JSW Infrastructure Limited

Incorporated in 2006, JSW Infrastructure Limited provides maritime-related services including, cargo handling, storage solutions and logistics services. The company develop and operates ports and port terminals under Port Concessions.
JSW Infrastructure is the 2nd largest commercial port operator in the country in terms of cargo handling capacity in Fiscal 2022.

The company currently handle various types of cargo, including dry bulk, break bulk, liquid bulk, gases and containers. The company currently handling cargo also include thermal coal, coal (other than thermal coal), iron ore, sugar, urea, steel products, rock phosphate, molasses, gypsum, barites, laterites, edible oil, LNG, LPG, and containers.
JSW Infrastructure ports and port terminals typically have long concession periods ranging between 30 to 50 years, providing the company with long-term visibility of revenue streams.
The company has a presence across India with Non-Major Ports located in Maharashtra and port terminals located at Major Ports across the industrial regions of Goa and Karnataka on the west coast, and Odisha and Tamil Nadu on the east coast.
JSW Infrastructure’s international presence includes 2 terminals at Fujairah and Dibba in the UAE.
JSW Infrastructure Limited operates nine Port Concessions in India with an installed cargo handling capacity of 158.43 MTPA as of June 30, 2023. The company’s installed cargo handling capacity in India has grown at a CAGR of 15.27% from March 31, 2021 to March 31, 2023.

JSW infra relies on concession and license agreements from government and quasi-governmental organizations. Any breach of the terms could lead to termination and could severely impact its operations.
65% of the total volume handled comprises of coal and iron ore. A significant reduction or the elimination of such cargo could adversely affect the business.
63% of business comes from JSW group customers. Any default or decline in demand could impact the business

3rd Party customers has grown by 47.5% from FY21 to FY23

  • Capacity utilization rose by 60% from FY 21 to FY23.
  • Here it is to be noted that at-least 60% and above capacity utilization provides sustainable business to Port logistics.

Its Port Concessions are strategically located in close proximity to JSW Group Customers (Related Parties) and are well connected to cargo origination and consumption points. ~65% of business is coming from these sticky customer base.
~25 years of Concession period for its port. (Recovery of Investment period)
Post IPO company is Net Debt Free.
This enables JIL to serve the industrial hinterlands of Maharashtra, Goa, Karnataka, Tamil Nadu, Andhra Pradesh, and Telangana, and mineral-rich belts of Chhattisgarh, Jharkhand, and Odisha (Source: CRISIL Report), making its ports a preferred option for customers.
In addition, it benefits from strong evacuation infrastructure at ports and port terminals that comprise multi-modal evacuation techniques, such as
Coastal movement through a dedicated fleet of mini-bulk carriers,
Rail Network
Road network
Conveyor systems

Disc: Not invested


GOA port coal fidelity is under litigation due to some environmental issues?

Any work on valuation front.

Not sure as of now looks high valuation to me. Will wait for next quarter result and Concall.

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JSW Infra Risk

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How was Q1 2024 results? I was not able to find.

This from Screener… I didnt get from anywhere else either…

@Amit_Singh1 How is this opportunity (JSW) in comparison with Adani Ports? I exited Adani due to Political Risk around it… and will consider only Post 2024 Elections.


JSW has shown a QoQ dip in revenue and profits. Not sure about the reason.

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Consolidated nos do NOT show a revenue dip. Can you share more insights on your comment?

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Both Revenue and Profits have dropped.

Seasonality effect on QoQ of FY23 but check YoY; there is growth of 29%.

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Thats right - because of monsoons, Q2 is impacted. Has anyone studied if shipping industry is facing headwind as Maersk is cutting 10000 jobs stating poor demand - see mgmt interview link below

JSW infra story has to do more with sagarmala and incoming/ outgoing cargo clearances for India story.
Still a complex business to watch out for. Too many moving parts.

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JSW Infrastructure Limited has issued detail about its acquisition of Marine Oil Terminal Corp and its Fujairah Branch.

  1. Target Entity and Acquisition Details:
  • JSW Terminal (Middle East) FZE, a wholly-owned subsidiary of JSW Infrastructure Limited, is acquiring Marine Oil Terminal Corp, including its Fujairah Branch.
  • The Fujairah Branch operates a liquid storage terminal in Fujairah, with a capacity of 4,65,000 cubic meters (cbm).
  • The target entity had revenue from operations of USD 18.30 million as of December 31, 2022.
  1. Industry and Objectives of Acquisition:
  • The entity being acquired is in the business of liquid storage tankages situated in Fujairah Oil Industry Zone in Fujairah.
  • The acquisition aligns with JSW Infrastructure’s vision to expand its cargo handling capacity, including liquid cargo, and expand its footprint in this business.
  1. Completion Timeline:
  • The acquisition is expected to be completed within 60 days.
  1. Cost of Acquisition:
  • The transaction has an Enterprise Value of USD 187 million, including the value of net working capital and other adjustments at the time of closing.
  1. Percentage of Shareholding/Control:
  • JSW Infrastructure Limited will acquire 100% ownership, which comprises 500 ordinary shares.
  1. Background of the Acquired Entity:
  • Marine Oil Terminal Corp, incorporated in Marshall Island, operates a liquid storage terminal in Fujairah with a substantial capacity.
  • Revenue from operations for the last three years:
    • CY 2022: USD 18.30 million
    • CY 2021: USD 24.21 million
    • CY 2020: USD 26.56 million