The ports and logistics company JSW Infra reported a decline in quarterly profit as reduced other income and an increased tax rate offset a significant revenue growth driven by increased transportation volumes.
The ports and logistics company JSW Infra reported a decline in quarterly profit as reduced other income and an increased tax rate offset a significant revenue growth driven by increased transportation volumes.
On Tuesday, JSW Infrastructure reported a 9.9 percent drop in profit (attributable to shareholders) for the first quarter of fiscal year 27, amounting to ₹346.6 crore. The company specified that this decrease reflects a reduction in profit before tax (PBT) and a higher effective tax rate during the reporting period.
Profit before tax for the quarter reached ₹462.8 crore, which is 2.1 percent lower, attributed to lower other income, as surplus funds were directed towards capital expenditure for current growth. The company's other income for the quarter ending June 2026 decreased by 36.8 percent to ₹56.8 crore.
The country's second-largest private commercial port operator demonstrated an Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of ₹674 crore, an increase of 16 percent. Port EBITDA stood at ₹601 crore, up by 7.1 percent. JSW Infra's port EBITDA margin for the first quarter of fiscal year 27 reached 49.8 percent compared to 51.7 percent in the first quarter of fiscal year 26. The company explained the margin decline by noting that the contribution from the Fujairah liquid storage terminal in the UAE was lower.
During the earnings conference call on Tuesday, Joint Managing Director and CEO Rinkesh Roy stated that if operations in Fujairah had not been affected, the company could have generated an additional EBITDA of approximately ₹65–70 crore. The company's revenue, promoted by Sajjan Jindal, grew by 18.1 percent for the quarter, reaching ₹1,444.8 crore, driven by increased port volumes and the contribution from the logistics segment.
During the quarter, JSW Infra handled 31 million tonnes of cargo, a 6 percent increase, mainly due to strong performance at the Jayagarh port, supported by increased volumes from a key client and growth in third-party transit from new cargo segments. The cargo growth was also ensured by the steady operation of Dharmatar port, Southwest port, and the Ennore bulk terminal, as well as the contribution of temporary operations at the Tuticorin terminal. However, this growth was partially offset by reduced volumes at the Fujairah terminal due to the complex operational situation in West Asia, which also impacted third-party cargo volumes.
JSW Infra's logistics segment revenue for the first quarter of fiscal year 27 increased by 71 percent, reaching ₹237 crore, while operating EBITDA rose threefold to ₹73 crore thanks to operating leverage and contributions from the expansion of the railway wagon fleet.
JSW Infra's total expenses for the quarter rose by 23 percent, reaching ₹1,038 crore, driven by a 20 percent increase in operating expenses. During the quarter, JSW Infra completed a Qualified Institutional Placement (QIP) worth ₹7,503 crore, securing capital for future expansion and compliance with the Securities and Exchange Board of India's (SEBI) Minimum Public Shareholding (MPS) requirements.
As of June 2026, the company held a net cash position of ₹2,769 crore. Its total debt amounted to ₹7,094 crore, while cash and bank balances reached ₹9,863 crore. JSW Infra plans to increase its cargo handling capacity to 400 million tonnes per annum (mtpa) by fiscal year 30 or sooner, compared to the current capacity of 186 mtpa. To achieve this goal, the company has developed a capital expenditure plan of ₹30,000 crore and allocated ₹9,000 crore for expanding its logistics segment.
The company targets consolidated operating revenue of ₹6,850 crore and operating EBITDA of ₹3,000 crore for fiscal year 27. EBITDA is expected to grow by 15 percent compared to the base of fiscal year 26 and nearly double by fiscal year 28. In fiscal year 26, JSW Infra's operating revenue was ₹5,361 crore. The company forecasts handling 127 million tonnes (MT) of cargo in fiscal year 27 compared to 122 MT in fiscal year 26, accounting for losses in Fujairah.
