Highlights:

• JSW Infrastructure has secured buy ratings from Motilal Oswal Securities and Jefferies, with target prices of ₹360 and ₹390 respectively.
• The company posted double-digit revenue growth in Q2 and H1 FY2026.
• Recent financial performance was supported by rising cargo volumes and expanding logistics infrastructure.

JSW Infrastructure Ltd (NSE:JSWINFRA) has received backing from analysts after Motilal Oswal Securities Ltd. and Jefferies both issued buy ratings on the company. The brokerages set target prices of ₹360 and ₹390 respectively. The ratings coincide with the company’s release of its Q2 and H1 FY2026 results, which highlight continued growth in cargo handling volumes and progress across several strategic expansion initiatives.

Cargo Growth Supports Revenue Momentum

The company handled 28.9 million tonnes of cargo in Q2 FY2026, a 3 per cent increase year-on-year, bringing total throughput for the first half of the financial year to 58.2 million tonnes, up 4 per cent. Navkar Corporation, a key subsidiary within the group, delivered particularly strong performance. Domestic cargo volumes surged by 46 per cent in the quarter and 29 per cent in the half year, while EXIM cargo volumes increased by 20 per cent and 25 per cent respectively. This growth in traffic underpinned a rise in consolidated revenue.

JSW Infrastructure reported total revenue of ₹1,372 crore for Q2 FY2026, an increase of 26 per cent compared with the same period last year. EBITDA rose 18 per cent to ₹716 crore, although profit after tax dipped marginally by 1 per cent to ₹369 crore. For the half-year period, revenue grew 23 per cent to ₹2,686 crore and EBITDA reached ₹1,387 crore, up 14 per cent. Profit after tax improved by 13 per cent to ₹758 crore, demonstrating resilience despite variable cargo mixes and cost dynamics.

Strategic Expansion Advances Across Core Markets

The company continued to strengthen its long-term growth pipeline during the quarter. Public hearings were successfully completed for proposed greenfield ports at Keni in Karnataka and Murbe in Maharashtra, marking key regulatory steps for future development. In Karnataka, JSW Infrastructure also acquired an 86-acre brownfield rail siding at Kudathini in Ballari, which is currently being transformed into a multi-modal logistics park designed to enhance inland connectivity and cargo handling efficiency.

Another major milestone for the quarter was the signing of a 30-year concession agreement with the Syama Prasad Mookerjee Port Authority in Kolkata. The agreement covers the reconstruction and mechanisation of berths with a combined capacity of 0.45 million TEUs, equivalent to 6.3 million tonnes per annum. The initiative is expected to significantly modernise port operations in the eastern region and expand JSW Infrastructure’s presence in the container handling market.

Financial Position Remains Supportive of Growth

JSW Infrastructure closed the quarter with a strong balance sheet, holding cash and bank balances of ₹3,088 crore against gross debt of ₹4,898 crore. Net debt stood at ₹1,810 crore as of 30 September 2025, translating to a Net Debt to operating EBITDA ratio of 0.75x. The company continues to maintain an investment-grade credit profile, supported by BBB-/Stable ratings from both S&P Global Ratings and Fitch Ratings.

With expanding capacity, rising cargo throughput and continued progress on strategic infrastructure projects, JSW Infrastructure enters the second half of FY2026 with positive momentum.

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