JSW Energy Limited (JSWENERGY)
Mid CapPower stocks · Mid cap · NSE
JSW Energy is an Indian power producer with 14,535 MW installed capacity, targeting 30 GW by 2030. It operates a diversified portfolio of thermal, hydro, wind, solar, and hybrid assets, aiming for carbon neutrality by 2050. The company is part of the O. P. Jindal Group and focuses on de-risked business models.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 5/100PAT -36% YoY · Rev +1% YoY · margin expansion · +16% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹5,207 Cr | +1.2% | +15.7% |
| EBITDA | ₹2,873 Cr | +3.0% | +27.7% |
| Operating margin | 55.0% | +100 bps | +500 bps |
| PAT | ₹533 Cr | -36.2% | -7.1% |
| PAT margin | 10.2% | -602 bps | -252 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Q1 FY27 saw 2% YoY EBITDA growth to ₹3,103 Cr despite a 5% YoY net generation decline, impacted by hydro and thermal issues. PAT fell to ₹533 Cr. The company added ~1.1 GW capacity, funded by ₹10,150 Cr strategic raises, and is on track for 3 GW in FY27, advancing its 30 GW by 2030 target.
The thesis remains intact, supported by aggressive capacity expansion and strong funding. While Q1 FY27 operational performance was mixed due to transient factors like weak hydrology and a thermal plant outage, the strategic growth trajectory and deleveraging efforts are positive. Execution of the 3 GW FY27 target is key.
Installed Capacity by Fuel Source
Latest issuer-disclosed distribution across 5 reported categories.
Renewable Capacity Expansion
Added 1,081 MW till July 8th, targeting 1.5 GW by H1 FY27 and 3 GW for FY27. Total installed capacity is 14,535 MW.
Strategy 3.0 Target
Company aims for 30 GW generation capacity by 2030, with 32.4 GW already locked-in (installed, under construction, pipeline).
Energy Storage Development
Targeting 40 GWh energy storage by 2030, with 29.6 GWh locked-in. Secured first external order for a 200 MW/400 MWh BESS project.
De-risked Thermal Growth
Mahanadi (1,800 MW) and Salboni (1,600 MW) thermal projects are under construction with land, infrastructure, and fuel access secured.
Total Capacity Addition
1,081 MW added till July 8th (Q1 FY27: +873 MW), achieving ~36% of the 3 GW FY27 target.
Tidong Hydro Project
150 MW fully commissioned on June 12th, ahead of the October 2026 schedule, capturing the hydro season.
Halol Wind Blade Manufacturing Facility
Operationalized on June 8th, strengthening backward integration with an annual capacity of up to 450 blades (~600 MW).
Battery Assembly Plant
Stabilized the 5 GWh battery container assembly plant in Pune and secured a first large external order for a 200 MW/400 MWh BESS project.
Robust Power Demand
All-India power demand rose 8.5% YoY to 483 BUs in Q1 FY27, with June 2026 demand growth accelerating to 11.5% YoY.
Record Peak Demand
India recorded its highest-ever peak power demand of 271 GW in May 2026, with June 2026 remaining robust at 265 GW.
Strategic Fund Raises
₹10,150 Cr raised through QIP, preferential allotment to promoters, and partial stake sale in JSW Steel, augmenting liquidity.
Backward Integration
Operationalization of Halol wind blade manufacturing facility strengthens supply chain security and drives capex efficiencies.
Weak Hydrology
Hydro generation declined 23% YoY in Q1 FY27 due to subdued hydrology, despite plant availability being maintained at 100%.
Mahanadi Plant Outage
Mahanadi plant generation was impacted by a one-off evacuation availability (Force Majeure), though it normalized in June 2026.
Rising Inflation
June-26 CPI inflation rose to 4.38% due to the U.S.-Iran war and a weak monsoon, raising food and fuel prices.
Fluctuations in Earnings
Forward-looking statements indicate that actual results may differ due to various factors, including fluctuations in earnings.
Government Policies and Regulations
Changes in government policies and regulations are identified as a risk factor that could impact future performance.
