JSW Infra zooms 52% in 7 mths; ICICI Sec sees further 24% upside; check why

In the past two trading days, JSW Infr stock has rallied 5% after the company signed a 30-year concession agreement with Syama Prasad Mookerjee Port Authority.

JSW Infrastructure share price today

 

Shares of JSW Infrastructure hit an eight-month high of ₹331.05, up 1 per cent on the BSE in Wednesday’s intra-day trade. It was quoting at its highest level since January 6, 2025. 

 

JSW Infrastructure has bounced back 52 per cent from its 52-week low of ₹218.20 touched on February 18, 2025. The stock had hit a 52-week high of ₹355.30 on September 27, 2024.

 

In the past two trading days, the stock price of the port & port services company has rallied 5 per cent after the company signed a 30-year concession agreement with Syama Prasad Mookerjee Port Authority, Kolkata, for a major berth modernisation project at the city’s Netaji Subhash Dock.  Track Stock Market LIVE Updates 

 

Ratings agencies view on JSW Infrastructure (JSWIL)

 

JSWIL is the  second-largest  port  operator  in  the  country with a cargo  handling  capacity of 177  MMTPA  as  on  June  30,  2025. The cargo volumes handled by the company rose at a compounded annual growth rate (CAGR) of 28 per cent during FY20 to FY25, while the revenue and operating profit before interest taxes and depreciation (OPBDITA) recorded a CAGR of 31 per cent and 29 per cent, respectively, during the same period. The company is also diversifying its presence across the eastern and western coasts as it undertakes sizeable capacity expansion, going forward, ICRA said in its rating rationale.

 

Going forward, JSWIL’s cargo growth is expected to be driven by healthy volumes at the Indian ports, in line with the GDP growth rate. The capacity expansion underway in the JSW Group will also spur JSWIL’s cargo volumes. The company is also expanding  its  logistics  footprint  in  the  country  to become an  integrated  logistics player, which will  further  boost  the cargo volumes due to the synergies between the port and the logistics businesses.

 

Revenue stream is expected to diversify with JSWIL’s foray into the logistics space and government’s thrust on multimodal connectivity to enhance India’s competitiveness. Moreover, regulatory requirement to reduce promoter shareholding to a minimum of 75 per cent by September 2026 is likely to support financial flexibility and provides growth capital for the capex plans, CareEdge Ratings said.

 

The stable outlook reflects CareEdge Ratings’ expectation that JSWIL will maintain healthy operational performance in the medium term, supported by its strategic importance to the JSW group, strong financial flexibility and low leverage. These factors, and a stable outlook for the Indian port sector, support its credit profile, rating agency said in its rationale. 

ICICI Securities sees 24 per cent upside in JSWIL stock price

 

Analysts at ICICI Securities initiated coverage on JSWIL with a BUY rating and a target price of ₹400/- i.e. 25x EV/EBITDA on FY28E.

 

Analysts estimate its cargo volumes to grow at 11 per cent CAGR over FY25-FY28E and at 17 per cent CAGR over FY25-FY30 (FY28 being the starting year of an inflection point in capacity additions). Going ahead, the brokerage firm expects JSWIL’s strong volume growth to be well balanced between group companies and third-party customers.

 

JSWIL forayed into logistics space with the acquisition of majority stake in Navkar and the Gati Shakti Multi-Modal cargo terminal near Chennai. JSWIL aims to pursue development of container terminals, liquid storage terminals, container freight stations (CFS), multi-modal logistics parks (MMLP) and inland container depots (ICD). This is targeted at gaining the capability to provide end-to-end logistics solutions to its customers. Consequently, it has an aggressive capex plan of ₹9,000 crore to build its logistics infrastructure and network by FY2030, ICICI Securities said.