JSW Energy Ltd.
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ABOUT
AI Sector View
AI GENERATEDPower
Operationally, power remains one of the strongest sectors in the dataset. Power generation rose 8.0% YoY (2026-07), IIP-electricity was 10.0% YoY (2026-06), electricity core output was 9.0% YoY (2026-07), and coal offtake increased 10.0% YoY (2026-07). FPI outflows are a headwind at INR -10736 crore over 3 months to 2026-08-31, but the fundamental demand signal is strong enough to retain a positive stance.
PROS
- Company has delivered good profit growth of 35.8% CAGR over last 5 years
- Operating margins have improved to 33.5% from 25.9%
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.25x)
- Company has been maintaining a healthy dividend payout of 40.9%
- Working capital cycle has improved - days down from -216 to -775
- Company has a consistent dividend-paying track record
CONS
- A large part of profit comes from other income (114.3% of PBT)
- Receivables are growing faster than sales - a possible quality concern
- Recent results are weak - TTM profit is down 26.4% versus prior year
- Company has a low return on capital employed of 6.3%
- Company has a low return on equity of 5.7% over last 3 years
- Promoter holding has decreased over last 2 years: -2.8pp
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ADANIPOWER | 209.85 | 28.39 | 404689.32 | 0.00 | 4866.60 | 47.24 | 18901.89 | 33.97 | 17.79 | 42.67 |
| NTPC | 333.30 | 11.64 | 323189.88 | 2.70 | 6896.44 | -88.71 | 50740.96 | 7.81 | 8.52 | 33.23 |
| POWERGRID | 269.10 | 15.74 | 250279.25 | 3.34 | 3598.42 | -0.89 | 11496.72 | 2.68 | 9.74 | 82.97 |
| ADANIGREEN | 1282.00 | 118.37 | 211167.98 | 0.00 | 983.00 | 19.30 | 4431.00 | 16.61 | 9.90 | 91.24 |
| ADANIENSOL | 1373.75 | 57.55 | 168003.37 | 0.00 | 12365.60 | 2194.43 | 97110.80 | 1324.06 | 9.71 | 31.27 |
| TATAPOWER | 365.00 | 30.19 | 116629.89 | 0.68 | 1400.86 | 10.98 | 19051.26 | 5.63 | 11.63 | 21.53 |
| JSWENERGY | 525.45 | 48.97 | 96340.35 | 0.38 | 532.70 | -36.27 | 5207.13 | 1.24 | 8.50 | 55.22 |
| NHPC | 76.30 | 20.19 | 76643.62 | 2.11 | 1178.09 | 4.15 | 3808.31 | 18.50 | 6.16 | 61.80 |
| NTPCGREEN | 86.90 | 120.64 | 73224.80 | 0.00 | 304.84 | 38.26 | 1106.86 | 62.72 | 3.73 | 91.95 |
| TORNTPOWER | 1298.20 | 28.15 | 65416.76 | 1.54 | 661.85 | -10.75 | 8124.15 | 2.75 | 14.37 | 18.93 |
| NLCINDIA | 264.25 | 11.42 | 36641.87 | 1.46 | 436.33 | -48.01 | 4716.75 | 23.29 | 11.27 | 32.83 |
| ACMESOLAR | 401.85 | 47.07 | 28405.75 | 0.05 | 235.33 | 79.88 | 857.50 | 67.81 | 9.23 | 85.63 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,485 | 1,133 | 1,276 | 1,236 | 1,050 | 967 | 977 | 946 | 916 | 780 | 695 | 639 | 1,101 | |
| 1,136 | 739 | 768 | 767 | 675 | 718 | 671 | 668 | 612 | 521 | 451 | 430 | 1,111 | |
| Operating Profit | 348 | 394 | 507 | 469 | 374 | 250 | 305 | 277 | 303 | 259 | 244 | 209 | -10 |
| OPM % | 23.47% | 34.76% | 39.77% | 37.92% | 35.68% | 25.80% | 31.26% | 29.32% | 33.12% | 33.19% | 35.08% | 32.65% | -0.93% |
| 77 | 58 | 22 | 53 | 117 | 178 | 81 | 305 | 140 | 205 | 122 | 455 | 204 | |
| Interest | 105 | 119 | 118 | 135 | 90 | 75 | 88 | 112 | 202 | 214 | 234 | 237 | 245 |
| Depreciation | 71 | 69 | 65 | 64 | 64 | 64 | 62 | 53 | 57 | 57 | 56 | 56 | 62 |
| Profit before Tax | 249 | 263 | 347 | 322 | 338 | 289 | 236 | 417 | 185 | 193 | 76 | 371 | 193 |
| Tax % | 33.30% | 27.50% | 27.60% | -6.18% | 24.89% | 1.02% | 7.86% | -11.45% | 12.36% | 1.38% | 14.19% | -19.20% | 2.84% |
| Net Profit | 166 | 191 | 251 | 342 | 254 | 286 | 217 | 464 | 162 | 190 | 65 | 442 | 188 |
| 1.01 | 1.17 | 1.53 | 2.09 | 1.46 | 1.64 | 1.25 | 2.66 | 0.93 | 1.09 | 0.37 | 2.52 | 1.05 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 4,041 | 4,212 | 5,118 | 4,314 | 2,898 | 3,643 | 5,739 | 5,129 | 3,939 | 3,029 | 3,215 | |
| 3,136 | 3,505 | 4,386 | 3,422 | 2,204 | 2,598 | 4,532 | 3,414 | 2,733 | 2,015 | 2,514 | |
| Operating Profit | 905 | 707 | 732 | 892 | 693 | 1,044 | 1,207 | 1,716 | 1,207 | 1,015 | 701 |
| OPM % | 22.40% | 16.78% | 14.30% | 20.69% | 23.93% | 28.67% | 21.03% | 33.45% | 30.63% | 33.49% | 21.80% |
