JSW Energy Ltd
JSW Energy Ltd
Power F&OKey Fundamentals
MidcapPower GenerationPowerInsights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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55 extracted metrics + investor summaries across FY15–FY26.
Tapetide Score
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Technical Indicators
Key Insights
Strengths
3- Company is expected to give good quarter
- Company has delivered good profit growth of 23.0% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 17.5%
Weaknesses
5- Stock is trading at 3.17 times its book value
- Company has low interest coverage ratio.
- Promoter holding has decreased over last quarter: -2.88%
- Tax rate seems low
- Company has a low return on equity of 7.72% over last 3 years.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoJSW Energy Ltd is a large-cap power company with a market capitalization of ₹1,02,272 crore, trading at a PE of 41.5x and 2.99x book value. The company has delivered strong 35% TTM sales growth and 23% profit CAGR over 5 years, but ROE remains modest at around 8% and trailing twelve-month profit has declined 8%.
- Strong TTM revenue growth of 35%, significantly above the 10-year compounded sales CAGR of 7%, indicating accelerating top-line momentum
- Compounded profit growth of 23% CAGR over the last 5 years demonstrates sustained earnings expansion
- 3-year compounded sales growth of 22% shows consistent revenue scaling beyond a single-year spike
- Stock price CAGR of 22% over 10 years reflects long-term wealth creation for shareholders
- Market capitalization of ₹1,02,272 crore provides liquidity and institutional ownership advantages typical of large-cap companies
- Company is expected to deliver a good upcoming quarter based on operational indicators
- Consistent dividend payout ratio of 17.5% maintained over time, with current dividend yield of 0.36%
- PE ratio of 41.5x is expensive for a power utility, implying high growth expectations are already priced in
- TTM compounded profit has declined by 8%, showing near-term earnings pressure despite strong revenue growth
- Return on equity of just 7.72% over the last 3 years (8% over 5 years) is low for a stock trading at 2.99x book value
- Low interest coverage ratio suggests the company's operating profits may not comfortably service its debt obligations
- Promoter holding decreased by 2.88% in the last quarter, which may signal reduced promoter confidence or stake dilution
- Price-to-book ratio of 3.20x is elevated for a capital-intensive power sector company with sub-8% ROE
- 10-year compounded profit CAGR of only 5% indicates that the recent strong growth phase may not be structurally sustainable over longer periods
- Low effective tax rate raises questions about sustainability of reported earnings if tax benefits expire or normalize
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 17h ago- 920 MW Bhutan hydro project signed Aug 12
JSW Neo Energy signed SHA with Druk Green Power for 920 MW Punatsangchhu-III project in Bhutan, holding 49% equity. This marks JSW Energy's first overseas power venture.
- MCCPL acquisition adds 300 MW Aug 7
JSW Energy acquired 100% of Maruti Clean Coal at ₹1,410 crore EV, adding 300 MW thermal capacity and boosting total installed capacity to 14.8 GW.
- Tidong Hydro early commissioning Jul 23
Added 873 MW renewable capacity in Q1 FY27 including 150 MW from early launch of Tidong Hydro, expected to contribute INR 20-22 crores additional EBITDA.
- GE Power merger approved Jul 20
Equity shareholders and unsecured creditors approved the scheme of arrangement with GE Power India Limited on July 20, 2026.
- Stake raised in Toshiba JSW Power Jul 21
Acquired additional equity in Toshiba JSW Power Systems for INR 150 Cr, increasing stake to 20.7% on a non-diluted basis.
- Strong ESG rating assigned Jul 21
JSW Energy received an ESG rating of 67 under the Strong category by ESGRAIL based on publicly available information.
- 1,166 MW renewable capacity since Apr Aug 10
JSW Energy added 1,166 MW renewable and 300 MW thermal capacity since April 2026, reflecting significant scaling of overall energy portfolio.
- Sanjay Sagar appointed director Aug 8
Sanjay Sagar appointed as Additional Director (Non-Executive, Non-Independent) effective August 8, 2026, subject to shareholder approval.
- FY28 guidance and BESS plans Jul 23
Company exploring merchant BESS plants projected at ~INR 150 crores yearly EBITDA, targets net leverage below 5x by 2030, and Mahanadi 4th 600 MW unit targeting FY28 launch.
