructure and enhanced automation. By deploying industry-specific software solutions to capture real-time data across its ports and terminals, the Company optimises costs, improves performance and drives seamless and reliable port operations.

HUMAN RESOURCE MANAGEMENT

JSW Infrastructure designs its HR policies to help employees realise their full potential. The Company focusses on continuously strengthening workforce performance and organisational effectiveness to create drive greater business value, while fostering a safe, secure and motivating work environment that enables the individuals to excel.

Labour practices and human rights

The Company implements its HR policies through a dedicated team, ensuring compliance with ethical standards, human rights and local laws. It has established committees to address workplace grievances, including sexual harassment, and regularly reviews safety and work- related matters across its locations. For more details, please refer page no. 92

CORPORATE SOCIAL RESPONSIBILITY

Driven by a strong sense of social responsibility, JSW Infrastructure works to strengthen communities and foster sustainable livelihoods in its areas of operation. Through the leadership of JSW Foundation which drives the CSR initiatives of the JSW Group, the Company invests in programmes that improve living standards, advance social development, reduce inequalities and address environmental challenges, while supporting rural initiatives in health, education, nutrition, and skill development.

It classifies its CSR initiatives into Direct and Indirect Impact Zones, based on the proximity of its facilities to beneficiary communities, and plans to expand the Direct Impact Zone as operations grow. The Company partners with government authorities and regularly monitors their impact and effectiveness.

RISK MANAGEMENT

JSW Infrastructure adopts an approach to risk management, identifying, monitoring and mitigating risks across its operations. Its comprehensive Risk Management Policy supports sustainable growth, strong governance, and compliance with the Companies Act, 2013. The Risk Committee oversees the development and implementation of the Companys risk management framework.

Enterprise risk management

The Enterprise Risk Management Framework of the Company effectively identifies, assesses, evaluates, and manages internal and external risks, and implements appropriate mitigation strategies. It acknowledges that compliance-related, operational and strategic risks can disrupt operations and affect the achievement of its objectives. Its risk-based approach is crucial for ensuring efficient management of operations and for effective risk handling, and successfully achieves strategic, operational, reporting and compliance.

HEALTH, SAFETY AND ENVIRONMENT

JSW Infrastructure treats safety as a core value guiding our every action. Committed to ensuring that every individual (employees, contractor workers, associates, partners, and visitors) return safely, the Company strives for a Zero Harm environment for all by continuously strengthening its safety management systems. To achieve this vision, the Company integrates strong leadership, robust safety systems and a skilled workforce across its operations, fostering a culture of accountability, excellence and an unwavering commitment to health and safety.

During the year, the Company strengthened its safety ecosystem through initiatives such as the establishment of a Safety Experience Centre with simulator-based learning, deployment of AI-enabled monitoring systems and enhancement of critical controls like Permit- To-Work (PTW) systems. Operationally, it maintained an exemplary safety record with zero injury performance at key locations, high compliance levels in machine safety and proactive risk mitigation through audits and corrective actions. This commitment was further validated through multiple recognitions, underscoring its focus on achieving world-class safety standards while driving continuous improvement in workplace health and safety.

Ethical behaviour

JSW Infrastructure regards ethical behaviour as a cornerstone of its operations. The Company adheres strictly complies to regulatory laws, corporate governance guidelines, and global best practices, guided by the JSW Groups ethics policies. It enforces fair business practices across all operations and ensures its workforce is well-versed in its Code of Conduct.

The Company maintains a vigil mechanism allowing directors and employees to report unethical behaviour, fraud or code of conduct violations. Policies such as the Whistle-Blower Policy, Gift and Hospitality, and Conflict-of-Interest policies ensure all issues are investigated and promptly resolved.

INTERNAL CONTROL SYSTEM AND AUDIT

JSW Infrastructure views internal control systems as a key to its corporate governance framework. Its governance principles provide a structured approach to controls and audits, tailored to business requirements. A robust system of internal control and audit, commensurate with the size and nature of the business, forms an integral part of the Companys policies. The Internal Audit and Assurance Services team, comprising finance professionals, engineers and experienced executives, conducts rigorous audits across all functions throughout the year, and presents key findings to senior management and the Audit Committee. The Company focusses on compliance with internal controls, improving operational efficiency, and assessing key processes and risks. The systems are designed to identify and mitigate risks, ensure process adherence, and foster a culture of control awareness.

Significant Features

• Ensures adequate documentation of policies, guidelines, authority and approval procedures covering critical functions

• Implements an ERP system covering most operations and supported by a defined online authorisation protocol

• Ensures complete compliance with laws, regulations, standards, internal procedures and systems

• Maintains the integrity of accounting systems and ensures the proper and authorised recording and reporting of all transactions

• Prepares and monitors annual budgets for operating and service functions

• Ensures reliability of financial and operational information

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

• Implements a comprehensive Information Security Policy and continuously updates the IT systems

STATUTORY COMPLIANCE

Full compliance is ensured by JSW Infrastructure with relevant laws through comprehensive systems and processes. The Company Secretary implements these systems and processes to monitor compliance and ensure effective operation. The Chief Executive Officer and Managing Director present a certificate of compliance with applicable laws at each Board meeting, and the Company Secretary complies with laws and other applicable regulations.

AUDIT PLAN AND EXECUTION

The Internal Audit Team of the Group frames a risk-based audit plan determining 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. It conducts regular reviews including areas of increased significance aligned with emerging industry trends and growth plans. The Companys 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 FY 2026.