JSW Energy Ltd logo

JSW Energy Ltd

JSWENERGY NSE

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]

AI Verdict: HOLD Confidence: 5%

JSW Energy trades at a PE of 38.6x with ROE of just 7.62% over 3 years, suggesting the stock is priced for aggressive growth that fundamentals have not yet delivered. While 61% TTM sales growth and 23% 5-year profit CAGR are impressive, the valuation at 3.13x book value leaves limited margin of safety for new investors.

Key Fundamentals

MidcapPower GenerationPower
Market Cap
1.0L Cr
Volatility
Moderate
P/E Ratio
44.84
EBITDA
₹11,041 Cr
Return on Equity
8.21%
Debt to Equity
2.19
Book Value
₹186.14
EPS
₹11.18
52W High
₹617.35
52W Low
₹427.75

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 3.28 times its book value
  • Company has low interest coverage ratio.
  • Promoter holding has decreased over last quarter: -2.74%
  • Tax rate seems low
  • Company has a low return on equity of 7.62% over last 3 years.

Growth Rate

Revenue Growth
57.27% ↗
Net Income Growth
39.31% ↗
Cash Flow Change
157.87% ↗
ROE
20.67% ↗
ROCE
31.06% ↘
EBITDA Margin (Avg.)
14.80% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 1d ago
HOLD
Risk medium

JSW Energy trades at a PE of 38.6x with ROE of just 7.62% over 3 years, suggesting the stock is priced for aggressive growth that fundamentals have not yet delivered. While 61% TTM sales growth and 23% 5-year profit CAGR are impressive, the valuation at 3.13x book value leaves limited margin of safety for new investors.

Bull Case 8
  • TTM sales growth of 61% indicates strong revenue momentum from capacity additions and acquisitions
  • 5-year compounded profit growth of 23% CAGR demonstrates consistent earnings expansion
  • Stock CAGR of 31% over 3 years reflects sustained investor confidence and re-rating
  • 66.67% of analysts (12 out of 18) have a Buy rating on the stock
  • 3-year compounded sales growth of 22% shows the revenue acceleration is not a one-off event
  • Market cap of Rs 1,02,046 crore provides large-cap stability and institutional ownership base
  • Company is expected to deliver a good upcoming quarter per screener consensus
  • Healthy dividend payout ratio of 17.5% signals management commitment to shareholder returns
Bear Case 8
  • ROE of just 7.62% over 3 years is poor for a stock trading at 3.13x book value, implying capital is not being deployed efficiently
  • PE of 38.6x is expensive for a utility company with single-digit ROE, well above sector average of 15-20x
  • Low interest coverage ratio indicates high debt servicing burden relative to operating profits
  • Promoter holding decreased by 2.74% in the last quarter, signaling potential insider concern at current valuations
  • Dividend yield of only 0.34% offers negligible income support for a utilities stock
  • 10-year compounded profit growth of just 5% shows the recent surge may not be structurally sustainable
  • 22.22% of analysts (4 out of 18) have a Sell rating, indicating meaningful disagreement on valuation
  • 10-year sales CAGR of only 7% suggests the business historically grew below nominal GDP rates

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Headwinds 4
  • Five-session stock decline streak Jun 11

    JSW Energy fell for 5 consecutive sessions, down 1.96% to ₹550.40 on Jun 11, with trading volume at just 2.02 lakh shares vs 43.03 lakh daily average, indicating reduced investor interest.

  • Elevated PE ratio at 117x Jun 11

    Trailing twelve-month PE ratio stands at 117.29, reflecting rich valuations that leave limited margin of safety amid aggressive capex plans.

  • Regulatory risk on thermal acquisition Jun 13

    The ₹1,410 crore Maruti Clean Coal acquisition requires Chhattisgarh government approval for CSIDC land transfer and lender consent, with a long stop date of Jul 31, 2026. Merchant power sales (64 MW) expose capacity to market price volatility.

  • QIP dilution at discount May 26

    JSW Energy issued 7.62 crore new shares at ₹525/share (1.69% discount to floor), diluting equity to 183.35 crore shares outstanding.

Positives 6
  • 150 MW Tidong hydro ahead of schedule Jun 12

    JSW Neo Energy commissioned the full 150 MW Tidong run-of-river hydro project 4 months ahead of the Oct 2026 guidance, taking total installed capacity to ~13,900 MW. The project has a 75 MW PPA with UPPCL at ₹5.57/kWh and is earnings-accretive from Q1 FY27.