The company is also working on establishing a new port in Oman. Responding to concerns related to geopolitical tensions in West Asia, Roy noted: 'The area outside the Strait of Hormuz has gained great strategic importance, whether in the UAE or in Oman. The government is now making massive investments urgently to develop this coast outside the Strait of Hormuz. We will continue this project (the port in Oman) because these wars will not last forever.'
Bajaj Auto's consolidated net profit attributable to owners rose by 45.9% year-on-year, reaching ₹3,225.63 crore in the quarter ending June 30, 2026, compared to ₹2,210.44 crore. Revenue also saw a significant increase, although the company noted that these figures cannot be directly compared with previous periods due to changes in consolidation scope.
Bajaj Auto acquired control over Bajaj Auto International Holdings AG (BAIHAG) on November 18, 2025, through its wholly-owned subsidiary, Bajaj Auto International Holdings BV. The subsidiary now holds the entire stake in BAIHAG, which in turn controls approximately 74.9% of Bajaj Mobility AG and KTM AG. The group began consolidating BAIHAG's financial results with a one-quarter reporting lag from the latest period, making the figures for the June quarter not comparable to the same quarter last year or the quarter ended March 31, 2026.
Consolidated operating revenue increased by 65.1%, amounting to ₹21,688.83 crore compared to ₹13,133.35 crore in the quarter a year prior. Total income, including other income of ₹687.86 crore, reached ₹22,376.69 crore. Meanwhile, total expenses grew by 68%, rising to ₹17,949.85 crore from ₹10,681.68 crore.
Raw material and component costs increased to ₹13,261.30 crore from ₹8,041.66 crore, while employee benefits expenses rose to ₹1,387.09 crore from ₹520.17 crore. Profit before tax increased by 49.4%, reaching ₹4,423.41 crore compared to ₹2,960.65 crore. The company did not report any exceptional items in any of the periods. Earnings per share attributable to owners rose to ₹115.5 from ₹79.2.
The automotive segment's revenue increased by 64.7%, totaling ₹20,799.55 crore versus ₹12,632.15 crore. Profit before tax and finance costs for this segment grew by 51.5%, reaching ₹3,735.84 crore. In the financial segment, revenue was ₹1,111.95 crore, an 84.6% increase over ₹602.30 crore. Segment profit doubled, reaching ₹303.35 crore from ₹137.01 crore. Investment segment revenue stood at ₹465.19 crore compared to ₹407.88 crore the previous year, and segment profit increased to ₹463.59 crore from ₹407.38 crore.
Original Equipment Manufacturers' (OEM) revenue is expected to grow by 22–29 percent in the first quarter of fiscal year 2027. This growth is driven by high demand for vehicles, increased exports, and a trend towards product premiumization. However, higher costs for raw materials and freight are likely to lead to reduced margins.
Brokerage firms predict a strong quarter in terms of revenue but a weaker one in terms of profitability. Automaker revenue is expected to grow by 22–29% year-on-year, while auto parts supplier revenue is projected to grow by 17–21%. The growth is supported by broad demand for automobiles, price increases, premiumization, exports, and the weakening rupee.
Sales of passenger vehicles (PV) are forecast to grow by 23–26%, two-wheelers by 14–19%, and commercial vehicles (CV) by 14–19%, according to estimates from the brokerage industry and retail registration data from Vahan. Passenger vehicles benefited from SUVs, premium models, new releases, and the recovery in demand for small cars, while scooters outperformed motorcycles, and the adoption of electric two-wheelers accelerated.
Commercial transport benefited from fleet replacement, infrastructure development, mining, and e-commerce. Nevertheless, fleet utilization growth was constrained by rising diesel prices and geopolitical turmoil. Demand for tractors remained stable, supported by agricultural conditions and reservoir levels.
EBITDA growth is expected to lag behind revenue growth as rising prices for steel, aluminum, copper, rubber, oil-related commodities, and freight squeeze margins. Nuvama forecasts a cumulative EBITDA growth of 10% against a 22% revenue increase, while profit after tax (PAT) growth is expected to be uneven and generally slower than overall revenue growth.