Hydrology Risk for Hydro Assets
Weak hydrology significantly impacted hydro generation, highlighting dependence on weather patterns, though capacity charges are secure.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Financials are primarily presented YoY. Generation volumes show both YoY and QoQ, with hydro being seasonal and thermal/RE additions impacting sequential performance, making both comparisons relevant.
Net Generation Volume
Declined by 5% YoY to 12.9 BUs in Q1 FY27 from 13.5 BUs in Q1 FY26, but was up 10% QoQ.
RE (Wind & Solar) Generation
Increased 11% YoY from 3.1 BUs to 3.4 BUs; up 41% QoQ in Q1 FY27.
Thermal Generation
Down 6% YoY from 8.5 BUs to 8.0 BUs; down 9% QoQ in Q1 FY27.
EBITDA
Up 2% YoY to ₹3,103 Cr in Q1 FY27 from ₹3,057 Cr in Q1 FY26.
Momentum Compounding
Management states that momentum is compounding across operations and the balance sheet, forming the foundation for Strategy 3.0.
FY27 Capacity Target
Management is 'firmly on track to deliver 3 GW capacity addition in FY27', with 99% of required land in possession for 1.9 GW.
Carbon Neutrality Goal
The company is committed to being carbon neutral by 2050, aligning with the Paris Agreement to limit global warming to 1.5°C.
Storage Project Returns
Management expects energy storage projects, including pumped hydro, to yield 'better than mid-teen returns'.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| FY27 Capacity Addition Target | ~1.1 GW achieved YTD (July 8th) | Progress towards the 3 GW target for FY27, especially commissioning timelines for under-construction projects. |
| Operational Net Debt to EBITDA (TTM) | 4.95x | Sustained improvement or stability in operational net leverage, indicating effective capital deployment and deleveraging. |
| RE Generation Growth | 11% YoY in Q1 FY27 | Continued strong growth in renewable energy generation as new capacities ramp up and contribute to the mix. |
| Hydrology Normalization | Hydro generation down 23% YoY due to weak hydrology | Recovery in hydro generation volumes with improved hydrology in subsequent quarters, impacting overall generation mix. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
51NeutralSMA20 -1.7% / mo · MACD −
Technical chart
JSWENERGYdaily · 1Y · AUTO+12.6%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 46. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~1.8% over last month) — short-term momentum negative.
- RSI(14) at 46 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 13% off 52W high · 26% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is within 0.7% of the 30-week proxy.
- The 30-week proxy changed +1.8% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
Valuation & score drivers
U-Score 23 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 23 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Growth contributes 15/25 to the score.
- Cash flow contributes 5/10 to the score.
- Valuation contributes 0/30 to the score.
Main drags
- Altman Z is 1.5, in distress territory.
- Fair-value margin of safety is negative at -95.7%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 18th percentile of the scored universe and 21st percentile within Power. Main check: balance sheet trust is weak at 8/100.
Mixed Trust Lite: Promoter holding is 66.5%. Key concern: Debt/equity is 2.50.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Power: 21st pctile, median 65 · Mid: 8th pctile, median 76
78 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 66.5%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.7%.
- ▸9 years of positive FCF.
Trust risks
- ▸Debt/equity is 2.50.
- ▸Altman Z is 1.48.
- ▸Promoter holding fell 2.7%.
- ▸Interest coverage is 1.7x.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 49.30
- P/B
- 3.09
- EV/EBITDA
- 13.05
- Market Cap
- 98981.00Cr
Profitability
- ROE
- 7.51%
- ROCE
- 8.16%
- ROA
- 1.99%
- Dividend Y
- 0.37%
Growth (CAGR)
- Revenue 5Y
- 22.00%
- EPS 5Y
- 23.00%
- Revenue 3Y
- 22.00%
- EPS 3Y
- 19.00%
Balance Sheet
- Debt/Equity
- 2.50
- Interest Coverage
- 1.68×
- Altman Z
- 1.48
- Book Value
- 175.00
Cash Flow
- FCF Yield
- 1.72%
- FCF Positive Y
- 9/5
- OCF
- 9898.00 Cr
- EPS TTM
- 11.11
Shareholding
- Promoter Hold
- 66.53%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 59%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Power, ranked by similarity
Peers
Business-comparable names in Power, ranked by similarity
Peers
Business-comparable peers in Power — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.