Interim report
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INFRASTRUCTURE LTD. Regd. Office: JSW Centre, Bandra Kurla Complex, Bandra (East) Mumbai – 400 051. Phone : 022-42861000 Fax : 022-42863000 CIN: L45200MH2006PLC161268 Website: www.jswinfrastructure.in Email id: infra.secretarial@jsw.in 27th October, 2026 To, BSE Limited Phiroze Jeejebhoy Towers Dalal Street Mumbai - 400 001 Scrip Code (BSE): 543994 National Stock Exchange of India Limited “Exchange Plaza” Bandra-Kurla Complex, Bandra (East) Mumbai - 400051 Symbol: JSWINFRA Dear Sir(s)/Madam, Subject: Outcome of the Board Meeting Ref: Regulation 30 and 33 the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, (the “Listing Regulations”) In continuation to our earlier letter dated 16 th October, 2026, and pursuant to Regulation 30 and 33 of the Listing Regulations, we enclose herewith the Unaudited Standalone and Consolidated Financial Results of the Company, for the quarter and half year ended 30th September, 2026, along with the Limited Review Report of the Statutory Auditors thereon. The said Financial Results were duly reviewed and recommended by the Audit Committee and approved by the Board of Directors of the Company, at their respective meetings held today. The meeting of the Board of Directors of the Company commenced at 2:00 p.m. (IST) and concluded at 4:15 p.m. (IST). This is for your information and records. Thanking you, Yours sincerely, For JSW Infrastructure Limited Hitesh Kanani Company Secretary and Compliance Officer Membership No. F6188 Encl.: as above Cc: India International Exchange (IFSC) Limited Unit No. 101, 1st Floor, Signature Building No. 13B, Road 1C Zone 1, Gift SEZ, Gift City Gandhinagar- 382355 Scrip code (India INX): 1100026
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Shah Gupta & Co. Chartered Accountants Bombay Mutual Building, 2nd Floor, Dr. D. N. Road, Fort, Mumbai - 400 00 l. Tel. : +91(22) 4000 4769 Email ; contact@shahgupta.com Web : www.shahgupta .com Independent Auditors' Review Report on Consolidated Unaudited quarterly and half yearly Financial Results of the Company Pursuant to the Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 TO THE BOARD OF DIRECTORS OF JSW Infrastructure Limited 1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of JSW Infrastructure Limited ("the Parent Company"), and its subsidiaries (the Parent Company and its subsidiaries together referred to as the "Group") for the quarter and half year ended September 30, 2026 ("the Statement"), being submitted by the Parent Company, pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations"). 2. This Statement, which is the responsibility of the Parent Company's Management and approved by the Parent Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations, including relevant circulars issued by the Securities and Exchange Board of India ("SEBI") from time to time as applicable to the Company. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement . A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters , and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the Listing Regulations, to the extent applicable. 4. The Statement includes the results of the entities mentioned in Annexure I. 5. Based on our review conducted as above and based on the consideration of the review reports of other auditors referred to in paragraph 6 and 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards specified under Section 133 of the Act, as amended, read with relevant rules issued there under and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. We did not review the unaudited financial res·ults of five subsidiaries included in the consolidated unaudited financial results, whose unaudited financial results reflect, total assets of Rs. 6,764.09 crores as at September 30, 2026, total revenues of Rs. 400.70 crore and Rs. 834.58 crores, total net profit after tax of Rs. 34.11 crore and Rs. 107.35 crores and total comprehensive income of Rs. 34.26 crore and Rs.107.49 crores for the quarter ended September 30, 2026, and for the period from April 1, 2026 to September 30, 2026 respectively, and net cash outflows of Rs. 147.32 crores during the period from April 1, 2026 to September 30, 2026 as considered in consolidated unaudited financial results of the Group. These unaudited financial results have been reviewed by other auditors, whose review rep<;>rts have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based on the review reports of the other auditors and the procedure performed by us as stated in "scope of the review" paragraph abov 1 of 3 I P a g e
