Buy JSW Infrastructure; target of Rs 380: Motilal Oswal

Motilal Oswal is bullish on JSW Infrastructure recommended buy rating on the stock with a target price of Rs 380 in its research report dated March 21, 2025.

Broker Research

March 24, 2025 / 13:29 IST

Buy

26 Aug, 2025 12:21

Volume

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Motilal Oswal's research report on JSW Infrastructure

JSWINFRA has reaffirmed that port capacity expansion remains a key priority, with a goal to achieve 400mtpa by FY30. With expansions at JNPA, Tuticorin, Mangalore, and TNT ports, its port capacity has increased to 174mtpa now from 170mtpa in Sep’24. Further, the company has an aggressive roadmap to build its logistics infrastructure and 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. With a focus on expanding capacity, improving the third-party mix in overall cargo, and improving utilization levels at existing ports and terminals, we expect its volume growth trajectory to remain intact. JSWINFRA expects to end FY25 with 10% volume growth.

Outlook

Considering stable growth levers at its existing ports and terminals, a higher share of third-party customers, steady cargo volumes from JSW Group companies, and an expanding portfolio, we expect JSWINFRA to strengthen its market dominance, leading to a 14% volume CAGR over FY24-27E. This should drive a 22% CAGR in revenue and a 21% CAGR in EBITDA over the same period. We reiterate our BUY rating with a TP of INR380 (premised on 23x FY27 EV/EBITDA).

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