JSW Infra Q1 Results Review: ICICI Securities Maintains 'Buy' Rating, Hikes Target Price — Here's Why

The throughput at ports in India has been growing at 4% over the last five years (FY20– 25), whereas that of JSW Infra has grown 15% over the same period. As the second largest player in a consolidating sector, JSW Infra is one to watch out for.

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ICICI Securities Report

JSW Infrastructure Ltd. reported a muted set of volumes at its ports at 29.4 million tonne, with organic growth flat at 28 mt and new acquisition adding 1.4mt in Q1 FY26. Volumes at its minor ports, Jaigarh and Dharamtar, were flat due to weakness in third-party cargo and a shutdown at Dolvi steel plant.

We expect a higher volume growth in H2 aided by the full commissioning of LPG terminal at JNPT and an improvement in iron ore and coal cargo for its group steel company.

JSW Infra is expanding its minor ports by 30% to meet the cargo requirements for its group's expansion. It has also won new terminals at major ports which are under construction.

Most of its new expansions may commission in FY27E. We expect this to create value for minority shareholders. Maintain Buy with a revised target price of Rs 365.

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