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Motilal Oswal Report
JSW Infrastructure Ltd.'s shares are likely to remain in focus after Motilal Oswal reiterated its ‘Buy' rating on the stock, maintaining a bullish stance driven by strong growth visibility, aggressive expansion plans, and improving operational outlook.
The brokerage has retained its target price at Rs 360, implying a potential upside of around 34% from the current market price of Rs 268.
In FY26, cargo volume growth remained modest at ~4%, affected by the Middle East crisis and subdued volume in the Paradip iron ore terminal. Nevertheless, JSW Infra's long-term vision includes expanding its port capacity to 400mtpa by FY30 and developing a logistics platform, aimed at generating Rs 8,000 crore 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.
Motilal Oswal expects JSW Infra to strengthen its market dominance, leading to a 19% volume CAGR over FY26-28. This, along with a sharp rise in logistics revenue, is expected to drive a 39% CAGR in revenue and a 34% CAGR in Ebitda over the same period.
The brokerage has reiterated its Buy rating on the stock with a target price of Rs 360 (based on 17x FY28E EV/Ebitda).
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