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Motilal Oswal's research report on JSW Infrastructure

JSW Infrastructure (JSWINFRA) has completed the acquisition of a 70.37% share of Navkar Corporation Limited through its subsidiary, JSW Port Logistics Private Limited (consolidation effective from 11th Oct’24). As such, the results of 4QFY25 are not comparable with those of the corresponding periods. Consolidated revenue grew 17% YoY to INR12.8b. During the quarter, the company handled cargo volumes of 31.2m tons (+5% YoY). Volume growth was led by a strong coal terminal performance and new contributions from Tuticorin and JNPA, partially offset by lower iron ore volumes at Paradip. EBITDA grew 10% YoY to INR6.4b. EBITDA margins stood at 49.9%. The margins were lower ~300bp YoY and higher ~40bp QoQ. APAT grew ~19% YoY to INR4.4b (our estimates of INR4b). Lower tax outgo led to a beat in APAT.

Outlook

We broadly retain our FY26 and FY27 estimates. We estimate a volume/revenue/EBITDA/APAT CAGR of 13%/22%/23%/18% over FY25-27. Reiterate BUY with a TP of INR 370 (premised on 23x FY27 EV/EBITDA).

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JSW Infrastructure - 01052025 - May

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