JSW Infra to Issue Shares to Meet Minimum Public Stake Norm

Why It Matters

The share issue ensures regulatory compliance while providing the capital needed for JSW Infra’s massive port‑capacity expansion, a move that could reshape India’s maritime logistics landscape.

Key Takeaways

• Issue up to 25 crore shares, ~₹6,300 crore raise.
• Aims to meet SEBI 25% public shareholding rule.
• Supports ₹39,000 crore capex to reach 400 MTPA.
• Net debt‑to‑EBITDA stays below 0.8×, strong balance sheet.
• Targets EBITDA doubling to ₹5,000 crore by FY 28.

Pulse Analysis

India’s securities regulator mandates that newly listed firms achieve a minimum public shareholding of 25% within three years, prompting many companies to consider secondary offerings. JSW Infrastructure’s decision to issue up to 25 crore shares not only aligns it with SEBI’s compliance timeline but also broadens its investor base, enhancing market liquidity and governance standards. By tapping equity markets at a valuation of roughly ₹6,300 crore, the firm secures a low‑cost funding source that avoids excessive leverage, a prudent move given the scale of its upcoming projects.

The capital raise is earmarked for a ₹39,000 crore integrated expansion plan that will more than double the company’s handling capacity to 400 million tonnes per annum by FY 2030. This includes brownfield upgrades at existing terminals, greenfield development in Odisha, Karnataka, Maharashtra, and an overseas hub in Oman, as well as a ₹9,000 crore investment in a ports‑to‑hinterland logistics ecosystem. Such infrastructure upgrades are expected to alleviate bottlenecks in India’s supply chain, attract larger cargo volumes, and position JSW Infra as a pivotal node in the nation’s maritime trade network.

Financially, JSW Infrastructure enters this growth phase with a net debt‑to‑EBITDA ratio of 0.76× and cash reserves exceeding ₹3,400 crore, reflecting a conservative capital structure. Investment‑grade ratings from global agencies further validate its creditworthiness. The company’s guidance to double EBITDA to around ₹5,000 crore by FY 28 signals confidence that the expanded capacity and logistics platform will translate into robust revenue streams, potentially reshaping competitive dynamics in the Indian ports sector.

JSW Infra to issue shares to meet minimum public stake norm

By BL Mumbai Bureau · Updated · February 20, 2026 at 07:39 PM · JSW Infrastructure debuted on the bourses on October 3, 2023. · Photo Credit: DANISH SIDDIQUI

Ports operator JSW Infrastructure said it has approved raising equity capital by issuing up to 25 crore shares, setting the stage for a fresh fund infusion to back its aggressive expansion plans and to comply with regulatory norms for minimum public stake.

The company did not specify how much of the funds it planned to raise, but based on its closing market price on Friday, the share issuance is worth ₹6,325 crore.

The proposed issuance will help the company meet the Securities and Exchange Board of India’s (SEBI) requirement to raise public shareholding to 25 percent within three years of listing.

The port operator debuted on the bourses on October 3, 2023, and must align with the minimum public shareholding (MPS) norms within the stipulated timeline.

The fund‑raise comes as the company is executing a ₹39,000‑crore integrated capital‑expenditure programme aimed at scaling port capacity from 177 million tonnes per annum (MTPA) to 400 MTPA by FY 2030.

The plan spans brownfield expansions, new connectivity projects and greenfield developments across Odisha, Karnataka, Maharashtra and Oman. In parallel, it is investing ₹9,000 crore to build an integrated ports‑to‑hinterland logistics ecosystem as part of the broader capex blueprint.

Despite the expansion push, the company has maintained a relatively conservative balance sheet, with net debt‑to‑EBITDA at 0.76 times and cash‑and‑bank balances of ₹3,455 crore as of December 31, 2025.

It holds investment‑grade ratings from global agencies, underscoring financial resilience amid large‑scale investments.

The company has guided operating EBITDA to double by FY 28 from FY 26 levels to around ₹5,000 crore, driven by project execution in the ports business and the transition of logistics assets from capex to revenue contribution.

The company said the equity raise would strengthen its growth trajectory while reinforcing governance standards and broadening market participation as it builds out a national maritime and logistics platform.