JSW Infra - Volume Growth To Remain Robust: Motilal Oswal

With focus on expanding capacity, increasing third-party mix in overall cargo and improved utilization levels at existing ports and terminals, we expect volume growth to continue

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Motilal Oswal Report

Considering stable growth levers at its existing ports and terminals, a higher share of third-party customers, sticky cargo volume from JSW Group companies and an expanding portfolio, we expect JSW Infrastructure Ltd. to strengthen its market dominance, leading to a 15% volume compound annual growth rate over FY24-26. This should drive a 23% CAGR in revenue and a 27% CAGR in Ebitda.

We reiterate our Buy rating with a target price of 300 (premised on 18 times FY26E enterprise value/Ebitda).

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Motilal Oswal JSW Infra Company Update.pdf
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