Order Book Or Contract Wins
Expected: By 2030HIGH confidence
What: Locked-in Capacity: 18.7 GW incremental
“We have already locked in about 18.7 GW of incremental capacity in generation and 29.6 GW hour in storage.”
JSW Energy Ltd: Why Is It Outperforming Nifty 500?
ActiveRS +22.1%Average4w StreakRe-Entry
In , JSW Energy Ltd (Power - Generation/Distribution) is outperforming Nifty 500 with +22.1% relative strength. Fundamentals: Average. On a 4-week streak.
JSW Energy Ltd Key Facts
- PE Ratio
- 43.4x
- Market Cap
- ₹1,00,377 Cr
- PAT Growth YoY
- +237%
- Revenue Growth YoY
- +67%
- OPM
- 50.0%
- RS vs Nifty 500
- +22.1%
PE: Mid ContractionStrong Opportunity
What's Happening
💎PE falling while earnings hold — value emerging
📊Debt increased 38% YoY — leverage rising
🌐FII stake decreased 2.8% this quarter
🏛️DII accumulation — stake up 1.8%
Earnings Acceleration Triggers
1. Order Book Or Contract Wins
By 2030HIGH
2. Operating Leverage Inflection
OngoingHIGH
3. Interest Cost Reduction Deleveraging
QuarterlyMEDIUM
Key Risks
1. Tariff reduction of ₹1
MEDIUM2. One-off provision of ₹65 Crores related to changes in labour codes
LOW3. Extreme weather conditions leading to reserve shutdowns and backdowns
LOWSector-Specific Signals
Total Installed Capacity13.3 GW+64%
Net Generation11.1 BU+65%
Long-term PPA Share82%
Merchant Exposure (Open Capacity)8%
Key Numbers
PAT Growth YoY
+237%
Stable
Revenue YoY
+67%
Stable
Operating Margin
50.0%
+1300 bps YoY
PE Ratio
43.4
Current Price
₹571
Dividend Yield
0.35%
Fundamental Score
45/100
Average
3Y PAT CAGR
+4%
Market Cap
1.0L Cr
Valuation
Slightly Undervalued12-Week Performance
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
12 weeks agoThis week
Why Are JSW Energy Ltd's Earnings Accelerating?
Based on Q3 FY26 earnings • Updated Apr 19, 2026
Operating Leverage Inflection
Expected: OngoingHIGH confidence
What: EBITDA Growth: 98% YoY
“robust capacity additions undertaken so far have now begun translating into higher energy generation as well as cash flows.”
Interest Cost Reduction Deleveraging
Expected: QuarterlyMEDIUM confidence
What: Weighted Average Interest Rate: 8.68%
Impact: 11 bps reduction
“During the quarter, our cost of debt declined by about 11 basis points quarter on quarter from 8.79% to 8.68%.”
Management Or Ownership Change
Expected: Next 18 monthsMEDIUM confidence
What: Equity Infusion: ₹3,000 Cr
“preferential allotment of equity shares to the promoter group, involving a capital infusion of ₹3,000 crore.”
Regulatory Approval Or License Win
Expected: ImmediateLOW confidence
What: NCLT Approval: Raigarh Champa Rail
“we have also received the NCLT approval in relation to the Resolution Plan submitted by the Company for Raigarh Champa Rail.”
EBITDA growth of 98% YoY
HIGH confidence
What: EBITDA growth of 98% YoY
“Over the past twelve months, we have added 5.2 GW of capacity... which has been a key driver of our year-on-year EBITDA growth.”
What Are the Key Risks for JSW Energy Ltd?
Earnings deceleration risks from management commentary
Tariff reduction of ₹1
MEDIUMTrigger: PPA terms for the KSK asset involve a step-down in tariffs starting FY27.
Impact: PAT impact: Minimal on EBITDA
Management view: Operational efficiencies and sale of reserve shutdowns will mitigate the impact.
Monitor: regulatory
One-off provision of ₹65 Crores related to changes in labour codes
LOWTrigger: Alignment with recent legislative changes in labour regulations.
Impact: PAT impact: ₹65 Cr
Management view: One-off provision already recognized in Q3 results.
Monitor: labor
Extreme weather conditions leading to reserve shutdowns and backdowns
LOWTrigger: Unusually long monsoon and cooler temperatures impacted power demand and generation scheduling.
Management view: Portfolio diversification and fixed charge recovery mechanisms protect revenues.
Monitor: climate
What Is JSW Energy Ltd's Management Saying?
Key quotes from recent conference calls
“we are well-positioned to achieve our generation capacity target in excess of 15 GW by the end of fiscal year. [Previous Generation Capacity guidance]”
“signing of our second 1,600 MW PPA with West Bengal Discom... increasing our total capacity at the site to 3,200 MW. [Initiative: Salboni Thermal Project Expansion]”
“successfully commissioned India’s largest green hydrogen plant at our Vijayanagar location, with a capacity of 3,800 tonnes. [Initiative: Green Hydrogen Commissioning]”
“there will be a tariff reduction of close to about ₹1.25 from one of the DISCOMs... impact on the overall EBITDA will be minimal. [Risk (regulatory): MEDIUM]”
What Did JSW Energy Ltd Report This Quarter?
Headline numbers from the latest earnings call
Revenue
₹4,255 Cr
YoY +61%QoQ -19.7%
Why: Revenue growth was driven by robust capacity additions and higher generation across the portfolio, particularly from solar and wind assets.
The company saw a significant jump in revenue despite a sequential decline from Q2's ₹5,300 Cr.
