JSW Infra Poised For 33% Gain; Motilal Oswal Maintains 'Buy' On Strong Expansion Plans

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Motilal Oswal Report

Motilal Oswal reiterates its Buy rating with a target price of Rs 360, implying a 33% upside, based on 17x FY28E EV/EBITDA.

The brokerage expects JSW Infra to strengthen its market dominance, leading to a 15% volume CAGR over FY25-28. This, along with a sharp rise in logistics revenue, is expected to drive a 24% CAGR in revenue and a 26% CAGR in Ebitda over the same period.

In FY26, cargo volume growth is expected to remain at ~8-10%, with stronger traction anticipated in H2 FY26. JSW Infra’s long-term vision includes expanding its port capacity to 400 mtpa by FY30 and developing a logistics platform aimed at generating Rs 80 billion in revenue and a 25% Ebitda margin.

Backed by aggressive yet disciplined capex, customer diversification, and multimodal infrastructure expansion, JSW Infra remains well-positioned for structural growth across India’s maritime and logistics value chain.

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