{
  "id": 16047036,
  "title": "Broker’s call: JSW Infrastructure (Buy)",
  "url": "https://urgent.news/2026/10/22/brokers-call-jsw-infrastructure-buy",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-22T12:50:19.000Z",
  "source": {
    "name": "Hindu BusinessLine",
    "slug": "hindu-businessline",
    "url": "https://www.thehindubusinessline.com/markets/brokers-call-jsw-infrastructure-buy/article71611403.ece"
  },
  "original_language": "en",
  "account": "JSW Infrastructure (JSWI) is expected to see a 2.2 times increase in its port capacity and a 14 times rise in logistics EBITDA by FY30E, resulting in an over 30% compound annual growth rate (CAGR) in EBITDA from FY26-30E. The estimated volume growth for JSWI is 18% from FY26-30E, driven by a 22% CAGR in JSW group cargo, primarily from JSW Steel (JSTL).\n\nJSTL aims to increase its domestic capacity by 2.1 times to 78 million tonnes by FY32E, with a 46% addition over the FY30E-FY32E period. It is expected that each tonne of steel produced will require 2.5-3 tonnes of raw material, which will be handled by JSWI. Given JSTL's expansion plans and potential in-sourcing of volumes by the JSW group through JSWI, the company's FY30E volume forecasts could see a 70 million tonne increase, or around 30% more than previously forecasted.\n\nThe recent QIP of ₹6,500 crore is believed to enable JSWI to fund its growth capex, with leverage kept in check (Net D/EBITDA 2x over FY26-30E). The price target of ₹400 for JSWI (compared to the earlier target of ₹395) is based on an estimated EV/EBITDA of 18x for FY28E-30E, compared to 16x for Adani Ports. This reflects a 25% FY28E-30E EBITDA CAGR for JSWI versus 16% for Adani Ports.\n\nHowever, there are key downside risks to consider, including potential delays in JSWI/group capex plans and non-core capex expansion plans.",
  "summary": "Jefferies",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}