JSW INFRA Results Analysis-Q1FY26

Operating Revenue for Q1FY26 is Rs. 1,224 Crs., 21% growth YoY (driven by an increase in Cargo volume and a change in the realization mix), Total Income is Rs. 1,314 Crs., 19% growth YoY, EBITDA is Rs. 580 Crs., 12.6% growth YoY, EBITDA Margin is 47.5% decreased by 250 Basis points YoY, PBT Rs. 472 Crs., 20.4% growth YoY, PAT Rs. 390 Crs. 31.3% growth YoY. However, On QoQ basis Op. Revenue is down by 4.6%, Total Income is down by 4.2%, EBITDA is down by 9.4%, PBT is down by 18.8% and PAT is down by 24.2%. Total Cargo Handled of 29.4 MT, a growth of 5% YoY, Third-party customer share of 52% in Q1 FY26 vs 50% in Q1 FY25.