Thank you. Good evening, everyone.

A warm welcome on behalf of Investec India to Q1 FY27 earnings call of JSW Infrastructure Limited. We have with us the senior management team from the company represented by Mr.

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

Nagarajan J., CFO; Mr. Vishesh Pachnanda, Head Investor Relations.

Now, I'll hand over the call to senior management for their opening remarks, post which we'll open the floor for Q&A. Thank you.

Over to you, sir.

Thank you, Vineet. Good evening, everyone, and thank you for joining us for our earnings call to discuss the performance for the quarter ended June 30th.

The global economy continues to operate in an environment of mixed signals. Geopolitical tensions, trade-related uncertainties, and supply chain realignments continue to create volatility across markets.

Against this backdrop, India continues to stand out as one of the fastest growing major economies globally, supported by strong domestic demand, sustained government investments in infrastructure, and a resilient manufacturing sector. We remain optimistic about India's long-term growth trajectory and believe the country's infrastructure and logistics requirements will continue to expand meaningfully over the coming decades.

Turning to our performance, JSW Infrastructure delivered another quarter of healthy growth despite a dynamic and challenging operating environment. During the quarter, we handled 31 million tons of cargo, representing a YoY growth of 6%.

Growth was driven by higher volumes across key commodities, supported by increased group cargo and continued momentum across our ports and terminals. Notably, this growth was delivered despite a negligible contribution from our Fujairah operations due to the challenging operating environment in the Middle East.

Excluding Fujairah, our India operations recorded an impressive 11% year-on-year growth in cargo volumes, significantly outpacing overall industry growth and validating the strength of our business model and deep customer relationships. Our financial performance remained robust, reflecting the strength of our diversified portfolio and operating efficiencies.

Consolidated operating revenue for the quarter stood at ₹1,445 crore, representing a growth of 18% year-on-year. Operating EBITDA increased by 16% year-on-year to ₹674 crore while maintaining healthy margins, demonstrating the resilience and scalability of our business model.

The quarter was also significant from a strategic perspective as we continue to advance our growth agenda across ports, logistics, and adjacent infrastructure. Our long-term ambition remains unchanged.

We are building a platform that can support India's growing trade and logistics requirements by expanding our capacity from the current 186 million tons per annum to 300 by FY28 and further to 400 million tons per annum by FY2030 or earlier, while simultaneously establishing a comprehensive pan-India logistics network. We intend to achieve this through a combination of greenfield developments, brownfield expansions, port privatization opportunities, and value-accretive acquisitions.

A key milestone during the quarter was the receipt of environmental clearance for Murbe, Maharashtra along with approval for rail connectivity to the Dedicated Freight Corridor. These approvals represent key milestones and strengthen the project's multimodal connectivity, supporting its timely execution and long-term competitiveness.

Across our development projects, execution continues to progress steadily. The slurry pipeline project has crossed a key milestone with 251 kilometers of pipeline lowering completed, representing approximately 83% strong execution momentum with the project on track for completion by March 2027.

At Jatadhar port, Odisha, the construction activities are in full swing with the novation agreement executed with the anchor customer following the approvals received from the government of Odisha. At Keni Port, we continue to make progress on statutory approvals and expect environmental clearance shortly.

At South West Port, Goa, we received consent to operate for the enhanced capacity of 12 million tons per annum, up from 11 earlier. The expansion work at Mangalore container terminal has been completed.

As a result, capacity has been increased to 6 million tons per annum from 4.2 earlier. Meanwhile, construction at our Tuticorin bulk terminal is progressing well and remains on track for completion within the planned timeline.

We also expanded our presence in the container segment through the award of the integrated development of the outer container terminal and berths 1 to 5 at Netaji Subhash Dock, Kolkata under a PPP framework. This project further strengthens our position in Eastern India and upon completion will increase our container handling capacity in Kolkata to approximately 1.4 million TEUs.

Our brownfield expansion projects are also advancing as planned. At Jaigarh Port, major equipment packages have been awarded while at Dharamtar port, work on the conveyor system and barge unloaders are progressing well.

These projects will further enhance capacity and improve operational efficiencies across our network. In logistics, Navkar delivered another strong quarter of strong operational and financial performance driven by healthy volume growth and focused business development initiatives.

