JSW Infrastructure (JSWINFRA IN) – Company Update – Building a stronger backbone for logistics – Upgrade to ‘BUY’
Published on 10 Dec 2025
Combined with JSWINFRA’s expanding ports portfolio and strong balance sheet, we believe this transaction positions the company to evolve into an integrated logistics platform and steadily increase the share of third-party logistics revenue. We have incorporated conservative ~30% revenue growth CAGR for the logistics business against the management’s Rs80bn target for FY30 (from Rs2.5bn in FY25). We also incorporate Oman capex of Rs19bn in estimates and expect JSWINFRA to deliver revenue/EBITDA/PAT CAGR of 23%/24%/19% over FY25-28E. The stock is trading at EV of 19.6x/15.5x of FY27E/FY28E EBITDA. With ~15% correction in stock price post Q2 results, the stock gets upgraded to ‘BUY’ from ‘Accumulate’ with TP of Rs336 (Rs338 earlier) valuing at same 21x EV of Sep’27E EBITDA.