| 329 | -165 | 435 | 223 | 182 | 228 | 400 | 213 | 681 | 921 | 985 | |
| Interest | 533 | 476 | 412 | 322 | 210 | 127 | 260 | 478 | 365 | 886 | 929 |
| Depreciation | 364 | 364 | 365 | 369 | 358 | 328 | 317 | 270 | 243 | 225 | 230 |
| Profit before Tax | 337 | -299 | 390 | 424 | 308 | 818 | 1,030 | 1,181 | 1,279 | 824 | 833 |
| Tax % | 42.19% | -48.61% | 35.57% | -17.44% | 39.50% | 30.35% | 30.94% | 19.56% | 4.52% | -4.24% | -6.28% |
| Net Profit | 195 | -444 | 251 | 498 | 186 | 570 | 711 | 950 | 1,221 | 859 | 885 |
| EPS | 1.20 | -2.71 | 1.53 | 3.03 | 1.13 | 3.46 | 4.32 | 5.79 | 7.00 | 4.89 | — |
| Dividend Payout % | 41.80% | 0.00% | 65.26% | 32.98% | 176.43% | 57.55% | 46.15% | 34.54% | 28.59% | 40.89% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -6%
- 5 Years:
- 1%
- 3 Years:
- -19%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- -3%
- 5 Years:
- 36%
- 3 Years:
- 7%
STOCK PRICE CAGR
- 10 Years:
- 21%
- 5 Years:
- 14%
- 3 Years:
- 10%
- 1 Year:
- 1%
RETURN ON EQUITY
- 10 Years:
- 3%
- 5 Years:
- 5%
- 3 Years:
- 6%
- Last Year:
- 4%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 1,628 | 1,640 | 1,641 | 1,642 | 1,642 | 1,640 | 1,641 | 1,641 | 1,745 | 1,756 |
| 6,755 | 8,224 | 8,511 | 7,739 | 9,970 | 11,820 | 11,930 | 13,420 | 20,418 | 21,777 | |
| 2,925 | 2,617 | 2,061 | 2,253 | 1,609 | 1,282 | 6,298 | 6,706 | 9,026 | 13,840 | |
| Trade Payables | 1,911 | 2,071 | 1,559 | 1,266 | 718 | 884 | 901 | 1,011 | 424 | 316 |
| 3,781 | 2,799 | 3,246 | 3,685 | 2,334 | 2,778 | 3,067 | 3,904 | 4,767 | 5,863 | |
| Total Liabilities | 17,000 | 17,352 | 17,017 | 16,585 | 16,272 | 18,403 | 23,836 | 26,682 | 36,381 | 43,551 |
| 5,190 | 5,111 | 4,853 | 4,508 | 4,180 | 3,957 | 3,709 | 3,511 | 3,358 | 3,235 | |
| Capital Work in Progress | 479 | 261 | 377 | 109 | 34 | 23 | 16 | 18 | 90 | 216 |
| 5,324 | 6,963 | 6,703 | 5,417 | 8,212 | 6,867 | 14,730 | 17,413 | 23,257 | 29,255 | |
| 506 | 450 | 348 | 541 | 236 | 776 | 782 | 439 | 218 | 324 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 298 | 411 | 450 | |
| Cash & Bank | 75 | 139 | 112 | 158 | 127 | 203 | 435 | 831 | 1,068 | 396 |
| 5,426 | 4,429 | 4,624 | 5,853 | 3,483 | 6,577 | 4,165 | 4,172 | 7,978 | 9,675 | |
| Total Assets | 17,000 | 17,352 | 17,017 | 16,585 | 16,272 | 18,403 | 23,836 | 26,682 | 36,381 | 43,551 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1,470 | 898 | 469 | 92 | 1,128 | 419 | 1,185 | 2,266 | 833 | 689 | |
| Cash from Investing | 1,085 | -58 | 445 | 1,305 | -378 | 710 | -5,384 | -1,650 | -7,548 | -6,510 |
| Cash from Financing | -2,475 | -807 | -733 | -1,121 | -1,011 | -881 | 4,496 | -83 | 6,993 | 5,040 |
| 18 | -18 | 109 | 215 | -304 | 82 | 87 | 532 | 277 | -781 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-12 - JSW Energy Limited has informed the Exchange about assignment and affirmation of Credit Rating JSW Neo Energy Limited
2026-09-11 - JSW Energy Limited has informed the Exchange about assignment and affirmation of Credit Rating
2026-09-09 - JSW Energy Limited has informed the Exchange about assignment and affirmation of Credit Rating JSW Energy Limited
2026-09-05 - JSW Energy Limited has informed the Exchange about reaffirmation and assignment of Credit Rating - O2 Companies
2026-09-04 - JSW Energy Limited has informed the Exchange about JSW Energy surpasses 15 GW of capacity milestone; adds 1,572 MW in FY27
2026-09-03 - JSW Energy Limited has informed the Exchange about Schedule of meet
2026-09-01 - JSW Energy Limited has informed the Exchange about reaffirmation and upgrade of Credit Rating - O2 Companies
2026-09-01 - JSW Energy Limited has informed the Exchange about resignation of Senior Management Personnel
2026-08-21 - JSW Energy Limited has informed the Exchange about update on Material litigation under Regulation 30(4) of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( Listing Regulations )
News
Recent coverage and analyst commentary for JSWENERGY
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JSW Energy Ltd.
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