JSWINFRA

Current scenario - Handled 60.5 million tonnes of cargo in H1 FY27, with India operations growing 10% YoY, ahead of the industry growth of 5%. - Operating revenue for H1 FY27 reached INR2,926 crores (up 18% YoY), operating EBITDA stood at INR1,348 crores (up 13% YoY), and net profit reached INR686 crores. - Fujairah Liquid Terminal faced continued operational disruptions due to geopolitical factors and lack of demand, contributing zero EBITDA and resulting in an H1 loss of INR16 crores. Changes in trends - Rail rake fleet expanded from 42 to 78 rakes, with a target to reach 110 rakes by March 2027 and a long-term goal of over 250 rakes. - Logistics EBITDA margin guidance for FY27 revised to 28% (from 24%) due to accounting changes in netting off haulage charges, retaining the overall logistics EBITDA target at INR400 crores. - Consolidated full-year EBITDA guidance adjusted slightly to INR2,950-3,000 crores due to international headwinds, down from the earlier INR3,000 crores target. Management Guidance & Outlook - Aiming to expand port capacity to 300 million tonnes per annum by FY28 and 400 million tonnes by FY30. - Domestic cargo volume growth expected to remain strong in H2 FY27 in the range of 8% to 10% YoY. - Fujairah terminal testing 8 tanks for recommissioning in November, though the short-term demand outlook remains fluid. Capex - Cumulative capex outlay stood at approximately INR8,250 crores up to September 2026, with an additional INR6,000 crores of machinery orders and contracts committed. - Full-year FY27 capex spend expected to be in the range of INR5,000 to INR6,000 crores, maintaining the overall INR16,500 crores capital expenditure plan.

- Audio recording of the Results Conference Call for Q2 & H1 ended September 30, 2026 is available on the company's website. - The concall was held on October 27, 2026, at 5:30 p.m. (IST).

- Q2 FY27 Revenue rose 17% YoY to ₹1,481 Cr; Operating EBITDA up 11% YoY to ₹674 Cr. - Cargo handled reached 29.4 MT with India volumes up 8% YoY; PAT stood at ₹328 Cr. - Balance sheet maintained a net cash position of ₹1,693 Cr as of Sep 30, 2026.

- Q2 FY27 Revenue from Operations increased 17% YoY to ₹1,481 crore. - Operating EBITDA grew 11% YoY to ₹674 crore. - PAT declined to ₹328 crore vs ₹369 crore in Q2 FY26, impacted by unrealized forex losses. - Total cargo volumes stood at 29.4 MT, with India operations growing 8% YoY.

Q2 FY27 Consolidated Revenue ₹1,481Cr vs ₹1,266Cr (▲17% YoY) EBITDA ₹674Cr vs ₹610Cr (▲11% YoY) PAT ₹328Cr vs ₹369Cr (▼11% YoY) EBITDA Margin 45.5% vs 48.2% (▼263bps)

Concall Schedule Concall Date: 27th October, 2026 Concall Time: 5:30 p.m. IST

Order Win: Navkar Corporation Limited (subsidiary of JSW Infrastructure Limited) won an order from Southern Railway, Salem Division Order Value: ₹48 Cr. Completion Timeline: Construction within 18 months; land licensed for 35 years.

- Care Ratings Limited has reaffirmed the Issuer Rating at CARE AA+; Stable. - Long Term / Short Term Bank Facilities of ₹660.00 Crore reaffirmed at CARE AA+; Stable / CARE A1+. - Short Term Bank Facilities of ₹10.00 Crore newly assigned at CARE A1+. - Short Term Bank Facilities of ₹40.00 Crore reaffirmed at CARE A1+.

- Trading window closed for Designated Persons and their Immediate Relatives effective October 1, 2026. - Reopens 48 hours after declaration of Unaudited Financial Results for the quarter and half-year ending September 30, 2026.

- Care Ratings Limited assigned a credit rating of CARE AA-; Stable to JSW Jatadhar Marine Services Private Limited for Long Term Bank Facilities of ₹2,100 Crore.

- JSW Infrastructure Limited's subsidiary, JSW Dharamtar Port Private Limited, had its long-term credit rating upgraded by Care Ratings to CARE AA+ (Stable) from CARE AA. This applies to ₹15 Cr and ₹400 Cr bank facilities. Short-term ratings (CARE A1+) for bank facilities were re-affirmed.

