JSW Energy Ltd

JSW Energy Ltd

₹ 509 0.88%
21 May 9:55 a.m.
About

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]

Key Points

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. [3]

  • Market Cap 88,918 Cr.
  • Current Price 509
  • High / Low 805 / 419
  • Stock P/E 72.8
  • Book Value 127
  • Dividend Yield 0.40 %
  • ROCE 6.07 %
  • ROE 6.54 %
  • Face Value 10.0

Pros

  • Company has delivered good profit growth of 21.2% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 36.4%

Cons

  • Stock is trading at 3.97 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 5.90% over last 3 years.
  • Earnings include an other income of Rs.681 Cr.
  • Debtor days have increased from 26.9 to 38.1 days.
  • Promoter holding has decreased over last 3 years: -5.40%
  • Working capital days have increased from 45.2 days to 91.9 days

* 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.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025
1,081 1,997 1,141 955 1,647 1,485 1,133 1,276 1,236 1,050 967 977 946
813 1,522 949 755 1,306 1,136 739 768 767 675 718 671 668
Operating Profit 268 475 192 200 340 348 394 507 469 374 250 305 277
OPM % 25% 24% 17% 21% 21% 23% 35% 40% 38% 36% 26% 31% 29%
31 139 160 50 50 77 58 22 53 117 178 81 305
Interest 26 30 39 58 133 105 119 118 135 90 75 88 112
Depreciation 78 80 81 80 77 71 69 65 64 64 64 62 53
Profit before tax 195 504 233 112 181 249 263 347 322 338 289 236 417
Tax % 20% 32% 33% 29% 27% 33% 28% 28% -6% 25% 1% 8% -11%
157 344 156 79 132 166 191 251 342 254 286 217 464
EPS in Rs 0.95 2.09 0.95 0.48 0.80 1.01 1.16 1.53 2.08 1.45 1.63 1.24 2.66
Raw PDF

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
5,757 6,302 5,863 4,041 4,212 5,118 4,314 2,898 3,643 5,739 5,129 3,939
3,744 4,199 3,697 3,136 3,505 4,312 3,417 2,084 2,597 4,532 3,411 2,733
Operating Profit 2,013 2,103 2,165 905 707 806 897 814 1,046 1,207 1,718 1,207
OPM % 35% 33% 37% 22% 17% 16% 21% 28% 29% 21% 34% 31%
-116 259 395 328 -166 361 218 62 227 400 210 681
Interest 628 586 644 533 476 412 322 210 127 260 478 365
Depreciation 453 421 354 364 364 365 369 358 328 317 270 243
Profit before tax 817 1,356 1,563 337 -299 390 424 308 818 1,030 1,181 1,279
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
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
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: -23%
Compounded Profit Growth
10 Years: 2%
5 Years: 21%
3 Years: 29%
TTM: 30%
Stock Price CAGR
10 Years: 17%
5 Years: 67%
3 Years: 20%
1 Year: -16%
Return on Equity
10 Years: 5%
5 Years: 5%
3 Years: 6%
Last Year: 7%

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
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
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
4,939 4,232 5,025 3,464 3,140 2,818 2,246 1,603 1,273 6,293 7,020 9,788
2,331 2,192 3,357 3,361 2,894 2,524 1,909 1,481 1,912 2,047 2,478 2,102
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
6,909 6,814 5,415 5,190 5,111 4,853 4,508 4,180 3,957 3,709 3,511 3,361
CWIP 467 256 282 479 261 377 109 34 23 16 20 90
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
3,962 3,275 4,609 4,226 3,577 3,578 3,522 2,290 5,826 3,495 3,665 7,418
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

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 -7,548
-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 87 533 277

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 -46 -82 -109 -181 -157 -118 -40 -16 331 43 1 92
ROCE % 15% 16% 17% 7% 7% 6% 6% 4% 7% 6% 8% 6%

Shareholding Pattern

Numbers in percentages

9 Recently
Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025
74.69% 74.69% 74.66% 74.66% 74.66% 73.39% 73.39% 73.67% 69.32% 69.32% 69.32% 69.26%
5.27% 5.34% 5.14% 5.18% 5.18% 8.38% 8.50% 8.37% 15.37% 14.92% 14.57% 13.43%
10.08% 10.09% 10.08% 10.06% 9.59% 9.69% 9.36% 9.29% 9.21% 9.78% 10.05% 10.94%
9.70% 9.65% 9.86% 9.84% 10.33% 8.33% 8.53% 8.45% 5.90% 5.81% 5.92% 6.21%
0.26% 0.24% 0.27% 0.25% 0.25% 0.22% 0.21% 0.21% 0.19% 0.15% 0.15% 0.14%
No. of Shareholders 2,64,8132,59,2422,59,3292,65,1382,78,0102,89,7403,28,9153,60,2414,06,2204,41,9274,82,8775,43,336

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

Documents

Concalls