Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 5 Oct - CARE reaffirmed JSW Infrastructure’s issuer rating at AA+ Stable; enhanced bank facilities to ₹660 crore.
Source: Bse
JSW Infrastructure Limited (JSWINFRA)
Large CapInfra stocks · Large cap · NSE
India’s 2nd largest Private Ports Operator & Fast growing Logistics Platform. Operates 186 MTPA ports capacity, targeting 400 MTPA by 2030. Part of JSW Group, a US$25 Bn conglomerate.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals15 Oct 2026 · screener
Latest result21 Jul, 09:34 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Infra P/E 15.4 (n=87)
Technical timing lens
Trend score and candlestick chart
51NeutralSMA20 +3.2% / mo · MACD − · sector -2.2pp vs Nifty 500 (3M)
Stock trend: 59
Sector RS: 38
Sector 3M: -7.9% vs Nifty 500 -5.6%
Infra FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
JSWINFRAD candles · FIT view+12.7%Latest close ₹320.55 on 2026-10-21
Bar
-3.4%
RSI
37
MACD hist
-3.48
52W pos
61%
2026-10-21O ₹332.00H ₹334.45L ₹318.15C ₹320.55Vol 26.7L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
JSWINFRANifty InfraNifty 500
- JSWINFRA
- -7.0%
- Nifty 500
- -6.5%
- Nifty Infra
- -8.6%
- Vs Nifty 500
- -0.5 pp
Chart stats
21 Oct 2026- From 52W high
- -14.6%
- 52W range position
- 61%
- ATR (14)
- 3.7%
- Volume vs 20D
- 0.73x
- Avg traded value
- ₹126 Cr
- 20D price channel
- ₹318.2 - ₹375.5
₹375.5
₹233.4 - ₹375.5
₹11.8
Latest completed session
20-session average
38.5% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST43
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +18.1% · PAT -8.2% YoY
Technical
Neutral51
Price trend and sector-relative-strength timing.
Valuation
Legacy model-100.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence69
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -8% YoY · margin compression · Rev +18% YoY
Filed 21 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,445 Cr | +18.1% | -5.1% |
| EBITDA | ₹674 Cr | +16.0% | -12.4% |
| Operating margin | 47.0% | +0 bps | -400 bps |
| PAT | ₹358 Cr | -8.2% | -15.6% |
| PAT margin | 24.8% | -708 bps | -308 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 51.40
- P/B
- 6.60
- EV/EBITDA
- 25.97
- Market Cap
- 79639.00Cr
Profitability
- ROE
- 15.30%
- ROCE
- 13.60%
- ROA
- 7.49%
- Dividend Y
- 0.26%
Growth (CAGR)
- Revenue 5Y
- 27.00%
- EPS 5Y
- 40.00%
- Revenue 3Y
- 19.00%
- EPS 3Y
- 29.00%
Balance Sheet
- Debt/Equity
- 0.63
- Interest Coverage
- 6.27×
- Altman Z
- 6.75
- Book Value
- 51.80
Cash Flow
- FCF Yield
- 0.51%
- FCF Positive Y
- 3/5
- OCF
- 2100.00 Cr
- EPS TTM
- 6.91
Shareholding
- Promoter Hold
- 73.93%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 76%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 1,445-5.1% vs prev
Net Profit
₹ CrLatest: 358-15.6% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 37. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~3.1% over last month) — short-term momentum positive.
- RSI(14) at 37 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 15% off 52W high · 37% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
79
RS percentile
Stage 2 UptrendEstablished S2
1M return
-8.3%
3M return
-7.0%
6M return
+16.9%
1Y return
+8.2%
RS 1D
+1
RS 20D
+6
Sector rank
#12
Industry rank
-
Stage evidence
- Price is 4.2% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +4.1%.
50-DMA
price below
200-DMA
price above
S2 entered
25 Jun 2026
S2 age
82 trading sessions
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 103.42-1.65%
RS vs Nifty 500103
Valuation & peers
U-Score 43 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 43 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth19/25
Quality9/20
Balance Sheet7/15
Cash Flow3/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
43
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
43/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 19/25 to the score.
