JSWENERGY
Mid CapJSW Energy Limited
Power
JSW Energy is a power producer with 13.7 GW installed generation capacity, part of the O.P. Jindal Group. The company is transitioning towards green energy, targeting 30 GW generation and 40 GWh of storage capacity by 2030, with a commitment to carbon neutrality by 2050.
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 mixed.
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 31 Mar 2026
Excellent · 85/100Rev +41% YoY · PAT +38% YoY · margin expansion · +10% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,499 Cr | +41.1% | +10.2% |
| EBITDA | ₹2,250 Cr | +86.9% | +10.8% |
| Operating margin | 50.0% | +1200 bps | +0 bps |
| PAT | ₹574 Cr | +38.3% | +8.5% |
| PAT margin | 12.8% | -25 bps | -20 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
JSW Energy reported robust FY26 financial performance with Total Revenue up 57% to ₹19,878 Cr, EBITDA up 81% to ₹11,041 Cr, and Cash PAT increasing 28% to ₹4,359 Cr, driven by significant capacity additions and operational ramp-up.
The company demonstrates strong execution in capacity expansion and financial growth, aligning with its ambitious 2030 targets. However, the high Net Debt/EBITDA ratio, despite being within management's stated guardrails, warrants close monitoring given the substantial planned capex.
Generation Capacity Breakup (MW) by 2030
Latest issuer-disclosed distribution across 5 reported categories.
Renewable Energy Expansion
Targeting 30 GW generation capacity by 2030, with a significant increase in renewable share for de-carbonization.
Energy Storage Development
Aiming for 40 GWh of energy storage capacity by 2030, with 29.6 GWh already locked-in.
Green Hydrogen & Derivatives
Commissioned a 3,800 TPA Green Hydrogen plant and pursuing further expansion in green hydrogen and derivatives.
Equipment Manufacturing
Venturing into wind turbine blade manufacturing via a licensing agreement with SANY and acquiring a boiler manufacturing facility from GE Power.
Installed Generation Capacity
Installed capacity as of March 31, 2026, was 13,454 MW, growing to 13.7 GW by May 15, 2026.
Under-Construction Capacity
14,048 MW of generation capacity is currently under construction.
Pipeline Projects
4,561 MW of projects are in the pipeline, where LoA/LoI is received and PPA is to be signed.
Energy Storage Locked-in Capacity
29.6 GWh of energy storage capacity is locked-in, comprising 3.2 GWh BESS and 26.4 GWh PSP.
Robust Power Demand Growth
India's base power demand is projected to grow from 1,709 BUs in FY26 to 3,365 BUs in FY36e, a 12.3% CAGR.
Renewable Purchase Obligation (RPO) Push
RCO (Renewable Consumption Obligation) push is fueling the next wave of renewable demand, with total non-fossil RCO targets increasing to 43.33% by 2029-30.
National Green Hydrogen Mission
Government initiatives like the National Green Hydrogen Mission and SIGHT program provide incentives for green hydrogen production and electrolyzer manufacturing.
High Leverage for Growth
Net Debt/EBITDA is 5.96x, with a target of ~5x by FY30, indicating significant reliance on debt for the envisaged ₹130,000 Cr capex.
Regulatory Tariff Adoption Risk
The company has filed an appeal regarding the non-adoption of tariff by CERC for the SECI (Rajasthan) BESS project.
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.
The presentation primarily focuses on annual financial and operational performance (FY26 vs FY25), reflecting full-year trends, strategic progress, and the impact of recent acquisitions and commissioning activities.
Net Generation
FY26 Net Generation was 51.3 BUs, up from 32.4 BUs in FY25.
Capacity under LT PPA
96% of total capacity is tied up under Long Term Power Purchase Agreements (LT PPA) for FY26.
Generation EBITDA contribution from LT
Approximately 88% of generation EBITDA contribution is from LT PPAs.
Net Debt/EBITDA
Net Debt/EBITDA stood at 5.96x as of March 31, 2026.
Ambitious Capacity Targets
Management targets 30 GW generation capacity and 40 GWh of energy storage by 2030.
Carbon Neutrality Goal
Committed to achieving carbon neutrality by 2050, with a target to reduce carbon emissions by ~50% by 2030.
Significant Capital Expenditure
Envisages cumulative incremental capital expenditure of ~₹130,000 Cr over FY26-FY30.
EBITDA Growth Outlook
Projects FY2030 run rate EBITDA to be 2.7-3.0x of FY2025 proforma EBITDA.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net Debt/EBITDA | 5.96x (Mar 31, 2026) | Progress towards the FY30 target of ~5x, especially with planned large capex. |
| Generation Capacity | 13.7 GW (May 15, 2026) | Execution and commissioning of under-construction and pipeline projects to reach 30 GW by 2030. |
| Energy Storage Capacity | 29.6 GWh locked-in | Further contracts and commissioning to achieve the 40 GWh target by 2030. |
| Cash PAT Growth | ₹4,359 Cr (FY26) | Sustained growth in cash PAT to support internal accruals for significant capital expenditure plans. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
59NeutralSMA20 +14.6% / mo
Technical chart
JSWENERGYweekly · 3Y-19.9%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 57. Wait for confirmation.
- SMA20 rising (~12.7% over last month) — short-term momentum positive.
- RSI(14) at 57 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 8% off 52W high · 33% 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.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
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 2/30 to the score.
Main drags
- Altman Z is 1.5, in distress territory.
- Fair-value margin of safety is negative at -35.8%.
- Quality is weaker at 0/20; 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
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 24th 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 67 · Mid: 12th pctile, median 76
85 documents indexed, 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 1.6%.
- ▸9 years of positive FCF.
Trust risks
- ▸Debt/equity is 2.50.
- ▸Altman Z is 1.51.
- ▸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.
Intrinsic value
Fundamentals
Valuation
- P/E
- 45.90
- P/B
- 3.26
- EV/EBITDA
- 13.72
- Market Cap
- 104772.00Cr
Profitability
- ROE
- 7.86%
- ROCE
- 8.29%
- ROA
- 2.22%
- Dividend Y
- 0.35%
Growth (CAGR)
- Revenue 5Y
- 22.00%
- EPS 5Y
- 24.00%
- Revenue 3Y
- 22.00%
- EPS 3Y
- 21.00%
Balance Sheet
- Debt/Equity
- 2.50
- Interest Coverage
- 1.73×
- Altman Z
- 1.51
- Book Value
- 175.00
Cash Flow
- FCF Yield
- 1.62%
- FCF Positive Y
- 9/5
- OCF
- 9898.00 Cr
- EPS TTM
- 12.74
Shareholding
- Promoter Hold
- 66.53%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 76%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.