JSW Infrastructure: Capacity Additions Largely on Schedule

研报英文原文证据摘录

JSW Infrastructure: Capacity Additions Largely on Schedule

quired

from the promoter group in Feb-26 drove strong earnings growth despite ME tensions.

Management targets 6x rise in Logistics EBITDA over FY26-28E, driven by new rake additions,

Exhibit 2 - JSWI: Guidance vs. JEFe

continued Navkar improvement, and commissioning of new ICDs/Gati Shakti Terminals. Overall FY26 FY27E FY28E FY26-28E CAGR

FY30E target of Rs80 bn logistics revenue (83% FY26-30E CAGR) with 25% margins remains GuidanceRevenue (Rs mn) 53,614 68,500 108,000 42%

intact, led by organic/inorganic expansion plans Estimates% Dev 53,6140% 63,543-7% 103,780-4% 39%

EBITDA (Rs mn)

30% FY26-30E EBITDA CAGR driven by 19% volume CAGR: In May-26, JSW Steel (Rs1,268, GuidanceEstimates 26,03726,037 30,00028,959 50,00048,814 39%37%

JSTL IN, Buy) announced plans to more than double its capacity to ~80 mnt by FY32E, lending . % Dev 0% -3% -2% Source: Company data, Jefferies estimates

volume growth visibility for JSWI, beyond FY30E as well. We believe recent QIP for Rs65 bn Note: a) The company met its FY26 revenue guidance of

enables JSWI to fund growth capex, with leverage in check (Net D/EBITDA <2x over FY26-30E) Rs54 bn and EBITDA guidance of Rs26. b) Management maintained FY27E EBITDA guidance despite revising its

and removes potential equity supply overhang as promoter shareholding is now below the 75% volume growth guidance to 4% YoY vs. 6-7% YoY earlier.

Recent Reportsregulatory threshold. Our revised PT of Rs400 (vs. Rs365 earlier) factors the QIP and is based

on 18x Sep’28E EV/EBITDA (vs. Mar’28E). Key downside risks include delays in JSWI/group Adani Ports: Capacity Crunch to Drive Next

capex plans and noncore capex expansion plans. Leg of Upside

Exhibit 1 - JSW Infra: Financial Summary