JSW Infrastructure (JSWINFRA IN) – Q3FY26 Result Update – Set for sharp EBITDA uplift in FY28E – BUY
Published on 20 Jan 2026
Mgmt. reiterated FY28 to be an inflection year aided by a) robust growth in logistics biz (newly acquired Rail Infra logistics biz driving ~Rs1bn FY26 EBITDA 7x by FY28E) and b) ongoing own ports/projects driving margins higher (Slurry, expansion at Jaigarh/Dharamtar, Jatadhar port, Oman port, etc.). Although we expect margins to improve gradually on higher share of own ports from FY28, near term weaker volumes, higher share of low margin terminal cargo and impending promoter stake sale would weigh on stock performance. We have built in lower inch up in logistics business than mgmt. guidance. We incorporate rail business and raise FY28 EBITDA by 8% and expect JSWINFRA to deliver strong 27% EBITDA CAGR over FY25–28E. The stock is trading at EV of 20.5x/14.9x FY27E/FY28E EBITDA. Maintain ‘BUY’ with revised TP of Rs339 (Rs324 earlier) valuing at 21x EV of Sep’27E EBITDA.
