Japan had the overwhelming initaitve at that point in the war, and tore the British forces they found apart. Had they confronted the other large UK ships, they may have shared that fate and were withdrawn to africa.
The Japanese did not have the long range power projection needed to grab all these targets; but Ceylon would have been next, taking that naval base key, then also confronting UK forces in Africa. Assuming that there were not more pressing matters (the USA), they might have tried taking Madagascar. Would have been a cool twist on history, but I don’t see the Japanese going further and affecting the Mediterranian war, more likely they would have done mischief to Allied shipping between to Austraila and Asia and the Lend Lease corridor the others mentioned.
but without having a decisive effect on the overall war, it would have been abandoned as the losses in the Pacific war increased…