Credit rating
Assignment Of Credit Rating - O2 Companies 13 Oct - CARE assigned Private CARE A+; Stable ratings to seven O2 Renewable Energy subsidiaries.
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result22 Jul, 08:13 pm IST
Score20 Oct, 05:15 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Power P/E 16.8 (n=92)
Technical timing lens
Trend score and candlestick chart
27Bearishfull bear SMA stack · SMA20 -7.5% / mo · MACD +
Stock trend: 27
Sector RS: —
Power FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
JSWENERGYD candles · FIT view-11.5%Latest close ₹482.20 on 2026-10-19
Bar
+0.2%
RSI
43
MACD hist
1.35
52W pos
29%
2026-10-19O ₹481.00H ₹485.50L ₹478.75C ₹482.20Vol 14.1L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
JSWENERGYNifty PowerNifty 500
- JSWENERGY
- -15.1%
- Nifty 500
- -5.6%
- Nifty Power
- -13.0%
- Vs Nifty 500
- -9.5 pp
Chart stats
19 Oct 2026- From 52W high
- -21.9%
- 52W range position
- 29%
- ATR (14)
- 2.7%
- Volume vs 20D
- 0.64x
- Avg traded value
- ₹103 Cr
- 20D price channel
- ₹457.5 - ₹525.9
₹617.4
₹427.8 - ₹617.4
₹13.2
Latest completed session
20-session average
34.2% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED23
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad5
Revenue +1.2% · PAT -36.2% YoY
Technical
Bearish27
Price trend and sector-relative-strength timing.
Valuation
Legacy model-72.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence56
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 5/100PAT -36% YoY · Rev +1% YoY · margin expansion · +16% QoQ
Filed 22 Jul 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 44.10
- P/B
- 2.75
- EV/EBITDA
- 12.26
- Market Cap
- 88411.00Cr
Profitability
- ROE
- 7.51%
- ROCE
- 8.16%
- ROA
- 1.99%
- Dividend Y
- 0.43%
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
- 1.41
- Book Value
- 175.00
Cash Flow
- FCF Yield
- 1.92%
- FCF Positive Y
- 9/5
- OCF
- 9898.00 Cr
- EPS TTM
- 11.11
Shareholding
- Promoter Hold
- 66.53%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 29%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 18.9k+60.9% vs prev
Net Profit
₹ CrLatest: 2,459-11.0% vs prev
Return on Equity
%Latest: 8.0-20.7% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 43. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- Recent death cross (SMA50 crossed below SMA200).
- SMA20 falling (~8.2% over last month) — short-term momentum negative.
- RSI(14) at 43 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 22% off 52W high · 13% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
39
RS percentile
Stage 1 Base / Transition
1M return
-8.3%
3M return
-15.1%
6M return
-14.0%
1Y return
-10.1%
RS 1D
-2
RS 20D
-6
Sector rank
#17
Industry rank
#25
Stage evidence
- Price is 10.4% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed -0.1% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 95.54+0.95%
RS vs Nifty 50096
Valuation & peers
U-Score 23 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 23 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth15/25
Quality0/20
Balance Sheet0/15
Cash Flow5/10
Piotroski
6/9 (+3)
Penalties
0
Raw sum
23
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
23/100 · legacy band OVERVALUED
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 1.4, in distress territory.
- Fair-value margin of safety is negative at -72.7%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
44.1
PB
2.8
EV/EBITDA
12.3
ROE
7.5%
ROCE
8.2%
FCF Yield
1.9%
Debt/Equity
2.5
MoS
-72.7%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
23
Previous: 23
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-72.7%
Previous: -66.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
23
23
23
23
23
23
23
23
23
23
23
23
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹209.15
-130.5% MoS
Growth-justified P/E
25.1
Growth-justified Value
₹279.19
-72.7% MoS
PEG
2.06
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
NHPC
Mid
NHPC Limited
Power Generation
match 166
18
19.2
9.3%
-111%
OVERVALUED
TATAPOWER
Large
Tata Power Company Limited
Power Generation
match 159
26
28.6
10.2%
-12%
OVERVALUED
TORNTPOWER
Large
Torrent Power Limited
Power Generation
match 158
35
26.2
12.5%
+16%
WATCHLIST
SJVN
Large
SJVN Limited
Power Generation
match 154
17
31.4
4.6%
-1167%
OVERVALUED
NLCINDIA
Large
NLC India Limited
Power Generation
match 154
52
11.1
11.9%
+60%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-23T08:17:06.263Z
Management commentary snapshot
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.
Current business mix
Installed Capacity by Fuel Source
Latest issuer-disclosed distribution across 5 reported categories.
Thermal39.0%
Wind21.0%
Solar16.0%
Hybrid12.0%
Hydro12.0%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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.
Management forward view
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'.
Thesis monitor
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.
Trust Score
56Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
86 docs text-extracted · 38 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
18th percentile
overall median 67 · Power: 21st pctile, median 65 · Mid: 9th pctile, median 76
Evidence depth
Financial-only
86 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read 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.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
8
weak · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
50
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 66.5%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2%.
- ▸9 years of positive FCF.
Trust risks
- ▸Debt/equity is 2.50.
- ▸Altman Z is 1.39.
- ▸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.
Continue researching JSW Energy Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Credit rating
Affirmation Of Credit Rating - JSW Renew Energy Limited 9 Oct - Ind-Ra affirmed JSW Renew Energy Limited’s bank loan rating at IND A+/Stable/IND A1.
Source: Bse
Credit rating
Assignment Of Credit Rating - JSW Renewable Energy Dolvi Three Limited 8 Oct - Ind-Ra assigned IND A/Stable rating to JSW Renewable Energy Dolvi Three Limited’s bank loans.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Oct - Intimation regarding newspaper publication of the Notice of Postal Ballot
Source: Bse
Credit rating
Assignment Of Credit Rating - Maruti Clean Coal & Power Limited 29 Sep - Ind-Ra assigned IND AA-/Stable/IND A1+ to Maruti Clean Coal & Power Limited bank facilities.
Source: Bse
Credit rating
Assignment Of Credit Rating - JSW Thermal Energy Limited 29 Sep - Ind-Ra assigned IND A+/Stable rating to JSW Thermal Energy Ltd bank loan facilities.
Source: Bse
Credit rating
Affirmation Of Credit Rating - JSW Renewable Energy (Coated) Limited 16 Sep - Ind-Ra affirmed IND A/Stable rating for JSW Renewable Energy (Coated) Limited bank loans.
Source: Bse
Credit rating
Assignment And Affirmation Of Credit Rating - JSW Neo Energy Limited 12 Sep - ICRA affirmed JSW Neo Energy’s AA/Stable ratings and assigned A1+ to proposed facilities.
Source: Bse
Credit rating
Assignment And Affirmation Of Credit Rating 11 Sep - ICRA affirmed JSW Energy’s AA (Stable) and A1+ ratings for bank facilities, NCDs, and commercial paper.
Source: Bse
Credit rating
Assignment And Affirmation Of Credit Rating - JSW Energy Limited 9 Sep - Ind-Ra affirmed JSW Energy's existing ratings and assigned IND AA/Stable ratings on proposed debentures and loans.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 20 Jun - Notice of the NCLT convened meetings of Equity Shareholders and Unsecured Creditors to approve the proposed scheme of arrangement between GE Power India Limited ("Demerged …
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 20 Jun - The copy of the Newspaper advertisement published today in English in Business ....
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.