JSW Infrastructure Ltd

JSW Infrastructure Ltd: Trading Window closed from 1 October 2026 till 48 hours after the declaration of Unaudited Financial Results (Standalone & Consolidated) for the quarter and half year ending 30 September 2026.

Rating Action

• Care Ratings assigns AA- (Stable) rating to JSW Jatadhar Marine Services Private Limited for ₹2,100 crore bank facilities.

Instruments & Rating

• Instruments: Long-term bank facilities; Rating: AA-; Outlook: Stable.

Rating Agency & Outlook

• Agency: CARE Ratings Limited; Outlook: Stable.

Rationale

• Rationale not disclosed in filing.

Material Change

• Material change: New rating assigned to subsidiary; no prior rating stated.

Rating action

• LT rating upgraded to CARE AA+; Stable outlook for ₹15 cr facilities.
• ST rating reaffirmed at CARE A1+ for ₹15 cr facilities.
• Long-term bank facilities ₹400 cr; CARE AA+ (Stable).
• Short-term bank facilities ₹10 cr; CARE A1+.

Instruments / Ratings

• Long Term / Short Term Bank Facilities: ₹15 cr; CARE AA+ (Stable) / CARE A1+.
• Long Term Bank Facilities: ₹400 cr; CARE AA+ (Stable).
• Short Term Bank Facilities: ₹10 cr; CARE A1+.

Agency

• Care Ratings Limited.

Rationale

• Rationale not disclosed in filing.

Material change since last rating

• LT rating upgraded from CARE AA to CARE AA+; ST rating reaffirmed.

Rating Action

• LT rating upgraded from CARE AA- to CARE AA; outlook Stable
• ST rating reaffirmed: CARE A1+

Instruments/Facilities Rated

• South West Port Limited: Long Term/Short Term Bank Facilities ₹40 crore; rating CARE AA; Stable
• South West Port Limited: Short Term Bank Facilities ₹1 crore; rating CARE A1+

Material Changes

• LT upgrade from CARE AA- to CARE AA; Stable; ST rating reaffirmed

Outlook

• Long-term outlook: Stable

Rating action details

• JSW Jaigarh Port Limited: LT/ST bank facilities ₹135 crore rated CARE AA+; Stable and CARE A1+ (ST).
• Long Term bank facilities ₹600 crore upgraded to CARE AA+; Stable.
• Short Term bank facilities ₹10 crore rated CARE A1+; Re-affirmed.
• Rating agency: CARE Ratings Limited.
• Outlook: Stable for the LT AA+ rating.
• LT rating upgraded from CARE AA to CARE AA+; ST rating maintained at CARE A1+.

Rating action and details

• CARE Ratings reaffirmed JSW Infrastructure's issuer rating at CARE AA+; Stable.
• Bank facilities increased to ₹480 crore from ₹280 crore; ratings CARE AA+ (Stable) / CARE A1+.
• Short-term bank facilities ₹20 crore; rating CARE A1+ reaffirmed.
• Rating agency: CARE Ratings Limited.
• Intimation received: 22 September 2026.

LOI details

• Awarding entity: Inter-Ministerial Committee, Ministry of Finance, DoR, CBIC (domestic).
• Nature and scope: Setting up an ICD at Kudathini for Import/Export cargo handling.
• Execution timeline: ICD to be operational within one year from LOI date.
• Domestic project; first ICD in Ballari region.
• Related party/promoter: No interest; arm's length.
• Material impact: Not disclosed in filing.

Target entity

• NCR Rail Infrastructure Limited is a private freight terminal operator in Khurja, UP.
• Incorporated on 7 April 2008.
• Owns six rail lines, warehouses, and land bank.
• Private Freight Terminal near Delhi; ~90 km from New Delhi, ~40 km from Jewar.
• FY2026 revenue 11.19 cr; PAT -25.96 cr; net worth -2,168.69 cr.
• Presence: India.

Transaction details

• Acquisition: 100% share capital of NCR Rail via Khurja Rail Terminal Private Limited.
• Cash consideration for NCR Rail: Rs 467.47 crore.
• Additional Rs 41.94 crore paid for ~39.57 acres land.
• Completion: acquisition completed; effective 10 September 2026.
• NCR Rail now step-down subsidiary of JSW Infrastructure.
• AMD becomes step-down subsidiary via Khurja Rail.
• Regulatory approvals: NCLT Mumbai, Bench II order dated 22 January 2026.

Financials background

• FY2024–FY2026 turnover: 8.63 cr, 10.10 cr, 11.19 cr respectively.
• PAT: FY2024 -1367.12 cr; FY2025 -23.34 cr; FY2026 -25.96 cr.
• Net worth: FY2024 -2118.87 cr; FY2025 -2142.73 cr; FY2026 -2168.69 cr.

AMD background

• AMD Business Support Services Private Limited is non-operational; incorporated 24 November 2009; India.
• Acquisition: 100% share capital acquired by JSW via Khurja Rail.
• Cost of AMD acquisition: Rs 1,00,000.
• AMD becomes step-down subsidiary of JSW Infrastructure.
• Presence: India.

Meeting Details

• 16 September 2026 — Virtual India Industrials & Energy Seminar, Morgan Stanley; Group meeting.
• 18 September 2026 — Jefferies 5th India Forum, The Oberoi, Gurgaon; Group and One-on-One meetings.
• 22 September 2026 — J.P. Morgan India Conference, The St. Regis, Mumbai; Group and One-on-One meetings.

Change in advisory role and committee memberships

• Lalit Singhvi steps down from advisory role effective 31 August 2026; remains as Non-Executive Non-Independent Director.
• Appointed as Non-Executive Non-Independent Director with advisory remuneration from 1 September 2025.
• Also ceased membership of Audit Committee, Risk Management Committee, Finance Committee and Business Investment Committee.
• Reason cited: stepping down due to personal commitments.
• Board and committee composition remains compliant with Companies Act 2013 and Listing Regulations.
• Date of cessation: 31 August 2026 (end of day).