JSW Energy

JSWENERGY · NSE · Large Cap

IPP / Developer·Listed·Directness 65/100

JSW Energy

Diversified power producer — 5.7 GW operational scaling to 16.5 GW. Heavy storage-linked solar / RTC tilt including Vijayanagar 1 GW / 6 GWh BESS.

IPP / DeveloperStorage

Sell / Avoid

Last price

₹561.00

52W: ₹428 – ₹588

-4.6% from 52W high

Mkt Cap

₹98.53K Cr

P/E

42.5x

EV/EBITDA

28.5x

ROCE

6.5%

ROE

7.4%

Book Value

₹167.0

Promoter

69.4%

Real financial data sourced from Screener.in · annual + quarterly statements below

Scoring breakdown

SageOne-style fundamental · TQ-100 technical · solar overlays

Fundamental (30%)

Valuation (20%)

Technical (20%)

Solar exposure (10%)

Policy beneficiary (7.5%)

Project pipeline (5%)

Governance safety (7.5%)

52-week position

Real snapshot from Screener

₹428Current: ₹561₹588

P/E

42.5x

P/B

3.4x

Div Yield

0.36%

Investment thesis

One-liner · bull · bear · monitorables

One-liner. JSW Energy: capacity compounding meets falling tariffs — capital recycling and offtaker mix decide equity IRR.

Bull case

Bull case for JSW Energy: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.

Bear case

Bear case for JSW Energy: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.

Key monitorables

01Quarterly capacity commissioned vs guidance
02Receivable days from DISCOMs and large customers
03Net debt / EBITDA trajectory
04Order book to revenue cover
05Average realized tariff and merchant exposure
06Capital recycling via InvIT / asset sales
07Equity IRR vs cost of equity

Solar exposure

Directness · policy linkage · BOM

Primary segmentIPP / Developer

Directness65/100

ALMM eligible—

PLI beneficiary—

Imported BOM—

Operational MW5,700

Under construction MW10,800

Avg tariff₹3.21/kWh

CUF22%

Valuation snapshot

Multiple methods · solar-specific multiples

Method	Value	Hist %ile
P/E (TTM)	42.5x	—
Forward P/E	—	—
EV/EBITDA	28.5x	—
EV/Sales	12.7x	—
P/B	3.4x	—
FCF Yield	-19.4%	—
EV / MW	₹26 cr	—

Project pipeline

3 tracked projects

Karnataka Hybrid

Karnataka · Hybrid

Awarded

700 MW· ₹5.20K Cr· ₹3.21/kWh· COD FY27

Andhra RTC Tender

Andhra Pradesh · RTC Renewable

Awarded

1,500 MW· ₹14.00K Cr· ₹4.39/kWh· COD FY28

JSW Vijayanagar BESS

Karnataka · Storage

Announced

1,000 MW· ₹6.00K Cr· ₹4.50/kWh· COD FY27

Financials

Source: Screener.in (consolidated) · ticker JSWENERGY · last updated 2026-05-11

Open on Screener.in

Market Cap

₹98.53K Cr

Price

₹561.00

Stock P/E

42.5x

Book Value

₹167.0

ROCE

6.5%

ROE

7.4%

Div Yield

0.36%

52W Range

₹428 – ₹588

Ratio analysis (derived from statements)

Growth · profitability · returns · leverage · cash flow · valuation

Growth

Sales 1Y2.3%

Sales 3Y CAGR12.9%

Sales 5Y CAGR14.1%

PAT 1Y15.0%

PAT 3Y CAGR4.4%

PAT 5Y CAGR24.6%

Profitability

OPM latest44.0%

PAT margin latest16.9%

PAT margin 3Y avg15.4%

ROE7.4%

ROCE6.5%

Asset turnover0.13x

Leverage & cash

D / E1.83x

Net Debt / EBITDA9.61x

Borrowings / Assets56.1%

CFO / EBITDA0.74x

CFO / PAT1.94x

FCF (TTM proxy)₹-19.15K Cr

Valuation

P/E42.5x

EV/EBITDA28.5x

EV/Sales12.66x

P/B3.36x

FCF Yield-19.44%

Div Yield0.36%

Annual P&L · 5 years

₹ Crore. Source: Screener.in consolidated.

Metric	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales	6,922	8,167	10,332	11,486	11,745
Operating Profit	2,913	3,572	3,282	5,382	5,221
OPM %	42%	44%	32%	47%	44%
Net Profit	823	1,743	1,480	1,725	1,983
EPS (₹)	4.84	10.51	8.99	10.47	11.16

Quarterly results · last 4 quarters

₹ Crore.

Metric	Sep 2024	Dec 2024	Mar 2025	Jun 2025
Sales	3,238	2,439	3,189	5,143
OPM %	52%	37%	38%	54%
Net Profit	877	157	415	836

Balance sheet · 5 years

₹ Crore.

Item	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	1,642	1,640	1,641	1,641	1,745
Reserves	12,865	15,775	16,988	19,191	25,616
Borrowings	8,371	8,943	25,051	31,573	50,185
Fixed Assets	15,637	14,831	25,020	28,946	54,155
Total Assets	26,207	30,514	48,417	57,767	89,455