Adani Power Ltd.
NSE: ADANIPOWER
Utilities · Utilities - Independent Power Producers
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Research updated
JSW Energy Ltd.
NSE: JSWENERGYUtilitiesUtilities - Independent Power Producers
- Last close
- ₹448.55
- Day change
- −₹15.35 (−3.31%)vs
- Market cap
- ₹87,029 crIndian rupees
- Research updated
- 3 reports
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About JSW Energy
JSW Energy Ltd. operates as a major player in the energy sector, focusing on the generation, transmission, and distribution of power. As a key subsidiary of the diverse JSW Group, it plays a crucial role in India's energy landscape. The company's assets span thermal, hydroelectric, and solar power plants, reflecting a commitment to both traditional energy production and renewable sources. With significant operations across various Indian states, JSW Energy Ltd. contributes to meeting the rising energy demands of the country's industrial, commercial, and residential sectors. Its diverse energy portfolio and strategic initiatives in clean energy underscore its dedication to sustainability and innovation in power generation. As part of a larger conglomerate, JSW Energy Ltd. capitalizes on synergies and cross-sector collaborations within steel, cement, and infrastructure segments, enhancing operational efficiency and market reach. This makes it a significant entity in the Indian power market, poised to address the dynamic needs of a growing economy while aligning with global sustainability trends.
- Sector
- Utilities
- Industry
- Utilities - Independent Power Producers
- Listing
- NSE: JSWENERGY
- Next results
- Chief executive
- Mr. Sharad Mahendra BE (Mech.)
- Employees
- 3,129
- Headquarters
- Mumbai, India
- ISIN
- INE121E01018
- Website
- jswenergy.in
Public research · Report of
Business model & financial foundation
JSW Energy (NSE: JSWENERGY), Diversified independent power generation and energy storage: revenue of ₹18,901 crore in FY26 (+60.9% on FY25), an EBITDA margin of 58.4%, net profit of ₹2,239 crore and net debt of ₹65,834 crore.
- Revenue, FY26 (₹ crore)
- 18,901
- consolidated
- Revenue growth, FY26
- +60.9%
- on FY25
- EBITDA margin, FY26
- 58.4%
- EBITDA (Issuer EBITDA including other income before exceptional) / revenue
- Net profit, FY26 (₹ crore)
- 2,239
- to owners
- Return on equity, FY26
- 7.7%
- on average equity
- Net debt, FY26 (₹ crore)
- 65,834
- Issuer disclosed net debt including liquid investments
- Market capitalisation (₹ crore)
- 85,636
- at the close of 21 Oct 2026
Company profile
JSW Energy is a diversified independent power producer spanning thermal, hydro, wind and solar generation and developing pumped storage and batteries. Earnings depend on operating capacity, availability, generation, contracted tariffs, fuel costs and financing. Acquisitions and a large build programme have transformed scope; fixed-charge recovery means generation alone cannot explain every quarter's revenue.
| Item | Value |
|---|---|
| Legal name | JSW Energy Limited |
| Exchange and ticker | NSE: JSWENERGY; BSE: 533148 |
| ISIN | INE121E01018 |
| CIN | L74999MH1994PLC077041 |
| Sector | Utilities |
| Industry | Diversified independent power generation and energy storage |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells LLP (since 2022 second term) |
| Market capitalisation | ₹85,636 crore (21 Oct 2026) |
| Shares outstanding | 175.73 crore shares (FY26) |
| Price | ₹475.0 (close, 21 Oct 2026) |
| 52-week range | ₹427.8 - ₹617.3 (to 21 Oct 2026) |
| Website | https://www.jswenergy.in/ |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| JSW Neo Energy Limited | 100% | Renewable, storage and acquisition platform |
| JSW Energy Hydro Limited | 100% | Hydropower generation |
| JSW Energy Barmer Limited | 100% | Lignite-based thermal generation |
| JSW Mahanadi Power Company Limited | 74% | Thermal generation; March 2026 ownership; remaining 26% call exercised April, closing unverified |
Part of JSW/O.P. Jindal group, not a listed holding-company model. Material subsidiaries at FY26 year end; economic NCI persists in project SPVs. Mahanadi call completion remains a gap.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 69.27% | 69.27% | 69.41% | 66.53% |
| Promoter holding pledged | 11.60% | 11.65% | 12.99% | 13.28% |
| Foreign institutions | 12.13% | 9.50% | 9.74% | 11.41% |
| Domestic institutions | 11.56% | 14.43% | 14.33% | 16.20% |
| of which mutual funds | 4.52% | 5.94% | 5.31% | 7.42% |
| Retail | 3.46% | 3.49% | 3.22% | 2.98% |
| Other | 3.59% | 3.32% | 3.29% | 2.88% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
JSW Energy is a diversified independent power producer with thermal, hydro, wind and solar assets and an energy-storage/manufacturing pipeline. Consolidated reporting is the decision basis because material assets sit in subsidiaries; owners’ PAT/EPS excludes minority interests. Thermal earnings mix availability-linked capacity charges and energy revenue, while renewable output depends on commissioned capacity, grid access, resource and tariff mix.
