Motilal Oswal has issued another research report, re-emphasizing the ‘BUY’ rating for JSW Infrastructure, with a target price of INR 360. The brokerage house pointed out the 14% YoY increase in revenues to INR 13.5 billion, along with 8% increase in the volume of cargoes handled at 31.7 million tons in the third quarter of FY26.
Analyst sentiment has received a boost from the performance of JSW Infrastructure in the third quarter of their FY26. This prompted Motilal Oswal to reaffirm their “Buy” rating. They posted a 14% increase in their consolidated revenues on a year-on-year basis at INR 13.5 billion, in line with market expectations. This was primarily driven by their increased handled cargo volume that saw a sharp 8% increase at 31.7 million tonnes.
Positive contributions were also made by the Southwest, Dharamtar, and overseas operations. Specifically, the Port of Fujairah in the Middle East realized a benefit of 0.8 million tonnes incentivized over and above the scope of its operational contract. Interim operations at the Tuticorin Terminal and the JNPA Liquid Terminal supported well, too.
However, this was partly offset by lower volumes at Paradip iron ore and coal terminals. Despite these headwinds, the overall positive trajectory supported the brokerage’s outlook.
Motilal Oswal has an estimated target price of INR 360, arrived at by using a multiple of 16 times its FY28 EV/EBITDA estimate. The valuation captures strategic positioning and growth prospects in the port infrastructure business.
