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JSW Infra to raise ₹6300-6700 crore through issue of fresh equity shares

ICICIdirect Research 23 Jun 2026 DISCLAIMER

News: JSW Infra to raise ₹6300-6700 crore through issue of fresh equity shares through Qualified Institutional Placement (QIP). The floor price has been set at ₹290.35 per share. This is being undertaken to ensure compliance and also to support major expansion plans with planned investments of ₹ 9000 crore in the ports business and ₹ 3500 crore in the logistics business by FY28. Company has net debt position of ₹ 3101 crore as on 31st March 2026, and Net Debt- EBITDA at 1.2x

View: Financing major expansion plans with a good mix of debt and equity will keep the balance sheet lean. We believe the major green field projects (slurry pipeline and Jatadhar Port) and brown field expansion at Dharamtar and Jaigarh getting completed by FY27E is expected to provide an inflexion point in ports business in FY28E. This coupled with significant capacity addition in logistics business (additional terminals, rakes and 8-10 thousand containers) to drive revenues and profitability and thus drive valuations over the medium term. Post QIO, Promoter group holding to fall to ~74%

Impact: Neutral

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