The brokerage firm Motilal Oswal has given a ‘Buy’ rating to JSW Infrastructure. It has set a target price of Rs 360. This implies an upside potential of 29% from the current market price. According to the brokerage report, this outlook is factored due to the company’s strong expansion plans, diversified operations, and growing presence across India’s ports and logistics sector.
Let’s take a look at the key reasons why the brokerage is bullish on this stock and what is the rationale behind it –
Motilal Oswal on JSW Infrastructure: Expansion on multiple fronts
JSW Infrastructure is currently executing several brownfield and greenfield projects.
Furthermore, the company is aiming to scale its total port capacity from 177 million tonnes per annum (MTPA) at present to 400 MTPA by FY30. JSW Infrastucture is also upgrading capacities. It is targeting a combined expansion of over 40 MTPA.
In addition to this, landmark greenfield projects like Keni Port (30 MTPA), Jatadhar Port (30 MTPA), and a 302-kilometre slurry pipeline in Odisha are progressing well, scheduled for commissioning by FY28–FY30.
According to the brokerage, “Alongside ports, JSW Infrastructure is pursuing a logistics infrastructure build-out under JSW Ports Logistics, supported by an investment plan of Rs 9,000 crore through FY30. This expansion is expected to deliver revenue of Rs 8,000 crore and EBITDA of Rs 2,000 crore at scale.”
Motilal Oswal on JSW Infrastructure: Diversified operations and steady growth
JSW Infrastructure benefits from a balanced east-west coast presence and an expanding inland logistics network. This positions the company to gain from India’s push for multimodal integration and port-led industrial growth.
The brokerage expects volume, revenue, EBITDA, and adjusted profit after tax (APAT) compound annual growth rates of 15%, 24%, 26%, and 23%, respectively, over FY25–28.
The report also highlighted the company’s operational resilience, supported by a diversified cargo mix and rising third-party share, which increased to 49% in FY25 from 25% in FY22.
“JSW Infrastructure continues to deliver resilient performance, supported by a diversified cargo mix, rising third-party share, and steady execution of new assets,” the brokerage noted.
Motilal Oswal on JSW Infrastructure: Long-term vision and structural growth
This JSW Group stock aims to expand port capacity to 400 MTPA by FY30 and develop a logistics platform expected to generate Rs 8,000 crore in revenue with a 25% EBITDA margin. According to Motilal Oswal, “Backed by aggressive yet disciplined capital expenditure, customer diversification, and multimodal infrastructure expansion, JSW Infrastructure remains well-positioned for structural growth across India’s maritime and logistics value chain.”
The brokerage expects the company to strengthen its market dominance, leading to a 15% CAGR in cargo volume over FY25–28, along with a sharp rise in logistics revenue. This is projected to drive a 24% CAGR in revenue and 26% CAGR in EBITDA over the same period. Motilal Oswal concludes by reiterating its Buy rating on the stock with a target price of Rs 360, based on 17 times FY28 Enterprise Value to EBITDA.
