JSW Infrastructure Ltd. share price target

Q4 earnings resilience was led by realisation gains, ancillary income and logistics scale-up, despite a muted cargo growth

Q4FY26/FY26 performance: JIL reported decent set for Q4FY26/FY26 with Consolidated Revenue growth of 19% /20% YoY growth (up 13% QoQ) at 1522/ 5361 crore respectively. The port volume grew 1% and 4% YoY for Q4FY26 (-1.2% QoQ) and FY26. Ports revenues were up 12%/10% YoY at 1295 / 4647 crore for Q4FY26/FY26 respectively. Logistics business reported Q4FY26/FY26 revenue growth of 93%/41% YoY (+14% QoQ) to 201 /687.5 crore. Consolidated EBITDA for Q4FY26/FY26 grew 20%/15% YoY (up 19% QoQ) at 769/ 2604 crore respectively. The Q4FY26 EBITDA margins of 50.5% (+58 bps YoY/+283 bps QoQ)...

All-India major port volumes grew 3.5% YoY in Feb’26 and ~8% YTD in FY26, led by healthy traction in petroleum, containers, and coking coal (albeit on a low base).

Eyeing consolidated revenues/EBITDA CAGR of 38%/30% over FY25FY28E: The management has outlined year-wise guidance (FY26EFY28E) for revenues and EBITDA for both ports and logistics businesses. Ports revenues/EBITDA are expected to grow at 24% CAGR each while logistics is slated to grow at 144%/183% CAGR respectively over FY25FY28E. Ports volumes are expected to grow at ~5%/6-7%/25-35% YoY during FY26E/FY27E/FY28E. Its major greenfield projects (Slurry Pipeline and Jatadhar port) and brownfield expansions at Dharamtar and Jaigarh getting completed by March 2027 is expected to provide an inflexion point in ports business in FY28. Logistics business scale up to achieve 8000 crore revenues by FY30...

JSW Infrastructure (JSWINFRA)’s consolidated revenue grew 14% YoY to INR13.5b (in line). During 3QFY26, the company handled cargo volumes of 31.7MT (+8% YoY).

JSW Infrastructure (JSWINFRA) has consistently outperformed major ports in terms of volume, posting growth of ~15%/~9% in FY24/FY25, against major ports’ growth of ~8%/~5%.

Soft Q2; Mid to long term growth outlook intact fast-growing ports-related infrastructure company and second-largest private port operator with a capacity of 177 million tons per annum (MTPA). It operates twelve Port Concessions and 2 port terminals under O&M agreements in UAE. Its logistics (Navkar, Gati Shakti Terminal) business owns 2450+ Domestic standard...

About stock: JSW Infrastructure Limited, part of the $24 billion JSW Group is fastgrowing ports-related infrastructure company and second-largest private port operator with a capacity of 177 million tons per annum (MTPA). It operates twelve Port Concessions and 2 port terminals under O&M agreements in UAE. Its logistics (Navkar, Gati Shakti Terminal) business owns 2450+ Domestic standard containers,...

JSWINFRA’s strategy of augmenting capacity, modernizing infrastructure, and pursuing selective acquisitions is well aligned with India’s long-term port sector growth ambitions, as the government targets a fourfold expansion of capacity to 10,000MTPA by FY47 from the current ~2,700MTPA.

JSWIL has a strong liquidity position on a consolidated level marked by sufficient generations of cash accruals against repayment obligations and sufficient liquid investments (including unencumbered cash and bank balance and excluding earmarked IPO money) to the tune of ?3,025 crore as on March 31, 2024, and ~3,520 crore as on June 30, 2024, apart from unutilised working capital limits.

Q1 revenue up 21% YoY, ports revenue grew 8% YoY, led by volume/ realisation growth of 6%/2% YoY

Navkar FY26 revenue/ EBIDTA to reach Rs7-8bn/Rs1bn volume growth and lower contribution from logistics business. Cargo volumes maintenance shutdowns, and lower third-party cargo, despite strong coal handling operations at Ennore, PNP and Paradip. Volumes at its largest port, Jaigarh, remained tepid due to the delay in government orders to Jul'25. Port...

JSW Infrastructure (JSWIL) reported a muted set of volumes at its ports at 29.4mt, with organic growth flat at 28mt and new acquisition adding 1.4mt in Q1FY26.

In FY25, JSWINFRA handled 117MMT of cargo (up 9% YoY), supported by higher volumes at terminals in Mangalore, Ennore, and Paradip, along with the commencement of interim operations at JNPA and Tuticorin.

JSWINFRA’s focus on brownfield capacity augmentation, infrastructure modernization, and strategic acquisitions aligns with India’s port sector growth drivers (government plans to quadruple port capacity to 10,000MTPA by FY47 from ~2,700MTPA currently).

JSW Infrastructure (JSWIL) reported subdued volumes of 117mt (FY25) – comprising 103mt (-3% YoY) from existing assets and 14mt from new assets.

JSWINFRA has reaffirmed that port capacity expansion remains a key priority, with a goal to achieve 400mtpa by FY30. With expansions at JNPA, Tuticorin, Mangalore, and TNT ports, its port capacity has increased to 174mtpa now from 170mtpa in Sep’24.

During 3QFY25, JSW Infrastructure (JSWINFRA) completed the acquisition of a 70.37% share of Navkar Corporation (NAVKAR) through its subsidiary JSW Port Logistics (consolidated effective 11th Oct’24).

Second-largest private port operator with improving market share: JSW Infrastructure (JSWINFRA), with an aggregate capacity of 170MMT as of Sep’24, is the second-largest private port operator in India after Adani Ports (having a capacity of ~633MMT).

JSW Infrastructure (JSWIL), India’s second largest private port player, is well positioned to capture the opportunities arising from the government of India’s (GoI) thrust on infrastructure spending and privatisation of port terminals.