| Segment | revenue, FY26 (₹ crore) | Share | ebit, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Thermal generation and related ancillary services | 13,212 | 69.9% | 4,367 | 58.8% |
| Hydro wind solar and related ancillary services | 5,626 | 29.8% | 3,055 | 41.1% |
| Unallocated segment as reported see JV basis reconciliation | 63.2 | 0.3% | 8.59 | 0.1% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| NTPC (NTPC) | Large regulated and contracted thermal fleet with renewable expansion |
| Tata Power (TATAPOWER) | Integrated generation and renewables; distribution/manufacturing mix requires caution |
| Adani Power (ADANIPOWER) | Thermal generation; merchant and fuel mix differs |
| Adani Green Energy (ADANIGREEN) | Contracted renewable growth and leveraged capex platform |
| NHPC (NHPC) | Hydro generation and pumped-storage development; regulated earnings |
| SJVN (SJVN) | Hydro, thermal and renewable construction pipeline |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 8,119 | 10,312 | 11,486 | 11,745 | 18,901 |
| Cost of revenue (vendor classification) * | 3,894 | 6,273 | 5,231 | 5,303 | 6,733 |
| Other operating costs (vendor classification) * | 272.6 | 383.9 | 416.9 | 511.8 | 1,018 |
| EBITDA (vendor classification) * | 4,069 | 3,635 | 5,679 | 5,902 | 10,771 |
| Operating EBIT excluding other income and associates | 2,869 | 2,682 | 3,748 | 3,566 | 6,879 |
| Finance costs | 630.9 | 739.1 | 2,053 | 2,269 | 5,816 |
| PBT after exceptional before future tariff tax | 2,238 | 1,943 | 2,167 | 2,214 | 1,986 |
| All PL tax including deferred tax future tariff | 494.8 | 462.7 | 442.3 | 231.0 | -776.6 |
| Total consolidated PAT including minorities | 1,743 | 1,480 | 1,725 | 1,983 | 2,762 |
| Diluted EPS INR per share | 10.50 | 8.99 | 10.47 | 11.18 | 12.74 |
| Fuel cost | 4,582 | 4,456 | 5,581 | ||
| Purchase of stock-in-trade | 124.8 | 140.4 | 85.7 | ||
| Changes in inventories | 0.63 | 0.00 | 0.00 | ||
| Employee benefits expense | 364.5 | 464.3 | 727.7 | ||
| Other expenses | 1,033 | 1,464 | 2,442 | ||
| Other income | 455.4 | 894.1 | 976.6 | ||
| Depreciation and amortisation | 1,633 | 1,655 | 3,185 | ||
| Share of JV and associate profit signed | 16.5 | 22.8 | 11.7 | ||
| Exceptional gain or loss signed | 0.00 | 0.00 | -65.2 | ||
| Current tax | 393.8 | 386.8 | 334.6 | ||
| Deferred tax expense or credit signed | -104.2 | -156.1 | -946.0 | ||
| Deferred tax adjustable in future tariff signed | 152.7 | 0.29 | -165.2 | ||
| PAT attributable to non-controlling interests | 1.94 | 32.0 | 523.1 | ||
| PAT attributable to owners | 1,723 | 1,951 | 2,239 | ||
| Issuer EBITDA including other income before exceptional | 5,837 | 6,115 | 11,041 | ||
| Fuel purchases and inventory change cost stack | 4,707 | 4,596 | 5,667 | ||
| Operating EBITDA excluding other income and associates | 5,382 | 5,221 | 10,064 | ||
| Deferred tax excluding separate MAT movement in tax note | -203.5 | -929.4 | |||
| MAT credit availed or utilised signed tax note | 47.5 | -16.6 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners | 17,417 | 18,734 | 20,832 | 27,361 | 30,752 |
| Current plus non-current borrowings excluding leases | 8,943 | 25,051 | 31,327 | 49,621 | 75,846 |
| Balance sheet cash and cash equivalents | 585.2 | 3,422 | 3,092 | 3,234 | 4,142 |
| Current and non-current trade receivables excluding unbilled | 670.2 | 1,532 | 1,020 | 1,610 | 1,897 |
| Inventories | 901.0 | 987.1 | 830.7 | 905.3 | 960.6 |