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7. Certain of these subsidiaries are located outside India whose financial results and other financial information have been prepared in accordance with accounting principles generally accepted in their country and which have been reviewed by other auditors under generally accepted auditing standards applicable in that country . The Parent Company's management has converted the financial results of these subsidiaries located outside India from accounting principles generally accepted in their country to accounting principles generally accepted in India. We have reviewed these conversion adjustments made by the Parent Company's management. Our conclusion in so far as it relates to the balances and affairs of these subsidiaries located outside India is based on the report of the other auditors and the conversion adjustments prepared by the management of the Parent Company and reviewed by us. 8. We did not review the unaudited financial results of nineteen subsidiaries included in the consolidated unaudited financial results, whose unaudited financial results reflects total assets of Rs.5,083.55 crores as at September 30, 2026, total revenues of Rs. 229.75 crores and Rs. 456.94 crores, total net profit after tax of Rs. 18.02 crores and Rs. 37.51 crores, and total comprehensive income of Rs. 18.08 crores and Rs. 37.57 crores, for the quarter ended September 30, 2026, and for the period from April 1, 2026 to September 30, 2026, respectively and net cash inflows of Rs. 3.31 crores during the period from April 1, 2026 to September 30, 2026 as considered in consolidated unaudited financial results of the Group. These unaudited interim financial results have not been reviewed by their auditors and have been approved and furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the affairs of these subsidiaries is based solely on such unaudited interim financial results. According to the information and explanations given to us by the Management, these unaudited interim financial results are not material to the Group. Our conclusion on the Statement in respect of matters stated in para 6, 7 and 8 above is not modified with respect to our reliance on the work done and the reports of the other auditors and financial results certified by the Management. For SHAH GUPTA & CO., Chartered Accountants Vipul K Choksi Partner M. No. 037606 Unique Document Identification Number (UDIN) for this document is: 26037606EJDIU9708 Place: Mumbai Date: October 27, 2026 2 of 3 I P a g e
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Annexure I - List of entities included in the Independent Auditors' Review Report Sr. No. Name of Entities A Parent Company 1 JSW Infrastructure Limited I I B Subsidiaries including Step Down Subsidiaries 1 JSW Jaigarh Port Limited 2. South West Port Limited 3. JSW Tuticorin Multipurpose Terminal Private Limited 4. JSW Murbe Port Private Limited (formerly known as Nandgaon Port Private Limited) s. JSW Dharamtar Port Private Limited 6. JSW Mangalore Container Terminal Private Limited 7. JSW Keni Port Private Limited 8. Jaigarh Digni Rail Limited 9. JSW Jatadhar Marine Services Private Limited I 10. JSW Paradip Terminal Private Limited 11. Paradip East Quay Coal Terminal Private Limited 12. Ennore Bulk Terminal Private Limited 13 Mangalore Coal Terminal Private Limited 14. Ennore Coal Terminal Private Limited 15. Southern Bulk Terminals Private Limited 16. JSW JNPT Liquid Terminal Private Limited 17 PNP Maritime Services Private Limited 18. JSW Terminal (Middle East) FZE 19. JSW Middle East Liquid Terminal Corp 20. JSW Port Logistics Private Limited 21. Navkar Corporation Limited 22. JSW Overseas FZE 23. Khurja Rail Terminal Private Limited (w.e.f. January 23, 2026) 24. JSW Kolkata Container Terminal Private Limited (w.e.f. August 01, 2025) 25. JSW Minerals Rail Logistics Private Limited (w.e.f. February 03, 2026) 26. JSW Rail Infra Logistics Private Limited (w.e.f. February 03, 2026) 27. JSW (South) Rail Logistics Private Limited (w.e.f. February 03, 2026) 28. JSW Kolkata Outer Harbour Container Terminal Private Limited (w.e.f. July 10, 2026) 29. NCR Rail Infrastructure Limited (Formerly Known as Arshiya Rail Infrastructure Limited) (w.e.f. September 10, 2026) 30. AMD Business Support Services Private Limited (w.e.f. September 10, 2026) I 3 of 3 I P a g e