  • 300 MW thermal acquisition at 5x EV/EBITDA Jun 13

    Signed agreement to acquire Maruti Clean Coal's 300 MW Korba plant for ₹1,410 crore (~5x EV/EBITDA on FY26 EBITDA of ₹279 crore). The plant has a 195 MW PPA with Rajasthan discoms with ~14 years residual life, is profitable since inception, and is EBITDA/PAT-accretive from day one.

  • ₹4,000 cr QIP from marquee investors May 26

    Raised ₹4,000 crore via QIP with SBI Equity Hybrid Fund (48.42%) and GQG Partners (24.13%) participating, substantially deleveraging the balance sheet for ₹20,000 crore annual capex plans.

  • Q4 FY26 profit up 38%, revenue up 41% Jun 13

    Consolidated net profit jumped 38.36% YoY to ₹573.53 crore in Q4 FY26, with revenue surging 41% to ₹4,498.58 crore and EBITDA soaring 86.8% to a record ₹2,249.8 crore (50% margin).

  • Wind blade plant boosts vertical integration Jun 08

    Commissioned a wind blade manufacturing plant at Halol, Gujarat with capacity of 450 blades/year (600 MW equivalent), producing 82m blades for 4 MW turbines to de-risk supply chain and lower costs.

  • 32.1 GW locked-in capacity pipeline Jun 12

    Total locked-in generation capacity stands at 32.1 GW (13.9 GW operational, 13.6 GW under construction, 4.6 GW pipeline), already exceeding the 30 GW by 2030 target on a locked-in basis.

Neutral 6
  • Shareholder meet Jul 20 for GE Power scheme Jun 18

    Shareholder meeting scheduled for Jul 20 to approve scheme of arrangement with GE Power India at a 10:139 share swap ratio.

  • 32nd AGM on July 9 Jun 11

    Annual General Meeting set for Jul 9, 2026 via video conferencing, with Jun 5 as record date for dividend eligibility.

  • NCLT orders meetings within 70 days Jun 03

    NCLT directed JSW Energy to convene shareholder/creditor meetings for the GE Power India scheme within 70 days from Jun 3, 2026.

  • Block trade of ₹24 crore on NSE Jun 10

    Institutional block trade of ~4.22 lakh shares executed at ₹570.05/share for a total value of ₹24.08 crore on NSE.

  • BRSR filed for FY 2025-26 Jun 16

    Filed Business Responsibility and Sustainability Report for FY26 with SEBI, receiving reasonable assurance from Bureau Veritas on ESG disclosures.

  • Investor meets in Mumbai, NY, London Jun 01

    Scheduled analyst and institutional investor meetings across Mumbai, New York, and London in June 2026 to discuss Vision 3.0 roadmap.

TL;DR: JSW Energy is executing aggressively on its 30 GW by 2030 vision — commissioning the 150 MW Tidong hydro project 4 months early, acquiring a value-accretive 300 MW thermal plant, vertically integrating wind manufacturing, and raising ₹4,000 crore via QIP from marquee investors. Q4 FY26 financials were strong with 41% revenue growth and record EBITDA margins. Key risks include a stretched 117x PE valuation, execution/regulatory risk on the thermal acquisition, and near-term stock weakness with a 5-session decline streak. The fundamental trajectory is strongly improving, but the stock needs to digest its rich valuation and heavy capex commitments.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
2,670
2,928
3,259
2,543
2,756
2,879
3,238
2,439
3,189
5,143
5,177
4,082
4,499
Expenses
1,931
1,706
1,379
1,432
1,587
1,462
1,553
1,525
1,985
2,355
2,181
2,052
2,249
Operating Profit
739
1,222
1,880
1,111
1,169
1,418
1,685
914
1,204
2,789
2,996
2,030
2,250
OPM %
28%
42%
58%
44%
42%
49%
52%
37%
38%
54%
58%
50%
50%
Other Income
136
87
134
120
130
167
230
206
313
271
186
111
356
Interest
233
486
514
521
533
511
518
564
675
1,306
1,418
1,485
1,608
Depreciation
291
398
409
400
427
375
392
406
482
739
809
829
809
PBT
351
426
1,092
310
339
698
1,005
150
361
1,015
955
-173
188
Tax %
20%
32%
22%
25%
-2%
24%
13%
-5%
-15%
18%
14%
-406%
-205%
Net Profit
282
290
857
232
345
534
877
157
415
836
824
529
574
EPS in Rs
1.65
1.76
5.17
1.41
2.14
2.99
4.88
0.96
2.33
4.25
4.03
2.4
2.11
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
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
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
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
OPM %
39%
41%
40%
34%
31%
36%
42%
44%
32%
47%
44%
53%
Other Income
196
340
221
47
398
376
248
575
674
472
916
920
Interest
1,137
1,498
1,685
1,456
1,192
1,051
896
777
844
2,053
2,269
5,816
Depreciation
790
854
969
966
1,164
1,738
1,167
1,131
1,169
1,633
1,655
3,185
PBT
1,892
2,017
892
338
897
544
1,099
2,238
1,943
2,167
2,214
1,986
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
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
Div. Payout %
24%
22%
13%
0%
24%
15%
41%
19%
22%
19%
18%
16%
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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%

