JSW Infrastructure targets ₹8,000 crore logistics revenue by FY30

JSW Infrastructure targets ₹8,000 crore of logistics revenue in FY30, supported by a rail fleet that increased from eight rakes in October 2024 to 78 in October 2026 and a terminal network that expanded from three to eight facilities. Management also targets ₹2,000 crore of logistics operating EBITDA in FY30.

What is JSW Infrastructure's FY30 logistics target?

JSW Infrastructure targets FY30 logistics revenue of ₹8,000 crore, operating earnings before interest, tax, depreciation and amortisation (EBITDA) of ₹2,000 crore, and cumulative capital expenditure of ₹9,000 crore from FY25 to FY30. These are management targets disclosed in the November 2026 investor presentation, rather than reported FY30 results.

The target is substantially above the logistics segment's reported FY26 revenue of ₹715 crore and operating EBITDA of ₹142 crore. Management guides for ₹1,400 crore of logistics revenue and ₹400 crore of operating EBITDA in FY27, followed by ₹2,800 crore and ₹700 crore, respectively, in FY28. The FY28 revenue guidance would equal 35% of the FY30 revenue objective.

The logistics plan accompanies a larger port-capacity programme. JSW Infrastructure reported operational port capacity of 186 million tonnes per annum (mtpa) in September 2026, compared with 170 mtpa in FY25, and targets 400 mtpa by FY30. Its stated logistics strategy combines inland cargo movement, container handling and rail infrastructure with its port assets.

How has JSW Infrastructure expanded its logistics network?

JSW Infrastructure increased its network from three facilities in October 2024 to eight in October 2026, comprising three Gati Shakti Multi-Modal Cargo Terminals (GCTs), three inland container depots (ICDs) and two container freight stations (CFSs). The eight facilities span five states, with locations in Gujarat, Maharashtra, Karnataka and Tamil Nadu shown in the presentation.

Rail rolling stock increased faster than the terminal count. The fleet rose from eight rakes in October 2024 to 78 in October 2026, while domestic standard containers increased from 2,400 to 4,958. The October 2026 fleet comprised 25 container rakes, 19 General Purpose Wagon Investment Scheme (GPWIS) rakes and 34 Liberalised Special Freight Operator (LSFO) rakes; 44 rakes were owned and 34 were leased.

The expansion includes the completed acquisition of NCR Rail Infrastructure Limited and the acquisition of Navkar Corp. Commercial operations were under way at the Kudathini private freight terminal, while JSW Infrastructure secured a letter of acceptance for a GCT at Kulipalayam, Tamil Nadu. The company said the Kulipalayam award increased its footprint to eight logistics facilities across five states in H1 FY27.

Which growth levers support JSW Infrastructure's plan?

JSW Infrastructure plans to build logistics through greenfield ICDs and multi-modal logistics parks, GCT bids, acquisitions, partnerships and further investment in rail and container rakes. For greenfield projects, management proposes using JSW Group business locations to develop railway sidings, storage, bagging, stuffing and other value-added services.

The company describes GCTs as an asset-light route because Indian Railways provides the land. It has won three GCT bids, two in Tamil Nadu and one in Maharashtra, and says it will participate in upcoming bids. Management targets 110 specialised rakes by March 2027 and 140 container rakes in the medium term; the October 2026 fleet had 53 specialised GPWIS and LSFO rakes and 25 container rakes.

Inorganic expansion is another stated lever, with JSW Infrastructure considering acquisitions of CFS and ICD businesses similar to Navkar Corp. Partnerships with operators and third-party customers are also intended to expand business. Its connectivity projects include a 30 mtpa, 302-kilometre slurry pipeline in Odisha, for which 263 kilometres of welding and 257 kilometres of lowering had been completed as of the November 2026 presentation.

Is logistics growth appearing in JSW Infrastructure's results?

JSW Infrastructure's logistics segment reported H1 FY27 revenue from operations of ₹517 crore, up 72% year on year from ₹301 crore, while operating EBITDA rose 242% to ₹153 crore from ₹45 crore. The operating EBITDA margin increased to 29.7% from 14.9%. The segment includes JSW Port Logistics, Navkar Corp, Arakkonam GCT and Kudathini ICD.

At Navkar Corp, H1 FY27 domestic volume reached 844,000 metric tonnes, up 26% from 669,000 metric tonnes a year earlier. Export-import (EXIM) volume rose 7% to 171,000 twenty-foot equivalent units (TEUs), from 160,000 TEUs. Navkar's H1 revenue rose 38% to ₹414 crore, operating EBITDA increased 48% to ₹66 crore, and profit after tax increased to ₹24 crore from ₹7 crore.

Logistics grew faster than the ports business in H1 FY27. Port revenue from operations rose 10% to ₹2,409 crore and port operating EBITDA increased 4% to ₹1,195 crore, against logistics revenue growth of 72% and operating EBITDA growth of 242%. Ports nevertheless remained larger in absolute terms, contributing ₹2,409 crore of H1 revenue versus ₹517 crore for logistics, while consolidated revenue from operations was ₹2,926 crore, up 18%.

Conclusion

The disclosed strategy positions logistics as an additional business alongside ports, using Navkar Corp, rail rakes, inland facilities, GCTs and possible acquisitions to pursue the FY30 objective. H1 FY27 logistics revenue of ₹517 crore and operating EBITDA of ₹153 crore show the reported scale achieved after the network expanded to eight facilities and the fleet reached 78 rakes.

The next disclosed milestones are management's target of 110 specialised rakes by March 2027, FY27 logistics guidance of ₹1,400 crore revenue and ₹400 crore operating EBITDA, and participation in further GCT bids. Execution of the ₹9,000 crore FY25-FY30 logistics capital-expenditure plan and progress toward the medium-term target of 140 container rakes remain the stated measures to watch.