Thank you, and good evening, everyone, and welcome to the 4Q FY26 earnings conference call of JSW Infra. We have with us today Mr.

Rinkesh Roy, Joint Managing Director and CEO; Mr. Lalit Singhvi, Strategic Advisor and Board Member; Mr.

J. Nagarajan, Chief Financial Officer; and Mr.

Vishesh Pachnanda, Head of Investor Relations. I would now hand over the call to the management to provide some opening remarks, then we can go with the Q&A.

Thank you, and over to you, sir.

Thank you, Alok. Good evening, and thank you all for joining our earnings call for the quarter and year ended 31st March 2026.

Against a backdrop of a more complex global environment shaped by heightened geopolitical tensions in the Middle East and moderated global growth, India's macro environment continues to remain relatively resilient, supported by domestic consumption and government spending. During the year, and in particular during the quarter, we navigated a challenging operating environment and, despite these headwinds, delivered a resilient performance across both ports and logistics.

Overall, on a consolidated basis, our operating revenue was ₹5,361 crore for the year, representing a 20% year-on-year growth. Operating EBITDA for the period stood at ₹2,604 crore, marking a 15% increase, while adjusted net profit reached ₹1,644 crore.

The board has recommended dividend of ₹0.90 per share, which is 45% of the face value. Let me now touch upon the operating environment and key developments during the quarter, starting with the ports business.

As previously disclosed, the company's 5 million ton per annum liquid storage facility in Fujairah Oil Industry Zone, FOIZ, located outside the Strait of Hormuz, was impacted following damage to certain infrastructure at the storage facility. The operating environment in the region remains volatile, influenced by heightened geopolitical developments and crude oil price movements.

We remain closely engaged with local regulators, port authorities, and the government, who have been continuously supporting and guiding us during this turbulent period. Based on our current assessment, operations are expected to progressively normalize in due course.

We'll continue to keep stakeholders updated on the developments. During the quarter, we achieved several important operational milestones.

We successfully completed the 4.5 million ton JNPA liquid berth modernization project, enhancing our liquid cargo handling capabilities at one of India's premier gateway ports. We also expanded cargo handling capacity at the Ennore coal terminal from 9.6 million tons per annum to 11 million tons, following receipt of the consent to operate.

The Ennore coal terminal, acquired in November '20 with an installed capacity of 8 million tons and volumes of 3.1 million tons in FY21, stands as a compelling illustration of our approach to value creation. Since acquisition, we have progressively scaled capacity to 11 million tons per annum with volumes of 10.4 million tons, reflecting our proven operational excellence in turning around port and logistics assets with a clear and unwavering focus on improving returns on capital employed.

Earlier in the year, we were awarded the SMPA Kolkata Container Terminal project with a capacity of 0.5 million TEUs. Following the signing of the concession agreement, we moved swiftly to accelerate our operational readiness and have very recently received approval to commence interim operations.

This milestone reflects the same execution discipline and operational excellence we have consistently demonstrated at JNPA and Tuticorin: the ability to commence revenue-generating operations while modernization works progress in parallel, minimizing time to revenue and maximizing returns on invested capital. On our ongoing growth projects, the 302-kilometer iron ore slurry pipeline continues to progress steadily and remains on schedule.

To date, 247 kilometers of welding and 235 kilometers of pipeline lowering have been completed, representing approximately 82% and 78% completion respectively. Strong execution momentum continues, with the project on track for completion by March '27.

Once operational, the pipeline will significantly enhance the efficiency and reliability of iron ore transportation, reducing dependence on road and rail logistics, lowering the cost of iron ore movement, and delivering a step-change improvement in supply chain predictability for our customers. Meanwhile, the construction activities at the Jatadhar port are in full swing, with pile foundation work of the berth being 80% completed and 7 million cubic meters of dredging being completed, with the target of completion of the entire project by March '27.

Our brownfield expansion projects continue to progress steadily. At Jaigarh Port, civil works for berths have been completed, with dredging currently around 60% complete.

