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The acquisition provides JSWIL immediate access to Indian Railways' General Purpose Wagon Investment Scheme (GPWIS), and Liberalized Special Freight Train Operator (LSFTO) schemes, securing a fleet of 21 rakes (as of 30th Nov-25) with 4 more under delivery, and long-term licenses under these programs. The transaction is EPS accretive from inception and aligns with JSWIL's strategy to build an end-to-end multimodal logistics platform integrating ports, terminals, ICD/CFS, and rail connectivity. This builds upon the Company's foray into a logistics sector through the acquisition of Navkar Corp in October 2024.
The Indian Railways sector is poised for significant growth, according to projections from Ministry of Railways, with freight volumes expected to rise from 1.6 billion tonnes in FY2025 to 3 billion tonnes by FY2030. During this period, rail's share of overall freight movement is targeted to increase from 27% to 45%, underscoring a strong focus on efficiency and sustainability.
In 2023, Indian Railways had imposed a moratorium on the issuance of new licenses under the GPWIS scheme for a period of two years which had been further extended until February 2027, ensuring significant head start for the established operators.
The business model for rake operators is particularly attractive, with dual income streams—rebates from Indian Railways and market premiums from customers resulting in stable, annuity-like revenues supported by steel, cement and other industries.
Profit before tax (PBT) declined 16.4% to Rs 463.29 crore in Q2 FY26, compared with Rs 553.94 crore posted in Q2 FY25.
EBITDA stood at Rs 716 crore, registering the growth of 18% compared with Rs 607 crore posted in Q2 FY25. EBITDA margin reduced to 52.2% in Q2 FY26 as against 55.8% in Q2 FY25.
During the quarter, the company handled cargo volumes of 28.9 Million Tonnes which is higher by 3% over the last year. Volume growth was primarily driven by strong performance at South West Port, Jaigarh Port, and Dharamtar Port. Additionally, interim operations at the Tuticorin terminal and the JNPA liquid terminal contributed positively.
Despite strong contributions from key ports, growth was moderated by a 2.1 million tonnes shortfall during the quarter at the Paradip Iron Ore terminal, driven by weak seaborne iron ore export market conditions. Without these headwinds, overall growth would have been closer to 10%.
The group cargo has increased to 15.7 million tonnes from 14.8 million tonnes, representing 6% growth and the share of group volume stood at 54% as against 52% a year ago.
Navkar Corporation delivered strong operational and financial results in Q2 FY2026. Total EXIM cargo volumes reached 79,000 TEUs, representing a robust 20% year-on-year growth. Domestic cargo volumes stood at 394,000 metric tonnes, up 46% compared to the same period last year.
The increase in port volumes and strong performance of Navkar Corp’s business translated to 26% year-on-year growth in the operational revenue which stood at Rs 1,266 crore. Operational EBITDA increased to Rs 610 crore (up 17% YoY). Consequently, PAT stood at Rs 369 crore.
As previously announced the company has embarked on a growth plan to increase its cargo handling capacity to 400 million tonnes per annum (MTPA) by FY 2030 or earlier, up from the current capacity of 177 MTPA. To achieve this, it has outlined a comprehensive capital expenditure (capex) plan of Rs 30,000 crore. Additionally, the company has earmarked Rs 9,000 crore for expanding its logistics segment. This expansion aims to build on the Navkar acquisition to develop a robust pan-India logistics network.
JSW Infrastructure, a part of JSW Group, is the second largest commercial port operator in India in terms of cargo handling capacity. It develops and operates ports and port terminals pursuant to port concessions.