JSW Energy Ltd

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JSW Energy Ltd

₹ 526 2.73%
18 Sep - close price
jsw.in BSE: 533148 NSE: JSWENERGY F&O
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]
a) Thermal Energy Projects (66% in Q1 FY27 vs 70% in Q1 FY26):[2]
The company has 5,658 MW of operational thermal capacity across Ratnagiri (1,200 MW), Barmer (1,080 MW), Vijayanagar (860 MW), Utkal (700 MW), and Mahanadi (1,800 MW). It has another 5,300 MW under construction, in the pipeline, or under acquisition, including the 3,200 MW Salboni project, which has two 1,600 MW PPAs with West Bengal discoms and is expected to achieve COD in phases from FY30-FY32. The 300 MW Maruti TPP is under acquisition at a broad Enterprise Value of Rs. 1,410 Cr, with a long-term PPA for 195 MW with Rajasthan discoms.

Website BSE NSE F&O
  • Market Cap ₹ 96,441 Cr.
  • Current Price ₹ 526
  • High / Low ₹ 617 / 428
  • Stock P/E 48.1
  • Book Value ₹ 175
  • Dividend Yield 0.38 %
  • ROCE 8.16 %
  • ROE 7.51 %
  • Face Value ₹ 10.0
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Pros

  • 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%

Cons

  • 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.

* 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

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Part of BSE 500 BSE 200 BSE Dollex 200 Nifty 500 Nifty Energy

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

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
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
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%
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
Profit before tax 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%
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 2.40 2.11 2.57
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
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
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%
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
Profit before tax 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%
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 6.70 4.84 10.51 8.99 10.47 11.16 12.74 11.11
Dividend Payout % 24% 22% 13% 0% 24% 15% 41% 19% 22% 19% 18% 16%
Compounded Sales Growth
10 Years: 7%
5 Years: 22%
3 Years: 22%
TTM: 35%
Compounded Profit Growth
10 Years: 5%
5 Years: 23%
3 Years: 19%
TTM: -8%
Stock Price CAGR
10 Years: 21%
5 Years: 10%
3 Years: 9%
1 Year: -4%
Return on Equity
10 Years: 7%
5 Years: 8%
3 Years: 8%
Last Year: 8%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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
9,294 14,862 14,349 11,883 10,555 9,840 8,371 8,943 25,051 31,573 50,185 76,946
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 89,455 123,807
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
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 89,455 123,807

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
3,394 3,538 3,853 3,934 2,491 2,082 3,700 2,952 2,084 6,234 3,838 9,898
-422 -3,272 -762 -215 -55 301 -1,030 -1,387 -6,778 -8,197 -22,990 -18,523
-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

Consolidated Figures in Rs. Crores / View Standalone

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
Inventory Days
Days Payable
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

In beta
Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Installed Generation Capacity
MW

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Net Power Generation
MUs
Capacity under Long-term PPA
%
Thermal Plant Load Factor (PLF)
%
Under-construction Generation Capacity
MW
Locked-in Energy Storage Capacity
GWh
Solar Capacity Utilization Factor (CUF)
%
Wind Capacity Utilization Factor (CUF)
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

25 Recently
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
73.39% 73.39% 73.67% 69.32% 69.32% 69.32% 69.26% 69.26% 69.26% 69.26% 69.41% 66.53%
8.38% 8.50% 8.37% 15.37% 14.92% 14.57% 13.43% 12.36% 12.12% 9.50% 9.74% 11.41%
9.69% 9.36% 9.29% 9.21% 9.78% 10.05% 10.94% 11.43% 11.56% 14.39% 14.29% 16.16%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.03% 0.03% 0.03%
8.33% 8.53% 8.45% 5.90% 5.81% 5.92% 6.21% 6.79% 6.97% 6.74% 6.44% 5.82%
0.22% 0.21% 0.21% 0.19% 0.15% 0.15% 0.14% 0.14% 0.07% 0.07% 0.06% 0.06%
No. of Shareholders 2,89,7403,28,9153,60,2414,06,2204,41,9274,82,8775,43,3365,85,8275,85,4455,88,0535,65,6745,55,401

* 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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