At Dharamtar Port, berth construction and related work is progressing well. Moving on to our logistics business, Navkar reported a strong performance underpinned by healthy volume growth across segments.

For FY26, domestic volumes grew by 40% and EXIM volumes grew by 21% year-on-year, alongside a steady improvement in capacity utilization from 44% in FY25 to 56% in FY26, reflecting better asset efficiency and operating leverage. Despite headwinds at the Morbi ICD arising from fuel shortages impacting certain customers, Navkar reported operating EBITDA of ₹40 crore in Q4 FY26, while full-year operating EBITDA stood at ₹118 crore versus ₹8 crore in FY25, representing a 14-fold increase.

In Feb '26, the company has successfully completed the acquisition of 25 rakes with operations fully integrated effective 1st February '26. This acquisition provides immediate access to Indian Railways' GPWIS and LSFTO schemes, along with long-term operating licenses under these programs.

Since integration, the rail rake business has contributed operating EBITDA of ₹25 crore. Beyond the existing bouquet of 25 newly acquired and 17 container rakes housed under Navkar, taking the total fleet to 42 rakes, we have accelerated the scale-up of our logistics platform.

In April '26, we placed orders for 40 additional rakes, reinforcing our growth momentum. This is aligned with our medium-term objective to meaningfully expand our fleet to around 250 rakes over the next two to three years, with a clear focus on asset utilization, returns, and earnings visibility.

We are also pleased to share that the Gati Shakti multimodal cargo terminal at Arakkonam, Chennai, located entirely on railway land, which was awarded to us in June '24 for construction and operations, has been successfully commissioned and has received approval from Indian Railways to commence commercial operations effective April '26, further strengthening our integrated logistics offering. Our logistics segment continues to focus on rail-centric domestic cargo, while EXIM cargo is driven by enhanced capacity utilization across the network.

The cumulative capex outflow on these projects, including acquisitions, is approximately ₹6,200 crore. In addition, the company has already committed a further ₹5,300 crore of capex by placing orders for machineries, long-lead items, and other civil works towards ongoing projects across ports and logistics business.

While our guidance issued in Jan '26 did not factor in developments at the overseas liquid terminal, we delivered in line with our operating EBITDA guidance for FY26 and continue to maintain our EBITDA guidance for FY27 and FY28, reflecting the availability of multiple growth levers. These include higher volumes at Goa, Jaigarh, and Paradip; phased debottlenecking and capesize coal handling capability at Ennore; and the accelerated commencement of interim operations at the SMPA Kolkata Container Terminal, supported by favorable energy sector dynamics, including higher thermal coal demand in an El Niño scenario.

Hence, consolidated operating EBITDA is expected to grow by 15% to ₹3,000 crore in FY27 and nearly double from the FY26 base to ₹5,000 crore in FY28, driven by port capacity additions and sustained EBITDA contributions from logistics assets. With this, let me hand over to Mr.

Nagarajan to take you through the financials and other details.

Thank you, Rinkesh, and good evening, everybody. Let me first talk about our port business.

In Q4 FY26, the company handled cargo volumes of 31.6 million tons, as compared to 31.2 million tons in the quarter ended March '25. Volume increase was primarily driven by strong performance at South West Port, Dharamtar, and Jaigarh Port, on the back of higher volumes of anchor customer, and was also fueled by start of interim operations at Tuticorin and JNPA liquid terminal.

The growth was largely impacted due to ongoing Middle East conflict, lower volumes at Fujairah facility, and cargo deferments at Indian operations, driven by lower availability of vessels and higher freight cost. However, the situation has improved from April '26.

Group cargo has increased from 17 million tons—group cargo has increased to 17 million tons from 15.7 million tons, representing an 8% growth. Operational revenue for the port segment increased by 12% during the quarter to ₹1,295 crore, compared with ₹1,152 crore in FY25.

This growth was driven by price adjustments communicated earlier for SWPL Goa, Ennore terminals, along with price increase at the Mangalore Container Terminal effective from Jan '26. This happened, this announcement or this was communicated to us in March 2026, but the effective date was January '26, along with higher ancillary services like storage and transportation offered to domestic customers and higher cargo volumes.

