'Buy' JSW Infra Shares Maintains Motilal Oswal On Strong Balance Sheet, Favorable Macro

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Motilal Oswal Report

JSW Infrastructure Ltd. ended FY25 on a strong note, delivering robust growth in cargo volumes, revenue, and profitability, while making steady progress toward its long-term goal of achieving 400 mtpa port capacity by FY30. The recent acquisition of NAVKAR has significantly strengthened its logistics segment, which is targeting Rs 80 billion in revenue by FY30.

With a strong balance sheet and a favorable macro environment, JSW Infra is well-positioned to benefit from India's infrastructure push and increasing third-party cargo demand, despite global headwinds.

We expect JSW Infra to strengthen its market dominance, leading to a 13% volume CAGR over FY25-27. This, along with a sharp rise in logistics revenues, is expected to drive a 22% CAGR in revenue and a 23% CAGR in Ebitda over the same period. We reiterate our Buy rating with a target price of Rs 370 (based on 23x FY27 EV/Ebitda).

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