JSW Energy
JSW Energy
Power F&OKey Fundamentals
MidcapPower GenerationPowerTapetide Score
Data-driven rating, 0–100. How it works →
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 2.77 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
JSW Energy has a market capitalisation of about ₹93,068 crore and trades at a P/E of 38 and a P/B of 2.74. Revenue has grown quickly, with 22% 5-year sales CAGR and 35% TTM growth, and profit CAGR over 5 years is 23%. Against that, TTM profit is down 8%, return on equity has stayed near 8% for 3, 5 and 10 years, interest coverage is low, and promoter holding fell 2.88% last quarter.
- Profit compounded at 23% CAGR over 5 years and 19% over 3 years, which shows the company has converted expansion into earnings growth over a multi-year period.
- TTM sales growth of 35% is well above the 3-year and 5-year sales CAGR of 22%, which suggests new capacity and acquisitions are starting to add revenue.
- Sales have compounded at 22% for both 3 and 5 years, compared with 7% over 10 years, which marks a clear shift into a higher-growth phase.
- Over 10 years the stock has compounded at 21% CAGR, showing long-run value creation for shareholders despite weaker recent returns.
- The company keeps a dividend payout of about 17.5% of profits while reinvesting most of its earnings into growth capex.
- The company is expected to report a good quarter, which could help reverse the -8% TTM profit trend if it happens.
- A market cap of about ₹93,068 crore puts it among the larger listed private power producers, which helps with access to capital for its capacity pipeline.
- Return on equity has been stuck around 7-8% (7.72% over 3 years, 8% over 5 years, 7% over 10 years), which may be below the cost of equity for a leveraged power business.
- A P/E of 38 implies an earnings yield of about 2.6% against an ROE of about 8%, so the valuation already assumes strong future earnings growth.
- TTM profit fell 8% while TTM sales rose 35%, pointing to margin pressure, higher interest and depreciation costs, or lower-margin new revenue.
- Low interest coverage points to a heavy debt-servicing load, which raises sensitivity to interest rates and project delays during a capex-heavy expansion.
- Promoter holding fell 2.88% in the last quarter, which may reflect stake dilution or sales and adds to supply of shares.
- The stock trades at 2.74-2.89 times book value while generating about 8% ROE, which is a rich price-to-book for the return on capital.
- The stock returned -3% over 1 year and 5% CAGR over 3 years, far below the 19% 3-year profit CAGR. Recent earnings growth has not translated into returns.
- The tax rate looks low, which may flatter reported profits. Earnings could fall if the effective tax rate returns to normal.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Crosses 15 GW capacity milestone Sep 4
Operational capacity reached 15,025 MW after adding 1,572 MW since April 2026 (1,272 MW renewables, 300 MW inorganic thermal), about 26% CAGR since crossing 10 GW in March 2025. Renewables now make up over 60% of the portfolio at 9,067 MW. Locked-in capacity stands at 32.4 GW with 29.6 GWh of storage, against a 2030 target of 30 GW and 40 GWh.
- Salboni 3,200 MW orders complete Sep 25
JSW Energy signed with Toshiba JSW for the 1,600 MW Phase-II turbine-generator supply. Equipment orders for the full 3,200 MW Salboni thermal project are now finalized, which lowers procurement risk on a large build.
- APTEL win on hydro IDC claim Sep 19
APTEL set aside a CERC order and allowed JSW Hydro Energy's interest claim on excess equity. The matter goes back for a prudence check, so the final financial benefit isn't settled yet.
- ₹500 cr NCDs at 7.90% Sep 28
JSW Energy allotted 50,000 unsecured NCDs worth ₹500 crore via private placement, with a 7-year tenor and a 7.90% coupon. Principal is repaid in three tranches starting September 2031. This funds growth capex but adds to leverage.
- Four analyst meetings in September Sep 3
Four investor sessions are scheduled for September 2026: in-person meetings in Mumbai, Gurgaon and Hong Kong, plus a Morgan Stanley virtual seminar on September 15. The meetings were disclosed under SEBI LODR Regulation 30.
TL;DR: JSW Energy is executing well: it crossed 15 GW at about 26% CAGR, completed all Salboni turbine orders, and won a favourable APTEL ruling. None of the articles reports a direct headwind. The main risks come from the build-out itself: 13.4 GW is under construction, debt is rising (including the ₹500 crore NCD issue at 7.90%), and about 58% of the 3 GW FY27 greenfield target is still pending. The trend is improving, and the next things to watch are how fast the under-construction projects get commissioned and how leverage holds up as the company works toward 30 GW by 2030.
Quarterly Results
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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63 extracted metrics + investor summaries across FY11–FY27.
Documents
Frequently Asked Questions about JSW Energy
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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]
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