"Carrying our legacy forward and enhancing the nation's global
competitiveness"
Dear Shareholders,
I hope that all of you are doing well and that this message finds you
in good health. I begin with a solemn salute and gratitude to the unparalleled bravery and
courage demonstrated by our armed forces during Operation Sindoor. Their unwavering
commitment to upholding the sovereignty of the nation stands as a profound testament to
the indomitable spirit of our defence personnel. Their heroic actions reinforce our
collective resolve to maintain national unity and reflect the nation's uncompromising
stance against any threat to its security and territorial integrity.
On behalf of our Board of Directors, I am honoured to present to you
our Integrated Annual Report for FY2025. As we mark just over two decades of meaningful
contribution to nation-building, I address you today with a deep sense of humility and
immense pride in all that we have achieved together.
Your Company JSW Infrastructure began as a vision for self-reliance and
self-sufficiency within the Group. Today, it stands as a highly respected organisation
with a strong reputation and an expanding presence across the nation. Having carved a
significant place in India?s marine landscape, we remain committed to serving the
country for generations to come.
I am pleased to report that your Company had another successful year,
making progress towards fortifying its identity in the port and logistics sector. We
expanded our operational capacity to 177 MTPA through organic and inorganic growth,
leveraging our inherent strengths, capabilities and solid execution expertise, with a
clear vision to transform into a complete logistic solutions provider.
We continued our growth momentum in FY 2025, with 20% growth in Total
Income at ' 4,829 crore, 17% increase in EBITDA at ' 2,615 crore and a 31%
rise in Net Profit at ' 1,521 crore.
The Board has recommended a dividend of ' 0.80/share, which is
40% of the face value.
Quest to become a 'developed nation' by 2047
India stands on the cusp of a transformative era, poised to emerge as
the world?s third-largest economy with a projected GDP of US$ 5 trillion - driven by
sustained reforms that have fostered resilience and progress. As the nation charts its
course towards becoming a developed economy by 2047, marking 100 years of independence, it
envisions an ambitious economic expansion to US$ 30 trillion. This vision is underpinned
by a commitment to inclusive growth, robust job creation, social advancement, and
environmental sustainability.
Aligned with this national aspiration of 'Viksit Bharat by 2047?,
your Company is committed to contributing meaningfully through measurable, outcome-driven
initiatives that support India?s long-term development goals.
Infrastructure - Poised for resilient growth
India?s infrastructure sector is set for substantial growth,
boosted by robust economic factors and rising urbanisation and driven by greenfield and
brownfield investments. Under the government?s ambitious National Infrastructure
Pipeline, a capital outlay of US$ 1.4 trillion outlines injection of massive capital into
roads, rail, air and port connectivity with an aim to establish resilient urban
infrastructure, positively impacting associated industries, stimulating the economy, and
enhancing India?s global competitiveness.
Additionally, through the PM Gati Shakti National Master Plan, the
Government is aiming for multi-modal connectivity for roads, railways, ports, airports,
mass transport and waterways, paving the way for sustainable development in India. With
these key initiatives from the Government, India is well-positioned to capitalise on
opportunities in the booming infrastructure space.
Port economy - Set to drive India's growth
India?s economy is getting bigger and stronger. With its diverse
countryside and hinterland, India?s logistics industry needs more large-sized private
sector companies to provide
last-mile connectivity solutions for its stakeholders.
Ports currently handle 95% of the nation?s export volumes
accounting for 70% of export value, propelling its position as a dominant player in global
maritime trade. The government is promoting port-led development by taking advantage of
its rich maritime heritage, 11,099 km long coastline, national waterways of 20,275 km, and
strategic location on major maritime trade routes, which make it an emerging hub for
shipping and transshipment. As India moves to become a developed economy by 2047, the
nation needs 25-30 additional large ports, and around 200 container freight stations and
inland container depots.
Strategic Advancements in the Ports Sector
The Ministry has laid out a visionary framework through the Maritime
Amrit Kaal Vision 2047, aimed at transforming logistics, infrastructure, and shipping.
This initiative marks a significant step toward modernising India?s ports and
maritime capabilities. Complementing this long-term vision, the Maritime India Vision
(MIV) 2030 focuses on enhancing the efficiency and productivity of the maritime sector by
developing world- class ports, promoting inland waterways and coastal shipping, and
fostering a sustainable maritime ecosystem - all in support of India?s growing Blue
Economy.