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• JSW INFRASTRUCTURE LIMITED (GIN: L45200MH2006PLC161268) Registered Office : JSW Centre, BKC, Sandra (East), Mumbai-400051 Phone: 022-4286 1000, Fax: 022-4286 3000, Email: ir infra@jsw .in, Website: https:/lwww.jsw in/infrastructure Unaudited consolidated Financial Results for the quarter and half year ended 30 September, 2026 'f In crore Quarter Ended Half Year Ended Year Ended Sr 30 September, 30 June, 2026 30 September, 30 September , 30 September , 31 March, 2026 No, Particulars 2026 2025 2026 2025 Unaudited Unaudited Unaudited Unaudited Unaudited Audited (Refer note 5) (Refer note 5) (Refer note 6) 1 lnca rne Revenue from operations 1,480 92 1 444 83 1,265 59 2,925 75 2,489 44 5 361 44 Other income 188 55 56 80 106 72 245 35 196 57 345 95 ToUJl income 1,669,47 1,501,63 1,372.31 3,171.10 2,686.01 5,707.39 2 Expcn5e.s Operating expenses 680 78 64510 539 09 1 325 88 1 075 42 2 285 52 Employee benefils expense 58 27 56 35 58 78 114 62 111 72 238 69 Finance costs - Interest and bank charges 10813 94 79 99 29 202 92 190 54 356 56 - Exchange (gaIn)/loss including ineffective portion of cash flow hedge (Refer 148 64 7 26 5 30 155 90 (30 96) 26 43 note 3) Depreciation and amortIsatIon expense 175 08 165 79 148 52 340 87 291 98 61412 Other expenses 67 44 69 55 58 04 136 99 111 46 233 50 Tolof expenses 1,238 34 1,038,84 909 02 2,277 ,18 1,750 16 3,754 82 3 Profit before exceptional items and tax 43113 462,79 463,29 893,92 935 85 1,952 57 Exceptional Items (Refer note 6) 79 73 4 Profit before tax 43113 462,79 463 29 893.92 935.85 1,872 84 5 T.;ix expense Current tax 100 15 86 03 87 07 186 18 161 76 313 40 Deferred tax 2 75 1916 7 41 21 91 15 71 13 17 Tax impact of earlier years - (0 63) Total tax expense 102 90 105,19 94 48 208.09 177 47 325 94 6 t,ilo! profit for the period/year 328 23 357,60 368.81 685,83 758,38 1,546.90 7 Oth<!r Comprehensive Income (a1 Items that will not be reclassified to profil or loss I Remeasurements of defined benefit plans 1 00 (1 00) 1 00 (1 00) (2 41) II Equity instruments through other comprehensive income (0 93) 117 0 10 o 24 (0 07) (0 70) rii Income Tax relating to items thal will not be reclassified to profit or loss (0 12) (0 18) 0 29 (0 30) 0 31 0 73 lb) Items that will be reclassified to profit or loss I Foreign currency translation reserve (FCTR) 11 74 0 98 27 22 12 72 26 93 79 24 Effective portion of loss on designated portion of cash flow hedge 92 37 10 42 (127 20) 102 79 (167 58) (347 99) II (Refer note 3) Iii Income Tax relating to items that will be reclassified to profit or loss (23 25) (2 62) 44 45 (25 87) 58 56 69 73 Total Other Comprehensive income/{loss) for the period/year 80 81 9,77 (5614) 90.58 (82.85) (201.40) 8 Total Comprehensive Income for the period/year 409 04 367.37 312,67 776.41 675.53 1,345.50 9 Profit for the period/year attributable to: - Owners of the company 317 92 346 63 361 24 664 55 745 92 1,523 31 - Non-controlling interests 10 31 10 97 7 57 21 28 12 46 23 59 10 Other comprehensive income for the period/year attributable to: - Owners of the company 80 76 9 77 (56 19) 90 53 (82 90) (201 16) - Non-controlhng interests 0 05 0 05 o 05 0 05 (0 24) 11 Tol.01 comprehensive income for the period/year attributable to: - Owners of the company 398 68 356 40 305 05 755 08 663 02 1,322 15 - Non-controlling interests 10 36 10 97 7 62 21 33 12 51 23 35 12 Paid up Equity Share Capital ( Face value oft 21- each) 465 23 464 70 416 28 465 23 416 28 417 04 13 Ot~a, Equity excluding Revaluation Reserve 10,460 46 14 Eamrr,gs per equity share (Face Value of~ 2/-) INol Annualised for the quarter) Basic (inf) 1 35 1 65 1 74 3 00 3 59 7 32 Diluted (1n t) 1 35 1 65 1 72 3 00 3 56 7 28
