JSW Infrastructure (JSWINFRA IN) – Q2FY26 Result Update – Strong NSR offsets weak volume impact – Accumulate
Published on 17 Oct 2025
The upcoming Kolkata Container Terminal is expected to contribute incremental volumes from FY27, while ongoing brownfield expansions at Jaigarh and Dharamtar position JSW Infra to benefit from rising demand driven by the Dolvi steel capacity ramp-up in FY28E. Over the longer term, the company’s ambitious port capacity roadmap to 400mt by FY30 along with greenfield projects at Jatadhar, Keni, Murbe and active participation in major port privatization bids, are expected to support strong third-party cargo volume growth. Navkar’s turnaround and the Kudathini acquisition aim to create a pan-India multi-modal network expanding its logistics business. We expect JSWINFRA to deliver revenue/EBITDA/PAT CAGR of 23%/24%/19% over FY25–28E. The stock is trading at EV of 22.1x/17x FY27E/FY28E EBITDA. Maintain ‘Accumulate’ with TP of Rs338 valuing at 21x EV of Sep’27E EBITDA.