To elevate India?s position in the global maritime landscape, the
Maritime India Vision (MIV) 2030 outlines a comprehensive roadmap across ports, shipping,
and inland waterways. It targets a projected port capacity of 10,000 million tonnes by
2047, aligning with the nation?s long-term growth ambitions.
Complementing this vision is the National Logistics Portal - Marine
(NLP Marine), a digital initiative aimed at modernising and streamlining maritime
logistics. Additionally, the Sagarmala Programme continues to drive port- led
industrialisation by promoting the development of industries near ports, thereby reducing
logistics costs and enhancing supply chain efficiency.
Creating a well-integrated logistics network
Our Honourable Prime Minister rightly states, "If we have to
develop India, the chariot of development needs to run on two wheels - eastern and western
India." An efficient, extensive, and well- integrated nationwide logistics network
can significantly boost economic growth in India?s interiors and landlocked regions.
It has the capability to uplift less developed states and pave the way for eliminating
large-scale social inequalities.
Today, the logistics sector is the backbone of trade and commerce,
contributing 13-14% to India?s GDP and supporting 22+ million jobs. India represents
one of the largest underpenetrated logistics opportunities.
The sector facilitates seamless movement of goods S services across the
nation, and its efficiency directly impacts economic growth, competitiveness, and ease of
doing business. It touches every aspect of our lives - from the food we eat to the
products that we use on a daily basis. The role of waterways in logistics services is
projected to expand substantially as the government strives to position India as a global
leader in maritime innovation and growth.
Driving Policy Reforms for Maritime Growth
A sustained policy thrust is essential to address critical areas such
as storage infrastructure at ports and terminals, first- and last-mile connectivity,
navigable water depth, and the integration of advanced technologies in port operations.
While it is encouraging to witness gradual progress from policymakers, a more accelerated
and strategic approach is needed to unlock the full potential of the maritime sector.
Deregulation stands out as a transformative lever - reducing
bureaucratic bottlenecks and government control can significantly enhance innovation,
lower operational costs, and improve overall efficiency.
Key measures to support this include implementing single-window
clearance systems to streamline approvals, replacing fragmented state-level regulations
with uniform national policies, encouraging greater private sector participation to drive
investment and innovation, and simplifying land acquisition and environmental clearance
processes to expedite the development of logistics infrastructure such as warehouses,
freight corridors, and ports. These reforms are pivotal to building a globally competitive
and resilient maritime ecosystem.
Unleashing growth potential at JSW Infrastructure
We look forward to an exciting FY2026 and remain set for strong growth
and margin expansion with the identified opportunities. We have set out an ambitious
target to expand our port capacity by 2.3 times to reach 400 MTPA by 2030. The plan
encompasses development of 3 brand new Greenfield ports, brownfield expansion at existing
ports and terminals and other growth projects within the stipulated time and budget.
In the years to come, we will continue working on projects that align
with building and scaling the pan-India network to deliver unmatched and unparalleled
efficiency in the logistics sector.
Moreover, privatisation bids for terminals and berths in major ports,
along with inorganic opportunities in port and port-related infrastructure, are additional
levers to accelerate growth.
We are also strengthening our capabilities and building best-in-class
organisational capacity to create an aspired future. As we remain committed to building a
stronger than ever India, we are proud of our strong management team that is leading the
Company into the future.
Sustainability priorities
We are acting with urgency to protect our planet?s limited
resources and be a leader in the fight against climate change.
In an effort to combat global warming and climate change, your company
is committed to curtail its direct Green House Gases emissions and achieving net
neutrality by 2050.
Recognising our social, ethical, and environmental responsibilities, we
have embraced a comprehensive Sustainability Vision and developed our Sustainability
Strategy. Our key focus areas on GHG emissions, energy consumption, water consumption,
waste generation and biodiversity conservation are well supported by the Sustainability
Policies.
Further, through programmes on education, health S nutrition, waste
management, skills S livelihoods, water, environment and sanitation, your company remains
committed to the society.
In Conclusion
As we are committed to creating sustainable value for all key
stakeholders and delivering reliable growth, I extend my gratitude to all our customers,
business partners, investors and the Government for their continued support. We would not
be here, but for their implicit faith and trust in us.
I also feel privileged and proud of our management, leadership team and
employees who keep giving their best every single day to take the Company higher. On
behalf of the management and the Board of Directors, I wish to thank all our employees for
their continued commitment and support.
We remain dedicated to our continued success and look forward to
working with each one of you to take JSW Infrastructure to even greater heights and create
value for one and all.
Thank you.
Jai Hind!
Sajjan Jindal
Chairman