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Model Note · JSW ENERGY LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
JSW ENERGY LIMITED Discounted cash flow · base FY26
JSW ENERGY LIMITED
Value per share, this model₹1,609
CMP 2026-09-10₹526.45
Difference205.6%
Growth the CMP implies9.5%/yr
This note states the assumptions and the arithmetic of one model of JSW ENERGY LIMITED, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
30% a year
FY26 60.9% · 5-yr CAGR 22.2%
EBITDA margin
52.9%
FY26 52.9% · 5-yr average 44.2%
Depreciation · capex, % of revenue
16.9% · 54.5%, fading to 1.2× depreciation
FY26 16.9% · 54.5%
Working capital, % of added revenue · tax
13.3% · -39.3%
49 working-capital days · effective (39.3)%
Discount rate
11.00%
1-yr beta 0.93
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹71,704 · ₹0 · ₹0 cr
FY26 net debt ₹71,704 cr
Shares
183.24 crore
183.24 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
18,901
24,571
31,943
41,526
53,984
70,179
growth %
60.9
30.0
30.0
30.0
30.0
30.0
EBITDA
9,999
12,998
16,898
21,967
28,557
37,124
Depreciation
(3,185)
(4,153)
(5,398)
(7,018)
(9,123)
(11,860)
NOPAT
9,492
12,322
16,019
20,824
27,072
35,193
less capex
(10,310)
(13,391)
(14,676)
(15,526)
(15,566)
(14,232)
less working-capital build
—
(754)
(980)
(1,275)
(1,657)
(2,154)
Free cash flow to firm
—
2,329
5,761
11,041
18,972
30,667
Present value
2,211
4,926
8,506
13,167
19,174
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · JSW ENERGY LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
47,983
PV of the terminal value (87% of EV)
3,18,491
Enterprise value
3,66,474
less net debt
(71,704)
less non-controlling interest
0
add non-operating investments
0
Equity value
2,94,770
÷ 183.24 crore shares
₹1,609
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,680
1,853
2,061
2,315
2,632
10.5%
1,500
1,644
1,814
2,018
2,267
11.0%
1,346
1,467
1,609
1,776
1,976
11.5%
1,213
1,316
1,435
1,574
1,738
12.0%
1,097
1,186
1,287
1,404
1,540
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
