JSW Infrastructure targets 400 mtpa port capacity by FY30

JSW Infrastructure targets 400 million tonnes per annum (mtpa) of port capacity by FY30, from 186 mtpa in September 2026, supported by 204.3 mtpa of named projects: 114.3 mtpa approved or under construction and 90 mtpa in its potential-project pipeline.

How will JSW Infrastructure reach 400 mtpa by FY30?

JSW Infrastructure plans to increase capacity by 214 mtpa from the 186 mtpa reported in September 2026 to 400 mtpa in FY30. Its roadmap sets an intermediate target of 300 mtpa in FY28E, implying a 114 mtpa increase by FY28E and a further 100 mtpa by FY30E.

The FY30 target is about 2.4 times the 170 mtpa capacity reported for FY25. The presentation identifies 114.3 mtpa of approved or under-construction projects and 90 mtpa of named potential projects, while separately showing 10 mtpa of potential projects without naming the assets or giving their expected completion dates.

The identified additions include both terminal and connectivity infrastructure. The 114.3 mtpa group includes the 30 mtpa Odisha slurry pipeline, while the named 90 mtpa potential pipeline includes the 27 mtpa Ash Shiwaymiyah Port in Oman. The target therefore depends on berth construction, port development and the completion of a pipeline linked to port operations.

Which projects account for JSW Infrastructure’s 114.3 mtpa approved expansion?

JSW Infrastructure lists seven approved or under-construction components with combined capacity of 114.3 mtpa. The 36 mtpa Jaigarh and Dharamtar expansion, 30 mtpa Jatadhar Port and 30 mtpa Odisha slurry pipeline account for 96 mtpa of that total.

The 36 mtpa Maharashtra programme comprises 21 mtpa at Dharamtar and 15 mtpa at Jaigarh. JSW Infrastructure links the expansion to an anchor customer’s 5 mtpa steel-making capacity expansion at Dolvi, and estimates combined capital expenditure at Rs 2,359 crore.

The Tuticorin dry-bulk berth has 7 mtpa capacity, estimated capital expenditure of Rs 600 crore and handled 3.03 million tonnes through interim operations in H1 FY27. Kolkata has 6.3 mtpa capacity, or 0.45 million twenty-foot equivalent units, estimated capital expenditure of Rs 740 crore, and handled 0.05 million tonnes through interim operations in Q2 FY27. The 3 mtpa Goa addition remains subject to further approval.

Which potential projects provide 90 mtpa of capacity?

JSW Infrastructure’s named potential-project pipeline consists of Keni Port in Karnataka at 30 mtpa, Murbe Port in Maharashtra at 33 mtpa and Ash Shiwaymiyah Port in Oman at 27 mtpa. Together, these projects provide 90 mtpa, compared with 114.3 mtpa in the approved or under-construction group.

Keni has the most detailed disclosure among the potential projects. It is planned as an all-weather, direct-berthing, deep-water multi-cargo port, with a concession agreement signed with the Karnataka Maritime Board in November 2023 and estimated capital expenditure of Rs 4,119 crore.

Commercial operations at Keni are expected in FY30, subject to further approvals. Karnataka State Coastal Zone Management Authority recommendations have been sent to the Ministry of Environment, Forest and Climate Change for appraisal. The presentation gives no capital expenditure, construction milestones or operating dates for Murbe or Ash Shiwaymiyah.

When are JSW Infrastructure’s main projects due for completion?

JSW Infrastructure expects several identified projects to advance during 2027, Kolkata to be completed in Q3 FY28 and Keni to commence commercial operations in FY30. The presentation does not assign completion dates to every project in the 90 mtpa potential pipeline.

The 7 mtpa Tuticorin berth is expected to be completed by Q4 FY27. At Dharamtar, mechanisation work was expected to be completed by March 2027, while mechanisation at Jaigarh was expected by June 2027 after berth-side work was completed. The 2 mtpa liquefied petroleum gas project at Jaigarh is scheduled to start marine operations by March 2027 and complete tank terminals by December 2027.

At Jatadhar, the 30 mtpa Phase I berth works were nearing completion and mechanisation was expected by March 2027. The 302-kilometre Odisha slurry pipeline had completed 263 kilometres of welding, or 87%, and 257 kilometres of lowering, or 85%, with construction expected by March 2027. The project has a long-term take-or-pay agreement with JSW Steel and estimated capital expenditure of Rs 4,000 crore.

What financial guidance accompanies JSW Infrastructure’s capacity plan?

Management guides for JSW Infrastructure’s port revenue to rise from Rs 4,647 crore in FY26A to Rs 5,200 crore in FY27E and Rs 8,000 crore in FY28E. Port operating earnings before interest, tax, depreciation and amortisation, or EBITDA, are guided at Rs 2,462 crore in FY26A, Rs 2,600 crore in FY27E and Rs 4,300 crore in FY28E.

The ports guidance excludes future privatisation bids. Separately, the logistics business targets Rs 8,000 crore of revenue, Rs 2,000 crore of EBITDA and Rs 9,000 crore of capital expenditure during FY25-30, alongside a target of 110 specialised rail rakes by March 2027 and 140 container rakes in the medium term.

In H1 FY27, JSW Infrastructure handled 60.5 million tonnes of cargo, compared with 58.2 million tonnes in H1 FY26, an increase of 4%. India operations rose 10% to 60.3 million tonnes, while the presentation said overall growth was partly offset by a challenging operating environment at Fujairah Liquid Terminal.

Conclusion

JSW Infrastructure has disclosed a project-based route to 400 mtpa in FY30 rather than only a headline capacity target. The plan combines 114.3 mtpa of listed approved or under-construction projects, 90 mtpa of named potential projects and a separate unidentified 10 mtpa potential-project line, against 186 mtpa of capacity in September 2026.

The next disclosed milestones are completion of Tuticorin by Q4 FY27, mechanisation at Jatadhar and Dharamtar by March 2027, Jaigarh mechanisation by June 2027, and Kolkata’s expected completion in Q3 FY28. Progress on Keni’s environmental appraisal, as well as clarity on Murbe, Ash Shiwaymiyah and the separate 10 mtpa line, will show how the remaining FY30 capacity path develops.