Buy JSW Infrastructure; target of Rs 345: ICICI Securities

ICICI Securitie`s research report on JSW Infrastructure

JSW Infrastructure (JSWIL) reported subdued volumes of 117mt (FY25) – comprising 103mt (-3% YoY) from existing assets and 14mt from new assets. Growth in the existing assets was impacted by subdued production in steel and low exports of iron ore. Interim operations at JNPT and Tuticorin have begun; we expect these assets to clock 10mt p.a. by FY28E.

Outlook

It has earmarked INR 15bn in capex for the logistics business (FY26E) with INR 2bn in expansions at Navkar and the rest towards acquisitions of rakes and GCTs. The company has guides for 10% YoY growth in volumes and +15–20% YoY in logistics revenues for FY26. We believe JSWIL could create shareholder value in medium term on the back of investments in new greenfield port assets (Keni and Jatadhar). We maintain BUY with a revised TP of INR 345.