It reported an operating EBITDA of ₹33 crore in Q1, an increase of 62% YoY, reinforcing our confidence in the long-term potential of the integrated logistics platform. We also continue to strengthen our logistics network with the commencement of operations at the Gati Shakti Cargo Terminal at Arakkonam, Tamil Nadu and interim operations at Kudatini logistics facility in Karnataka.

Beyond the existing fleet of 25 rail rakes and 17 container rakes, including those operated through Navkar, taking our total fleet strength to 42, we have accelerated the scale-up of our logistics platform. As announced earlier, in April '26, we placed orders for an additional 25 container rakes and 15 rail rakes, reflecting our confidence in the growth potential of the integrated logistics business.

I am pleased to share that we have already received the first two railway rakes under the order, marking the commencement of fleet expansion under this program. The balance rakes are lined up for scheduled delivery in a phased manner, which will further strengthen our rail logistics platform and support the growth of our integrated logistics business.

This expansion is aligned with our medium-term objective of scaling our fleet to approximately 110 rail rakes and 140 container rakes, creating a combined fleet of around 250 rakes over the next 2 to 3 years with a clear focus on asset utilization, returns, and earnings visibility. A major highlight during the quarter was the successful completion of our ₹7,503 crore Qualified Institutional Placement, which witnessed strong participation from leading global and domestic institutional investors.

The transaction reinforces confidence in our business model, execution track record, and long-term growth strategy. The capital raised further strengthens our balance sheet and provides significant flexibility to accelerate our journey towards 400 million tons per annum capacity, expand our integrated logistics network, and pursue value-accretive growth opportunities while maintaining disciplined capital allocation.

Looking ahead, we remain focused on execution, operational excellence, and disciplined growth with a strengthened balance sheet, a visible project pipeline, and a growing logistics network. With that, I would now like to hand over the ball to our CFO, Mr.

Nagarajan, who will take you through the financial performance and other details. Thank you.

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

In Q1 FY27, the company handled cargo volumes of 31 million tons compared to 29.4 million tons in Q1 FY26, registering a growth of 6 percentage YoY. Increase was driven by strong performance at Jaigarh led by higher anchor customer volumes and increasing third-party cargo throughput from newer cargo segments.

Further contributed by robust throughput at Dharamtar, South West Port, and Ennore bulk terminal along with interim operations at the Tuticorin terminal. Growth was partially offset by lower volumes at Fujairah terminal due to challenging operating environment in the Middle East, which impacted the third-party cargo volumes, which eventually stood at 48 percentage.

Operational revenue for the port segment increased by 11 percentage during the quarter to ₹1,208 crores compared with ₹1,086 crores in Q1 FY26. Revenue increase was driven by volume growth and a favorable product mix.

Operational EBITDA for port segment stood at ₹601 crores, up from ₹561 crores, a jump by 7 percentage. EBITDA growth was largely driven by increased revenue, and the EBITDA margin was close to 49.8 percentage vis-a-vis 51.8% a year ago.

The dip in port EBITDA margin is mainly attributable to the lower contribution of volumes from Fujairah port. Navkar delivered strong operational financial results in Q1 FY27.

Total domestic cargo volume stood at 3,85,000 tons, up 40% compared to the same period last year, while EXIM cargo volumes reached 83,000 TEUs, representing a 2 percentage growth. Revenue from operations for Navkar rose to ₹191 crores, up 38 percentage YoY, while operating EBITDA climbed to ₹33 crores, representing 62 percentage growth compared to the same period last year, showing substantial improvement, while net profit increased to ₹12 crores, a significant increase from ₹2 crores in the previous year.

Overall logistics business, including Navkar and the rakes business, has generated a revenue from operation of ₹237 crores compared to ₹138 crores in the same quarter previous year. Operational EBITDA for logistics segment stood at ₹73 crores, up from ₹20 crores, an increase of 3.6x.

EBITDA margin rose to 30.6 percentage for the logistics business from 14.5% earlier. Total consolidated operational revenue for the company stood at ₹1,445 crores, and the operating EBITDA stood at ₹674 crores, reflecting a YoY growth of 18 and 16 percentage respectively.

Consolidated depreciation was ₹166 crores, and finance cost was ₹95 crores in the current quarter as compared to ₹143 and ₹91 crores respectively in quarter ended June '25. PBT was ₹463 crores versus ₹473 crores, mainly reflecting a lower other income given the continued CapEx spend for the growth projects.

PAT was ₹358 crores versus ₹390 crores driven by lower PBT and a higher ETR. For FY27 and FY28, company plans to invest approximately ₹16,500 crores with a significant portion around ₹13,000 crores allocated to the port segment and ₹3,500 crores earmarked for logistics space.

