Buy JSW Infrastructure; target of Rs 360: Motilal Oswal

Buy

Motilal Oswal's research report on JSW Infrastructure

All-India major port volumes grew 3.5% YoY in Feb’26 and ~8% YTD in FY26, led by healthy traction in petroleum, containers, and coking coal (albeit on a low base). Iron ore volumes, which remained subdued in 2QFY26, have seen a healthy recovery since Dec’25, rising ~40% YoY as of Feb’26 in 4QFY26. JSW Infra reported modest volume growth of ~5% in 9MFY26, due to subdued throughput at the Paradip iron ore terminals. However, this was partly offset by healthy operations at SW Port and Dharamtar Port, along with incremental contribution from interim operations at Tuticorin and the JNPA liquid terminal. Notably, Paradip iron ore volumes have rebounded since Dec’25 and are now witnessing a healthy trajectory, which is expected to continue going forward and support overall volume growth.

Outlook

During FY25-28, we estimate a CAGR of 13%/33%/28%/29% in volume/revenue/EBITDA/APAT. We reiterate our BUY rating with a TP of INR360 (premised on 16x FY28 EV/EBITDA).

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JSW Infrastructure - 1303026 - moti