JSW Infrastructure Research Report

Key Highlights

• All-India major port volumes grew 3.5% YoY in Feb'26 and 8% YTD in FY26, driven by healthy traction in petroleum, containers, and coking coal.
• Iron ore volumes, which remained subdued in 2QFY26, have seen a 40% YoY recovery as of Feb'26 in 4QFY26.
• JSW Infrastructure reported modest volume growth of 5% in 9MFY26, partly offset by healthy operations at SW Port and Dharamtar Port.

Outlook

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We estimate a compound annual growth rate (CAGR) of:

• 13% in volume growth
• 33% in revenue growth
• 28% in EBITDA growth
• 29% in attributable profit after tax (APAT) growth for FY25-28. We reiterate our BUY rating with a target price of INR360, premised on 16x FY28 enterprise value to earnings before interest, taxes, depreciation, and amortization (EV/EBITDA).

Recommendation

We maintain our optimistic outlook for JSW Infrastructure, driven by the expected rebound in Paradip iron ore volumes and healthy operations at other ports. Our target price of INR360 reflects the company's strong growth prospects and attractive valuation multiples.