Materials| Industrials |Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Strong FY25 growth, but bulk cargo (~90%) dominates, keeping revenue per ton lower versus peers.</li>
<li>Targeting 10% volume and 50% logistics growth by FY27, with heavy CAPEX and Navkar integration focus.</li>
<li>Trades at ~28x EV/EBITDA, ~40x P/E — far higher than Adani Ports; promoter dilution likely to meet public float norms.</li>
</ul>


Strong FY25 growth, but bulk cargo (~90%) dominates, keeping revenue per ton lower versus peers.
Targeting 10% volume and 50% logistics growth by FY27, with heavy CAPEX and Navkar integration focus.
Trades at ~28x EV/EBITDA, ~40x P/E — far higher than Adani Ports; promoter dilution likely to meet public float norms.


JSW Infra: Expansion Plans Prudent; Valuation Multiples Remain Elevated

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>Established in 2004, JSW Infrastructure (JSWIL) is the second-largest commercial port operator in India in terms of cargo-handling capacity.</li>
<li>The company owned nine ports/terminals for a total installed capacity of 173.2 mn mtpa at end-December 2021.</li>
<li>The company is majority-owned and controlled by the Sajjan Jindal Family Trust, which also owns and controls other JSW Group-related companies, including JSW Steel. </li>
</ul>


Established in 2004, JSW Infrastructure (JSWIL) is the second-largest commercial port operator in India in terms of cargo-handling capacity.
The company owned nine ports/terminals for a total installed capacity of 173.2 mn mtpa at end-December 2021.
The company is majority-owned and controlled by the Sajjan Jindal Family Trust, which also owns and controls other JSW Group-related companies, including JSW Steel. 


JSW Infrastructure - ESG Report - Lucror Analytics

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Aegis Vopak Terminals Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aegis-vopak-terminals-ltd" target="_blank" data-smartkarma-citation="entities:44115:1" rel="noopener">Aegis Vopak Terminals Ltd (1902844D IN)</a> raised about US$328m in its upcoming India IPO.</li>
<li>It is the largest Indian third-party owner and operator (in terms of storage capacity) of tank storage terminals for liquified petroleum gas (LPG) and liquid products.</li>
<li>In our previous notes, we talked about the company’s historical performance, undertook a peer comparison and shared our thoughts on valuation. In this note, we talk about the trading dynamics.</li>
</ul>



Aegis Vopak Terminals Ltd (1902844D IN) raised about US$328m in its upcoming India IPO.
It is the largest Indian third-party owner and operator (in terms of storage capacity) of tank storage terminals for liquified petroleum gas (LPG) and liquid products.
In our previous notes, we talked about the company’s historical performance, undertook a peer comparison and shared our thoughts on valuation. In this note, we talk about the trading dynamics.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/aegis-vopak-terminals-ltd" target="_blank" data-smartkarma-citation="entities:44115:1" rel="noopener">Aegis Vopak Terminals Ltd (1902844D IN)</a>  is looking to raise about US$328m in its upcoming India IPO.</li>
<li>It is the largest Indian third-party owner and operator (in terms of storage capacity) of tank storage terminals for liquified petroleum gas (LPG) and liquid products.</li>
<li>In this note, we look at the firm’s recent financial performance updates, as well as its potential valuation.</li>
</ul>



Aegis Vopak Terminals Ltd (1902844D IN)  is looking to raise about US$328m in its upcoming India IPO.
It is the largest Indian third-party owner and operator (in terms of storage capacity) of tank storage terminals for liquified petroleum gas (LPG) and liquid products.
In this note, we look at the firm’s recent financial performance updates, as well as its potential valuation.


Aegis Vopak Pre-IPO: Expensive Related to Peers

Adani Ports & Special Economic Zone / Equity Bottom-Up

<ul>
<li>Targeting 1 billion tonnes of cargo by 2030 with ~2,000 MMT capacity. Gangavaram Port timely expansion is crucial.</li>
<li>FY26 guidance implies strong revenue growth (₹36,000–38,000 Cr) and rising cargo volumes, but the PAT outlook appears conservative.</li>
<li>Trades at 17x EV/EBITDA FY27 which is in-line with historic multiples. High margin business with strong cash conversion provides visibility to achieve FY30 targets.</li>
</ul>


Targeting 1 billion tonnes of cargo by 2030 with ~2,000 MMT capacity. Gangavaram Port timely expansion is crucial.
FY26 guidance implies strong revenue growth (₹36,000–38,000 Cr) and rising cargo volumes, but the PAT outlook appears conservative.
Trades at 17x EV/EBITDA FY27 which is in-line with historic multiples. High margin business with strong cash conversion provides visibility to achieve FY30 targets.


Adani Ports: Anchored on Scale, Navigating Towards 1BT Ambition by FY30

India

JSW Infrastructure Limited operates and manages ports and terminals. The Company handles various types of cargo, including dry bulk, break bulk, liquid bulk, gases, and containers, as well as offers cargo handling, end-to-end logistics, and storage solutions. JSW Infrastructure serves customers in India.

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JSW Infrastructure (JSWINFRA IN)

JSW Infra: Expansion Plans Prudent; Valuation Multiples Remain Elevated

Strong growth potential through FY27, but challenges remain with bulk cargo dominating revenue and high valuation compared to peers. Promoter...

Rahul Jain

JSW Infrastructure - ESG Report - Lucror Analytics

stablished in 2004, JSW Infrastructure (JSWIL) is the second-largest commercial port operator in India in terms of cargo-handling capacity.

Lucror Analytics

Aegis Vopak IPO: Anemic Demand

Aegis Vopak raised about US$328m in its upcoming India IPO. There is not much appetite for the IPO as the subscription rate for shares has been...

Nicholas Tan

Adani Ports: Anchored on Scale, Navigating Towards 1BT Ambition by FY30

Adani aims for 1 billion tonnes of cargo by 2030, with strong near-term revenue growth and conservative PAT outlook. Trades at 17x EV/EBITDA FY27...

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

JSW Infra: Expansion Plans Prudent; Valuation Multiples Remain Elevated

Strong growth potential through FY27, but challenges remain with bulk cargo dominating revenue and high valuation compared to peers. Promoter...

Rahul Jain

JSW Infrastructure - ESG Report - Lucror Analytics

stablished in 2004, JSW Infrastructure (JSWIL) is the second-largest commercial port operator in India in terms of cargo-handling capacity.

Lucror Analytics

Aegis Vopak IPO: Anemic Demand

Aegis Vopak raised about US$328m in its upcoming India IPO. There is not much appetite for the IPO as the subscription rate for shares has been...

Nicholas Tan

Aegis Vopak Pre-IPO: Expensive Related to Peers

Aegis Vopak is looking to raise about US$328m in its upcoming India IPO. In this note, we look at the firm’s recent financial performance updates,...

Nicholas Tan

Adani Ports: Anchored on Scale, Navigating Towards 1BT Ambition by FY30

Adani aims for 1 billion tonnes of cargo by 2030, with strong near-term revenue growth and conservative PAT outlook. Trades at 17x EV/EBITDA FY27...

Rahul Jain