JSW Energy Ltd

JSW Energy Ltd

₹ 551 0.51%
22 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. {# 1600MW in salboni in west bengal https://www.bseindia.com/xml-data/corpfiling/AttachHis/1c68833c-b336-4af0-ae63-8698bc6fcb22.pdf#page=19 #}

  • Market Cap 96,871 Cr.
  • Current Price 551
  • High / Low 588 / 428
  • Stock P/E 42.4
  • Book Value 175
  • Dividend Yield 0.36 %
  • ROCE 8.29 %
  • ROE 7.86 %
  • Face Value 10.0

Pros

  • Company is expected to give good quarter
  • Company has delivered good profit growth of 24.1% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 17.5%

Cons

  • Stock is trading at 3.15 times its book value
  • Company has low interest coverage ratio.
  • Tax rate seems low
  • Company has a low return on equity of 7.86% over last 3 years.
  • Promoter holding has decreased over last 3 years: -5.24%

* 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 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
2,670 2,928 3,259 2,543 2,756 2,879 3,238 2,439 3,189 5,143 5,177 4,082 4,499
1,931 1,706 1,379 1,432 1,587 1,462 1,553 1,525 1,985 2,355 2,181 2,052 2,249
Operating Profit 739 1,222 1,880 1,111 1,169 1,418 1,685 914 1,204 2,789 2,996 2,030 2,250
OPM % 28% 42% 58% 44% 42% 49% 52% 37% 38% 54% 58% 50% 50%
136 87 134 120 130 167 230 206 313 271 186 111 356
Interest 233 486 514 521 533 511 518 564 675 1,306 1,418 1,485 1,608
Depreciation 291 398 409 400 427 375 392 406 482 739 809 829 809
Profit before tax 351 426 1,092 310 339 698 1,005 150 361 1,015 955 -173 188
Tax % 20% 32% 22% 25% -2% 24% 13% -5% -15% 18% 14% -406% -205%
282 290 857 232 345 534 877 157 415 836 824 529 574
EPS in Rs 1.65 1.76 5.17 1.41 2.14 2.99 4.88 0.96 2.33 4.25 4.03 2.40 2.11
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
9,347 9,824 8,263 8,049 9,138 8,273 6,922 8,167 10,332 11,486 11,745 18,901
5,723 5,796 4,939 5,336 6,283 5,316 4,009 4,596 7,050 6,104 6,524 8,837
Operating Profit 3,624 4,029 3,324 2,713 2,855 2,957 2,913 3,572 3,282 5,382 5,221 10,064
OPM % 39% 41% 40% 34% 31% 36% 42% 44% 32% 47% 44% 53%
196 340 221 47 398 376 248 575 674 472 916 923
Interest 1,137 1,498 1,685 1,456 1,192 1,051 896 777 844 2,053 2,269 5,816
Depreciation 790 854 969 966 1,164 1,738 1,167 1,131 1,169 1,633 1,655 3,185
Profit before tax 1,892 2,017 892 338 897 544 1,099 2,238 1,943 2,167 2,214 1,986
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
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
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: 61%
Compounded Profit Growth
10 Years: 6%
5 Years: 24%
3 Years: 21%
TTM: 28%
Stock Price CAGR
10 Years: 23%
5 Years: 36%
3 Years: 29%
1 Year: 11%
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 16,484
Total Liabilities 19,420 28,539 28,389 26,721 25,926 24,931 26,207 30,514 48,417 57,767 89,455 124,182
13,191 20,298 19,491 18,877 17,825 16,713 15,637 14,831 25,020 28,946 54,155 74,578
CWIP 454 321 531 294 400 391 473 2,091 4,788 10,285 10,281 17,409
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 20,815
Total Assets 19,420 28,539 28,389 26,721 25,926 24,931 26,207 30,514 48,417 57,767 89,455 124,182

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 -20,271
-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 1,072 245
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 -204
ROCE % 18% 16% 10% 9% 9% 7% 9% 12% 7% 9% 6% 8%

Insights

In beta
Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Dec 2025
Consolidated Installed Capacity
MW

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Consolidated Net Generation
Million Units (MUs)
Consolidated Deemed Plant Load Factor (PLF)
%
Locked-in Capacity (2030 Target)
GW

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

12 Recently
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
74.66% 73.39% 73.39% 73.67% 69.32% 69.32% 69.32% 69.26% 69.26% 69.26% 69.26% 69.41%
5.18% 8.38% 8.50% 8.37% 15.37% 14.92% 14.57% 13.43% 12.36% 12.12% 9.50% 9.74%
9.59% 9.69% 9.36% 9.29% 9.21% 9.78% 10.05% 10.94% 11.43% 11.56% 14.39% 14.29%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.03% 0.03%
10.33% 8.33% 8.53% 8.45% 5.90% 5.81% 5.92% 6.21% 6.79% 6.97% 6.74% 6.44%
0.25% 0.22% 0.21% 0.21% 0.19% 0.15% 0.15% 0.14% 0.14% 0.07% 0.07% 0.06%
No. of Shareholders 2,78,0102,89,7403,28,9153,60,2414,06,2204,41,9274,82,8775,43,3365,85,8275,85,4455,88,0535,65,674

* 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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