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Consolidated Statement of Assets and Liabilities ~ in crore As at As at Particulars 30 September, 2026 31 March, 2026 (Unaudited) (Audited) ASSETS Non-Current Assets Property, plant and equipment 7,516 53 6,854.27 Capital work-in-progress 4,070 96 3,147.42 Right-of-use assets 1,165 56 540.60 Investments property 96.48 96.48 Goodwill 775.99 767.89 Other intangible assets 2,241.52 2,267 85 Intangible assets under development 11 63 41 .02 Financial assets Investments 24.19 23.35 Loans 450.00 - Other financial assets 1,689 95 949.78 Income tax assets (net) 148.98 144.76 Deferred tax assets (net) 509 57 523.66 Other non-current assets 570 63 578,92 Total Non-Current Assets 19,271.99 15,936.00 Current Assets Inventories 165.11 147 33 Financial assets Investments 1,000.14 2.01 Trade receivables 1,070.19 1,057.99 Cash and cash equivalents 1,02413 797 75 Bank balances other than cash and cash equivalents 5,270.36 1,519.95 Other financial assets 378.08 173.19 Other current assets 940.49 711.77 Assets held-for-sale 12.46 Total Current Assets 9,848.50 4,422.45 TOTAL ASSETS 29,120.49 20,358.45 EQUITY AND LIABILITIES Equity Equity share capital 465.23 417 04 Other equity 17.540 03 10.460 46 Equity attributable to owners of the company 18,005.26 10,877.50 Non-Controlling interests 836.56 815.24 Total Equity 18,841.82 11,692.74 Liabilities Non-Current Liabilities Financial liabilities Borrowings 6,865,83 5,951.66 Lease liabilities 873 47 457 98 Other financial liabilities 129.43 92.14 Provisions 37.57 34.44 Deferred tax liabilities (net) 161.14 143.34 Other non-current liabilities 3519 38.11 Total Non-Current Liabilities 8,102.63 6,717.67 Current Liabilities Financial liabilities Borrowings 426.34 458,19 Lease liabilities 246.34 31.09 Trade payables Total outstanding, dues of micro and small enterprises 86.62 74.62 Total outstanding, dues of other than micro and small enterprises 412.79 299.87 Other financial liabilities 865.26 943.08 Provisions 21.88 21.19 Other current liabilities 116.81 120.00 Total Current Liabilities 2,176.04 1,948.04 Total Liabilities 10,278.67 8,665.71 TOTAL EQUITY AND LIABILITIES 29,120.49 20,358.45
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Consolidated Statement of Cash Flows Particulars (a) Cash flows from operating activities Profit before tax Adjustments for: Depreciation and amortisation expense Finance costs Share based payment expense Interest income Dividend Income (Gain) on sale of Investment designated as fair value through profit and loss(FVTPL) (net) Net (Gain) on Investments designated at FVTPL Loss on sale of property plant and equipment (net) Operating profit before working capital changes Adjustments for: (Increase) in trade receivables (Increase)/ decrease in other assets (Increase) in inventories Increase in trade payables Increase /(decrease) in other payables Increase/ (decrease) in provisions Cash flow from operations Income taxes paid (net of refund received) Net cash generated from operating activities (a) (b) Cash flows from investing activities Purchase of property plant and equipment and Intangible asset (including under development, capital advances and capital creditors) Proceeds from sale of property, plant and equipment and intangible assets Purchase of Non-current Investments Purchase of current investments Sale of current investments Bank deposits not considered as cash and cash equivalent (net) interest received Purchase of Investment in Subsidiary Company Loan and advances given Dividend Income Net cash used in investing activities (b) (c) Cash flows from financing activities Proceeds from Issue of equity share capital (Including premium) Share issue expenses Proceeds from non-current borrowings Repayments of non-current borrowings Proceeds from current borrowings Repayments of current borrowings Repayment of lease liabilities Dividend paid Interest paid Net cash generated/ (used) from financing activities (c) Net lncrease/(Decrease) In Cash and Cash Equivalent (a+b+c) Cash and Cash Equivalents at the beginning of the year Add: cash and cash equivalents pursuant to business combinations Cash and Cash Equivalents at the end of the eriod ~ in crore For Half Year Ended For Half Year Ended 30 September, 