The improvement was further supported by sharp INR depreciation. Operational EBITDA for port segment stood at ₹705 crore, up from ₹626 crore, a jump of 13%.

EBITDA growth was largely driven by increased revenue. Operational EBITDA margin increased by 10 basis points to 54.5%.

Talking of Navkar, delivered a strong operational financial result in Q4 FY26. Total EXIM cargo volumes reached 86,000 TEUs, representing a 14% year-on-year growth.

Domestic cargo volume stood at 427,000 metric tons, up 56% compared to the same period last year. Overall capacity utilization stands at 60% for the quarter versus 56% for the whole year.

Revenue from operations for Navkar rose to ₹201 crore, while operating EBITDA climbed to ₹40 crore, showing substantial improvement, while net profit increased to ₹14 crore, a significant turnaround from a loss of ₹19 crore in the previous year. We have consolidated newly acquired rail rakes in current quarter with effect from Feb '26.

Consolidated operational revenue for the company stood at ₹1,522 crore and the operating EBITDA stood at ₹769 crore, reflecting a year-on-year growth of 19% and 20% respectively. Consolidated depreciation was ₹158 crore and finance cost was ₹87 crore in the current quarter, as compared to ₹140 crore and ₹94 crore respectively in the quarter ended March '25.

Given the changes in the INR and subsequent changes in the yield curve, we have recognized an MTM unrealized loss of ₹43 crore. This is essentially a non-cash charge and in line with the guidelines of Ind AS 109.

As mentioned by Rinkesh in his opening remarks regarding the damage at Fujairah facility, we have filed an insurance claim and our consultants are positive about the admissibility of these claims. However, as a matter of abundant precaution, we have kept a provision of ₹68 crore in Q4 FY26.

As a result, adjusted PAT for the current quarter stood at ₹528 crore, which is 15% year-on-year growth. For '27 and '28, the company plans to invest approximately ₹16,500 crore, with significant portion around ₹13,000 crore allocated to the ports business and ₹3,500 crore earmarked for the logistics segment.

Just to reiterate, our logistics segment guidance remains same, which is ₹400 crore EBITDA in FY27 and ₹700 crore in FY28. However, we have marginally trimmed the revenue numbers to reflect a higher EBITDA margin in LSFTO rakes business.

We have netted off the freight charges from revenue since it is a pass-through. As of March '26, we have a net debt of ₹3,100 crore with a net debt to operating EBITDA of 1.2x and one of the strongest balance sheets in the sector.

This, coupled with steadily increasing annual cash flows from the current asset base, we are well positioned to pursue growth plan to enhance our present cargo handling capacity to 400 million tons, and in parallel grow our logistics business with a top line of ₹8,000 crore by FY30. With this, I request the operator to open the line for Q&A.

You'll be just... Sir,

Yeah.

Thank you. Good evening, sir.

Thanks for the opportunity. Congratulations on a good set of numbers.

I just wanted to understand the drivers for higher logistics EBITDA margin which we reported this quarter.

Would you please come again?

The drivers for higher logistics EBITDA margin and higher margin in logistics.

Okay. As I mentioned, this is because of higher capacity utilization at our Navkar terminal, especially for the whole year.

The capacity utilization stands at 56%. If you look at FY25, capacity utilization, that was around 44%, and for Q4 of FY26, the capacity utilization in Navkar stands at 60%.

On top of it, we have also, as you are aware, we have acquired this rail, 25 rakes from our group company, so that has given an EBITDA of around ₹25 crore. It was in operation for two months, February and March.

We have received all delivery of all the 25 rakes, and we have also guided around ₹150 crore of EBITDA for FY27 from those 25 rakes. All in all, this has resulted in an enhancement in the EBITDA from the logistics space for Q4 FY26.

Understood. On the realization front, as you mentioned, it was because of the higher realization and price increase in Goa and Mangalore container port.

