NSE: JSWENERGY · BSE: 533148
JSW ENERGY LIMITED
Generates electricity and sells it primarily under long-term power purchase agreements (PPAs) to state distribution utilities and industrial buyers, with a small share sold on the merchant market. FY26 segment revenue split is Thermal 69.9% (₹13,212.23 crore) and Renewable 29.8% (₹5,625.75 crore), with Thermal including coal-based plants such as KSK Mahanadi and Salboni, and Renewable covering solar, wind, hydro and hybrid assets. Installed capacity reached 14,535 MW at the time of the Q1 FY27 update, with renewables at 61% of the mix; the firm is building toward 30 GW by FY30 with 32.1 GW of locked-in capacity and 13 GW under construction. The build-out is supported by a 5 GWh-per-year battery assembly plant in Pune, a wind blade facility at Halol, and pumped-storage projects (Bhavali 1,500 MW, Kandhaura 1,680 MW), plus acquisitions of Maruti Clean Coal & Power (300 MW thermal) and a Toshiba JSW Power Systems stake to secure turbine-generators and GE boiler technology. Cost shape is dominated by fuel (materials 29.5% of FY26 revenue), followed by depreciation (16.9%) tied to the heavy asset base, with FY27 capex guided at ₹20,000 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Thermal (70%), Renewable (30%), Unallocated (0%). Capital-intensive, asset-heavy power generation with heavy ongoing build-out (FY27 capex guided at ₹20,000 crore, ~54.5% of FY26 revenue)
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 8,167 | 10,332 | 11,486 | 11,745 | 18,901 |
| EBITDA (ex other income) | 3,569 | 3,402 | 5,382 | 5,221 | 9,999 |
| margin % | 43.7 | 32.9 | 46.9 | 44.4 | 52.9 |
| Owners' profit | 1,729 | 1,478 | 1,723 | 1,951 | 2,239 |
| EPS, as reported (₹) | 10.52 | 9.01 | 10.50 | 11.19 | 12.82 |
| ROE % · ROCE % | 10.0 · 11.6 | 7.9 · 7.0 | 8.2 · 8.2 | 6.8 · 5.7 | 8.2 · 7.5 |
| Debt / equity (x) | 0.51 | 1.32 | 1.49 | 1.71 | 2.26 |
| Cash from operations | 2,952 | 2,084 | 6,234 | 3,838 | 9,898 |
| Capex | (2,294) | (4,236) | (8,033) | (6,709) | (10,310) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,238 | 2,439 | 3,189 | 5,143 | 5,177 | 4,082 | 4,499 | 5,207 |
| Profit before tax | 997 | 145 | 355 | 1,012 | 954 | (176) | 185 | 694 |
| Net profit | 877 | 157 | 415 | 836 | 824 | 529 | 574 | 533 |
| EPS (₹) | 4.90 | 0.96 | 2.34 | 4.26 | 4.04 | 2.41 | 2.12 | 2.64 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Thermal | 13,212 | 69.9 |
| Renewable | 1,142 | 6.0 |
| Unallocated | 63 | 0.3 |
| Renewables | 4,484 | 23.7 |
| Total, before eliminations | 18,901 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| NTPC LTD | 2,95,264 | 10.6 | 1.40 | 9.7 | 13.0 | 5.5 | 10.9 | 32.8 |
| ADANI GREEN ENERGY LTD | 2,09,663 | 86.6 | 7.02 | 27.0 | 6.7 | 1.3 | 32.9 | 95.1 |
| JSW ENERGY LIMITED ◆ | 88,507 | 43.1 | 2.64 | 14.6 | 8.2 | 1.9 | 22.3 | 59.6 |
| NHPC LTD | 74,383 | 19.6 | 1.54 | 19.8 | 8.7 | 2.7 | 3.8 | 65.7 |
| NTPC GREEN ENERGY LIMITED | 69,947 | 116.9 | 3.65 | 37.4 | 2.7 | 1.2 | — | 90.7 |
| NLC INDIA LIMITED | 31,560 | 9.5 | 1.25 | 8.9 | 14.9 | 5.4 | 12.2 | 34.4 |
| ACME SOLAR HOLDINGS LTD | 28,962 | 41.9 | 5.72 | 20.2 | 9.8 | 2.7 | — | 96.9 |
| SJVN LTD | 20,030 | 31.5 | 1.41 | 14.4 | 4.5 | 2.8 | 12.7 | 65.9 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 43.1 | 19.2 | 17 of 22 | 24% |
| P/B | 2.6 | 1.4 | 19 of 26 | 28% |
| ROCE | 1.9 | 2.7 | 16 of 29 | 46% |
| ROE | 8.2 | 5.3 | 11 of 26 | 60% |
| Debt / Equity | 2.3 | 0.8 | 23 of 26 | 12% |
| EBITDA margin | 59.6 | 53.8 | 11 of 24 | 57% |
| Revenue growth | 1.2 | 10.0 | 17 of 24 | 30% |
| Profit growth | (36.3) | 4.2 | 21 of 25 | 17% |
| Market cap | 88507 | 3356 | 3 of 29 | 93% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · CFO Chandrasekaran Prabhakaran elevated to Board as Director-Finance for 5 years | management changes | high | — | — |
| 28 Oct 2026 · JSW Energy seeks renewed approval for up to Rs 6,000 crore fund raise | fund raising | medium | — | — |
| 28 Oct 2026 · JSW Energy plans Rs 5,000 crore long-term debt issue | fund raising | medium | — | — |
| 28 Oct 2026 · JSW Energy Q2 profit rises; Rs 5,000 crore debenture issue approved | board shareholder meetings | low | — | — |
| 28 Oct 2026 · Q2 FY27 PAT rises 38%; renewable expansion stays on track | investor communications | medium | — | — |
| 28 Oct 2026 · Q2 profit rises 38%; board approves major fund raising | results | high | — | — |
| 24 Oct 2026 · ICRA assigns A stable ratings to three JSW Energy subsidiaries | credit debt | medium | — | — |
| 22 Oct 2026 · JSW Energy to discuss September 2026 quarterly and half-year results | results | low | — | — |
| 22 Oct 2026 · Board to review Q2 results and consider fundraising | results | low | — | — |
| 14 Oct 2026 · JSW Energy receives NCLT approval for GEPIL demerger scheme | strategic transactions | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.