Tensions in West Asia have increased export costs and execution risks, but this has not led to a significant weakening of overall export demand during the quarter.
Among PV manufacturers, Tata Motors' strong domestic business is expected to offset the weakness of its Jaguar Land Rover (JLR) division. Nuvama forecasts a 56% revenue growth for Tata in India, but a 9% revenue decline for JLR in pounds, limiting consolidated revenue growth to approximately 8%. Estimates from Elara and HDFC Securities suggest growth around 5%. Supply constraints, raw material inflation, and declining operating leverage are expected to squeeze JLR's margins, with HDFC Securities forecasting an EBIT margin of 2.3%. Consolidated PAT could fall by 27–80% depending on estimates.
Mahindra & Mahindra's revenue is projected to grow by 21–26% due to increased sales of SUVs, EVs, exports, and tractors, although margins may shrink by 30–170 basis points due to raw material inflation and the increasing share of EVs. PAT forecasts range from flat to a 17% increase.
Maruti Suzuki is expected to lead among major PV manufacturers, showing revenue growth of 35–38%, supported by domestic volumes, exports, small cars, and foreign exchange earnings. However, Nuvama, PL Capital, and HDFC Securities forecast a PAT drop of 8–11%, while Elara expects a 32% decline.
Hyundai Motor India is expected to show the weakest results among PV manufacturers: revenue is expected to remain flat or decline by 2%, margins will contract by about 400 basis points, and PAT will fall by 38–40%.
Two-wheeler manufacturers are expected to perform well. Bajaj Auto's revenue is forecasted to grow by 30–36%, and PAT by 25–34%, driven by exports, 125cc and above motorcycles, and improved EV profitability. TVS Motor may report revenue growth of 31–37% and PAT growth of 23–35% due to strong sales of scooters, motorcycles, EVs, and exports. Bajaj's margin is expected to remain relatively stable or increase by 60 basis points, while TVS Motor and Eicher Motors may see stable or moderately reduced margins.
Hero MotoCorp's revenue may grow by 28–30%, but PAT growth could be limited to 8–20% due to margin compression from raw material costs, promotions, and EV investments. HDFC Securities expects Ather Energy's revenue to grow by approximately 90%, although the company is likely to continue operating at a loss.
In the commercial vehicle segment, Tata Motors' revenue is forecast to grow by 19–22%, but EBITDA is expected to remain largely unchanged, and a margin contraction of 200–235 basis points could lead to a PAT drop of 7–13%. Ashok Leyland is also expected to show double-digit revenue growth, although most brokers predict margin pressure.
Auto parts supplier revenue is projected at 17–21%. Choice Institutional Equities (CIE) estimates revenue, EBITDA, and PAT growth at 21.2%, 16.2%, and 21.8%, respectively. Sona BLW, ASK Automotive, Motherson Wiring, and Minda Corporation are expected to outperform expectations, while Apollo Tyres, CEAT, and Balkrishna Industries face the strongest profitability pressure due to commodity prices.
Billionbrains Garage Ventures Ltd, the parent company of the digital investment platform Groww, reported on Wednesday a significant increase in consolidated profit after tax (PAT) of 94.3% compared to the previous year. For the quarter ending June 30, PAT reached 735.04 crore rupees.
The company, headquartered in Bangalore, earned 378.35 crore rupees in PAT during the same period last year. According to the report filed with the stock exchange, operating revenue grew by 66%, amounting to 1,501.42 crore rupees in the fourth quarter of fiscal year 27, compared to 904.40 crore rupees the previous year.
However, looking at sequential dynamics, operating revenue remained almost unchanged at 1,501.42 crore rupees, whereas in the quarter from January to March of fiscal year 26 it was 1,505.37 crore rupees. Nevertheless, profit after tax increased compared to the previous quarter, when it stood at 686.36 crore rupees.
The company's total expenses rose to 555.68 crore rupees from 444.67 crore rupees a year ago. In the afternoon trading session, the company's shares traded on BSE 3.7% higher, reaching the mark of 211.4 rupees.
