India's JSW Infrastructure said on Wednesday it expects cargo volume growth to rise in fiscal year 2026, driven by domestic sectors' resilience, while minimising concerns over U.S. tariff-led trade uncertainties.
The port operator anticipates a 10% growth in volumes, Chief Executive Rinkesh Roy said in a post-earnings call, an increase from the 9% growth logged in fiscal 2025, despite signs of a slowdown in Asia's third-largest economy.
"We are largely unaffected by (current tariff-induced) trade uncertainties... we (largely) cater to steel and energy sectors, which are more domestic (in nature)," Roy said.
Private port operators, including rival Adani Ports, benefited from steady cargo movement in India until U.S. tariff policies disrupted global markets, adding risks to a slowing economy.
Analysts at Jefferies, however, noted that JSW's focus on bulk cargo such as iron ore and coal, which are more domestically leaning, offers it greater insulation from rising global trade risks than container-heavy Adani Ports.
JSW Infra reported a 54% rise in fourth-quarter profit on Wednesday, boosted by volume growth in coal, while the reduction in iron ore volumes capped upside.
However, with the recent imposition of safeguard duty, steel markets can be expected to "do well", Roy added.
JSW Infra's overall cargo volumes increased 5% year-on-year, and lifted fourth-quarter revenue by 17% to 12.83 billion rupees ($151.73 million).
While this growth lagged last year's 9%, it matched the previous quarter and met Elara Securities' estimate.
($1 = 84.5580 Indian rupees)
(Reuters)