The company has incurred a cumulative CapEx outlay of approximately ₹6,900 crores up to June '26, including ₹671 crores spent during quarter towards ongoing and existing growth projects. In addition, the company has already committed further ₹5,500 crores of CapEx by placing orders for machinery, long-lead items, and other civil work towards the ongoing projects across ports and logistics segment.

During the quarter, we successfully completed a landmark ₹7,503 crore QIP attracting strong participation from marquee global and domestic institutional investors. Given the QIP receipts of ₹6,555 crores into the company, as of June '26, we have a net cash position of ₹2,769 crores.

This coupled with steadily increasing annual cash flows from current asset base, we are well positioned to pursue a growth plan to enhance our present cargo handling capacity to 400 million tons and in parallel grow our logistics business. I'm also pleased to share that Moody's has assigned JSW Infrastructure an investment grade rating of Baa3 from the existing Ba1 with a stable outlook, reflecting our strong financial fundamentals, disciplined capital management, and resilient business model.

With this, I would request the operator to open the lines for Q&A. Thank you.

Good evening. My first question is on the cost escalations, if at all, due to the ongoing geopolitical crisis and how it has impacted our ongoing under-construction projects like slurry pipeline.

That's my first question.

The slurry pipeline work, as I mentioned earlier, we have crossed a very important landmark. We have now moved to 251 kilometers by end of June of pipeline lowering, and it has not affected any ongoing projects in any way.

There were some on and off issues with somewhere of LPG gas availability or diesel availability, but these were a normal part of project execution, we have moved ahead, and the projects are moving on quite nicely.

Bharani, the total project cost always has a contingency component, any such minor escalations get adjusted in that contingency component, and eventually it won't affect the overall project cost.

Sure. Understood.

My second question is it's good to note that we've got environmental clearance for Murbe. Could you give status on Keni as we know it is awaited, but where is the process, and when we can expect it for Keni?

That's my last question.

Could you be louder, please?

Bharani, I think you are quite far from the speaker, if you can come closer and repeat your question.

Sorry for that. I was asking the status of getting environmental clearance for Keni Port, where it is at, when we can expect it, sir.

Keni Port clearance is currently we have applied at the Karnataka Coastal Zone Management Authority, they are now examining the matter, and they'll be forwarding the case to MOEFCC. Once it moves to MOEFCC, then further approvals will be accorded.

This should take another 3 to 4 months time to get the environment clearance in place.

Understood. Thank you so much, and all the best, sir.

Thanks, sir, for the opportunity, and congratulations, sir, on that successful QIP recently. My first question is I understand that your Middle East volumes were impacted by the

Hello.

Hello. Congratulations on a good set of numbers.

Volume growth has been there in this quarter, how do we see the volume growth for this year, FY27?

We are taking into account loss of cargo handling at Fujairah. We are taking that into account.

We should deliver you a number of around 127 million tons this year.

Okay. Thank you.

Am I audible now?

Huh, yeah.

Yes. Sir, my first question is if Fujairah operations were normal and not impacted by the Iran-US incidents, what sort of additional EBITDA you could have possibly delivered in this quarter?

On

the port side, ₹601 crores which we have delivered now, that would have become round about ₹670 to ₹675 crores.

So, 60, ₹70 crores additional, you are saying, EBITDA?

Plus, effects has also gone up. That's a dollar dollar earning.

Keeping that in mind, round 65 to ₹70 crores of incremental EBITDA we would have got. Because the expense of ₹8 crores of Fujairah is already baked in this 608, which is a drag.

Incrementally we would have got that ₹70 crores, taking it to say ₹675 crores of operating EBITDA for the ports business.

Sir. In which case, if we see on an underlying basis, and generally in the fourth quarter you have that take-or-pay also, ideally, we are actually doing slightly better than the guidance.

Is that the right way to look at it?

You can say that. If you look at it even the India performance as we try to tell you, the Indian ports volumes, they showed a growth of around 11% in this period.

We'll stick to our guidance of ₹3,000 crores, Priyankar, in terms of the EBITDA.

Okay. Sir, and one more question.

Since Kolkata is a new development, you have already provided ₹740 crores would be required as the CapEx. If I may ask, at a steady state, what sort of revenue and EBITDA would be possible from this port, let's say from FY30 onwards, assuming the asset comes up in late FY28?

