JSW Infrastructure Limited has submitted its Monitoring Agency Report for the quarter ended December 31, 2025, concerning the utilization of proceeds from its Initial Public Offering (IPO). The report, issued by CARE Ratings Limited, confirms that there have been no deviations from the objects disclosed in the Offer Document.

As of December 31, 2025, the total IPO proceeds amounted to ₹2,800 crore. Out of this, ₹1,971.18 crore has been utilized, leaving an unutilized amount of ₹754.95 crore. The utilized amount includes ₹880 crore for prepayment of borrowings through investment in subsidiaries JSW Dharamtar Port Private Limited and JSW Jaigarh Port Limited. Capital expenditure for expansion and upgradation works at Jaigarh Port, including an LPG Terminal Project (₹250.22 crore utilized), an electric sub-station (₹15.51 crore utilized), and the purchase of a dredger (₹103.88 crore utilized), have also been funded. Additionally, ₹55.52 crore has been invested in the expansion of JSW Mangalore Container Terminal Private Limited. A sum of ₹666.05 crore has been allocated for general corporate purposes, which includes acquisitions such as Marine Oil Terminal Corp (USD 9.35 Million and USD 57.65 Million) and shares in PNP Maritime Services Private Limited.

The unutilized IPO proceeds of ₹754.95 crore have been deployed in various fixed deposits with Axis Bank, IndusInd Bank, and Yes Bank, with maturity dates extending up to April 2026 and earning returns ranging from 4.75% to 7.90%.

There are some delays in the completion of certain projects. The LPG Terminal Project and the electric sub-station project at Jaigarh Port, originally scheduled for completion in Fiscal 2026, are now revised to be completed by March 2027 and June 2027, respectively. The purchase and installation of a dredger, initially planned for Fiscal 2025, is now slated for Fiscal 2026. The expansion at Mangalore Container Terminal, originally planned for Fiscal 2025, is ongoing, with delays attributed to heavy rains and material delivery issues, though no material impact on the credit profile is anticipated. The general corporate purposes were completed in Fiscal 2024, ahead of the original schedule of Fiscal 2026.