- Analyst meets scheduled Aug-Sep Aug 3
JSW Energy disclosed institutional investor and analyst meeting schedule from August 11 to September 2, 2026.
TL;DR: JSW Energy is in aggressive expansion mode with capacity additions across hydro, thermal, and renewables pushing installed capacity to 14.8 GW. The Bhutan hydro SHA and MCCPL acquisition demonstrate both domestic and international growth ambitions. No material headwinds are visible in recent news flow. The trend is clearly positive with strong execution on project timelines and strategic acquisitions, though investors should monitor leverage as growth investments ramp up toward the 2030 target of sub-5x net leverage.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,928 | 3,259 | 2,543 | 2,756 | 2,879 | 3,238 | 2,439 | 3,189 | 5,143 | 5,177 | 4,082 | 4,499 | 5,207 |
| Expenses | 1,706 | 1,379 | 1,432 | 1,587 | 1,462 | 1,553 | 1,525 | 1,985 | 2,355 | 2,181 | 2,052 | 2,249 | 2,334 |
| Operating Profit | 1,222 | 1,880 | 1,111 | 1,169 | 1,418 | 1,685 | 914 | 1,204 | 2,789 | 2,996 | 2,030 | 2,250 | 2,873 |
| OPM % | 42% | 58% | 44% | 42% | 49% | 52% | 37% | 38% | 54% | 58% | 50% | 50% | 55% |
| Other Income | 87 | 134 | 120 | 130 | 167 | 230 | 206 | 313 | 271 | 186 | 111 | 356 | 232 |
| Interest | 486 | 514 | 521 | 533 | 511 | 518 | 564 | 675 | 1,306 | 1,418 | 1,485 | 1,608 | 1,519 |
| Depreciation | 398 | 409 | 400 | 427 | 375 | 392 | 406 | 482 | 739 | 809 | 829 | 809 | 890 |
| PBT | 426 | 1,092 | 310 | 339 | 698 | 1,005 | 150 | 361 | 1,015 | 955 | -173 | 188 | 696 |
| Tax % | 32% | 22% | 25% | -2% | 24% | 13% | -5% | -15% | 18% | 14% | -406% | -205% | 23% |
| Net Profit | 290 | 857 | 232 | 345 | 534 | 877 | 157 | 415 | 836 | 824 | 529 | 574 | 533 |
| EPS in Rs | 1.76 | 5.17 | 1.41 | 2.14 | 2.99 | 4.88 | 0.96 | 2.33 | 4.25 | 4.03 | 2.4 | 2.11 | 2.57 |
Profit & Loss
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 9,347 | 9,824 | 8,263 | 8,049 | 9,138 | 8,273 | 6,922 | 8,167 | 10,332 | 11,486 | 11,745 | 18,901 | 18,965 |
| Expenses | 5,723 | 5,796 | 4,939 | 5,336 | 6,283 | 5,316 | 4,009 | 4,596 | 7,050 | 6,104 | 6,524 | 8,833 | 8,816 |
| Operating Profit | 3,624 | 4,029 | 3,324 | 2,713 | 2,855 | 2,957 | 2,913 | 3,572 | 3,282 | 5,382 | 5,221 | 10,068 | 10,149 |
| OPM % | 39% | 41% | 40% | 34% | 31% | 36% | 42% | 44% | 32% | 47% | 44% | 53% | 54% |
| Other Income | 196 | 340 | 221 | 47 | 398 | 376 | 248 | 575 | 674 | 472 | 916 | 920 | 884 |
| Interest | 1,137 | 1,498 | 1,685 | 1,456 | 1,192 | 1,051 | 896 | 777 | 844 | 2,053 | 2,269 | 5,816 | 6,030 |
| Depreciation | 790 | 854 | 969 | 966 | 1,164 | 1,738 | 1,167 | 1,131 | 1,169 | 1,633 | 1,655 | 3,185 | 3,336 |
| PBT | 1,892 | 2,017 | 892 | 338 | 897 | 544 | 1,099 | 2,238 | 1,943 | 2,167 | 2,214 | 1,986 | 1,666 |
| Tax % | 27% | 28% | 30% | 75% | 24% | 6% | 25% | 22% | 24% | 20% | 10% | -39% | — |
| Net Profit | 1,358 | 1,460 | 623 | 85 | 684 | 1,081 | 823 | 1,743 | 1,480 | 1,725 | 1,983 | 2,762 | 2,459 |
