JSW Energy Ltd
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]
- Market Cap ₹ 86,453 Cr.
- Current Price ₹ 495
- High / Low ₹ 585 / 419
- Stock P/E 83.6
- Book Value ₹ 130
- Dividend Yield 0.40 %
- ROCE 5.82 %
- ROE 6.24 %
- Face Value ₹ 10.0
Pros
- Company has delivered good profit growth of 20.0% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 36.4%
Cons
- Stock is trading at 3.80 times its book value
- The company has delivered a poor sales growth of -1.80% over past five years.
- Tax rate seems low
- Company has a low return on equity of 5.78% over last 3 years.
- Earnings include an other income of Rs.730 Cr.
- Debtor days have increased from 26.9 to 38.1 days.
- Promoter holding has decreased over last 3 years: -5.41%
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Utilities Power Power Power Generation
Part of BSE 500 BSE 200 BSE Dollex 200 Nifty Next 50 Nifty 500
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 5,757 | 6,302 | 5,863 | 4,041 | 4,212 | 5,118 | 4,314 | 2,898 | 3,643 | 5,739 | 5,129 | 3,939 | 3,618 | |
| 3,744 | 4,199 | 3,697 | 3,136 | 3,505 | 4,312 | 3,417 | 2,084 | 2,597 | 4,532 | 3,411 | 2,733 | 2,473 | |
| Operating Profit | 2,013 | 2,103 | 2,165 | 905 | 707 | 806 | 897 | 814 | 1,046 | 1,207 | 1,718 | 1,207 | 1,145 |
| OPM % | 35% | 33% | 37% | 22% | 17% | 16% | 21% | 28% | 29% | 21% | 34% | 31% | 32% |
| -116 | 259 | 395 | 328 | -166 | 361 | 218 | 62 | 227 | 400 | 210 | 681 | 730 | |
| Interest | 628 | 586 | 644 | 533 | 476 | 412 | 322 | 210 | 127 | 260 | 478 | 365 | 616 |
| Depreciation | 453 | 421 | 354 | 364 | 364 | 365 | 369 | 358 | 328 | 317 | 270 | 243 | 229 |
| Profit before tax | 817 | 1,356 | 1,563 | 337 | -299 | 390 | 424 | 308 | 818 | 1,030 | 1,181 | 1,279 | 1,030 |
| Tax % | 26% | 27% | 24% | 42% | 49% | 36% | -17% | 40% | 30% | 31% | 20% | 5% | |
| 602 | 995 | 1,182 | 195 | -444 | 251 | 498 | 186 | 570 | 711 | 950 | 1,221 | 1,034 | |
| EPS in Rs | 3.67 | 6.06 | 7.21 | 1.19 | -2.71 | 1.53 | 3.03 | 1.13 | 3.47 | 4.32 | 5.78 | 6.99 | 5.92 |
| Dividend Payout % | 54% | 33% | 28% | 42% | 0% | 65% | 33% | 176% | 58% | 46% | 35% | 29% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | -5% |
| 5 Years: | -2% |
| 3 Years: | 3% |
| TTM: | -20% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 2% |
| 5 Years: | 20% |
| 3 Years: | 27% |
| TTM: | -9% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 22% |
| 5 Years: | 46% |
| 3 Years: | 23% |
| 1 Year: | -12% |
| Return on Equity | |
|---|---|
| 10 Years: | 5% |
| 5 Years: | 5% |
| 3 Years: | 6% |
| Last Year: | 6% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 1,640 | 1,640 | 1,627 | 1,628 | 1,640 | 1,641 | 1,642 | 1,642 | 1,640 | 1,641 | 1,641 | 1,745 | 1,746 |
| Reserves | 5,363 | 5,954 | 6,965 | 6,766 | 8,237 | 8,527 | 7,758 | 9,990 | 11,848 | 11,969 | 13,471 | 20,491 | 20,980 |
| 4,939 | 4,232 | 5,025 | 3,464 | 3,140 | 2,818 | 2,246 | 1,603 | 1,273 | 6,293 | 7,020 | 9,788 | 13,866 | |
| 2,331 | 2,192 | 3,357 | 3,361 | 2,894 | 2,524 | 1,909 | 1,481 | 1,912 | 2,047 | 2,478 | 2,102 | 2,258 | |
| Total Liabilities | 14,272 | 14,018 | 16,974 | 15,218 | 15,912 | 15,510 | 13,555 | 14,716 | 16,672 | 21,949 | 24,610 | 34,127 | 38,850 |
| 6,909 | 6,814 | 5,415 | 5,190 | 5,111 | 4,853 | 4,508 | 4,180 | 3,957 | 3,709 | 3,511 | 3,358 | 3,252 | |
| CWIP | 467 | 256 | 282 | 479 | 261 | 377 | 109 | 34 | 23 | 16 | 20 | 93 | 111 |
| Investments | 2,934 | 3,672 | 6,669 | 5,324 | 6,963 | 6,703 | 5,417 | 8,212 | 6,867 | 14,730 | 17,413 | 23,257 | 27,177 |
| 3,962 | 3,275 | 4,609 | 4,226 | 3,577 | 3,578 | 3,522 | 2,290 | 5,826 | 3,495 | 3,665 | 7,418 | 8,310 | |
| Total Assets | 14,272 | 14,018 | 16,974 | 15,218 | 15,912 | 15,510 | 13,555 | 14,716 | 16,672 | 21,949 | 24,610 | 34,127 | 38,850 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,559 | 2,622 | 2,261 | 1,409 | 846 | 397 | 31 | 1,086 | 252 | 975 | 2,266 | 833 | |
| -25 | -228 | -3,468 | 1,085 | -58 | 445 | 1,305 | -378 | 710 | -5,384 | -1,650 | -7,545 | |
| -1,482 | -1,670 | -218 | -2,475 | -807 | -733 | -1,121 | -1,011 | -881 | 4,496 | -83 | 6,993 | |
| Net Cash Flow | 51 | 724 | -1,425 | 18 | -18 | 109 | 215 | -304 | 82 | 87 | 533 | 280 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 63 | 29 | 73 | 76 | 42 | 40 | 50 | 29 | 30 | 21 | 21 | 38 |
| Inventory Days | ||||||||||||
| Days Payable | ||||||||||||
| Cash Conversion Cycle | 63 | 29 | 73 | 76 | 42 | 40 | 50 | 29 | 30 | 21 | 21 | 38 |
| Working Capital Days | -54 | -82 | -203 | -181 | -157 | -118 | -40 | -128 | 271 | -157 | -182 | -367 |
| ROCE % | 15% | 16% | 17% | 7% | 7% | 6% | 6% | 4% | 7% | 6% | 8% | 6% |
Documents
Announcements
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Intimation Under Regulation 30 Of The SEBI (LODR) Regulations, 2015, On Clarifications Regarding Notice Of Extraordinary General Meeting As Amended And Supplemented By The Corrigendum Thereto.
