JSW Infrastructure Q2 FY27 Results: Consolidated Net Profit ₹328 Crore on Total Income of ₹1,669 Crore
Earnings
Ports and logistics
Blacklitt Research3 min read
Bernard Spragg. NZ from Christchurch, New Zealand, via Wikimedia Commons (CC0). Illustrative image.
JSW Infrastructure (NSE: JSWINFRA) reported consolidated total income of ₹1,669.47 crore and net profit of ₹328.23 crore for the quarter ended 30 Sep 2026, it said in a filing on 27 Oct 2026. Standalone total income was ₹540.04 crore and standalone net profit ₹279.13 crore for the same quarter.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹1,669.47 crore, up 21.7% YoY and 11.2% QoQ
Net profit and EPS: ₹328.23 crore, down 11.0% YoY; basic EPS ₹1.35 annualised, against ₹1.74
Finance costs: ₹256.77 crore, up 145.5% YoY, against ₹104.59 crore
Standalone
The company on its own, without its subsidiaries
Total income: ₹540.04 crore, up 33.9% YoY and 123.3% QoQ
Net profit and EPS: ₹279.13 crore, up 134.5% YoY; basic EPS ₹1.24, against ₹0.57
Other income: ₹376.18 crore, 69.7% of total income
Summary
Consolidated ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
1,669.47
1,372.31
+21.7%
1,501.63
+11.2%
Revenue from operations
1,480.92
1,265.59
+17.0%
1,444.83
+2.5%
Other income
188.55
106.72
+76.7%
56.80
+232.0%
328.23
368.81
-11.0%
357.60
-8.2%
Profit before tax
431.13
463.29
-6.9%
462.79
-6.8%
Finance costs
256.77
104.59
+145.5%
102.05
+151.6%
Depreciation
175.08
148.52
+17.9%
165.79
+5.6%
Tax expense
102.90
94.48
+8.9%
105.19
-2.2%
Net profit margin
19.66%
26.88%
-7.21 pp
23.81%
-4.15 pp
EPS, basic (₹)
1.35
1.74
-22.4%
1.65
-18.2%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated net profit fell 11.0% YoY while total income rose 21.7%. Revenue from operations grew 17.0%, slower than other income, which rose 76.7% to ₹188.55 crore and is 11.3% of total income. Other income equals 43.7% of profit before tax of ₹431.13 crore.
Finance costs of ₹256.77 crore are 15.4% of total income, against ₹104.59 crore a year before. Tax of ₹102.90 crore is 23.9% of profit before tax.
The notes say the group acquired NCR Rail Infrastructure Limited and AMD Business Support Services Private Limited through the IBC process and obtained control on 10 Sep 2026, so the quarter is not comparable with the year-ago period. The acquisitions were accounted for on a provisional fair valuation report. Consolidated exceptional items are nil this quarter; the filing records ₹79.73 crore of exceptional items in the year ended 31 Mar 2026.
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
540.04
403.28
+33.9%
241.80
+123.3%
Revenue from operations
163.86
143.03
+14.6%
163.59
+0.2%
Other income
376.18
260.25
+44.5%
78.21
+381.0%
279.13
119.02
+134.5%
75.17
+271.3%
Profit before tax
314.02
107.21
+192.9%
90.35
+247.6%
Finance costs
118.50
203.81
-41.9%
57.94
+104.5%
Depreciation
1.60
1.46
+9.6%
1.35
+18.5%
Tax expense
34.89
-11.81
n/a
15.18
+129.8%
Net profit margin
51.69%
29.51%
+22.17 pp
31.09%
+20.60 pp
EPS, basic (₹)
1.24
0.57
+117.5%
0.36
+244.4%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit rose 134.5% YoY, slower than profit before tax, which rose 192.9% to ₹314.02 crore. Standalone other income of ₹376.18 crore is 119.8% of profit before tax, so the quarter's profit is larger than its operating line would show on its own. Revenue from operations rose 14.6%.
Standalone finance costs fell 41.9% YoY to ₹118.50 crore. The standalone foreign exchange loss is ₹55.43 crore in the quarter, against a loss of ₹129.91 crore a year before, and the filing does not state its cause.
Standalone EPS of ₹1.24 is not annualised. The standalone net profit is ₹49.10 crore below consolidated net profit of ₹328.23 crore.
The company raised ₹6,555 crore on 26 Jun 2026 by placing 23,00,00,000 equity shares at ₹285 a share, a discount of ₹5.35 to the floor price of ₹290.35. In the quarter it paid ₹39.47 crore as share application money towards Ash Shuwaymiyah Port Company SAOC; the allotment is still to be completed.
Auditor Shah Gupta & Co. issued an unmodified limited review conclusion on both sets of results. Its consolidated review relied on other auditors for five subsidiaries and did not cover nineteen subsidiaries, which the report says are not material to the group.
Inference
The filing shows the ₹6,555 crore equity placement of 26 Jun 2026 and a ₹39.47 crore share application payment for an overseas port company, with the allotment still pending.
The filing does not say the reason for the standalone other income rise, the reason for the fall in EPS, or the contribution of the two acquired companies to quarter revenue and profit. Whether a dividend will be declared is not stated.
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JSWINFRAJSW Infrastructure Ltd.
