JSW Infra Q2 FY27: Revenue +17% YoY, consolidated PAT falls 11% on forex hit

JSW Infrastructure's consolidated revenue rose 17.0% YoY (2.5% QoQ) to ₹1,480.92 Cr for Q2 FY27, landing right at the low end of the ₹1,480–1,520 Cr range we flagged pre-result. But consolidated PAT fell 11.0% YoY (8.2% QoQ) to ₹328.23 Cr, and net profit margin compressed sharply to 19.7% from 26.9% a year ago — a revenue-up, profit-down print that trails the Street's expected 47–48% operating margin band (actual OPM: 45.5%, down from 48.2% YoY and 46.6% QoQ). The margin bridge is almost entirely a finance-cost story, not an operating one: total finance costs more than doubled YoY to ₹256.77 Cr, driven by a ₹148.64 Cr forex/hedge-related loss (per note 3, arising on undesignated foreign-currency liabilities and hedge ineffectiveness) versus just ₹5.30 Cr in the year-ago quarter and ₹7.26 Cr last quarter. Core interest costs (₹108.13 Cr) were up only modestly from ₹99.29 Cr YoY, consistent with capex-led borrowing growth rather than distress. This forex swing is not tagged as an "Exceptional Item" in the company's own disclosure (that line is nil this quarter), so it sits inside reported operating results and explains the bulk of the YoY PAT decline despite healthy topline growth. Segment mix continues to shift toward logistics: logistics revenue grew 71.7% YoY to ₹279.32 Cr versus Port Operations' 9.0% YoY growth to ₹1,201.60 Cr, consistent with management's push to scale the logistics platform toward its Rs 8,000 Cr-by-FY2030 target — FY26's full-year logistics revenue of ₹714.53 Cr had already landed inside the ₹700–800 Cr band management guided for FY26. The quarter also saw the Insolvency-process acquisition of NCR Rail Infrastructure for ₹467.47 Cr (completed 10 September 2026, not yet fully consolidated with purchase-price-allocation still provisional) and continued deployment of the ₹6,555 Cr QIP raised in June 2026 — proceeds are currently sitting largely in bank deposits (₹5,270 Cr), which lifted other income/interest income but hasn't yet shown up as incremental capacity. No standalone management press release was available in the context to cross-check against company framing. Against the company's own FY27 target reaffirmed at the Q1 call (₹6,850 Cr revenue, ₹3,000 Cr EBITDA, sourced via web search as our context's guidance predates FY27), H1 FY27 revenue of ₹2,925.75 Cr and operating EBITDA of roughly ₹1,348 Cr run at about 43–45% of the full-year goal — plausible only if the historically stronger second half, which management has repeatedly flagged, materialises as it did in FY26.