Motilal Oswal's research report on JSW Infrastructure
JSWINFRA’s focus on brownfield capacity augmentation, infrastructure modernization, and strategic acquisitions aligns with India’s port sector growth drivers (government plans to quadruple port capacity to 10,000MTPA by FY47 from ~2,700MTPA currently). Its ability to leverage group cargo while expanding third-party contributions positions (49% contribution in FY25) it as a leader in India’s logistics and port infrastructure space. JSWINFRA has reaffirmed that port capacity expansion remains a key priority, with a goal to achieve 400MTPA by FY30 from 177MTPA currently. Further, the company has an aggressive roadmap to build its logistics infrastructure network under JSW Ports Logistics with a capex of INR90b by FY30. This investment is expected to generate revenue of INR80b and EBITDA of INR20b.
Outlook
We reiterate our BUY rating with a TP of INR370 (premised on 23x Sep’26E EV/EBITDA).
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