| EPS in Rs | 8.23 | 8.83 | 3.84 | 0.48 | 4.24 | 6.7 | 4.84 | 10.51 | 8.99 | 10.47 | 11.16 | 12.74 | 11.11 |
| Div. Payout % | 24% | 22% | 13% | 0% | 24% | 15% | 41% | 19% | 22% | 19% | 18% | 16% | — |
Balance Sheet
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 1,640 | 1,627 | 1,628 | 1,640 | 1,641 | 1,642 | 1,642 | 1,640 | 1,641 | 1,641 | 1,745 | 1,756 |
| Reserves | 5,878 | 8,077 | 8,741 | 9,470 | 10,181 | 10,004 | 12,865 | 15,775 | 16,988 | 19,191 | 25,616 | 28,995 |
| Borrowings | 9,294 | 14,862 | 14,349 | 11,883 | 10,555 | 9,840 | 8,371 | 8,943 | 25,051 | 31,573 | 50,185 | 76,946 |
| Other Liabilities | 2,608 | 3,973 | 3,672 | 3,728 | 3,549 | 3,445 | 3,328 | 4,157 | 4,737 | 5,362 | 11,909 | 16,110 |
| Total Liabilities | 19,420 | 28,539 | 28,389 | 26,721 | 25,926 | 24,931 | 26,207 | 30,514 | 48,417 | 57,767 | 89,455 | 1,23,807 |
| Fixed Assets | 13,191 | 20,298 | 19,491 | 18,877 | 17,825 | 16,713 | 15,637 | 14,831 | 25,020 | 28,946 | 54,155 | 74,523 |
| CWIP | 454 | 321 | 531 | 294 | 400 | 391 | 473 | 2,091 | 4,788 | 10,285 | 10,281 | 17,465 |
| Investments | 1,619 | 1,012 | 1,579 | 2,415 | 2,451 | 1,854 | 4,052 | 6,623 | 6,033 | 7,035 | 9,755 | 11,379 |
| Other Assets | 4,157 | 6,908 | 6,789 | 5,135 | 5,251 | 5,974 | 6,045 | 6,970 | 12,576 | 11,501 | 15,264 | 20,441 |
| Total Assets | 19,420 | 28,539 | 28,389 | 26,721 | 25,926 | 24,931 | 26,207 | 30,514 | 48,417 | 57,767 | 89,455 | 1,23,807 |
Cash Flow
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 3,394 | 3,538 | 3,853 | 3,934 | 2,491 | 2,082 | 3,700 | 2,952 | 2,084 | 6,234 | 3,838 | 9,898 |
| Investing | -422 | -3,272 | -762 | -215 | -55 | 301 | -1,030 | -1,387 | -6,778 | -8,197 | -22,990 | -18,523 |
| Financing | -2,327 | -1,622 | -2,595 | -3,968 | -2,523 | -1,962 | -2,515 | -781 | 7,327 | 1,675 | 20,223 | 10,617 |
| Net Cash Flow | 645 | -1,357 | 496 | -249 | -87 | 421 | 155 | 784 | 2,634 | -289 | 1,072 | 1,993 |
| Free Cash Flow | 3,034 | 3,503 | 3,484 | 3,815 | 2,273 | 1,989 | 3,358 | 658 | -2,152 | -1,798 | -2,868 | -213 |
| CFO/OP | 106 | 95 | 123 | 151 | 94 | 76 | 133 | 95 | 74 | 123 | 80 | 101 |
Ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 46 | 108 | 96 | 52 | 57 | 93 | 51 | 30 | 54 | 27 | 41 | 31 |
| Cash Conversion Cycle | 46 | 108 | 96 | 52 | 57 | 93 | 51 | 30 | 54 | 27 | 41 | 31 |
| Working Capital Days | -60 | -95 | -61 | -100 | -72 | -44 | -14 | -108 | -159 | -124 | -200 | -268 |
| ROCE % | 18% | 16% | 10% | 9% | 9% | 7% | 9% | 12% | 7% | 9% | 6% | 8% |
Documents
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Company Information
JSW Energy Ltd and its subsidiaries are primarily engaged in the business of generation of power from its power assets located at Karnataka, Maharashtra, Nandyal and Salboni. It is the holding company for the JSW group's power business. The company also has a JV company engaged in mining activities and an associate engaged in manufacturing of turbines.[1]