| Trade payables including acceptances | 1,076 | 1,274 | 1,344 | 1,409 | 1,423 |
| Property plant and equipment carrying value | 190.1 | 369.1 | 26,088 | 45,713 | 61,806 |
| Capital work in progress | 3,022 | 5,744 | 10,282 | 10,277 | 17,409 |
| Total consolidated assets | 30,932 | 48,742 | 58,269 | 89,939 | 1,24,182 |
| Total equity including NCI | 21,014 | 29,085 | 33,577 | ||
| Non-current borrowings excluding leases | 27,731 | 44,897 | 64,875 | ||
| Current borrowings excluding leases | 3,595 | 4,724 | 10,971 | ||
| Liquid mutual funds within CF cash equivalents | 1,088 | 2,019 | 3,103 | ||
| Current investments | 1,089 | 2,102 | 3,265 | ||
| Other current bank balances | 1,115 | 1,462 | 1,623 | ||
| Current trade receivables | 844.2 | 1,320 | 1,630 | ||
| Non-current trade receivables | 176.3 | 290.1 | 266.7 | ||
| Unbilled revenue separate from trade receivables | 859.3 | 1,295 | 1,343 | ||
| Issuer disclosed net debt including liquid investments | 26,636 | 43,961 | 65,834 | ||
| Statutory note capital management net debt | 26,636 | 43,961 | 67,799 | ||
| Cash bank balances and liquidity used in statutory net debt | 4,691 | 5,660 | 8,047 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities | 2,078 | 1,780 | 6,234 | 3,838 | 9,898 |
| Free cash flow (vendor definition) * | 658.0 | -2,152 | -1,799 | -2,870 | -412.2 |
| Cash dividends paid including NCI | -328.7 | -328.8 | 346.8 | 363.9 | 363.9 |
| Cash purchases PPE CWIP and capital advances | -2,294 | -4,237 | 8,033 | 6,709 | 10,310 |
| Cash paid towards business acquisitions | 0.00 | 16,749 | 8,571 | ||
| Cash paid towards asset acquisitions | 0.00 | 138.7 | 1,052 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Actual diluted weighted average shares crore | 164.32 | 164.08 | 164.47 | 174.54 | 175.73 |
| Year end shares net of treasury crore | 164.12 | 174.52 | 175.62 | ||
| Tax reconciliation benefit from DTA recognition signed | 0.00 | -1,342 | |||
| Tax reconciliation effect of unrecognised DTA expense | 19.7 | 322.8 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 3,238 | 2,439 | 3,189 | 5,143 | 5,177 | 4,082 | 4,499 | 5,207 |
| Cost of revenue (vendor classification) * | 1,152 | 1,075 | 1,303 | 1,613 | 1,289 | 1,344 | 1,531 | |
| Other operating costs (vendor classification) * | 285.5 | 340.6 | 550.3 | 582.9 | 569.4 | 720.4 | 587.1 | |
| EBITDA (vendor classification) * | 1,915 | 1,120 | 1,518 | 3,060 | 2,206 | 2,605 | 3,105 | |
| Operating EBIT excluding other income and associates | 1,293 | 508.2 | 722.6 | 2,050 | 2,187 | 1,201 | 1,441 | 1,984 |
| Finance costs | 518.3 | 564.5 | 675.3 | 1,306 | 1,418 | 1,485 | 1,608 | 1,519 |
| PBT after exceptional before future tariff tax | 1,005 | 150.0 | 360.7 | 1,015 | 955.5 | -172.9 | 187.8 | 695.8 |
| All PL tax including deferred tax future tariff | 128.2 | -7.41 | -53.8 | 179.6 | 131.2 | -701.6 | -385.7 | 163.1 |
| Total consolidated PAT including NCI | 876.8 | 157.5 | 414.5 | 835.9 | 824.3 | 528.8 | 573.5 | 532.7 |
| Diluted EPS INR per share | 4.88 | 0.96 | 2.34 | 4.25 | 4.04 | 2.41 | 2.07 | 2.57 |
| Fuel cost | 1,152 | 1,075 | 1,163 | 1,580 | 1,421 | 1,241 | 1,340 | 1,532 |
| Purchase of stock in trade | 0.00 | 0.00 | 140.4 | 33.3 | 0.00 | 48.5 | 3.97 | 0.00 |
| Cost of materials consumed | 38.4 | |||||||
| Changes in finished goods WIP and stock inventories signed | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -39.6 |