2026 30 September, 2025 (Unaudited) (Unaudited) 893.92 340.87 358.82 2.68 (196.75) (0.02) (12.63) (10.75) 0.68 1,376.82 (14.09) (387.32) (17.78) 119.33 (32.55) 38.23 1,082.64 (233.05) 849.59 (1,233.61) 21.90 (0.60) (3,256.36) 2,281.61 (4,491.18) 112.44 (519.36) (450.00) 0.02 7 535.14 6,555.00 (57.11) 1,551.74 (707.22) (35.21) (39.44) (188.91) (168.38 6,910.47 224.92 797.75 1.46 1,024.13 935.85 291.98 159.58 11.78 (135 44) (5.53) 0.19 1,258.41 (225.51) 478.98 (6.95) 14.39 46.17 104.17) 1,461.32 (150.07 1,311.25 (902.14) 3.50 0.00 (60.00) (180.20) 138.27 1,000.57 (7.82) 115.25 (48.65) 974.70 (968.35) (34.72) (168.00) 178.54) (316.13) (5.45) 611.25 605.80
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Notes : J The above Unaudited consolidated Financial results have been reviewed by the Audit Committee and approved by the Board of Directors at ,ts meeting held on 27 October 2026 The Unaudited Consolidated F1nanc1al Results of the Group have been prepared 1n accordance >Mth Indian Accounting Standards {Ind AS) notified under Section 133 of the Compan,es Ac!, 2013 read v.,th the Compan,es (Indian Accounting Standards) Rules_ 2015 (as amended) and in terms of Regulation 33 of the SEBI (Lrsting Obligations and Disclosure Requirements) Regulations, 2015 (~Listing Requ1remenls") Effective from 1 April. 2022, the group has designated highly probable foreign currency forecasted revenue as hedge item and foreign currency borrowing of equivalent amount as hedging instrument under cash flow hedge relationship The amount parked In Other Comprehensive Income 'MIi be recycled to the statement of profit and loss account as and Vv'hen the underlying forecasted transaction occurs Ga1n/(loss) on foreign currency fluctuation on undes1gnated portion of foreign currency financial liabilities 1neffect1ve portion of hedge and recycled amount from Other Comprehensive Income are In statement of profit and loss Consolidated Segment wise Revenue Results Assets and Liabilities: ~ in crore Quarter Ended Half Year Ended Year Ended 30 September, 30 June, 2026 30 September , 30 September, 30 September , 31 March, 2026 Particulars 2026 2025 2026 2025 Unaudited Unaudited Unaudited I Unaudited Unaudited Audited i. Segment Income I a Port Operation 1 201 60 1 207 60 1.102 89 I 2.ios 20 2,188 59 4,646 91 b Logistic Operation 279 32 237 23 162 70 516-55 I 300 85 714 53 Sub Total 1.480.92 1,444,83 1,265.59 2.9-25.75 2 489.44 5,361.44 Less: Inter Segment Revenue - I Total 1.480,92 1,444,83 1,265 59 2,925.75 2.489.44 5,361.44 ii. Segment Results a Port Operation 484 71 462 33 492 94 947 04 941 98 1 978 35 b Logistic Operation 58 24 50 73 10 41 108 97 18 01 82 55 Sub Total 542,95 513.06 503.35 1.056.01 959.99 2.060.90 Less: Finance Cost (including foreign 256 77 102 05 104 59 358 82 159 58 382 99 exchange ( gain )noss ) Add: lnlerest Income 1 144 95 51 78 6453 I 196 73 135 44 274 66 Add: Other Unallocab le Income ! - (Expenditure) (Net) Profll l,lefore excepllonal items and tax 431.13 462.79 463.29 893.92 935.85 1,952.57 Ei<cepbonal ltenu (Refer note 6) 79.73 Profit Before Tax 431.13 462.79 463.29 893,92 935.85 1,872.84 iii. Seament Assets a Port Operation 20.239 83 19,733 07 14,561 99 20,239 BJ 14,561 99 15,703 62 b Logistic Operation ii,317.83 4,966 98 2 051 88 6.317 83 2051 ,88 3,455 04 c Unallocable 2,562 83 3,200 70 1,088 20 2,562.83 1,088,20 1,199 79 Total Segment Assets 29,120.49 27,900.75 17.702.07 29.120.49 17,702.07 20,358.45 Iv Segment Liabilities a Port Operation 8,738 09 8 484 89 6,396 54 8.738.09 6,396 ,54 7,779 38 b Logistic Operation 1 !J40 SB ~46 50 297 18 1.540,ss I 297 18 886,33 c_ Unallocable - Total Segment Liabilities 10.278.67 9.331 .39 6,693.72 10,278.67 6,693.72 8,665 .71 a. Port Operabon actlvI~e,; 1no!udes devolo:,lr,g, operaLing and ma,nta,nrng Ports and Term,nals. relatnd ln!ras:,ucture and value addell servrces b Logistic Operation in the segment information represents mainly logistics business ~ The figures for the quarter ended 30 September 2026 are the balancing figures bet.........een the unaudited figures up\o lhe half year ended 30 September 2026 and revre½ed published figures of quarter ended 30 June, 2026 The ngures for the quarter ended 30 September. 