Does that drive the 11% increase in realizations in the fourth quarter, or what is the reason?

Yes, that is one of the reason. Apart from that, the Hiranandani one-time income we have booked around ₹75 crore, which is a part of the take-or-pay contract, and plus forex fluctuations plus additional storage income we have got in few of our ports.

All this have resulted in an enhancement in the revenue.

What does this one-time item pertain to?

This is not a one-time item. This is a recurring one, but it comes in Q4.

What is the nature of this, sir?

This is a, I would say, minimum take-or-pay contract which has been signed with H-Energy wherein they use our LNG terminal at Jaigarh.

Understood. Understood.

Just the last question. I was just reading a media article on some findings of environmental committee at Dharamtar Port.

Is there any findings or any takeaway from that, or do we have any challenges in our execution?

Basically, if you see, that was a report that there was some spillover dust on the mangrove. There were two issues.

One is the number of mangroves planted has been tremendous, and that addition has been done. The committee only pointed out that, "Please provide a windscreen so that somewhere this dust doesn't land on the mangroves."

That is all, and we are complying with all these conditions.

Understood. No change in the execution timeline, right, sir?

No.

Understood. Thanks a lot, sir, and all the best for the next year.

Sir, thanks for the opportunity for this question. Of course, congratulations to you that despite such a challenging environment, I would say that this ₹2,600 crore EBITDA guidance was met in the first place.

My first question is around that only. Sir, if there had been no such, let's say, Fujairah-linked disruptions that had happened to you, you may have probably ended up at a slightly more higher EBITDA.

How much higher it could have been? Also, what were the levers that offset the negative impact of Fujairah in this particular quarter?

That's the first question.

So, ₹30 crore would have been the incremental EBITDA: Fujairah plus a little bit of volume loss in our other ports because of rerouting/deferment of cargo. Around ₹30 crore to ₹32 crore is what we would have earned more.

How did you offset that? So ₹30 ₹32 crore you may have lost because of this.

What were the offsets that you were able to reach the guidance?

You see, we did very well in the logistics segment where we, as he had explained earlier, there was a tremendous increase in capacity utilization in Q4 and the addition of new rakes altogether, plus what we had also provided additional services in many of our ports like Jaigarh and at Goa. These have helped to drive up the numbers to 2,600.

Also

forex fluctuation was there, which the spike happened in Q4, if you see. So ₹16 crore of FX gain we have earned in Q4.

That has also contributed to the EBITDA.

Okay. That's very clear.

Also, sir, if I can ask something since see you have already spelled out, let's say, your EBITDA guidance for FY28 and also indicated what your EBITDA can be, let's say, in FY30. What I understand is a lot of your projects, very large projects like, let's say, Keni and Oman, these are coming on stream towards the very fag end of FY30, more like end of FY29, early '30.

The full effects of this are not really within this horizon. Can you please comment slightly beyond FY30, what kind of growth we should still see continuing from here?

Based on the current project pipeline alone, what can be a steady-state EBITDA, let's say, in the 2030 to '35 period? There,

I'll just break up your question into two parts. Where I would like to highlight two things: that you would have seen that all our projects, the projects that we had lined up up to '28, they're all progressing very well.

In this period between '26 to '28, where we are aiming to go up from 183 to 300, all the projects have progressed steadily. The CAGR in revenue in this period will be around 42%, and the CAGR for EBITDA would be around 39%.

This is the first part I thought I would like to clarify. The second part is about the coming on stream of Keni and Oman projects.

These would be, I agree with you, it would be late '29, '30. The EC is in process for both.

Oman will be taking up after this current problems are over. Post-2030, that's what you want to know,

post-2030,

you see steel plants everywhere are getting lined up for expansion. There we foresee that since we would have created the shell for the ports, adding capacity to the new ports takes less effort, less capex.

That is where other drivers for growth will come. Where currently let us say Jatadhar is at 33, and when we go into Phase 2, we'll be looking at adding another 20, 30 million tons of capacity.