| Employee benefits expense | 115.0 | 110.0 | 131.1 | 158.7 | 191.1 | 193.5 | 184.4 | 216.2 |
| Other expenses | 285.5 | 340.6 | 550.3 | 582.9 | 569.3 | 569.4 | 720.4 | 587.1 |
| Other income | 221.7 | 201.2 | 308.0 | 267.9 | 183.7 | 172.8 | 352.3 | 229.4 |
| Depreciation and amortisation expense | 391.8 | 405.5 | 481.9 | 738.6 | 809.0 | 828.7 | 809.0 | 889.6 |
| Share of JV and associate profit signed | 8.42 | 5.17 | 5.37 | 2.99 | 1.96 | 3.54 | 3.24 | 2.14 |
| Exceptional gains or losses signed | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -65.2 | 0.00 | 0.00 |
| Current tax expense | 132.5 | 58.8 | 92.3 | 82.6 | 113.7 | 42.9 | 95.4 | 60.2 |
| Deferred tax expense or credit signed | -48.2 | -70.1 | -117.7 | 113.7 | 62.2 | -750.8 | -371.0 | 105.9 |
| Deferred tax adjustable in future tariff signed | 43.9 | 3.83 | -28.4 | -16.7 | -44.6 | 6.30 | -110.2 | -2.93 |
| PAT attributable to non-controlling interests signed | 23.5 | -10.4 | 6.46 | 92.7 | 119.6 | 108.8 | 202.0 | 61.7 |
| PAT attributable to owners of the parent | 853.3 | 167.8 | 408.1 | 743.1 | 704.7 | 419.9 | 371.6 | 471.0 |
| Issuer EBITDA including other income before exceptional | 1,907 | 1,115 | 1,512 | 3,057 | 3,180 | 2,202 | 2,602 | 3,103 |
| Fuel materials purchases and inventory change | 1,152 | 1,075 | 1,303 | 1,613 | 1,421 | 1,289 | 1,344 | 1,531 |
| Operating EBITDA excluding other income and associates | 1,685 | 913.7 | 1,204 | 2,789 | 2,996 | 2,030 | 2,250 | 2,873 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 18.5% | 27.0% | 11.4% | 2.3% | 60.9% |
| EBITDA margin | 50.8% | 52.1% | 58.4% | ||
| Net margin | 15.0% | 16.6% | 11.8% | ||
| Return on equity | 8.7% | 8.1% | 7.7% | ||
| Return on capital employed | 11.7% | 7.6% | 7.8% | 5.5% | 7.5% |
| Return on assets | 3.2% | 2.6% | 2.1% | ||
| Net debt (₹ crore) | 26,636 | 43,961 | 65,834 | ||
| Net debt / EBITDA | 4.56x | 7.19x | 5.96x | ||
| Interest cover | 4.55x | 3.63x | 1.83x | 1.57x | 1.18x |
| Asset turnover | 0.28x | 0.26x | 0.21x | 0.16x | 0.18x |
| Receivable days | 30 | 54 | 32 | 50 | 37 |
| Inventory days (on revenue) | 41 | 35 | 26 | 28 | 19 |
| Payable days (on revenue) | 48 | 45 | 43 | 44 | 27 |
| Cash conversion | 3.62x | 1.97x | 4.42x | ||
| Capex intensity | 28.3% | 41.1% | 69.9% | 57.1% | 54.5% |
| Free cash flow (₹ crore) | -216.1 | -2,456 | -1,799 | -2,870 | -412.2 |
| Dividend payout | 20.1% | 18.7% | 16.2% | ||
| EPS, diluted (₹) | 10.50 | 8.99 | 10.47 | 11.18 | 12.74 |
| Book value per share (₹) | 106.0 | 114.2 | 126.7 | 156.8 | 175.0 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Issuer EBITDA including other income before exceptional) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Issuer disclosed net debt including liquid investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Issuer EBITDA including other income before exceptional).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS INR per share).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 3, information to 21 Oct 2026); market data at the close of 21 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on JSW Energy includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
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- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on JSW Energy
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 21 Oct 2026; page updated 25 Oct 2026.
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