JSW Infrastructure Q4FY26 Monitoring Agency Report: Rs. 669.80 Crore IPO Proceeds Remain Unutilised, Capex Delays Flagged

JSW Infrastructure Limited has received its Monitoring Agency Report for the quarter ended March 31, 2026, submitted by CARE Ratings Limited pursuant to Regulation 32(6) of the Listing Regulations read with Regulation 41(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The report covers the utilisation of proceeds from the company's Initial Public Offering (IPO) — a fresh issue of 235,294,117 equity shares aggregating to Rs. 2,800 crore — which was open for subscription from September 25, 2023, to September 27, 2023.

IPO Proceeds Utilisation Overview

As of March 31, 2026, JSW Infrastructure has cumulatively utilised Rs. 2,056.33 crore out of a total proposed outlay of Rs. 2,726.13 crore across all objects of the issue. During Q4FY26 alone, the company deployed Rs. 85.15 crore. The following table summarises the utilisation status across all objects:

Object Proposed Amount (Rs. Crore) Utilised till End of Quarter (Rs. Crore) Unutilised Amount (Rs. Crore) Debt repayment (JSW Dharamtar Port & JSW Jaigarh Port) 880.00 880.00 - LPG Terminal Project (JSW Jaigarh Port) 865.75 266.83 598.92 Electric sub-station (JSW Jaigarh Port) 59.40 57.55 1.85 Purchase & installation of dredger (JSW Jaigarh Port) 103.88 103.88 - Expansion at Mangalore Container Terminal 151.05 82.02 69.03 General corporate purposes 666.05 666.05 - Total 2,726.13 2,056.33 669.80

During Q4FY26, JSW Infrastructure Limited (JSWIL) invested Rs. 58.65 crore in JSW Jaigarh Port Limited (JPL) — comprising Rs. 16.61 crore towards the LPG Terminal Project and Rs. 42.04 crore towards the electric sub-station — and Rs. 26.50 crore in JSW Mangalore Container Terminal Private Limited (JSW MCTPL).

Deployment of Unutilised IPO Proceeds

The remaining Rs. 669.80 crore of unutilised proceeds has been deployed in fixed deposits across multiple banks as at the end of the quarter. The details are as follows:

Instrument & Bank Amount (Rs. Crore) Maturity Date Return on Investment (%) Fixed Deposit – Axis Bank 30.00 27-05-2026 6.00% Fixed Deposit – Axis Bank 30.00 27-05-2026 6.00% Fixed Deposit – Axis Bank 19.80 22-04-2026 4.80% Fixed Deposit – IndusInd Bank 200.00 15-04-2026 7.90% Fixed Deposit – IndusInd Bank 130.00 09-04-2026 7.90% Fixed Deposit – IndusInd Bank 110.00 07-04-2026 7.90% Fixed Deposit – Yes Bank 150.00 07-04-2026 7.85% Total 669.80

Capex Implementation Delays Flagged

CARE Ratings has flagged delays in the implementation of certain capital expenditure objects against the timelines specified in the offer document. For the LPG Terminal Project, the entire capex of Rs. 865.75 crore was to be incurred by Fiscal 2026, against which only Rs. 266.83 crore has been incurred till March 31, 2026; the exact period of delay is not ascertainable. Similarly, for the electric sub-station, Rs. 57.55 crore has been incurred against the target of Rs. 59.40 crore by Fiscal 2026, with the exact delay period also not ascertainable.

For the expansion at JSW Mangalore Container Terminal Private Limited, the entire capex of Rs. 151.05 crore was to be incurred by Fiscal 2025, against which Rs. 82.02 crore has been incurred till March 31, 2026 — with the exact delay period not ascertainable. The purchase and installation of the dredger, originally targeted for completion by Fiscal 2025, was completed in Fiscal 2026, with a minuscule amount of Rs. 0.63 crore utilised in Q1FY26.

General Corporate Purposes Utilisation

The entire allocation of Rs. 666.05 crore under General Corporate Purposes has been fully utilised. The breakdown of this utilisation is presented below:

Item Amount (Rs. Crore) Acquisition of Marine Oil Terminal Corp (USD 9.35 Million) through ICD to FZE Terminal 77.89 Acquisition of Marine Oil Terminal Corp (USD 57.65 Million) through Equity Investment in FZE 480.80 Acquisition of Shares in PNP Maritime Services Private Limited through ICD to JSW Dharamtar Port Private Limited 107.36 Total 666.05

Monitoring Agency Observations

CARE Ratings confirmed that there are no deviations from the objects or expenditures disclosed in the offer document, and no change in the means of finance for the objects of the issue. The Monitoring Agency noted that the company transferred issue proceeds from the public account to a monitoring account (Axis Bank) and then to various fixed deposits, which were subsequently transferred to current accounts (maintained with Axis Bank and Yes Bank) for utilisation, rather than directly from the monitoring account. Accordingly, the Monitoring Agency relied on management declarations and a Chartered Accountant certificate from M/s Shah Gupta & Co., Chartered Accountants (Statutory Auditor), dated April 22, 2026, to ascertain fund utilisation. All statutory approvals related to the objects remain in progress, as per the Red Herring Prospectus.