It should be around ₹70 to ₹90 crores. It will be in that range.

This is the EBITDA?

EBITDA. As you are talking

EBITDA, I'm talking about.

70 to ₹90 crores EBITDA, you can think.

Let me put it to you this way that currently, the existing facilities have a 90% capacity utilization. By 2030, when we expect full completion of all projects in Kolkata area, we expect at least 75% to 80% capacity utilization in that place.

These numbers will be going up because these are coming in three distinct phases. The first one is berth 7 and 8, second one is the outer terminal, and third one is berth 1 to 1 to 5.

If we look at all the three put together, these numbers will be substantially higher.

Priyankar, what I spoke about was only the phase one. Oh,

this 70 to ₹90 crore is phase one?

That's berth 7 and 8. That's what I wanted to clarify to you.

These are coming up in three phases: berth 7, 8; outer terminal 1 and 2; and then berth 1 to 5. These all put together is 1.4 million TEU, and when we get all the three in place, by that time the starting point would be 75% to 80% capacity utilization.

Sir. If I'm just paraphrasing.

In the first phase you should be able to get at least 70-odd crores. Is that the right way to look at it?

Once you are done with the first phase, 0.45 million TEUs?

On full completion, you can take it to 90 basis the prevailing NSRs which are there, and we believe it can go up in the next 2 to 3 years by the time this stabilizes. As of now, you can take it at 90.

Overall, if you look at it for the entire 1.4 million TEUs, you are looking at somewhere round about 300 to ₹350 crores.

Correct.

Okay. 300 to ₹350 crores in the long term when all phases are there.

Yes.

Okay. If I can just squeeze one more in.

I understand that you have got the environmental clearances for that DFC connection, right, for Murbe. What about the environmental clearances for the port itself, that is Murbe?

That is one.

That is what we have got. The EC is for the entire project for Murbe, which includes the connectivity corridor.

Okay. You should be able to now start construction let's say next year possibly then in that case?

We are looking at starting it in Q3. Somewhere by December, we should be starting the work, although all preparatory works, we are targeting to start within a month.

Concession agreement will be signed in the next 2 to 3 months. Order placement will start now, and construction will commence by say December-end, Jan.

Already tenders have been invited, we'll be moving ahead quite fast from this.

Sir. Any updates on Oman?

That's my last question because given this Gulf crisis, what I understand is a lot of Middle Eastern countries are actually pushing forward their projects which skip the Gulf Strait of Hormuz. Any update there?

As you have rightly stated, this port is outside the Straits of Hormuz, very strategically located. We have already invited bids on June itself for port construction.

What is now awaited are some few details where the conditions precedent from their part has to be completed, after which the concession agreement will be signed, and then we'll be moving ahead. These will be all done parallelly: the award of the project, the concession agreement.

This should take another month or two to get it completed. Hello.

Hi. Good evening, everyone.

I hope I'm audible to you. I'll go ahead with my first question.

As in just taking the lead from the last person, here I arrive at an EBITDA margin at the port business which actually improves QoQ if you add back the 60 crore amount. While you had some pass-through income in fourth quarter, if 1Q numbers are better, could you help us understand where and which ports are driving the margin expansion on a QoQ basis, while it should otherwise be falling?

It is primarily Jaigarh which has driven the revenue as well as EBITDA in this quarter. I think that's the only port.

Third-party volumes also have gone up primarily cargo mix, especially in Jaigarh because we have handled alumina as well as project cargo in Q1. That has resulted in some incremental EBITDA in this quarter.

Sure,

just to clarify, these are obviously recurring volumes that have started coming in, whatever margin improvement is happening should sustain, right?

No, this are in this quarter, especially the ones on alumina and project cargo were there in this quarter, but I don't think this may be recurring in nature.

Understood. The second question that I have was on some deferrals that have happened, especially Keni.

I think by one year the project has been deferred now. Just wanted to get a sense of what are the key ponderables from here on which may lead to any further delays, or is everything in control over there versus the FY30 guidance that we have today?

I ask this because I understand that it's a difficult project to get up and running. That's why, yeah.

Actually if you look at it, you're absolutely right. We got the concession earlier in Keni, but if you look at the EC, we've got it earlier in Murbe rather than Keni.

This has been actually something which was beyond our control because the KCZMA was not constituted for close to 6 to 7 months in between. There were some issues, so that statutory body was not there.

Apart from us, others were also affected in that process. That has actually delayed that entire process.

