In today’s briefing:
- JSW Infra: Expansion Plans Prudent; Valuation Multiples Remain Elevated
- Afcons Infrastructure (AFCONS IN): Global Index Inclusion & Upweights Post Lock-Up Expiries
JSW Infra: Expansion Plans Prudent; Valuation Multiples Remain Elevated
- 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.
Afcons Infrastructure (AFCONS IN): Global Index Inclusion & Upweights Post Lock-Up Expiries
- AFCONS debuted on the NSE on 4 November 2024. As of 2 May 2025, the price was 420 INR resulting in a market cap of ~$1.8bn.
- AFCONS is forecasted to be added to Global-F at the June 2025 review with a free float of 31.7% following the 3-month lock-up expiry of the Anchor Investors.
- AFCONS is forecasted to experience a free float increase in Global-M from 35% to 45% at the August 2025 review following the 6-month lock-up expiry of the pre-IPO shareholders.
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