JSW Infrastructure Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

JSW Infrastructure Ltd trades at ₹342, in a confirmed uptrend and 4 weeks into that stage. That is +19.6% against its own 200-day average. It sits at 100% of a 52-week range of ₹241 to ₹342. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 20 straight weeks.

Today the stock is in a confirmed uptrend — week 4 of stage 2, confirmed. At ₹342 it trades +19.6% versus its 200-day average and sits at 100% of its 52-week range (₹241–₹342).

Against the market, two honest reads. Cumulative: over the last 2.8 years the stock moved +99% while the NIFTY 500 moved +34% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 20 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 68th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

JSW Infrastructure Ltd trades at 48.5× P/E, mid-range by its own standards (68th percentile). Its long-run median P/E is 43.1×, measured across 2.8 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 48.5× is mid-range by its own standards (68th percentile), against a long-run median of 43.1× measured over 2.8 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +1.3% against a +11.1% price move — the price outran earnings, pushing the multiple UP its own range.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Deteriorating Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

JSW Infrastructure Ltd reads as deteriorating on its fundamental arc. Deteriorating — profit and EPS growth are shrinking (profit growth −6.2% latest against +219.4% at its 12-quarter best), ROCE holding at 13.5%. The read is built from 12 quarters across 4 curves, on full evidence.

🚨 Why it matters: falling curves mean every cheap-looking ratio below needs a discount for direction.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

59.6/100 — rank 2 of 3 in Marine Port & Services · 97% evidence confidence

JSW Infrastructure Ltd scores 59.6 out of 100 against the 3 companies it is compared with in Marine Port & Services, ranking 2. Price leads the evidence: RS versus the benchmark is 18.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

The four contributions add to the total exactly: 14.7 + 13.9 + 11 + 20 = 59.6. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

JSW Infrastructure Ltd reported ₹1,445 Cr of revenue in the Jun 26 quarter, +18.1% year on year. That is the 12th straight quarter of year-on-year growth. Over 9 years it has compounded at 22.1% a year. The last full year, FY26, came in at ₹5,361 Cr. The last four reported quarters add to ₹5,583 Cr.

JSW Infrastructure Ltd reported ₹1,445 Cr of revenue in the Jun 26 quarter, +18.1% year on year. That is the 12th straight quarter of year-on-year growth. Over 9 years it has compounded at 22.1% a year. The last full year, FY26, came in at ₹5,361 Cr. The last four reported quarters add to ₹5,583 Cr.

FY26 revenue came in at ₹5,361 Cr (+19.8% on the year), capping 9 years at 22.1% compound. The latest quarter (Jun 26) printed ₹1,445 Cr, +18.1% year on year — the 12th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +19.4% growth against the decade's 22.1% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +19.0% over the last 4 quarters against +19.7%/yr over the last 8 — stabilising; TTM profit −6.2% vs +15.5%/yr — rolling over.

→ Revenue grew — did margins hold as it scaled? Next: 47.0% this quarter (+0.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

JSW Infrastructure Ltd's operating margin is 47.0% in the Jun 26 quarter, +0.0 percentage points against the same quarter a year ago. Across 10 fiscal years the operating margin has ranged 49.0% to 59.0%. The current quarter is running below every full year in that window.

JSW Infrastructure Ltd's operating margin is 47.0% in the Jun 26 quarter, +0.0 percentage points against the same quarter a year ago. Across 10 fiscal years the operating margin has ranged 49.0% to 59.0%. The current quarter is running below every full year in that window.

The latest quarter's operating margin is 47.0%, +0.0 pp against the same quarter a year ago. Across 10 fiscal years the operating margin has ranged 49.0%–59.0%.