Shareholding Pattern

As of May 2026
Promoters 66.53%
DIIs 16.18%
FIIs 11.31%
Public 3.59%
Others 2.39%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Apr 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026May 2026
Promoters
74.68%
74.67%
74.66%
74.66%
74.66%
74.69%
74.69%
74.66%
74.66%
74.66%
73.38%
73.38%
73.67%
69.32%
69.32%
69.32%
69.32%
69.26%
69.27%
69.27%
69.27%
69.41%
66.53%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
8.37%
0.00%
8.37%
13.34%
15.37%
14.92%
14.56%
13.43%
12.36%
12.13%
9.50%
9.74%
11.31%
DIIs
7.17%
6.46%
7.49%
9.18%
10.17%
10.08%
0.16%
10.36%
10.83%
0.14%
9.91%
1.10%
9.51%
9.51%
9.21%
9.78%
10.04%
10.94%
11.44%
11.56%
14.43%
14.33%
16.18%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
5.39%
4.96%
3.78%
3.43%
3.32%
3.65%
3.37%
3.65%
3.68%
3.95%
3.89%
4.11%
3.78%
3.56%
3.28%
3.20%
3.37%
3.58%
4.06%
4.17%
4.17%
3.93%
3.59%
Others
12.75%
13.92%
14.07%
12.72%
11.85%
11.58%
21.78%
11.33%
10.84%
21.25%
4.44%
21.41%
4.67%
4.27%
2.82%
2.78%
2.71%
2.78%
2.87%
2.88%
2.64%
2.58%
2.39%
No. of Shareholders
0
1,50,877
1,84,286
1,99,434
2,25,105
2,35,644
2,64,813
2,59,242
2,65,138
2,78,010
2,89,740
3,28,915
3,60,241
3,58,735
4,06,220
4,41,927
4,82,877
5,43,336
5,85,827
5,85,445
5,88,053
5,65,674
5,65,776

Documents

Frequently Asked Questions about JSW Energy Ltd

What does JSW Energy Ltd do?
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 activit...
Where is JSW Energy Ltd (JSWENERGY) listed?
JSW Energy Ltd is listed on the Indian stock exchanges. It is listed on NSE: JSWENERGY and BSE: 533148. You can view its live share price, financials, and ratios on Tapetide.
Which sector does JSW Energy Ltd belong to?
JSW Energy Ltd operates in the Utilities sector within the Power industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of JSW Energy Ltd?
JSW Energy Ltd has a market capitalisation of approximately ₹102212.90 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of JSW Energy Ltd?
The Price-to-Earnings (PE) ratio of JSW Energy Ltd is 44.84. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of JSW Energy Ltd?
Over the past 52 weeks, JSW Energy Ltd has traded between a low of ₹427.75 and a high of ₹617.35. This range helps investors understand the stock's price volatility and recent trading levels.
Does JSW Energy Ltd pay dividends?
Yes, JSW Energy Ltd has a dividend yield of 0.35%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of JSW Energy Ltd?
JSW Energy Ltd has a Return on Equity (ROE) of 8.21%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research JSW Energy Ltd on Tapetide?
On Tapetide, you can view JSW Energy Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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]

Website jsw.in
CEO Mr. Sajjan Kumar Jindal B.E.
Employees 3,129
Listed 2010-01-04
Face Value ₹ 10
Issued Size 1,74,77,68,451

Explore More

More in Utilities → FII DII Data Stock Screener Nifty 50 Heatmap F&O Ban List