- JSW Infrastructure Ltd.'s subsidiary, South West Port Limited, received a credit rating upgrade. - Long-term rating upgraded from CARE AA-; Stable to CARE AA; Stable. - Short-term rating re-affirmed at CARE A1+.

- JSW Infrastructure's subsidiary, JSW Jaigarh Port Limited, received an upgraded Long Term credit rating from CARE AA; Stable to CARE AA+; Stable by CARE Ratings for facilities totaling ₹735 Cr. - Short Term ratings were re-affirmed.

- JSW Infrastructure Ltd.'s credit ratings reaffirmed by CARE Ratings. - Issuer Rating reaffirmed as CARE AA+; Stable. - Long Term / Short Term Bank Facilities rating reaffirmed as CARE AA+; Stable / CARE A1+, with the amount enhanced from ₹280 Cr to ₹480 Cr. - Short Term Bank Facilities rating reaffirmed as CARE A1+.

- Order Win: JSW Infrastructure Ltd.'s wholly-owned subsidiary, JSW Port Logistics Private Limited, received a Letter of Intent (LOI) from the Inter-Ministerial Committee, Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes and Customs. - Project: Setting up an Inland Container Depot (ICD) at Village Kudathini, Ballari District, Karnataka, which will be the first ICD in the Ballari region for handling Import/Export cargo. - Completion Timeline: The ICD is to be made operational within one year from the date of issue of the LOI (September 10, 2026).

- JSW Infrastructure Ltd. (JSW Infra) completed the acquisition of 100% of NCR Rail Infrastructure Ltd. (NCR Rail) for ₹467.47 Crore, plus ₹41.94 Crore for land. - NCR Rail, which operates a Private Freight Terminal and logistics business, became a step-down subsidiary effective September 10, 2026, under an IBC resolution plan. - This acquisition expands JSW Infra's logistics business.

- Intimation of Institutional Investors Meeting schedule: - 16th September, 2026: Virtual India Industrials & Energy Seminar - Morgan Stanley (Virtual, Group Meeting) - 18th September, 2026: Jefferies 5th India Forum (The Oberoi, Gurgaon, Group & One on One Meeting) - 22nd September, 2026: J.P. Morgan India Conference (The St. Regis, Mumbai, Group & One on One Meeting)

- Mr. Lalit Singhvi stepped down from his advisory role and committee memberships (Audit, Risk Management, Finance, Business Investment) due to personal commitments, effective August 31, 2026. - He will continue as a Non-Executive Non-Independent Director on the Board, which remains compliant.

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- JSW Infrastructure Ltd. executed a Share Purchase Agreement on August 22, 2026. - Acquiring 100% of JSW Overseas FZE from JSW Terminal (Middle East) FZE. - JSW Overseas FZE will become a direct wholly-owned subsidiary of JSW Infrastructure Ltd.

- JSW Infrastructure's Long-Term Foreign-Currency Issuer Default Rating (IDR) and USD400 million senior secured notes due 2029 affirmed at 'BBB-' with Stable Outlook by Fitch Ratings.

- Order Win: JSW Infrastructure Ltd.'s wholly owned subsidiary, JSW Kolkata Outer Harbour Container Terminal Private Limited, signed a Concession Agreement with Syama Prasad Mookerjee Port Authority, Kolkata. - Project Details: The agreement is for the Integrated Development of Outer Container Terminal & Berth no. 1 through 5 at Netaji Subhash Dock, Kolkata Dock System, on a Design Build Finance Operate Transfer (DBFOT) basis. - Capacity Addition: This, combined with an earlier concession agreement, will lead to an aggregate capacity of approximately 1.4 Million TEU per annum, to be developed in phases.

- Institutional Investor Meetings Scheduled - Meeting 1: EMKAY Confluence 2026 - Annual Investor Conference on 14th August, 2026 (Group and One on One). - Meeting 2: Motilal Oswal 22nd Annual Global Investor Conference, 2026 on 18th August, 2026 (Group and One on One). - Both meetings will be held at Grand Hyatt, Kalina, Mumbai.

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