2d - EGM (3 Jan 2026) approved preferential issue; proceeds to fund JSW subsidiaries' projects; warrants proceeds used within one year.
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Update - Material Litigation Under Regulation 30(4) Of The Securities Exchange Board Of India (LODR) Regulations, 2015 ('Listing Regulations')
10 Jan - MSEDCL appealed MERC's 24-Dec-2025 order favoring JSW Energy; appeal filed 9-Jan-2026.
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Assignment Of Credit Rating - O2 Renewable Energy VII Private Limited
6 Jan - CARE assigned 'CARE A; Stable' to O2 Renewable Energy VII Pvt Ltd long-term bank facilities (5 Jan 2026).
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Outcome, Proceedings, Voting Results And Scrutinizer'S Report Of The Extraordinary General Meeting Held On 3Rd January, 2026
3 Jan - 03-Jan-2026 EGM approved preferential equity, convertible warrants, equity issuance and material related-party transactions.
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Announcement under Regulation 30 (LODR)-Preferential Issue
3 Jan - EGM on 3 Jan 2026 approved preferential equity, convertible warrants, equity issuance, and related-party transaction.
Annual reports
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Financial Year 2025
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2013
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Financial Year 2012
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Concalls
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Oct 2025Transcript PPT
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Aug 2025Transcript PPT REC
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May 2025Transcript PPT
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Feb 2025Transcript PPT
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Oct 2024TranscriptAI SummaryPPT
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Jul 2024Transcript PPT REC
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May 2024Transcript PPT
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Feb 2024TranscriptAI SummaryPPT
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Jan 2024TranscriptAI SummaryPPT REC
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Oct 2023Transcript PPT
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Oct 2023TranscriptAI SummaryPPT
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Jul 2023Transcript PPT
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May 2023TranscriptAI SummaryPPT
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Jan 2023Transcript PPT
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Oct 2022TranscriptAI SummaryPPT
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Aug 2022TranscriptAI SummaryPPT
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Jul 2022TranscriptAI SummaryPPT
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Jan 2022TranscriptPPT
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Oct 2021TranscriptPPT
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Jul 2021TranscriptPPT
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Jun 2021TranscriptPPT
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Jan 2021TranscriptPPT
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Nov 2020TranscriptPPT
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Jul 2020TranscriptPPT
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May 2020TranscriptPPT
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Feb 2020TranscriptPPT
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Nov 2019TranscriptPPT
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Aug 2019TranscriptPPT
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May 2019TranscriptPPT
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Jan 2019TranscriptPPT
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Aug 2017TranscriptPPT
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Jan 2017TranscriptPPT
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Oct 2016TranscriptPPT
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Jul 2016TranscriptPPT
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Jan 2016TranscriptPPT
Business Segments
1) Thermal Energy Projects (63% in H1 FY25 vs 75% in FY22): [1] [2] The company has a total thermal power generation capacity of 3,508 MW, comprising 1,200 MW at Ratnagiri, 1,080 MW at Barmer, 860 MW at Vijayanagar, 350 MW at Utkal, and 18 MW TPP at Nandyal. {# 1600MW in salboni in west bengal https://www.bseindia.com/xml-data/corpfiling/AttachHis/1c68833c-b336-4af0-ae63-8698bc6fcb22.pdf#page=19 #}