As a related question to that, should one anticipate beyond EC any execution challenges to also kind of spring up given the topography of the area? Is that the reason why FY30 is framed as a timeline?

No, we don't foresee much of any problem because again, the port module that we have come up with are basically reclamation models in the sea. The land acquisition parts are very minimal.

We don't foresee much of a challenge. Whatever is a local project challenge that we'll be facing.

Understood. Again, just a small clarification.

If you could suggest the other income decline is quite stark QoQ, should we just assume that this is linked to CapEx or maybe some one-offs and things correct from here on?

No, last quarter, if you look at Q1 of FY26, the treasury balance was on the higher side. Of course, equity contribution is on for all the projects which are ongoing.

That is where the treasury balance has come down, but as of 30th of June, as you are aware, the QIP proceeds have come in, the treasury income will shoot up at least for the rest of the year.

Understood. Those were my questions, and thank you for the response.

Just had a couple of questions. One is on the Middle East disturbance.

Now I know it's a difficult thing to answer maybe, but when we are giving the guidance, what are we expecting in terms of when the volumes normalize, or have you not taken any much contribution from that? Also on the insurance side, what would be the process there and how much recovery we are expecting from that side?

That is question one. Question two is on the link to the previous question where you mentioned that the port margins have improved, but there is certain component of one-off.

We're expecting those things to completely kind of come back to the 4Q levels in the second and third quarter onwards. Just clarity on these.

I'll just answer your questions on Fujairah. Number one, by July-end, that's another 13 10, 11 days, we expect to get eight tanks in Fujairah operational.

They'll be ready for operations, and then it depends on the climate at that point of time, whether prices are low, whether ships are going to come in. That would be a separate issue, but we'll be ready for operations with eight tanks by July-end or first week of August.

That's one part of it. We expected a hit, and we've taken that into account when I told you that we are going to minus losses at Fujairah, we should be touching 127 million tons per annum.

On insurance, we have already put forward our claims, and it has been told by our advisors that it's going on well, and we should expect a resolution by end of October. That's the current state of affairs on the insurance side.

Talking about the EBITDA margins, Alok, in other expenses, there is around 8 to ₹9 crores of expenses which are one-time in nature, which have been incurred in this quarter. There was shifting of crane in Jaigarh Port from one bay area to another bay area.

That is one incremental cost which we have incurred. It can't be capitalized.

That is one item. If you look at the volumes primarily vis-a-vis last quarter, there has been growth in SWPL as well as in Dharamtar.

These are also a bit of a higher EBITDA margin ports wherein the volumes have gone up. SWPL, as you are aware, the capacity has gone up.

That's where the numbers are up. Dharamtar obviously because of enhanced volumes coming from the anchor customer, there has been a jump in the overall volume.

These will be more or less kind of normal in nature going forward.

Got it. Just one last question.

You also mentioned about going ahead with the Oman port expansion there. Are we going ahead with that, or is there still more at the MoU stage with still a chance to change it, or having some alternate there because if things don't go as per the plan in terms of geopolitical situation?

That would be my last question. As you know

we have been repeating this part of it that the area outside Hormuz has acquired a lot of strategic importance, be it in UAE or in Oman. Every government is now stepping up massive investments on emergency basis to develop this coastline outside the Straits of Hormuz.

We will be going ahead with this project because these wars, it's in our perception and everyone's perception, these are not going to be continuing indefinitely. These projects will take another 2, 3 years to come into stream.

I think that's a good decision to move ahead. We'll be continuing on this.

Got it.

Got it. Thank you, sir.

That's all from my side. All the best.

Hi, sir. Ankita Shah here.

Most of my questions have been answered. Just one or two.

Sir, we had plans to merge Navkar Corporation, right? Any thoughts on that?

We will communicate at the right time. We have not taken anything on that.

Are we looking at any acquisitions in the logistics space in this financial year given that we are guiding for a strong growth this year and assuming in next year also, assuming it is building in some acquisitions as well? Anything that you can share at the moment on the same.

Because the rakes business, obviously we continue to place orders for the rakes. On the terminal side, as you are aware, we have kind of bid for NCR rail, and that's at the fag end of closure.

That we should be closing in this quarter. A couple of assets are in the NCLT where we would like to participate in those assets as a bidder.

Okay. Then fine.

Theek hai. I think, yeah, that's it from my side.

Sure. Thank you.

