JSW Infra plans Rs 16,500-cr capex in FY27–28

Mumbai: JSW Infrastructure has outlined a ₹16,500-crore capital expenditure plan for FY27 and FY28.In an analyst call, India's second-largest port operator also said its operating Ebitda is expected to double by FY28 from FY26 levels as new port and logistics assets become operational.The JSW Group company said it is targeting consolidated operating revenue of ₹5,400 crore and operating Ebitda of ₹2,600 crore for FY26. "Building on this FY26 base, we anticipate Ebitda growth of approximately 15% in FY27 and expect it to double approximately by FY28," said Rinkesh Roy, joint managing director and chief executive officer of JSW Infrastructure.He clarified that the doubling is measured from FY26 levels.Roy said the guidance factors in the commissioning of port expansion projects and the transition of logistics investments from the capital expenditure phase to earnings contribution. FY28 will be a "landmark year in our expansion journey," he said in the earnings call after the third quarter results.The guidance comes even as the company moderated near-term cargo volume growth and deferred part of its FY26 capital spending. Roy said JSW Infrastructure is now targeting cargo volumes of around 123 million tonnes for the current year. "For the coming year, it could be in the range of 6% to 7%, and then on, we will have a massive ramp-up to 165 million to 175 million tonnes," he said, referring to FY28.For FY26, JSW Infrastructure now expects capex of ₹3,500 crore, including ₹2,000 crore for ports and ₹1,500 crore for logistics, lower than earlier guidance. Chief financial officer Nagarajan J said the reduction is due to timing of payments rather than a change in project scope. "The purchase orders have been raised. The payout has been deferred because we have gone for bank guarantees and letters of credit," he said, adding that payments have been pushed into the next two years.The heavier investment cycle is slated for FY27 and FY28, when the company plans to spend around ₹13,000 crore on ports and ₹3,500 crore on logistics.As of December 2025, JSW Infrastructure's net debt stood at ₹1,888 crore, with net debt-to-operating Ebitda at 0.76 times. Nagarajan said the balance sheet strength and rising cash flows position the company to scale up capacity to 400 million tonnes while expanding its logistics business.In the December quarter, the firm's net profit increased 9.1% to ₹359 crore, while revenue rose 14.2% to ₹1,349 crore. Ebitda grew 10.1% to ₹643 crore, though margins declined to 47.6% from 49.5% a year earlier.