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JSW Energy

JSWENERGY NSE
₹511.00 No trade today
P/E
45.99
View as Markdown
MCP
Close 4 Nov 2026 ₹511.00 −6.35 −1.23% 1Y
Start ₹517.35

Key Fundamentals

MidcapPowerUtilities

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
8.16%
Debt to Equity
2.50
EPS (TTM)
₹11.11
Book Value
₹200.22
Market Cap
—
P/E (TTM)
45.99
P/B
2.55
ROE
7.51%
Dividend Yield
0.40%
EBITDA
₹11,041 Cr
52W High
₹617.35
52W Low
₹427.75
Volume
0

Peer Comparison

Utilities › Power › Power Generation

JSW Energy peer comparison
NTPC
₹321.9510.50₹3,09,905 Cr1.460.93%15.10%8.92%₹2,00,543 Cr₹30,459 Cr
Adani Green
₹1,388.00121.97₹2,25,153 Cr10.590.00%11.40%7.39%₹14,809 Cr₹2,249 Cr
JSW Energy (this company)
₹511.0045.99₹92,288 Cr2.550.40%7.51%8.16%₹18,965 Cr₹2,460 Cr
NHPC
₹78.4920.76₹80,260 Cr1.902.03%9.32%5.75%₹12,210 Cr₹4,267 Cr
NTPC Green Energy
₹83.51117.62₹69,433 Cr3.630.00%2.79%3.56%₹3,285 Cr₹605 Cr
NLC India
₹247.6810.70₹32,822 Cr1.601.67%11.90%8.42%₹18,381 Cr₹3,366 Cr
ACME Solar Holdings
₹421.0044.74₹29,572 Cr3.560.05%10.40%8.91%₹2,370 Cr₹602 Cr
Median 7 companies₹321.9544.74₹80,260 Cr2.550.40%10.40%8.16%₹14,809 Cr₹2,460 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

47 Average

Data confidence 100/100

insider_selling

Category scores

Quality
68
Strong
Returns, margins, earnings quality 22% weight
Valuation
39
Weak
Cheap vs sector & own history 24% weight
Growth
74
Strong
Sales & profit trajectory 9% weight
Financial Health
18
Poor
Solvency, leverage, coverage 9% weight
Momentum
46
Average
Trend strength, vol-adjusted 12% weight
Ownership
50
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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 2.67 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.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBullish748
OscillatorsBearish342
Moving AveragesStrong Bullish406

Key readings

RSI (14)
57.82
Neutral
MACD (12,26,9)
0.23
Bullish
SMA (50)
503.96
Bullish
SMA (200)
522.50
Bearish

As of

Analyst Rating

Based on 20 analysts
BUY80%

16 of 20 analysts rate Buy, 3 Hold, 1 Sell.

As of

BUY
16
80%
HOLD
3
15%
SELL
1
5%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+6.76%
5Y+22.25%
3Y+22.30%
1Y+60.93%
TTM+35.38%

Net profit

Net profit growth by window
10Y+6.58%
5Y+27.40%
3Y+23.12%
1Y+39.28%
TTM+7.66%

Operating cash flow

Operating cash flow growth by window
10Y+10.84%
5Y+21.75%
3Y+68.09%
1Y+157.89%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+12.26 pp
5Y+11.19 pp
3Y+21.50 pp
1Y+8.82 pp
TTM+6.45 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹8,263 Cr
Mar 2018₹8,049 Cr
Mar 2019₹9,138 Cr
Mar 2020₹8,273 Cr
Mar 2021₹6,922 Cr
Mar 2022₹8,167 Cr
Mar 2023₹10,332 Cr
Mar 2024₹11,486 Cr
Mar 2025₹11,745 Cr
Mar 2026₹18,901 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹623 Cr
Mar 2018₹85.00 Cr
Mar 2019₹684 Cr
Mar 2020₹1,081 Cr
Mar 2021₹823 Cr
Mar 2022₹1,743 Cr
Mar 2023₹1,480 Cr
Mar 2024₹1,725 Cr
Mar 2025₹1,983 Cr
Mar 2026₹2,762 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹2,915 Cr −25.4% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 29 Oct 2026
AI opinion · based on fundamentals
Risk high

As of 2026-10-29, JSW Energy Ltd trades at ₹510 with a market cap of ₹93,507.62 Cr, commanding a PE of 45.9x on a TTM EPS of ₹11.11. The company has delivered strong 5-year profit CAGR of 23% and TTM sales growth of 35%, but carries elevated debt-to-equity of 2.5 and a modest ROE of 8.23%, placing it at an inflection point between aggressive capacity expansion and balance-sheet stress.