JSW Infrastructure reported its latest quarterly financial results for the quarter and year ended 31st March, 2026, showcasing a mixed performance marked by robust operational growth alongside a year-on-year decline in net profit. The company's revenue and EBITDA both registered notable increases compared to the same period last year, while consolidated net profit came in lower on a year-on-year basis. The audio recording of the earnings conference call held on 8th May, 2026, is now available on the company's website.

Revenue and EBITDA Performance

JSW Infrastructure's revenue for Q4 grew to 15.22B rupees, up from 12.8B rupees in the corresponding quarter of the previous year, reflecting meaningful top-line expansion. On the operational front, EBITDA rose to 7.7B rupees from 6.4B rupees year-on-year, underscoring improved operational efficiency. The EBITDA margin also edged higher to 50.53% compared to 49.95% in the year-ago period, indicating better cost management relative to revenues.

The following table summarizes the key operational metrics for the quarter:

Metric: Q4 Current Q4 Previous (YoY) Revenue: 15.22B Rupees 12.8B Rupees EBITDA: 7.7B Rupees 6.4B Rupees EBITDA Margin: 50.53% 49.95% Consolidated Net Profit: 4.23B Rupees 5.1B Rupees

Net Profit Decline

Despite the strong revenue and EBITDA growth, JSW Infrastructure's consolidated net profit for Q4 declined to 4.23B rupees from 5.1B rupees reported in the same quarter last year. This contraction in net profit, even as operational metrics improved, points to higher costs or other below-the-EBITDA-line factors impacting the bottom line during the quarter.

Earnings Conference Call

The audio recording of the earnings conference call, held in connection with the audited standalone and consolidated financial results for the quarter and year ended 31st March, 2026, is now accessible on the company's website. The call was held on 8th May, 2026, at 5:30 p.m. IST, and the recording can be accessed at https://www.jswinfrastructure.in/infrastructure/jsw-infrastructure-financial-results-fy-2025-26 .

Key Highlights

Revenue increased to 15.22B rupees from 12.8B rupees YoY

EBITDA rose to 7.7B rupees from 6.4B rupees YoY

EBITDA margin improved to 50.53% from 49.95% YoY

Consolidated net profit declined to 4.23B rupees from 5.1B rupees YoY

Earnings call recording for the quarter and year ended 31st March, 2026, is now available on the company's website

Overall, JSW Infrastructure's Q4 results present a picture of solid operational performance with revenue and EBITDA both recording year-on-year growth, while the decline in consolidated net profit remains a notable development for the period under review.

We’re building Scanx - to help you express your trading & investing idea, to help you analyse the markets better.

Stock Markets are the true indicator of the growth of any country's economy. We are bullish on India, we are bullish on India's prospects to be one of largest economies of the world. We believe that Stock Markets provide an unique opportunity for all Indians to participate in the growth story of India. We are enabling the same for Indians.

As financial services are becoming more accessible, there is now a large set of Indians today who are financially aware and literate. They value time and seek high quality products & services. Most screening, trading, investing platforms available today are more or less similar to each other, and they have not evolved with time. While both traders & investors have gotten smart about how they make money and build wealth, as users they have continued to use the same products, features, and platforms that were available for years with little or no innovation.

We plan to change that - a technology-led and artificial intelligence enabled platform built for super traders and long term investors.

Disclaimer:

The data and information provided on this website is for general informational and research purposes only. While we strive to ensure that the content is accurate, up-to-date, and reliable, this platform utilizes artificial intelligence (AI) tools to generate, curate, and summarize information. As such, the content may occasionally contain errors, omissions, or outdated information. All users are therefore advised to cross verify the source of the data and information.

This website does not constitute professional, legal, financial, medical, or any other form of licensed advice. Users are encouraged to independently verify any information before relying on it, especially for decisions that may have legal, financial, or personal consequences.

The views, analyses, and summaries presented on this platform may be generated or assisted by AI and do not necessarily reflect the opinions of the website owners, operators, editors, or affiliates.

We make no warranties or representations, express or implied, regarding the completeness, accuracy, reliability, suitability, or availability of the information contained on this website. Any reliance you place on such information is strictly at your own risk.

This website may include links to third-party sources or content. We do not control or endorse the nature, accuracy, or availability of those external sites and are not responsible for any content or damages arising from their use.

By using this website, you acknowledge and agree that the use of AI-generated content involves inherent limitations, uncertainties and inaccuracies, and you accept full responsibility for how you interpret and use the information provided.

We reserve the right to modify, update, or remove content and this disclaimer at any time without prior notice.