- Balance sheet contributes 7/15 to the score.
Main drags
- Fair-value margin of safety is negative at -100.8%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
51.4
PB
6.6
EV/EBITDA
26.0
ROE
15.3%
ROCE
13.6%
FCF Yield
0.5%
Debt/Equity
0.6
MoS
-100.8%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
43
Previous: 43
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-100.8%
Previous: -106.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
41
41
41
43
43
43
43
43
43
43
43
43
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹89.74
-257.2% MoS
Growth-justified P/E
23.1
Growth-justified Value
₹159.62
-100.8% MoS
PEG
1.44
Comparable companies
Peers
Business-comparable peers in Infra — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
JITFINFRA
Small
JITF Infralogistics Limited
Logistics
match 53
24
3262.0
0.1%
-26322%
OVERVALUED
ADANIPORTS
Large
Adani Ports and Special Economic Zone Limited
Logistics
match 52
46
30.2
16.4%
-32%
FAIR VALUE
SAVY
SME
Savy Infra and Logistics Ltd.
Logistics
match 51
78
6.7
39.8%
+72%
DEEP VALUE
MAZDOCK
Large
Mazagon Dock Shipbuilders Limited
Logistics
match 50
63
30.0
29.2%
+26%
UNDERVALUED
DESTINY
SME
Destiny Logistics & Infra Ltd.
Logistics
match 48
18
684.0
0.5%
-615%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-13T07:16:30.100Z
Management commentary snapshot
Q1 FY27: Total cargo handled up 6% YoY to 31 MT. Revenue from operations grew 18% YoY to ₹1,445 Cr, with Operating EBITDA up 16% YoY to ₹674 Cr. PAT increased 8.9% YoY to ₹358 Cr.
JSWINFRA delivered strong Q1 FY27 results with robust cargo growth and improved financials. Significant capacity expansion projects are underway, supported by a strong balance sheet and strategic government initiatives in the port and logistics sector. The company is well-positioned for future growth.
Current business mix
Cargo Handled (Customer Mix) Q1 FY27
Latest issuer-disclosed distribution across 2 reported categories.
JSW Group52.0%
Third Party48.0%
Growth engines
Ports Capacity Expansion
Increasing capacity to 400mtpa by FY30 from 186 mtpa currently.
Greenfield ICDs & MMLPs
Leverage JSW Group's diverse business locations to set up railway sidings and infrastructure for storage.
Gati Shakti Multi-Modal Cargo Terminal (GCT)
Participate in upcoming GCT bids, following successful bid for GCT at Arakkonam, Chennai.
Investment into Rail & Container Rakes
Acquired 25 rail rakes with plans to increase the fleet to 110 rakes on the back of GPWIS and LSFTO initiatives.
Capacity and execution
V.O. Chidambarana Port, Tuticorin
Construction of 7mtpa berth to handle dry bulk cargo, estimated Capex of ₹600 Crore, expected completion by Q4 FY27.
Kolkata Container Terminal
Capacity of 0.45 million TEUs (6.3mtpa), estimated Capex – ₹740 Crore, expected completion in Q3 FY28.
LPG at Jaigarh
Capacity – 2mtpa, estimated Capex – ₹900 Crore, targeting completion during FY2027.
Expansion at Dharamtar & Jaigarh
Capacity Expansion – 36mtpa, estimated Capex – ₹2,359 Crore, targeting completion by March 2027.
Tailwinds
Indian Economy Growth
India on track to be 3rd largest economy with a size of $7+ Tn by CY30P.
Government Thrust on Infra Capex
Infra Capital Expenditure targeting ₹12.2 Trillion by FY27E.
Port Capacity Expansion
Port capacity to Quadruple to 10,000 mtpa by 2047.
Government Logistics Initiatives
Key initiatives like Bharatmala, Sagarmala, Dedicated Freight Corridor to build integrated, cost-efficient logistics ecosystem.