Bull Case 6
  • Strong 5-year compounded profit growth of 23% CAGR indicates sustained earnings momentum in the power sector
  • TTM sales growth of 35% signals robust top-line expansion, significantly ahead of the 10-year sales CAGR of 7%
  • 10-year stock CAGR of 21% reflects long-term wealth creation for shareholders despite near-term volatility
  • 3-year compounded sales growth of 22% demonstrates consistent revenue scaling over a multi-year horizon
  • Company has maintained a healthy dividend payout ratio of 17.5%, providing some income return alongside a dividend yield of 0.41%
  • Company is expected to deliver a good upcoming quarter, suggesting near-term operational momentum remains intact
Bear Case 8
  • Debt-to-equity ratio stands at 2.5, indicating heavy leverage on the balance sheet and low interest coverage ratio
  • PE of 45.9x is elevated for a power utility, demanding sustained high earnings growth to justify the valuation
  • ROE of 8.23% and 3-year average ROE of approximately 8% are modest, suggesting the company is not generating strong returns on shareholders' equity despite high leverage
  • TTM compounded profit has declined 8%, showing near-term earnings pressure even as sales grew 35%, pointing to margin compression
  • Promoter holding decreased by 2.88% over the last quarter, which may signal reduced promoter confidence or dilution
  • Price-to-book ratio of 2.55 (reported as 2.67x in known concerns) is elevated relative to the low ROE of 7.72% over 3 years, indicating poor return on capital deployed at current valuations
  • 1-year stock CAGR of -14% reflects significant recent underperformance and negative price momentum from the 52-week high of ₹617.35
  • Tax rate appears low, which if normalized upward could further compress net profit margins going forward

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

AI News Digest

9h ago

TL;DR: JSW Energy delivered a standout Q2 FY27 with record EBITDA and PAT significantly beating estimates, underpinned by aggressive capacity additions and strong power demand. The 15 GW capacity milestone, 8.6 GW C&I pipeline, and Salboni project progress provide clear growth visibility. No material headwinds emerged this period, though upcoming NCD issuances signal rising capital needs to fund expansion. The trend is firmly positive as long as power demand growth and execution on the renewable and thermal pipeline continue.

Positives 6
  • Record Q2 profit beats estimates Oct 28

    Q2 FY27 PAT surged 50% to ₹1,141 crore, well above the estimated ₹665 crore, while revenue rose 24% YoY to ₹6,658 crore and EBITDA hit a record ₹3,907 crore.

  • Crosses 15 GW installed capacity Oct 28

    JSW Energy crossed 15 GW of installed capacity after adding 1.7 GW in H1 FY27, including 1.4 GW of renewables.

  • Strong C&I pipeline visibility Oct 28

    Commercial and industrial business pipeline expanded to 8.6 GW, with 2 GW of group captive opportunities under advanced discussions and 0.9 GW of third-party C&I deals.

Neutral 2
  • Fund raising via NCDs planned Oct 22

    Board meeting on October 28 to consider raising long-term funds via non-convertible debentures and issuing eligible securities through private offerings or preferential allotment.

  • NCLT demerger order received Oct 14

    JSW Energy received the certified copy of the NCLT order sanctioning its demerger with GE Power India on October 13, 2026; effective and record dates to be announced.

Quarterly Results

₹ Cr
JSWENERGY quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 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
6,368
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
2,751
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
3,618
OPM %
42%
58%
44%
42%
49%
52%
37%
38%
54%
58%
50%
50%
55%
57%
Other Income
85.37
134
119
130
167
230
206
313
271
184
111
356
232
288
Interest
486
514
521
533
511
518
564
675
1,306
1,418
1,485
1,608
1,519
1,615
Depreciation
398
409
400
427
375
392
406
482
739
809
829
809
890
943
PBT
424
1,092
309
339
698
1,005
150
361
1,015
954
−173
188
696
1,348
Tax %
32%
22%
25%
−2%
24%
13%
−5%
−15%
18%
14%
−406%
−205%
23%
15%
Net Profit
290
857
232
345
534
877
157
415
836
824
529
574
533
1,141
EPS (₹)
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
—

Sep 2026: from the results filed on 28 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
JSWENERGY profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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
894
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
2,191
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 (₹)
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

₹ Cr
JSWENERGY balance sheet, annual, ₹ crore
Particulars 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

Cash Flow

₹ Cr
JSWENERGY cash flow, annual, ₹ crore
Particulars 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

Ratios

JSWENERGY financial ratios, annual
Particulars 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%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view JSW Energy insights

63 extracted metrics across FY12–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 66.53%
  • DIIs 16.71%
  • FIIs 10.91%
  • Public 3.48%
  • Others 2.37%

14.47% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about JSW Energy

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.
Where is JSW Energy Ltd (JSWENERGY) listed?
JSW Energy Ltd trades as JSWENERGY on the NSE and under code 533148 on the BSE.
Which sector does JSW Energy Ltd belong to?
JSW Energy Ltd is classified under the Power sector, in the Power Generation industry.
What is the PE ratio of JSW Energy Ltd?
JSW Energy Ltd trades at a PE ratio of 45.99 as of 4 Nov 2026, on earnings per share of ₹11.11, against a book value of ₹200.22 per share.
What is the 52-week high and low of JSW Energy Ltd?
Over the last 52 weeks JSW Energy Ltd has traded between ₹427.75 and ₹617.35 as of 4 Nov 2026.
Does JSW Energy Ltd pay dividends?
JSW Energy Ltd has a dividend yield of 0.40%.
What is the Return on Equity (ROE) of JSW Energy Ltd?
JSW Energy Ltd reported a return on equity of 7.51%. Its debt-to-equity ratio is 2.50.

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.

Website jsw.in
CEO Mr. Sajjan Kumar Jindal B.E.
Employees 3,129
Listed 4 Jan 2010
Face Value ₹10

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