2025 are the balancing ngures betv,,aen lhe unaudited figures upto the half year ended 30 September 2025 and revre""d published figures of quarter ended 30 June, 2025 8 Exception a! items comprise of the followng: ? in crore Quarter ended Year ended Year ended Year ended Exceptional items 30 September, 30 June, 2026 30 September; 30 September 30 September , 31 March, 2026 2026 2025 2026 2025 Impact of Labour codes on employee benefits - 11 89 Damage to tanks and allied infrastructure al - 67 84 Liquid Terminal at Fu1airah Total 79.73 During the quarter the Group completed the acquisition of 100% equity shares of NCR Ra1l Infrastructure L1m1ted and AMO Business Support Services Prrvate Lrmrted through the Insolvency and Bankruptcy Code (IBC) process and obta,ned control on 10 September 2026. Accordingly, the financ,al 7 results for the quarter ended 30 September 2026 are not comparable 'Mth those of the corresponding period presented In these financial results Further, the Group ,s in the process of finalizing the determination of the fair values of the identifiable assets and liabilities acquired for the purpose of purchase price allocation (PPA) Pending the completion of this exercise. the business combination has been accounted for based on a provisional fair valuation report. and the amounts recognized In these financial results remain provisional During the quarter. the Company paid share application money amounting to Rs 39 47 crore towards its investment In the Ash Sh1waym1yyah Port Company SAOC The corresponding share allotment rs still to be completed 9 Pursuant to the placement of equity shares to the qualified rnstitutions lhe Company has rarsed < 6 555 crore on June 26, 2026 by allolling 23,00 00 000 Equity Shares of< 2 each at an Issue prrce of, 285 per Equrty Share at a discount al, 5 35 per Equrty Share to the floor prrce of< 290 35 per Equrty Share 10 Figures for the previous periods/year are re-classified/re-grouped . vmerever necessary Place: Mumbai Date : October 27, 2026 For and on behalf of the Board of Directors b.~ 4 JI Managing Director & CEO DIN : 07404080
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Shah Gupta & Co. Chartered Accountants Bombay Mutual Building, 211~ Floor, Dr. D. N. Road, Fort, Mumbai - 400 001. Tel. : +91(22) 4000 4769 Email : contact@shahgupta .com Web : www.shahgupta.com Independent Auditors' Review Report on Standalone Unaudited quarterly and half yearly Financial Results of the Company Pursuant to the Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 TO THE BOARD OF DIRECTORS OF JSW Infrastructure Limited 1. We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of JSW Infrastructure Limited ("the Company"), for the quarter and half year ended September 30, 2026 ("the Statement"), being submitted by the Company, pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations"). 2. This Statement, which is the responsibility of the Company's Management and approved by the Board of Directors, has been prepared in accordance with the recognition <1nd m·easurernent principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations, including relevant circulars issued by the Securities and Exchange Board of India ("SEBI") from time to time as applicable to the Company. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit . Accordingly, we do not express an audit opinion . 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards specified under Section 133 of the Act, as amended, read with relevant rules issued there under and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. For SHAH GUPTA & CO., Chartered Accountants Vipul K Choksi Partner M. No. 037606 Unique Document Identification Number (UDIN) for this document is: 26037606XTDSQA8752 Place: Mumbai Date: October 27, 2026 lofljPage
