JSW Infrastructure (JSWINFRA IN) – Q2FY27 Result Update – Strong logistic push to muted ports volumes – Upgrade to ‘BUY’
Published on 28 Oct 2026
Management retained its FY27 EBITDA guidance of INR29.5-30bn, as domestic ports are seeing strong momentum with JSW Steel’s BF#3 is ramping up well and Fujairah operations expected to resume from Nov’26. While logistics is expected to remain a key growth driver, supported by the ramp-up in rail rakes and Navkar. The key projects planned for achieving 300mtpa port capacity are on track to get commissioned by FY28E. Mgmt’s focus on containers and liquids, planned Greenfield ports, and scaling the integrated logistics network should support long-term growth and EBITDA expansion. We cut our FY28/29E EBITDA by 1% each and expect JSWINFRA to deliver strong 28% EBITDA CAGR over FY26-29E. The stock is trading at EV of 18.9x/15.8x FY28/29E EBITDA. As stock has corrected over 13% from recent peak, we upgrade the stock to ‘BUY’ from Accumulate earlier with revised TP of INR380 (INR384 earlier) valuing at same 20x Sep’28 EBITDA.
