Accumulate JSW Infrastructure; target of Rs 338: Prabhudas Lilladher

Prabhudas Lilladher recommended accumulate rating on JSW Infrastructure with a target price of Rs 338 in its research report dated October 17, 2025.

Broker Research

October 17, 2025 / 12:46 IST

Accumulate

26 Aug, 2025 12:21

Volume

Todays L/H

Prabhudas Lilladher's research report on JSW Infrastructure

JSW Infra reported decent Q2FY26 operating performance, with robust ports NSR and a growing contribution from the logistics business offsetting tepid volume growth. Cargo volumes were impacted by weak iron ore exports at Paradip Iron Ore Terminal (down 2.1mt YoY), though strong throughput at Jaigarh, Dharamtar, and SWPL partially mitigated the volume loss. Port operations NSR grew 3.4% QoQ to Rs382, driven by higher volumes at better priced Jaigarh and Dharamtar ports, along with rate increases at SWPL and Ennore coal terminals. Volume growth is likely to be supported by the strong steel demand in H2 and the commissioning of the LPG terminal at JNPT.

Outlook

We expect JSWINFRA to deliver revenue/EBITDA/PAT CAGR of 23%/24%/19% over FY25–28E. The stock is trading at EV of 22.1x/17x FY27E/FY28E EBITDA. Maintain ‘Accumulate’ with TP of Rs338 valuing at 21x EV of Sep’27E EBITDA.

For all recommendations report, click here