Prabhudas Lilladher Maintains Buy Rating on JSW Infrastructure with Revised Target of ₹339

JSW Infrastructure has received a maintained buy rating from Prabhudas Lilladher, with the brokerage revising its target price upward to ₹339 from the previous target of ₹324. The recommendation comes following the company's inline Q3FY26 operating performance that demonstrated resilient growth across key business segments.

Financial Performance Highlights

The company delivered solid operational metrics during the quarter, with overall performance supported by strong volume growth and business diversification benefits.

Performance Metric	Q3FY26 Details
Volume Growth (YoY)	+7.8%
Ports NSR Change (QoQ)	-3.9%
Key Growth Driver	Robust logistics business expansion

Operational Performance Analysis

JSW Infrastructure's Q3FY26 results reflected a mixed but overall positive operational performance. The 7.8% year-on-year volume growth was a key highlight, demonstrating the company's ability to expand its throughput capacity effectively. However, the ports net sales realization declined by 3.9% quarter-on-quarter, primarily attributed to higher volumes from terminals that operate with lower pricing structures.

The overall cargo volume growth was driven by several strategic facilities showing strong performance. South West Port and Dharamtar terminals contributed significantly to the volume expansion, while interim operations at Tuticorin and the JNPA liquid terminal provided additional support. These gains were partially offset by lower iron ore and coal volumes at the Paradip facility.

Business Segment Performance

The logistics business emerged as a standout performer during the quarter, helping to mitigate the impact of softer port-level unit metrics. This growth was led by Navkar's continued operational turnaround and strong performance in both EXIM and domestic volume segments. The diversified business model proved beneficial as growth in logistics operations helped balance the moderated port EBITDA per tonne, which was affected by a higher proportion of volumes coming from lower-priced terminals.

Valuation and Investment Outlook

Prabhudas Lilladher's analysis indicates that JSW Infrastructure is currently trading at attractive valuation multiples. The stock trades at an enterprise value of 20.5x and 14.9x for FY27E and FY28E EBITDA respectively. The revised target price of ₹339 represents a valuation of 21x EV of September 2027E EBITDA, reflecting confidence in the company's medium-term growth prospects and operational efficiency improvements across its diversified port and logistics portfolio.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-1.78%	+1.40%	-3.32%	-13.01%	-9.45%	+70.31%

JSW Infrastructure Limited has successfully completed its postal ballot process, with shareholders overwhelmingly approving a material related party transaction. The company announced the voting results on January 20, 2026, following the conclusion of the remote e-voting period on January 19, 2026.

Postal Ballot Resolution Details

The postal ballot sought shareholder approval for a material related party transaction between JSW Port Logistics Private Limited, a wholly owned subsidiary of JSW Infrastructure, and JSW Shipping & Logistics Private Limited, a promoter group company. The resolution was classified as an ordinary resolution under the postal ballot notice dated December 8, 2025.

Voting Results and Participation

The postal ballot demonstrated strong shareholder support for the proposed transaction:

Voting Category	Shares Held	Votes Polled	Votes in Favour	Votes Against	% in Favour
Public Institutions	193,070,202	150,332,736	142,770,897	7,561,839	94.97%
Public Non-Institutions	151,010,862	14,175,972	14,112,752	63,220	99.55%
Total	2,100,001,567	164,508,708	156,883,649	7,625,059	95.37%

The voting process recorded participation from 1,227 shareholders, with 1,150 voting in favour and 77 voting against the resolution. Notably, promoter and promoter group shareholders abstained from voting on this resolution, as required under Regulation 23(4) of the SEBI Listing Regulations for material related party transactions.

E-Voting Process and Timeline

The remote e-voting process was conducted through KFin Technologies Limited's platform from December 21, 2025, at 9:00 AM to January 19, 2026, at 5:00 PM. The company had 470,970 shareholders on the record date of December 12, 2025, who were eligible to participate in the postal ballot.

Scrutinizer's Report and Compliance

Sunil Agarwal of Sunil Agarwal & Co., Company Secretaries, served as the appointed scrutinizer for the postal ballot process. The scrutinizer confirmed that the ordinary resolution was passed with the requisite majority and deemed effective from January 19, 2026. The voting process was conducted in compliance with the Companies Act, 2013, and SEBI Listing Regulations.

Regulatory Compliance and Documentation

The postal ballot was conducted following MCA circulars, with notices sent electronically to shareholders whose email addresses were registered with depositories. The company published newspaper advertisements on December 20, 2025, in Financial Express (English) and Navshakti (Marathi) to inform shareholders about the postal ballot process. All voting results and scrutinizer reports have been made available on the company's website and stock exchange platforms as required under regulatory guidelines.