Buy JSW Infrastructure; target of Rs 365: ICICI Securities

ICICI Securities's research report on JSW Infrastructure

JSW Infrastructure (JSWIL) reported a muted set of volumes at its ports at 29.4mt, with organic growth flat at 28mt and new acquisition adding 1.4mt in Q1FY26. 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. JSWIL 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.

Outlook

We expect this to create value for minority shareholders. Maintain BUY with a revised TP of INR 365.