JSW Energy’s 300 MW acquisition shows a cheaper path to growth

JSW Energy is acquiring Maruti Clean Coal & Power (MCCPL), a 300 MW operational thermal plant in Chhattisgarh, for ₹1,410 crore at an attractive ~5.1x EV/Ebitda versus JSW Energy's own 15x FY26 EV/Ebitda multiple. MCCPL generated ₹790 crore revenue and ₹280 crore Ebitda in FY26 at an 84% PLF, with secured coal linkages and ~195 MW under long-term PPAs, making the deal immediately earnings-accretive. The acquisition comes amid JSW Energy's elevated leverage (net debt of ₹65,834 crore, net debt-to-Ebitda of ~6x) and a ₹20,000 crore FY27 capex plan, but is seen as a cheaper alternative to greenfield expansion with long gestation periods.