JSW Energy Ltd

JSW Energy Ltd

₹ 505 -2.07%
20 May - close price
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 88,210 Cr.
  • Current Price 505
  • High / Low 805 / 419
  • Stock P/E 45.2
  • Book Value 157
  • Dividend Yield 0.40 %
  • ROCE 6.80 %
  • ROE 8.10 %
  • Face Value 10.0

Pros

  • Company has been maintaining a healthy dividend payout of 19.7%

Cons

  • Stock is trading at 3.22 times its book value
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 7.26% over past five years.
  • Tax rate seems low
  • Company has a low return on equity of 7.94% over last 3 years.
  • Company might be capitalizing the interest cost
  • Promoter holding has decreased over last 3 years: -5.40%

* 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

Consolidated Figures in Rs. Crores / View Standalone

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
2,441 3,026 2,387 2,248 2,670 2,928 3,259 2,543 2,756 2,879 3,238 2,439 3,189
1,309 2,004 1,498 1,623 1,931 1,706 1,379 1,432 1,587 1,462 1,553 1,525 1,985
Operating Profit 1,132 1,022 890 625 739 1,222 1,880 1,111 1,169 1,418 1,685 914 1,204
OPM % 46% 34% 37% 28% 28% 42% 58% 44% 42% 49% 52% 37% 38%
215 212 214 119 136 87 134 120 130 167 230 206 313
Interest 100 193 204 214 233 486 514 521 533 511 518 564 675
Depreciation 277 289 294 295 291 398 409 400 427 375 392 406 482
Profit before tax 969 753 605 235 351 426 1,092 310 339 698 1,005 150 361
Tax % 9% 26% 24% 20% 20% 32% 22% 25% -2% 24% 13% -5% -15%
877 555 457 187 282 290 857 232 345 534 877 157 415
EPS in Rs 5.26 3.41 2.83 1.09 1.65 1.76 5.17 1.41 2.14 2.99 4.88 0.96 2.33
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
8,648 9,347 9,824 8,263 8,049 9,138 8,273 6,922 8,167 10,332 11,486 11,745
5,394 5,723 5,796 4,939 5,336 6,283 5,316 4,009 4,596 7,050 6,104 6,525
Operating Profit 3,255 3,624 4,029 3,324 2,713 2,855 2,957 2,913 3,572 3,282 5,382 5,221
OPM % 38% 39% 41% 40% 34% 31% 36% 42% 44% 32% 47% 44%
-179 196 340 221 47 398 376 248 575 674 472 917
Interest 1,206 1,137 1,498 1,685 1,456 1,192 1,051 896 777 844 2,053 2,269
Depreciation 810 790 854 969 966 1,164 1,738 1,167 1,131 1,169 1,633 1,655
Profit before tax 1,060 1,892 2,017 892 338 897 544 1,099 2,238 1,943 2,167 2,214
Tax % 27% 27% 28% 30% 75% 24% 6% 25% 22% 24% 20% 10%
760 1,358 1,460 623 85 684 1,081 823 1,743 1,480 1,725 1,983
EPS in Rs 4.60 8.23 8.83 3.84 0.48 4.24 6.70 4.84 10.51 8.99 10.47 11.16
Dividend Payout % 43% 24% 22% 13% 0% 24% 15% 41% 19% 22% 19% 18%
Compounded Sales Growth
10 Years: 2%
5 Years: 7%
3 Years: 13%
TTM: 2%
Compounded Profit Growth
10 Years: 4%
5 Years: 14%
3 Years: 5%
TTM: 18%
Stock Price CAGR
10 Years: 17%
5 Years: 67%
3 Years: 20%
1 Year: -16%
Return on Equity
10 Years: 8%
5 Years: 8%
3 Years: 8%
Last Year: 8%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 4,931 5,878 8,077 8,741 9,470 10,181 10,004 12,865 15,775 16,988 19,191 25,616
10,106 9,294 14,862 14,349 11,883 10,555 9,840 8,371 8,943 25,051 31,573 50,185
2,567 2,608 3,973 3,672 3,728 3,549 3,445 3,328 4,157 4,737 5,362 12,392
Total Liabilities 19,244 19,420 28,539 28,389 26,721 25,926 24,931 26,207 30,514 48,417 57,767 89,939
13,635 13,191 20,298 19,491 18,877 17,825 16,713 15,637 14,831 25,020 28,946 54,159
CWIP 615 454 321 531 294 400 391 473 2,091 4,788 10,285 10,277
Investments 888 1,619 1,012 1,579 2,415 2,451 1,854 4,052 6,623 6,033 7,035 9,755
4,107 4,157 6,908 6,789 5,135 5,251 5,974 6,045 6,970 12,576 11,501 15,748
Total Assets 19,244 19,420 28,539 28,389 26,721 25,926 24,931 26,207 30,514 48,417 57,767 89,939

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
2,269 3,394 3,538 3,853 3,934 2,491 2,082 3,700 2,952 2,084 6,234 3,838
-363 -422 -3,272 -762 -215 -55 301 -1,030 -1,387 -6,778 -8,197 -23,613
-1,859 -2,327 -1,622 -2,595 -3,968 -2,523 -1,962 -2,515 -781 7,327 1,675 20,223
Net Cash Flow 48 645 -1,357 496 -249 -87 421 155 784 2,634 -289 449

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 51 46 108 96 52 57 93 51 30 54 27 41
Inventory Days
Days Payable
Cash Conversion Cycle 51 46 108 96 52 57 93 51 30 54 27 41
Working Capital Days -51 -54 -36 -61 -99 -72 -44 1 -18 40 -9 15
ROCE % 15% 18% 16% 10% 9% 9% 7% 9% 12% 7% 9% 7%

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.

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