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 August 20, 2025.

Broker Research

August 22, 2025 / 10:56 IST

buy

26 Aug, 2025 12:21

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Motilal Oswal's research report on JSW Infrastructure

JSWINFRA’s strategy of augmenting capacity, modernizing infrastructure, and pursuing selective acquisitions is well aligned with India’s long-term port sector growth ambitions, as the government targets a fourfold expansion of capacity to 10,000MTPA by FY47 from the current ~2,700MTPA. Its ability to leverage group cargo while steadily growing third-party volumes (52% in 1Q FY26) underlines its position in India’s port and logistics ecosystem. The company has reiterated that expanding port capacity remains a core priority, with plans to scale from 177MTPA today to 400MTPA by FY30. Alongside ports, JSWINFRA is pursuing an aggressive logistics infrastructure build-out under JSW Ports Logistics, supported by an investment plan of INR90b through FY30. This expansion is expected to deliver revenue of INR80b and EBITDA of INR20b at scale.

Outlook

We expect JSWINFRA to strengthen its market dominance, leading to a 13% volume CAGR over FY25-27E. This should drive a 22% CAGR in revenue and a 23% 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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