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JSW INFRASTRUCTURE LIMITED (CIN: L45200MH2006PLC161268) Registered Office : JSW Centre, BKC, Bandra (East), Mumbai-400051 Phone : 022-4286 1000, Fax: 022-4286 3000, Email: ir.infra@jsw.in, Website: https://www.jsw.in/infrastructure Unaudited Standalone Financial Results for the quarter and half year ended 30 September, 2026 Sr. No. Particulars 1 Income Revenue from operations Other income Total income 2 Expenses Operating expenses Employee benefits expense Finance costs - Interest and bank charges - Foreign exchange (gain)lloss Depreciation and amortisation expense Other expenses Total expenses 3 Profit before exceptional items and tax Exceptional Items (Refer note 5) 4 Profit before tax 5 Tax expense/(credit) Current tax Deferred tax Tax impact of earlier years Total tax expense 6 Net profit for the period/year 7 Other Comprehensive Income - Items that will not be reclassified to profit or loss (i) Remeasurements of defined benefit plans [ii) Income tax relating to items that will not be reclassified to profit or loss Total Other Comprehensive Income for the period/year 8 Total Comprehensive lncome/(Loss) for the period/year 9 Paid up equity share capital (Face value oft 21- each) 10 Other equity (excluding Revaluation Reserve) 11 Earnings per equity share (Face Value oft 2/-) (Not Annualised for the quarter) Basic (int) Diluted (int) 30 September, 2026 Unaudited (Refer note 4) 163.86 376.18 540.04 87.78 9.92 63.07 55.43 1.60 8.22 226.02 314.02 314,02 25.18 9 71 34.89 279.13 (0,50) 0.17 (0.33) 278.80 465.23 1.24 1.24 Quarter Ended 30 June, 2026 Unaudited 163.59 78.21 241.80 76 .36 6.57 60.21 (2.27) 1.35 9.23 151.45 90.35 90.35 10.94 4.24 15.18 75.17 75.17 464.70 0 36 0,36 30 September, 2025 Unaudited (Refer note 4) 143.03 260.25 403.28 68.42 12 56 73.81 129.91 1.46 9.91 296.07 107.21 107.21 18.74 (30.55) (11.81) 119.02 0.16 (0.30) 118.72 416.28 0.57 0,57 Half Year Ended 30 September, 2026 Unaudited 327.45 454.39 781.84 164.14 16.49 123.28 53.16 2 95 17.45 377.47 404.37 404.37 3612 13.95 50.07 354.30 (0,50) 0.17 (0.33) 353.97 465.23 1 60 1 60 30 September, 2025 Unaudited 283.10 355.51 638.61 137.31 19.07 142.57 128 44 2 89 16.62 446.90 191.71 191.71 33.50 (33 76) (0.26) 191.97 (0.46) 0.16 (0.30) 191.67 416 28 0 92 0.92 ~ in crore Year Ended 31 March, 2026 Audited 600.78 589 15 1,189.93 297.45 44.10 261.41 362.95 5.98 38.78 1,010.67 179.26 2.95 176.31 30.80 (22.13) 0.04 8.71 167.60 0,05 (0.02) 0.03 167.63 417.04 4,757 13 0.81 0.80
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Standalone Statement of Assets and Liabilities Particulars ASSETS Non-current assets Property, plant and equipment Capital Work in progress Right-of-use assets Other intangible assets Investments in subsidiaries Financial assets Loans Other financial assets Current tax assets (net) Deferred tax assets (net) Other non-current assets Total non-current assets Current assets Inventories Financial assets Investments Trade receivables Cash and cash equivalents Bank balances other than cash and cash equivalents Other financial assets Other current assets Total current assets TOTAL ASSETS EQUITY AND LIABILITIES Equity Equity share capital Other equity Total equity Liabilities Non-current liabilities Financial liabilities Borrowings Lease liabilities Other financial liabilities Provisions Other non-current liabilities Total non-current liabilities Current liabilities Financial liabilities Borrowings Lease liabilities Trade payables Total outstanding, dues of micro enterprises and small Total outstanding, dues of other than micro enterprises and small Other financial liabilities Provisions Other current liabilities Total current liabilities Total liabilities TOTAL EQUITY AND LIABILITIES ;: in crore As at As at 30 September, 2026 (Unaudited) 31 March, 2026 (Audited) I 182 95 2,295.15 58.05 0.14 3,406 38 3,533 .15 1,614.14 70.13 72.83 44.32 11,277.24 3.92 958.59 137.34 333.56 4,153 .00 263 72 348.82 6,198.95 17,476.19 465.23 11,385.43 11,850.66 4,776 .63 58.42 37.86 3.62 0.89 4, 877.42 123.75 1.38 14.90 93.11 499.73 3.39 11.85 748.11 5,625.53 17,476.19 157.05 2,120 22 60.42 0.17 3,320 49 2,219.11 662.05 67 30 70.41 61.85 8,739.07 1.66 102.35 160.27 960 ,00 89 99 309.47 1,623.74 10,362.81 417.04 4,757.13 5,174.17 4,375 .50 59.13 31.68 2.31 1.84 4,470.46 123.83 1.28 10.04 30.09 538.86 3.12 10.96 718.18 5,188.64 10,362.81 ~;~~o ~ MUMBAI 9 * * ~ FRN: 109574W 'f_ ~ ~~ ~-'?s-o Acc0-v ~ ¥·
