Broker’s call: JSW Infrastructure (Buy)

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SENSEX 73,249.39

 -460.30

NIFTY 22,687.65

 -123.70

NIFTY 22,687.65

 -123.70

CRUDEOIL 9,451.00

+ 243.00

CRUDEOIL 9,451.00

+ 243.00

GOLD 144,245.00

 -1,834.00

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Jefferies

By KS Badri Narayanan

Updated - October 22, 2026 at 06:20 PM.

We believe JSTL’s expansion plans, coupled with potential in-sourcing of volumes by JSW group through JSWI, could add about 70 mt ie around 30 per cent addition to our FY30E volume forecasts

Target: ₹400

CMP: ₹321.65

JSW Infrastructure (JSWI) targets 2.2x rise in its port capacity and 14x rise in logistics EBITDA by FY30E, driving over 30 per cent FY26-30E EBITDA CAGR for the company.

We estimate 18 per cent FY26-30E CAGR in volumes for JSWI, driven by 22 per cent CAGR in JSW group cargo, primarily by JSW Steel (JSTL). JSTL targets 2.1x rise in its domestic capacity to 78 mt by FY32E, including 46 per cent addition over FY30E-32E, where plans are evolving. Each tonne of steel requires 2.5-3 tonnes of raw material, which is expected to be handled by JSWI.

We believe JSTL’s expansion plans, coupled with potential in-sourcing of volumes by JSW group through JSWI, could add about 70 mt ie around 30 per cent addition to our FY30E volume forecasts .

We estimate We believe recent QIP for ₹6,500 crore enables JSWI to fund growth capex, with leverage in check (Net D/EBITDA <2x over FY26-30E). Our ₹400 price target (vs ₹395 earlier) is based on 18x Sep’28E EV/EBITDA vs 16x for Adani Ports, to reflect 25 per cent FY28E-30E EBITDA CAGR for JSWI vs 16 per cent for Adani Ports.

Key downside risks: Delay in JSWI/group capex plans and non-core capex expansion plans.

Published on October 22, 2026

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