That will go up to 60. Similarly, Keni will be going up from 30, will be adding another 30 million tons of capacity post-2030.

These would be our three path for growth. What we have also not mentioned here is that the privatization of terminals, the opportunities that are already coming up in major ports.

Here we are one of the strongest contenders, as you know we are the largest holders of concessions in major ports. We have 10 such concessions, and we'll be further adding on to this.

This would be broadly a 400-plus strategy that we're looking at.

If I may just ask on it, when you are putting, let's say, a port at a place like Keni, where are you going to get the volumes from? If you can just elaborate on that.

What's the strategy behind it?

Correct. If you look at it currently, the steel plants, as I mentioned to you, everyone is slated for expansion.

Vijayanagar is slated for expansion from 18 million to 25 million. So 7 million into 3, that is a net requirement of another 20 million tons of cargo for the plant is going to come up.

These are these drivers and in that entire sector, if you look at Keni, the entire Bellary-Hospet region is slated for more capacity addition. We're very upbeat on that post-2030 with all the capacity expansions further being lined up, including at Jatadhar, at Dolvi, everywhere.

That will be the main drivers for growth.

Understood. Would it be fair to conclude that even after FY30, when you reach let's say ₹8,000, ₹10,000 crore EBITDA, broadly ballpark range, you would still be able to continue at at least 15%, 20% growth for the next few years?

Would it be a fair assumption?

We are looking at 25% CAGR growth. That is the target that we have set for ourselves.

Beyond 2030, we would be continuing to expand in our existing ports that we have created currently, and that we'll be pursuing it further.

That's very clear, sir.

Thank you for that. Congratulations to the team for great execution on this quarter.

Just a couple of questions and maybe following on from the previous participant. We spoke about the volumes at Keni, volume demand.

Could we also get some color on the volume demand for Jatadhar? If possible, sort of an idea how this splits by captive and third party.

Secondly, for the Dolvi expansion, which ports would benefit from the 5 million ton plant expansion apart from Jaigarh and Dharamtar?

Let me start with Dolvi. Dolvi is getting into expansion from 10 million to 15 million, and in that we are seeing growth in cargo at Dharamtar from 24 to 38, and similarly growth in cargo at Jaigarh from close to 20, 21 to around 33, 34.

That would be a net addition of 26 to 27 million ton at both these ports put together. Similarly at Jatadhar, currently the entire focus has been more on movement of iron ore and iron ore pellets.

The initial capacities that have been built up are for movement of these commodities outward from the port. With the setting up of the steel plant, we will be adding on another at least 15 million tons of cargo into the steel plant, because this would be primarily import based for coal and fluxes.

That plant is also supposed to scale up very soon. The Jatadhar cargo stream currently would be mostly captive, but there is a condition that you can handle third-party cargo with permission from the maritime board.

As and when we fully develop the infrastructure, those permissions we'll be taking. That is close to 25% of the capacity that is allowed.

Got it. No, super clear on Jaigarh and Dharamtar.

Just a quick follow-up on Jatadhar, just to understand the flow of materials. From the slurry pipeline, we have that sort of exiting at the pellet plants, and from there that goes to Jatadhar Port to be exported to third parties, or does sort of come back to our group companies?

Could be

for Vijayanagar or for export. All three options are possible.

Got it. Superb.

Then maybe one last question from my end. Internally, when we look at greenfield and these brownfield expansions, how do we think about conceptually around say returns or ROIC measures?

How do we approach that?

Greenfield, typically project IRR we look at 16% post-tax, and obviously equity IRR is around 20% to 21%. A brownfield, obviously the capital cost comes down.

There the project IRR itself post-tax comes around 20% to 21%, like in case of Jaigarh what we are doing now, Jaigarh, Dharamtar. Everywhere the project IRR for all this incremental expansions is around 20% to 21% post-tax.

It's very clear. Thank you so much.

Yeah. Thank you sir for taking my question, and congratulations to you for delivering a very good set of numbers.

