JSW Infra: Motilal Oswal Initiates BUY, Eyes Rs 360 Target

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AuthorVihaan Mehta|Published at:
JSW Infra: Motilal Oswal Initiates BUY, Eyes Rs 360 Target
Overview

Motilal Oswal's latest research report reiterates a BUY recommendation for JSW Infrastructure, setting a target price of INR 360. The brokerage cited a 14% YoY revenue growth to INR 13.5 billion and an 8% rise in cargo volumes to 31.7 million tonnes during the third quarter of FY26, driven by key port operations.

JSW Infrastructure's Q3 FY26 performance has bolstered analyst confidence, leading Motilal Oswal to reaffirm its 'Buy' rating. The company reported a consolidated revenue climb of 14% year-on-year to INR 13.5 billion, aligning with expectations. This growth was underpinned by a robust 8% rise in handled cargo volumes, reaching 31.7 million tonnes during the quarter.

Positive contributions came from the Southwest, Dharamtar, and overseas operations. Notably, the Port of Fujairah in the Middle East benefited from an incentive volume of 0.8 million tonnes, exceeding its operational contract scope. Interim operations at the Tuticorin Terminal and the JNPA Liquid Terminal also provided substantial support.

However, this upward momentum was partially tempered by reduced volumes at the Paradip iron ore and coal terminals. Despite these headwinds, the overall positive trajectory supported the brokerage's outlook.

Motilal Oswal's target price of INR 360 is based on a multiple of 16 times the estimated FY28 Enterprise Value to Earnings Before Interest, Taxes, Depreciation, and Amortization (EV/EBITDA). This valuation reflects the company's strategic positioning and growth potential within the port infrastructure sector.

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