HSBC Upgrades JSW Infra to 'Hold', Prefers Adani Ports for Investment

• HSBC upgraded JSW Infra's rating to 'hold' and raised its price target to ₹280 per share, indicating a 5.6% upside.
• The brokerage expects JSW Infra to double its EBITDA by FY28 and achieve a 400 MTPA port capacity target by FY30.
• Despite a strong execution record, HSBC cut JSW Infra's profit estimates for FY26-27 due to weakness in iron ore and coal trade.
• HSBC, however, increased FY28 estimates for JSW Infra, reflecting the company's new business ventures.
• Despite the upgrade, HSBC recommends Adani Ports over JSW Infra as its preferred pick in the sector.

Why It Matters: HSBC upgrades JSW Infra to 'hold' but favors Adani Ports, citing industry challenges and growth prospects.