My first question is that on the Navkar front, the progress and expansion has been quite impressive. What is the peak level or sustainable level of capacity utilization that we can expect, and similarly what is the peak EBITDA margin and EBITDA that you would expect from Navkar for going forward?

From Navkar, you see, in the existing asset, we would be looking at further upping it to around 75% to 80% capacity utilization. Because we are also acquiring one or two terminals in this Navkar company, the numbers we would be looking at upwards of ₹200 crore in the next two to three years.

Understood, sir. Just one small clarification.

This capacity utilization that you mentioned for Navkar in this quarter, would it have been higher by any chance if there were no geopolitical disruptions in the quarter, or we were still able to operate at the peak utilization that was achievable in this quarter?

The actual effects started coming in somewhere in April. I would not say for the March quarter there was much of effect.

It would have started coming in April. Impact was there in the first fortnight of April, which subsided by second fortnight of April.

Got it, sir. Just one last question.

I think you have mentioned before, but just a bit of clarification. The breakup of the logistics EBITDA going in the FY28 of the overall guidance that you have shared?

₹700 crore is what we have given. It will be a mix of revenue from Navkar, from rakes, the 25 rakes which we have, plus additional rakes as Rinkesh said, 40 rakes order we have already given, and we will continue to give orders for more rakes, plus our Gati Shakti terminals and our ICDs will start performing like Arakkonam, Kudatini, and a few more are in the anvil.

That put together, we expect to achieve a ₹700 crore EBITDA in FY28.

Sir. Any color what would be the split between Navkar and the remaining logistics assets of this ₹700 crore?

Navkar would be around 200, close to ₹200 crore. The rest would be from assets in JSW Infra and Port and Logistics, these two other subsidiaries that we have.

Predominantly it will be coming from the rake business.

We are not audible?

have you had all your questions answered? All right.

Take this question later.

Hello, thanks for the opportunity. Sir, how much of your revenue is forex denominated, roughly what percentage?

FY26, it was $84 million.

We earned

in dollar-denominated revenue.

This I think you mentioned the number, but I didn't get it, for the FX gain this quarter, what is the amount?

₹17 crore.

1-7?

Yeah.

Thank you. ₹17 crore.

Thank you. That's all.

Oh good. Thank you very much.

Can you say if you are going to rebuild at Fujairah, and if so, how long it's going to take?

Claudia, can you please come again? We could not hear you.

Can you say if you're going to rebuild at Fujairah?

You see based on our best estimates, keeping in view the entire security issues prevailing there, we expect approximately 50% of operations to recommence shortly, subject to normalization of the environment there, with the balance ramping up in a phased manner thereafter. While we expect

The tanks that were damaged, was it one tank or three tanks? The

damage to tanks has been three out of a total 15. So

Okay. Are you going to fix them?

Are you going to repair them?

We're going to fix them shortly, but that can't be done right now because the situation is not conducive to even get the repair works done there right now.

All right. How long will it take to repair them?

Once situation stabilizes, we'll commence.

As I told you, we expect approximately 50% of our entire capacity to come on stream very shortly, subject to, as I told you, that things normalize there.

Okay. The three tanks, were they a complete loss?

Good evening. Sir, just had a couple of questions.

First on the Middle East disruption. Any impact we are also projecting for 1Q and any provisions or any impact which we are likely to see in the first quarter, if you could highlight on that?

The first-quarter operations are not there, Alok.

No, no. First quarter I meant, I mean in the in the coming months, I meant.

Yeah. For Q1, most probably in June we are planning to commence the operations.

Right. After the first half, we should be kind of stabilizing on that?

Yes. Barring the three tanks.

Got it. Sure.

Also in the capacity expansion, we have Oman unit also, which will be coming from '28 onwards, '28 to '30 onwards. What's the status on that?

Would it be a call we'll be taking at that point of time or what's the progress on that?

The concession agreement is under negotiation.

Okay.

Port concession agreement, yes.

We are kind of going ahead with that, or it could be it would depend on how the situation pans out? Any color on that?