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Particulars [A] Cash flows from operating activities Profit before tax Adjustments for: Depreciation and amortisation expenses Share based payment expense Finance Cost Interest income Dividend income Standalone Cash Flow Statement (Gain) on sale of financial investments designated as at fair value through profit or loss (FVTPL) (net) Net (gain) on investments designated as at FVTPL (Gain) on sale of property plant and equipment (net) Operating profit before working capital changes Adjustments for: (lncrease)/Decrease in trade receivables (Increase) in other assets (Increase) in inventories Increase in trade payables (Decrease) in other liabilities Increase in provisions Cash flow from operations Income taxes paid (net of refund received) Net Cash (used in) from Operating Activities [A] [BJ Cash flows from investing activities Purchase of property plant and equipment and intangible asset (including under development and capital advances and capital creditors) Proceeds from sale of property, plant and equipment Investment in subsidiaries Purchase of current investments Sale of current investments Bank deposits not considered as cash and cash equivalents (net) Loans to related parties Loans repaid by related parties Dividend received Interest received Net Cash (used in)/generated from Investing Activities [BJ [C] Cash flows from financing Activities Proceeds from issue of equity share capital (including premium) Share issue expenses Proceeds from non-current borrowings Proceeds from current borrowings Repayment of current borrowings Repayment of lease liabilities Dividend paid Interest paid Net cash generated from/(used in) financing activities [C] Net increase/(decrease) in cash and cash equivalents [A+B+C] Cash and Cash Equivalents at the beginning of the year Cash and Cash Equivalents at the end of the period Half Vear Ended 30 September, 2026 (Unaudited) 404.37 2.95 1.59 176.44 (249 53) (180 23) (12.63) (10 75) 132.21 (34.99) (76.81) (2 25) 67.89 (75.39) 1.57 (119.98) 12.23 (44.30) (32.07I (199.78) (85.01) (2,311.61) 1,376.40 (4,145 00) (1,457.72) 145.00 180.23 168.43 (6 329.06) 6,555.00 (56.14) 345.00 (2.80) (188.91) (117.73) 6,534.42 173.29 160.27 333.56 i!' in crore Half Vear Ended 30 September, 2025 (Unaudited) 191.71 2.89 4.04 271.00 (187.64) (165.11) (0,01) 116.88 18.49 (252.76) (0.49) 16.21 (29.83) 2.14 (246.24 (129.36) (48.53) (177.89 (132.22) 0.01 (112,64) 557 53 (532.08) 277 01 165.11 179.34 402.06 (4.25) 85.00 968.35 (968.35) (1.18) (168.00) (138.79) 1227.221 13.05) 121.80 118.75
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Notes : The above Unaudited Standalone Financial results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 27 October, 2026. 2 The Unaudited Standalone Financial results of the company have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting Standards) Rules, 2015 (as amended) and in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Requirements"). 3 The Company has disclosed the segment infonmation In the consolidated financial results and therefore no separate disclosure on segment information is given in the standalone financial results for the quarter and half year ended 30 September 2026. 4 The figures for the quarter ended 30 September 2026 are the balancing figures between the unaudited figures upto the half year ended 30 September 2026 and reviewed published figures of quarter ended 30 June, 2026 The figures for the quarter ended 30 September 2025 are the balancing figures between the unaudited figures upto the half year ended 30 September 2025 and reviewed published figures of quarter ended 30 June, 2025 5 Exceptional items comprise of the following ~ in crore Quarter ended Half Year Ended Year ended Exceptional items 30 September, 30 June, 2026 30 September, 30 September, 30 September, 31 March, 2026 2026 2025 2026 2025 Impact of Labour codes on - - - . 2,95 employee benefits Total - - - 2.95 6 Pursuant to the placement of equity shares to the qualified institutions, the Company has raised < 6,555 crore on June 26, 2026 by allotting 23,00,00.000 Equity Shares of< 2 each at an Issue price of< 285 per Equity Share at a discount of< 5.35 per Equity Share to the floor price of< 290.35 per Equity Share, 7 Figures for lhe previous periods/year are re-classified/re-grouped, wherever necessary Place: Mumbai Date : October 27, 2026 For and on behalf of the Board of Directors R~ ½-- Jt Managing Director & CEO DIN :07404080