JSWINFRA · Services
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit +8.6% on the year; profit before other income, exceptional items and tax +100.5%.
Source: Quarterly statements
Operating margin slipped on the year.
EBITDA margin 47.7%, −187 bps on the year (−48 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹940 cr | ₹1,096 cr | ₹1,010 cr | ₹1,001 cr | ₹1,182 cr | ₹1,283 cr | ₹1,224 cr | ₹1,266 cr | ₹1,350 cr | ₹1,522 cr | ₹1,445 cr | ₹1,481 cr |
| YoY | — | — | +15% | +18% | +26% | +17% | +21% | +26% | +14% | +19% | +18% | +17% |
| EBITDA margin | 51.1% | 53.0% | 51.0% | 52.0% | 49.6% | 50.0% | 47.5% | 48.2% | 47.7% | 50.5% | 46.6% | 45.5% |
| Other income, % of PBT | 25% | 25% | 24% | 16% | 30% | 15% | 19% | 23% | 12% | 3% | 12% | 44% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 17% | 21% | 24% | 33% | −22% | 11% | 18% | 20% | 17% | 15% | 23% | 24% |
| Net profit | ₹254 cr | ₹329 cr | ₹297 cr | ₹374 cr | ₹336 cr | ₹516 cr | ₹390 cr | ₹369 cr | ₹365 cr | ₹424 cr | ₹358 cr | ₹328 cr |
| YoY | — | — | −8% | +46% | +32% | +57% | +31% | −1% | +9% | −18% | −8% | −11% |
| Core profit YoY | — | — | −20% | +66% | −16% | +57% | +29% | −24% | +101% | −2% | +6% | −32% |
| EPS | ₹1.19 | ₹1.57 | ₹1.39 | ₹1.77 | ₹1.57 | ₹2.43 | ₹1.83 | ₹1.72 | ₹1.71 | ₹1.99 | ₹1.49 | ₹1.36 |
| Flags | · | · | ✓ | ✓ | 3 | 2 | 1 | 1 | ✓ | 1 | 1 | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
JSW Infrastructure Ltd. reported revenue of ₹1,350 cr (+14.2% on the year) and net profit of ₹365 cr (+8.6% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved +100.5% on the year, against +8.6% for reported profit.
None of the 7 checks that could run raised a question.
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.