Actually, if you look at it, I just wanted to clarify two or three things. One is that this entire ports that is outside the Strait of Hormuz, basically Fujairah, Dibba, and Khor Fakkan, and Oman also, the entire ports in Oman, these are all outside the Straits of Hormuz, and they have a lot of strategic value in future.

We had gone to the UAE in between, and there we found that the entire UAE government is now focused on developing these ports, and I think that would be the same case with the government of Oman, because you don't have to cross the Hormuz to access any oil facilities or anything there. There the governments are giving a lot of strategic focus especially in Fujairah.

They have built a railway line, and now that railway line was the lifeline for the entire UAE. They were able to transport containers and everything there.

In future, these ports would acquire a lot of strategic importance, and I think it's a positive news there, and as Nagarajan had told you, that the concession agreement is under discussion. There are some conditions precedent, so as and when they get fulfilled and it's a part of a process, we'll be looking at it very positively.

Got it, sir. Just last question.

In logistics, we are forecasting nearly 25% sort of EBITDA margin, and in '27 and even '28, kind of similar margins. The margin in this business would kind of be in that range only, or as we scale up higher, there could be a margin kicker in this business as well?

No, it should be around in this range only, but as we scale up, obviously ICDs will start coming in and the ramp-up in ICDs again will be gradual the way you are seeing in Navkar, like 44 to 56 to 60. There can be a drop, but so it will be in that zip code of 20%

to 25%. Got it.

That's all from my side. Thank you.

Good evening, sir. Thank you for the opportunity.

Two questions: one, in terms of this Fujairah terminal, what is the nature of insurance arrangement we have? Is that just the assets are covered, or do we also have the insurance for the loss of profit as well?

Assets are adequately covered. Loss of profit insurance is also there, but the region is seeing something like this for the first time or maybe after a very long time, we need to take it with a pinch of salt and that's why we have made this provision also in our books to the tune of ₹68 crore.

Right. The second question I have is with respect to forex gain.

You said ₹17 crore of forex gain. Is that part of your revenue and that's why the realizations are higher?

Just a clarification on that. Okay.

Yes.

Got it. If you could split the capex plan, like you said, cumulatively you are looking at spending 6 ₹16,000 crore, if you could call out what kind of spend we were looking at for FY27 and FY28 and split in terms of ports, if you could?

Yes, Achal, we have guided 16.5 spend for the next two years, FY27 and FY28, the split as ₹13,000 for ports and 3.5 for logistics.

No, I meant within that, if you could provide the split in terms of year-wise and also port-wise?

It will be 40% this year and 60% in FY28.

Got it. Fine.

I'll fall back in the queue for follow-up. Thank you.

Sir, just a quick follow-up question. Can you tell me about what were the ESOP expense in FY26, and if there are any ESOPs there we should consider in FY27?

₹23 crore was the FY26 ESOP expense vis-à-vis 63 in FY25. For FY27, maybe you can take the same number of around ₹3 crore, maybe you can take around ₹5 crore.

₹5 crore. Sir, also one more thing that given you are significantly below your net debt to EBITDA guidance, you typically say that your threshold level is at 2.5 broadly is what I can recall, since the balance sheet has some headroom, are you considering actively any acquisitions, or if so, in which space you may be considering, if you are not willing to let's say get into details, at least the space that you may consider?

Acquisitions, yeah, we will be looking at in the logistics space, because there obviously the capex spend also we have given. It will be a mix of both greenfield, brownfield, and M&A opportunities, plus we will continue to bid for all these terminals which are coming up anyway, which are not a part of our 400 million guidance.

There again the spend can be there.

That's all. Thank you.

Thank you, Alok. Overall, we have demonstrated a clear scaling through the ongoing port expansion projects, steady progress in the logistics segment, and a strong turnaround particularly at Navkar.

We are encouraged by the increasing integration of our ports and logistics businesses, creating a seamless one-stop solution for our customers. This transformation strengthens our integrated platform and positions us well to deliver strong earnings compounding over the medium to long term.

With this, I wish you all the best. Thank you.