JSW Infrastructure Ltd.
NSE: JSWINFRAJSW Infrastructure Ltd.: A 30-second snapshot
JSW Infrastructure (JSWINFRA) operates port and logistics assets under the JSW Group umbrella, with FY26 revenue up 20% YoY but Q4 FY26 net profit declining 18% to approximately ₹418–424 crore due to forex losses and one-off items. At ₹267.10, the stock trades below its 200-DMA of ₹282.15 and 23.5% off its 52-week high, with trailing PE of 36.7x compressing toward a forward PE of 23.3x on analyst estimates. The balance sheet carries a debt-to-equity ratio of 59.0 — elevated relative to non-financial infrastructure norms — while FCF has been positive in 4 of the tracked years.
P/E
36.7
Forward P/E
23.3
ROE
+13.9%
Debt / Equity
59.00
Profit Margin
+28.4%
Div. Yield
+0.3%
5Y ROE > 15%
2/5
5Y FCF > 0
4/5
Quality
56/100
News
8 headlines · 5 positive · 2 negative
JSW Infra Q4 profit declines 18% to ₹418 crore amid one-offs, forex loss - Business Standard
Business Standard
JSW Infra Q4 profit falls 18% to ₹423.67 cr - BusinessLine
BusinessLine
JSW Infra Subsidiary Gets Customs Approval to Start Operations at Kolkata NSD Berth 7 - PSU Connect
PSU Connect
JSW Infra FY26 Revenue Up 20%; Dividend ₹0.90, Targets 400 MTPA - scanx.trade
scanx.trade
JSW Infra said to hire banks for $850 million share sale - Moneycontrol.com
Moneycontrol.com
Recent context
- ·Q4 FY26 results (reported May 2026) showed profit declining 18% YoY to approximately ₹418–424 crore on forex losses; FY26 full-year revenue rose ~20%, with management targeting 400 MTPA capacity over the medium term.
- ·JSW Infra is reported to be hiring banks for an $850 million share sale (Moneycontrol, April 2026), which would be a large equity capital raise relative to the current market capitalisation and could affect per-share metrics.
- ·A subsidiary received customs approval to commence operations at Kolkata NSD Berth 7 (May 2026), adding to the operational port network while the broader sector context shows peers such as Adani Ports trading at a lower PE of 30.9x with a higher ROE of 15.6%.
Strengths
- +Revenue CAGR of 17.9% over 5 years points to sustained capacity expansion and throughput growth across port assets, with management targeting 400 MTPA capacity.
- +FCF was positive in 4 of the tracked years, suggesting operations generate cash even as capital-intensive capacity additions continue.
- +Forward PE of 23.3x represents a meaningful compression from the trailing PE of 36.7x, implying the consensus earnings model anticipates significant profit recovery.
- +A new berth (Kolkata NSD Berth 7) received customs approval in May 2026, and a reported $850 million share sale process points to continued capacity-building momentum.
Weaknesses
- −5-year earnings CAGR of -18.1% against 17.9% revenue growth indicates the bottom line has deteriorated materially despite top-line scale-up — a structural concern for an infrastructure asset.
- −Debt-to-equity of 59.0 is at the extreme end for non-financial infrastructure companies; with the debt trend flagged as flat, no near-term deleveraging is visible in the data.
- −Q4 FY26 profit fell 18% YoY to approximately ₹418–424 crore, impacted by forex losses and one-time items, continuing a pattern of earnings volatility.
- −ROE of 13.95% has exceeded 15% in only 2 of the tracked years, and the stock has declined 5.7% over 12 months while sitting below the 200-DMA for an extended period.
Open questions
- ?How much of the 5-year earnings decline is attributable to rising interest costs on the high debt load, and does the forward PE compression assume debt stabilisation or active repayment?
- ?If the reported $850 million equity raise proceeds at current market prices, what would the resulting dilution look like relative to current earnings per share, and how does that affect the forward PE estimate?
- ?Does the positive FCF in 4 of the tracked years persist after accounting for the full interest service on a D/E of 59.0, or does interest coverage become the binding constraint at current EBIT levels?
- ?How does JSWINFRA's 400 MTPA capacity target compare to current utilisation rates, and what is the incremental capex required to bridge that gap over the next 3–5 years?
Peer comparison: Services
Ranks 2 of 6 on quality| Symbol | Name | P/E | ROE | Quality |
|---|---|---|---|---|
| JSWINFRA | JSW Infrastructure Ltd.You're viewing | 36.7 | +13.9% | 35 |
| Industry avg | across 5 peers | 40.6 | +15.6% | 31 |
| ADANIPORTS | Adani Ports and Special Economic Zone Ltd. | 30.9 | +15.6% | 49 |
| GMRAIRPORT | GMR Airports Ltd. | — | — | 35 |
| BLUEDART | Blue Dart Express Ltd. | 48.6 | — | 35 |
| CONCOR | Container Corporation of India Ltd. | 30.9 | — | 28 |
| INDIGO | InterGlobe Aviation Ltd. | 52.0 | — | 6 |
Technical state
Current price
₹267.10
SMA 50
₹263.16
SMA 200
₹282.15
RSI (14)
46.8 (neutral)
From 52w high
-23.5%
1Y return
-5.7%
3M return
+0.7%
50-DMA
Above
200-DMA
Below
Algorithmic support levels
Algorithmic resistance levels
Risk flags
- highDebt-to-equity of 59.0 is extreme for a non-financial infrastructure company with a flat debt trend, indicating no visible deleveraging and a heavily leveraged balance sheet.
- high5-year earnings CAGR of -18.1% against 17.9% revenue CAGR signals severe erosion at the bottom line — likely reflecting rising interest or depreciation costs that have outpaced top-line expansion.
- mediumROE of 13.95% has exceeded 15% in only 2 of the tracked years; quality score of 35 ranks 2nd of 6 peers but remains below the mid-50s range typical of higher-quality infrastructure operators.
- mediumCurrent price of ₹267.10 is below the 200-DMA (₹282.15) and 23.5% below the 52-week high; down 5.7% over 12 months, with resistance at ₹270.85–₹279.75 just above current levels.
Cross-section contradictions
- Revenue has grown at 17.9% CAGR over 5 years while 5-year earnings CAGR is -18.1% — a divergence that typically signals structural cost escalation (interest burden, depreciation) or a shift in business mix, and warrants scrutiny of the capital allocation cycle.
- Mean analyst rating of 1.47 across 17 analysts (1–5 scale, lower = more constructive) sits at the constructive end of the scale, yet the stock is 23.5% below its 52-week high and trading below the 200-DMA with Q4 profit declining 18% YoY.
For informational purposes only. Not investment advice. VivaTrades is not a SEBI-registered Investment Adviser or Research Analyst. Market data sourced from public feeds; consult a registered adviser before any investment decision.
Fundamentals & technicals: refreshed 25 Jun 2026 · refreshed daily at 01:00 IST
AI synthesis (narrative, snapshot, strengths/weaknesses, peer ranking): generated 15 May 2026 · rotates through NIFTY 500 every ~5 days