Hi, sir. Thanks for the opportunity.

Sir, my question is slightly a bit on the medium-term trajectory, right? Can you speak a little bit about the opportunity for third-party volume growth at some of your greenfield ports, especially something like a Murbe or your Keni Port, right?

As and when they come, can you give a little bit color on what the catchment looks like, what are the industries that you're looking for to drive up utilizations here because at least my understanding is that there is not enough support from group for this port. If you can speak a little bit on that, please.

At Murbe, let's go stepwise. At Murbe, we are looking at there's a immediate industrial area in Tarapur, Boisar, Palghar area.

That's the immediate vicinity you have a lot of cargo. Then pushing inwards, because you're bypassing the Western Ghats, you get the hinterland of MP, you get the hinterland of Telangana, and Southern and Western Maharashtra.

That becomes a big catchment area for traffic origin. Here the traffic we're looking at is not only bulk, breakbulk, containers, fertilizers.

There's a wide catchment area, and most importantly, the moment you are connected to the Dedicated Freight Corridor, the hinterland opens up to North India also. That is where the key traffic elements are going to come from.

Number two part was on Keni. Keni we're also looking at the immediate hinterland behind the Bellary, Hospet sector.

There's a lot of potential. Those areas are developing very fast with a lot of mineral-based and metal-based industries coming up there.

The hinterland is again quite vibrant and growing. These are the areas we're looking at third-party cargo growth.

Sure. Sir, just spending a little bit more time on Murbe, right?

You also need to compete with something like let's say JNPT or let's say Hazira port of Adani Ports, etc., right? Given it's a greenfield port where you're just starting, what are your strategies?

If you can maybe speak a little bit about how do you intend to attract cargo from these customers?

It's a question of number one I would say is how quickly we execute this project. That is number one.

Since we've got the regulatory approvals with minimal land acquisitions involved, I think that part of the story we should be able to deliver quickly. Most importantly, if you would have seen, why we strategized to move into logistics was to have this integrated play what you're looking at.

We would be one of those few port operators who has a big logistics play right up to the hinterland. We'll be able to deliver door-to-door services.

That is where our USP comes in.

Sure, sir. Understood.

Got it. Sir, secondly, a small bookkeeping question.

Sorry for harping on this EBITDA margin part. Even if I add that 8, 9 CR, right, back to the ports one-off thing, even then the margins actually look lower, especially given there's a significant contribution for something like a Jaigarh Port in the specific quarter.

Am I missing something, or am I reading it incorrectly? If you can help me understand it, please.

No, no, one is that add back, as I said, and second is obviously Fujairah is not there in play. That is something you need to add back.

Had it been there, then what would have been the outcome in terms of EBITDA margin, which we just highlighted around 65 to ₹70 crores we would have lost. Those are the things you need to kind of add or subtract.

Sure, sir. Sir, just to confirm, did I hear correctly that your revised volume guidance is 127 for the year?

Yeah.

Yeah.

Sure. Got it.

Thank you very much, and all the best.

Thank you.

Thank you. Congratulations, sir.

My question is on the rakes part. Have we added any rakes in this quarter?

This quarter we did not add. The first two rakes have been delivered in this week only.

As I told you we wanted to share that good news. The orders that we placed in April, they have started fructifying here in July.

Okay.

Okay. How many rakes are we expected to add this fiscal year?

This year our entire orders of 40 rakes are supposed to come on stream by Jan or Feb latest. At least we should be having a rake fleet of 80 rakes plus by end of Jan or Feb, we should be having that.

From current fleet of 42.

Understood. Just bookkeeping question.

I see in our presentation that we've mentioned rail rakes contributed 43 crores in revenue and 40 crores in EBITDA. Can you help us understand this high EBITDA margin in this?

Because only the premium and the rebate is what we have accounted in our revenue. There's one more option wherein we can take the premium, rebate, and also the freight charges.

At that point of time, the EBITDA margin will be around 25%. In this case, since the haulage charges or the logistic freight has been netted off, so that is where the EBITDA margin are looking a bit elevated.

We will be following this policy from going forward?

It depends which kind of rakes we will be getting. If it is LSFTO rakes, the treatment will be different.

If it is for GPWIS rakes, it will be different. For container rakes, again, it will be a bunched service because for container rakes, typically you give a bunched service wherein the logistics cost plus the handling are all packaged together.

Understood. Sir.

Thank you. Those were my questions.

Hi. Good evening, sir.