🚨 Why the margin moved: operating margin went −0.9 pp year on year while gross margin went +0.0 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

→ Margins held — did that reach the bottom line? Next: profit −8.2% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

JSW Infrastructure Ltd earned ₹358 Cr of net profit in the Jun 26 quarter, −8.2% year on year. Full-year FY26 profit was ₹1,547 Cr. The 9-year compound rate is 19.6%. That is 24.8% of the quarter's revenue. The same quarter a year earlier earned ₹390 Cr.

JSW Infrastructure Ltd earned ₹358 Cr of net profit in the Jun 26 quarter, −8.2% year on year. Full-year FY26 profit was ₹1,547 Cr. The 9-year compound rate is 19.6%. That is 24.8% of the quarter's revenue. The same quarter a year earlier earned ₹390 Cr.

Jun 26 profit was ₹358 Cr, −8.2% year on year. On the full year, FY26 printed ₹1,547 Cr (+1.7%), and the 9-year compound rate is 19.6%.

🚨 Why profit moved: revenue contributed +18.1% and the margin +0.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit −4.7% vs revenue +19.4%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

→ Profit rose — but did the cash follow? Next: 140% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 140% of JSW Infrastructure Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹2,022 Cr of operating cash against ₹1,547 Cr of profit. After ₹2,786 Cr of capital spending, ₹−764 Cr was left as free cash.

FY26: operating cash of ₹2,022 Cr against reported profit of ₹1,547 Cr, leaving free cash of ₹−764 Cr after ₹2,786 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 140% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 140%: the cash cycle tightened 22 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: the bigger cash user is investment — capital spending ran 5.8× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹9,291 Cr of building over 3 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

JSW Infrastructure Ltd's cash conversion cycle runs 72 days in FY26, down from 94 days in FY21. Capital spending ran ₹9,291 Cr over the last 3 years. At FY26 sales of ₹5,361 Cr each day of that cycle holds about ₹14.7 Cr, so roughly ₹1,058 Cr sits inside the business at any moment.

FY26: debtors at 72 days (an asset-light business — no inventory to speak of) — for a full cycle of 72 days, tighter than FY21's 94.

In money terms: at FY26 sales of ₹5,361 Cr, each day of the cycle holds about ₹14.7 Cr — so the 72-day loop keeps roughly ₹1,058 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹9,291 Cr over the last 3 fiscal years against ₹1,597 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹3,147 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 14% and the ROIC − WACC spread is −1.7 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

JSW Infrastructure Ltd earns a ROCE of 14% in FY26. That is up from a trough of 9% in FY19. Return on invested capital clears the cost of that capital by −1.7 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 28.9% net margin on 0.26× asset turns.

FY26 ROCE is 14%, recovered from a FY19 trough of 9% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 28.9% net margin × 0.26× asset turns × 1.87× balance-sheet leverage ≈ 14.1% on equity. Margin is doing the heavy lifting; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 10.3% − 12.0% = a −1.7 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.63.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

JSW Infrastructure Ltd carries total debt of ₹6,899 Cr against shareholder equity of ₹11,693 Cr as of Jun 26, a debt-to-equity of 0.59. On the annual view that ratio went from 1.37 in FY22 to 0.59 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Jun 26: total debt of ₹6,899 Cr against shareholder equity of ₹11,693 Cr — a debt-to-equity of 0.59. On the annual view, debt-to-equity went from 1.37 (FY22) to 0.59 (FY26). Read the returns on this page with that leverage in mind.

→ Who owns this, and are they adding or leaving? Next: Promoters cut 11.7 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 11.7 points of JSW Infrastructure Ltd over 8 quarters, the biggest move on the register. That takes promoters to 73.9% of the company. Foreign institutions moved +7.1 points over the same window, to 11.2%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −11.7 points over 8 quarters to 73.9%; Foreign institutions: +7.1 points over 8 quarters to 11.2%; Domestic institutions: +6.4 points over 8 quarters to 9.2%.

🚨 Why the register moved: promoters drove it (−11.7 points), absorbed on the other side by foreign institutions (+7.1 points) — distribution into the market’s bid.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

JSW Infrastructure Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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