Synopsis: JSW Infrastructure shares are in focus amid West Asia disruptions affecting its Fujairah facility, but JM Financial maintains a “Buy” rating, expecting FY26 EBITDA of Rs. 2,600 crore, supported by strong logistics and cargo volumes despite near-term challenges.
The shares of this company provide maritime-related services including, cargo handling, storage solutions, and logistics services are in the spotlight after concerns over the ongoing crisis in West Asia and JM Financial has maintained its “Buy” rating although it lowered the target price to Rs. 365 which is 43% upside from current levels. With a market capitalisation of Rs. 53,781 cr, the shares of JSW Infrastructure Ltd closed at Rs. 256.10 per share, up from its previous close of Rs. 234.25 per share.
What’s the news
Shares of JSW Infrastructure Ltd are in focus amid concerns over the ongoing crisis in West Asia, particularly after drone attacks affected the company’s Fujairah liquid storage facility. The incident caused part of the facility’s capacity to go offline, raising worries about the supply of steel-grade limestone imports.
Despite the short-term disruptions, JM Financial has maintained its “Buy” rating on JSW Infra, although it lowered the target price from Rs. 400 to Rs. 365, reflecting a potential upside of 43% from current levels. The brokerage expects the company to broadly achieve its FY26 EBITDA target of Rs. 2,600 crore, supported by strong group cargo volumes and growth in its logistics business.
JM Financial has revised down FY27–FY28 earnings estimates and cautioned that a potential equity raise to meet public shareholding norms could pressure the stock in the near term. Nevertheless, the company’s leverage is expected to remain comfortably below 2.5x, providing some stability to investors.
While JSW Infrastructure faces near-term challenges from West Asia disruptions and potential equity dilution, the company’s strong logistics performance and robust cargo volumes suggest it can still achieve its FY26 EBITDA target. Investors may see short-term volatility, but the stock’s fundamentals support a cautious bullish outlook.
About the company
JSW Infrastructure Ltd is a major Indian infrastructure firm and part of the JSW Group, specialising in commercial port operations, cargo handling, storage and logistics services across India and internationally. It is one of India’s largest private port operators with significant cargo capacity and diversified maritime‑related activities.
It has provided financial guidance for the fiscal years FY26 to FY28 across its Ports and Logistics segments. For the Ports segment, revenue is expected to grow from Rs. 4,720 crore in FY26E to Rs. 5,200 crore in FY27E, reaching Rs. 8,000 crore by FY28E. EBITDA in this segment is projected to increase from Rs. 2,485 crore in FY26E to Rs. 2,600 crore in FY27E, and further to Rs. 4,300 crore in FY28E.
In the Logistics segment, the company anticipates revenue growth from Rs. 680 crore in FY26E to Rs. 1,820 crore in FY27E, and Rs. 3,650 crore by FY28E. Correspondingly, EBITDA is expected to rise from Rs. 115 crore in FY26E to Rs. 400 crore in FY27E, and Rs. 700 crore in FY28E.
On a consolidated level, operating revenue is projected to increase from Rs. 4,476 crore in FY25 to Rs. 5,400 crore in FY26E, Rs. 7,020 crore in FY27E, and Rs. 11,650 crore in FY28E, reflecting a compound annual growth rate (CAGR) of 38% over FY25–28. Consolidated operating EBITDA is expected to grow from Rs. 2,262 crore in FY25 to Rs. 2,600 crore in FY26E, Rs. 3,000 crore in FY27E, and Rs. 5,000 crore in FY28E, with a CAGR of 30% over the same period.
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