We have the target of reaching 250 rakes by 2030. Just wanted to understand how many of those rakes are likely to be GPWI and LSFTO rakes and how many of those could be container rakes?

Just a related question

Broadly 150 would be container rakes, 110-odd would be LSFTO and other GPWIS rakes.

Only thing is as of now, we have 19 rakes GPWIS in our portfolio, and there's a moratorium on that. In case the moratorium gets lifted, then this 250 may also be revised upward.

As of now, what we have targeted is a mix of container rakes and LSFTO rakes plus the 19 GPWIS rakes which we already have. That is where we are reporting it at 250.

In case the opportunity opens up in the GPWIS space, we may revise this 250 little bit upward.

Understood, sir. Understood.

What proportion of these rakes utilization is likely to be linked to the group? How much is it likely to be for third party?

It would be around 45-55. It will be in that ratio on the rake front because a larger proportion would be container rakes, 150 versus 110.

110 would be more or less group, 150, some part of it will be on the group cargo. Currently if you look at Navkar and all the other operations that we do, it's around 75-25: 75 third party, 25 group.

Perfect. Perfect.

That's helpful, sir. Just one more question on Murbe.

In Murbe, what proportion of traffic is likely to be container? Within that on the bulk cargo, how much of that is likely to be linked to the group, or should we assume it largely to be third-party port?

We are basically looking at, as I told you, a hinterland in MP, which is more of fertilizers, some part of other movement. A part of it will be definitely container, and mostly it would be partially serving group somewhere in Tarapur, Boisar.

This belt they will be serving. It would be a mix of 20-80, you can put it: 20 for group, 80 third party.

Sure, sir. Understood.

Thank you so much.

Hello. Thanks for taking my question.

My question is for this quarter, majority of growth in volumes have come from Dharamtar and Jaigarh. How do we see that growth in next three quarters?

As we said, we will be keeping that headline number of 127 in mind, and basis that the cargo volumes will play out.

Good evening, sir. Thank you for the opportunity.

Just two questions actually. First, if I understand you rightly, 127 million ton doesn't include Fujairah.

What about ₹3,000 crores of EBITDA? How much loss or profit are we counting for Fujairah in this EBITDA, sir?

Around 40 percentage of the numbers we have baked in for Fujairah as Rinkesh was mentioning that we'll be ready to operate eight tanks by August and say another three tanks by say September or October. We have baked in around 100 to ₹125 crores of EBITDA coming in from Fujairah operations out of the ₹3,000 crores numbers which we have guided.

Got it. In terms of volume?

Volume around 2.5 2 to 2.5 million tons.

Same proportion actually.

Yeah.

Got it. The second question I had, you mentioned about the third-party cargo which got handled at Jaigarh.

Was that just the ODC cargo and alumina product and that is more one-time? Have I understood right, or is there a recurring third-party cargo a new set or kind of category which is kind of emerging?

No,

from the project cargo as well as the alumina cargo, that is one-time, but we have also got an incremental cargo on the LPG space. That we expect to take it forward or continue in the subsequent quarters.

Right. Understood.

One clarification in terms of the other income. The QoQ fall, if you could clarify.

You clarified on the YoY fall. What about the QoQ?

Was there any large one-off income in this ₹90 crore in 4Q FY26?

Because we had receivables from Hiranandani wherein they are into JV with us in the Jaigarh Port. On our receivables around ₹40 crores of interest they paid to us in Q4 of FY26.

That is accrued in our financials. Otherwise, if you look at it sans that, it would have been in that 50 to ₹55 crore mark in Q4 FY26.

This ₹40 crore you have received or you have accrued? It's sitting as a receivable?

We have received, and that's how we have

Received. Okay.

That is how we have accounted for. Okay.

Understood.

Absolutely.

Perfect. Thank you so much for the clarification.

Those were my two questions. Thank you.

My question has been answered. Thank you.

We delivered a strong quarter driven by healthy cargo growth, resilient operational performance, and steady execution across our growth projects. We continue to make good progress on our brownfield expansions while key milestones at Murbe and Jatadhar further strengthen the visibility of our greenfield pipeline.

Our logistics platform is also scaling up well through rail fleet expansion, new asset commissioning, and strong performance at Navkar. Given the strong operating momentum and execution progress across ports and logistics, we reaffirm our operating EBITDA guidance of approximately ₹3,000 crores for FY27 and ₹5,000 crores for FY28.

Thank you, all.