JSW Infra correction not enough for an upgrade to 'buy', Kotak says

Shares of JSW Infrastructure Ltd. will be in focus after brokerage firm Kotak Institutional Equities upgraded the stock to 'Reduce' from 'Sell' earlier.

The brokerage has kept its price target unchanged at ₹270 per share, which is in line with Thursday's closing price.

Kotak wrote in its note that even though the stock has corrected meaningfully, the drop is still not enough to offer an attractive entry point for a 'Buy'.

JSW Infra shares have declined nearly 23% from the all-time high of ₹349 touched on September 24.

However, Kotak said its recent interactions with the company give confidence about the long-term opportunity, particularly JSW Infra's ability to leverage group synergies to generate reasonable returns on growth investments over the next five years.

The brokerage also sees comfort on the recovery prospects at the Jaigarh port, where pricing actions and fresh investments could help regain market share in Maharashtra.

The key concern, Kotak cautioned, is on the durability and sustainability of the company's growth trajectory, which remains uncertain at this stage.

Most other brokerages tracking JSW Infrastructure maintain a 'Buy' recommendation on the stock.

Shares of JSW Infrastructure ended marginally higher at ₹270 on Thursday. The stock is down 17% so far in 2025.