Headwinds
Middle East Operating Environment
Lower volumes at Fujairah Liquid Terminal due to a challenging operating environment in the Middle East.
Risk radar
Regulatory Approvals
Coastal Regulation Zone (CRZ) recommendations awaited for Keni Port.
Geopolitical Factors
Challenging operating environment in the Middle East affecting third-party cargo volumes.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The investor presentation primarily compares Q1 FY27 results with Q1 FY26, indicating a focus on year-over-year performance for seasonal or long-term trend analysis.
Sector KPIs management disclosed
Cargo Handled (Ports)
Total cargo handled: 31 MT in Q1 FY27, growth of 6% YoY
Third Party Cargo Share
The share of third-party cargo volume stood at 48% in Q1 FY27
Revenue from Operations
Revenue from operations of ₹1,445 Crore up 18% YoY
Operating EBITDA
Operating EBITDA of ₹674 Crore up 16% YoY
Management forward view
FY30 Ports Capacity Target
Targeting 400 MTPA ports capacity by 2030.
FY30 Logistics Revenue Target
Targeting a topline of ₹8,000 Crore for Logistics segment by FY30.
FY30 Logistics EBITDA Target
Targeting ₹2,000 Crore EBITDA for Logistics segment by FY30.
FY25-30 Logistics Capex
₹9,000 Crore CAPEX for Logistics segment (FY25-30).
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Ports Capacity Utilization | 63.2% in Q1 FY27 | Monitor ramp-up of new capacities and impact on overall utilization. |
| Third-Party Cargo Share | 48% in Q1 FY27 | Watch for sustained growth in third-party cargo to diversify revenue beyond anchor customer. |
| Project Completion Timelines | Various projects like Tuticorin, Dharamtar, Jaigarh, Slurry Pipeline, Jatadhar targeting completion by Q4 FY27/March 2027. | Track timely commissioning and cost adherence of ongoing capacity expansion projects. |
| Logistics Segment Growth | Navkar Domestic cargo volumes up 40% YoY, EXIM up 2% YoY. | Assess the pace of expansion in greenfield ICDs/MMLPs and GCT bids to meet FY30 targets. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
69Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 59th percentile of the scored universe and 65th percentile within Infra. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
92 docs text-extracted · 17 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
59th percentile
overall median 67 · Infra: 65th pctile, median 64 · Large: 35th pctile, median 73
Evidence depth
Financial-only
92 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
68
acceptable · holding, pledge, alignment
Cash flow
65
acceptable · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
61
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 73.9%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.5%.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Promoter holding fell 9.7%.
- ▸1/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching JSW Infrastructure Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 23 Sep - CARE assigned AA- Stable rating to JSW Jatadhar Marine Services' ₹2,100 crore bank facilities.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 23 Sep - CARE upgraded JSW Dharamtar Port Private Limited’s ₹15 crore long-term/short-term facility to AA+; stable, A1+ reaffirmed.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 23 Sep - South West Port Limited’s ₹40 crore facilities upgraded to CARE AA; Stable, with short-term rating CARE A1+ reaffirmed.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 23 Sep - CARE upgraded JSW Jaigarh Port's long-term rating to AA+; short-term rating reaffirmed for ₹745 crore facilities.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 23 Sep - CARE reaffirmed JSW Infrastructure’s AA+ stable rating; bank facilities raised to ₹480 crore.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 27 Aug
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 21 Aug - Fitch affirmed JSW Infrastructure’s BBB- rating and USD400 million notes due 2029 with Stable Outlook.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Jul
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 2 Jul - Moody’s assigned JSW Infrastructure Baa3 stable; $400 million notes upgraded from Ba1 to Baa3.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 1 Jul - JSW Infrastructure completed ₹7,503 crore QIP, including ₹6,555 crore primary issuance, to fund expansion.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment 26 Jun - JSW Infrastructure allotted 23 crore shares via QIP at ₹285, raising ₹6,555 crore; promoter sold 3.33 crore shares.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.