Buy JSW Infrastructure; target of Rs 360: Motilal Oswal

Motilal Oswal is bullish on JSW Infrastructure has recommended buy rating on the stock with a target price of Rs 360 in its research report dated November 10, 2025.

Broker Research

November 12, 2025 / 15:36 IST

Buy

26 Aug, 2025 12:21

Volume

Todays L/H

Motilal Oswal's research report on JSW Infrastructure

JSW Infrastructure (JSWINFRA) has consistently outperformed major ports in terms of volume, posting growth of ~15%/~9% in FY24/FY25, against major ports’ growth of ~8%/~5%. However, volume growth was muted in 1HFY26, recording only 4% YoY, primarily due to a maintenance shutdown at JSW Steel’s Dolvi plant and subdued performance at the Paradip iron ore terminal. Despite the soft volume growth in 1HFY26, the company’s long-term expansion plans across ports remain on track and are expected to support sustained volume growth going forward.

Outlook

We expect JSWINFRA 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. We reiterate our BUY rating on the stock with a TP of INR360 (based on 17x FY28 EV/EBITDA).

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