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 3.01 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 cap of ₹96,240 Cr, trading at a PE of 39.7x and 2.86x book value. The company has delivered strong 22% compounded sales growth over 3 and 5 years, but TTM profit has declined 8% and return on equity remains modest at around 8%.
- Strong revenue momentum with TTM compounded sales growth of 35%, significantly above the 10-year CAGR of 7%
- Consistent 5-year compounded profit CAGR of 23%, indicating improving earnings power over a meaningful period
- 3-year compounded sales CAGR of 22% reflects sustained demand and capacity expansion in the power sector
- Long-term stock CAGR of 21% over 10 years demonstrates consistent wealth creation for shareholders
- Company is expected to deliver a good upcoming quarter, suggesting near-term operational momentum
- Healthy dividend payout ratio of 17.5% maintained consistently, providing a degree of capital return discipline
- 5-year stock CAGR of 14% outperforms many power sector peers, reflecting market confidence in growth trajectory
- TTM compounded profit has declined 8%, signaling near-term earnings pressure despite strong revenue growth
- PE of 39.7x is elevated for a power utility, pricing in significant future growth that may not materialize
- Return on equity is low at 7.72% over 3 years and has remained stagnant at 7-8% across 3, 5, and 10-year periods
- Stock trades at 3.03x book value, which is rich for a capital-intensive power generation business
- Low interest coverage ratio indicates high debt servicing burden relative to operating profits
- Promoter holding decreased by 2.88% in the last quarter, which may signal reduced insider confidence
- Dividend yield of just 0.38% offers minimal income return relative to the valuation premium demanded
- Tax rate appears low, and any normalization of the effective tax rate could compress net profit margins going forward
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 3h ago- June-quarter profit fell 37% Aug 20
JSW Energy's June-quarter profit declined 37% despite revenue and EBITDA edging higher, indicating margin pressure amid its growth phase.
- ₹600Cr tariff dispute in Supreme Court Aug 25
MSEDCL has challenged the ₹600 crore MERC award to JSW Energy in the Supreme Court, with the next hearing deferred to September 10. Only ₹250 crore of the ₹600 crore has been paid so far under interim court directions.
- MERC questions own order's legality Aug 20
MERC told APTEL its own December 2025 order directing ₹599 crore payment to JSW Energy could be legally unsustainable, creating regulatory uncertainty even as APTEL called the stance unprecedented.
- Crosses 15 GW capacity milestone Sep 4
JSW Energy reached 15,025 MW total operational capacity after adding 1,572 MW in FY27, achieving ~26% CAGR since crossing 10 GW in March 2025. Renewables now exceed 60% of the portfolio at 9,067 MW.
- Strong growth pipeline to 2030 Sep 4
Locked-in generation capacity stands at 32.4 GW with 13.4 GW under construction. The company targets 30 GW generation and 40 GWh energy storage by 2030, with 29.6 GWh storage already locked in.
- On track for 3 GW FY27 target Sep 4
JSW Energy has achieved ~42% of its 3 GW greenfield capacity addition target for FY27, with 1,272 MW renewable and 300 MW thermal capacity added so far.
- APTEL rules in JSW Energy's favor Aug 20
APTEL dismissed MSEDCL's appeal on August 19, rejecting its request for a review petition before MERC, upholding the ₹600 crore tariff award to JSW Energy.
- 5 GWh energy storage deal signed Aug 25
JSW Energy partnered with China's Rongjie Energy for a 5 GWh energy storage supply deal, supporting its storage expansion toward the 40 GWh 2030 target.
- Four analyst meetings in September Sep 3
JSW Energy scheduled four analyst engagements in September 2026, including in-person sessions in Mumbai, Gurgaon, and Hong Kong, and a virtual seminar with Morgan Stanley on September 15.
- HR head resignation accepted Sep 1
JSW Energy accepted the resignation of Anushree Singh as Head of Human Resources effective August 31, 2026, who is leaving to pursue opportunities outside JSW Group.
TL;DR: JSW Energy is executing well on its capacity expansion, crossing 15 GW at a 26% CAGR with renewables now above 60% of its portfolio and a clear pathway to 30 GW by 2030. The ₹600 crore MSEDCL tariff dispute remains a near-term overhang as it moves to the Supreme Court, and a 37% drop in quarterly profit signals earnings pressure despite revenue growth. The operational trajectory is strongly positive, but investors should watch the September 10 Supreme Court hearing and whether margin recovery accompanies the aggressive capacity ramp.
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
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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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