EBITDA
₹2,202 Cr
YoY +98%Margin 51.7%
Why: EBITDA growth was primarily driven by the addition of 5.2 GW of capacity over the past twelve months, including inorganic contributions.
Margins remain high as newer assets begin contributing to the bottom line.
PAT
₹420 Cr
YoY +150%QoQ -40.4%
Why: Profit was bolstered by the recognition of a Deferred Tax Asset of ₹557 crore related to the Utkal PPA certainty.
Reported PAT was significantly impacted by one-time tax recognitions and higher interest/depreciation from new assets.
Other Highlights
• Cash profits increased by 12% year on year to approximately ₹570 crores.
• Net debt stood at ₹63,771 crores at the end of the quarter.
• Debtor days reduced to 73 days from 96 days in the previous year.
What Sector Metrics Matter for JSW Energy Ltd?
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Total Installed Capacity
13.3 GW
YoY +64%QoQ +0.1 GW
Why: Driven by organic additions in renewables and integration of acquired assets.
Net Generation
11.1 BU
YoY +65%QoQ -3.8 BU
Why: Higher generation from solar, wind, and thermal assets (Utkal/KSK) offset by seasonal hydro decline.
Long-term PPA Share
82%
Why: Strategic focus on de-risking the portfolio through long-term contracts.
Merchant Exposure (Open Capacity)
8%
QoQ 0%
Why: Maintained at 8% but expected to drop to 5% by April 2026 due to new Utkal PPA.
Net Debt
₹63,771 Cr
QoQ +₹1,811 Cr
Why: Increased due to ongoing capex for under-construction projects.
Receivable Days
73 days
YoY -23 daysQoQ +9 days
Why: Sharp reduction from 96 days last year due to better collections from DISCOMs.
Net Debt / EBITDA (Pro-forma)
4.9x
QoQ -0.1x
Why: Excluding CWIP debt, leverage remains stable as EBITDA grows.
Solar & Wind Generation Growth
149%
YoY +149%
Why: Led by organic capacity additions and contributions from the O2 Power acquisition.
What Is JSW Energy Ltd's Management Guidance?
Forward-looking targets from management
Capex Plan
₹16000 Cr
Capex Plan
₹16,000 Cr
Salboni Phase 1 (2 * 800 MW)
Volume
Capacity Target
Management Tone: BULLISH
Guidance Changes
LOWERED
Open Capacity: 8% → 5%
How Fast Is JSW Energy Ltd Growing?
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +67% | +13% | Stable |
| PAT (Net Profit) | +237% | +4% | Stable |
| OPM | 50.0% | +1300 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 19, 2026.
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Frequently Asked Questions: JSW Energy Ltd
Based on publicly available financial data. This is educational research, not investment advice.
What were JSW Energy Ltd's latest quarterly results?
JSW Energy Ltd's latest quarterly results (Dec 2025) show
- PAT Growth YoY: +236.9% (stable)
- Revenue Growth YoY: +67.4%
- Operating Margin: 50.0% (volatile)
Is JSW Energy Ltd's profit growing or declining?
JSW Energy Ltd's profit is growing with an stable trend.
- PAT Growth YoY: +236.9% (latest quarter)
- PAT Growth QoQ: -35.8% (sequential)
- 3-Year PAT CAGR: +4.4%
- Trend: Stable — consistent growth pattern
What is JSW Energy Ltd's revenue growth trend?
JSW Energy Ltd's revenue growth trend is stable.
- Revenue Growth YoY: +67.4%
- Revenue Growth QoQ: -21.2% (sequential)
- 3-Year Revenue CAGR: +12.9%
How is JSW Energy Ltd's operating margin trending?
JSW Energy Ltd's operating margin is volatile.
- Current OPM: 50.0%
- OPM Change YoY: +13.0% basis points
- OPM Change QoQ: -8.0% basis points
What is JSW Energy Ltd's 3-year profit and revenue CAGR?
JSW Energy Ltd's long-term compounding rates
- 3-Year Profit CAGR: +4.4%
- 3-Year Revenue CAGR: +12.9%
Is JSW Energy Ltd's growth accelerating or decelerating?
JSW Energy Ltd's earnings growth is stable with weakening on a sequential basis.
- YoY Acceleration: +106.0% bps
- Sequential Acceleration: -34.4% bps
- Note: YoY and QoQ trends are diverging — worth monitoring
What is JSW Energy Ltd's trailing twelve month (TTM) performance?
JSW Energy Ltd's trailing twelve month (TTM) performance
- TTM PAT: ₹3,000 Cr
- TTM PAT Growth: +36.1% YoY
- TTM Revenue: ₹18,000 Cr
- TTM Revenue Growth: +55.5% YoY
- TTM Operating Margin: 51.4%
Is JSW Energy Ltd overvalued or undervalued?
JSW Energy Ltd appears slightly undervalued based on our fair value analysis.
- Valuation Signal: Slightly Undervalued
- Current PE: 43.4x
- Price-to-Book: 3.4x
What is JSW Energy Ltd's current PE ratio?
JSW Energy Ltd's current PE ratio is 43.4x.
- Current PE: 43.4x
- Market Cap: 1.0 Lakh Cr
- Dividend Yield: 0.35%
How does JSW Energy Ltd's valuation compare to its history?
JSW Energy Ltd's current PE is 43.4x.
- Current PE: 43.4x
- Valuation Assessment: Slightly Undervalued
What is JSW Energy Ltd's price-to-book ratio?
JSW Energy Ltd's price-to-book ratio is 3.4x.
- Price-to-Book (P/B): 3.4x
- Book Value per Share: ₹167
- Current Price: ₹571
Is JSW Energy Ltd a fundamentally strong company?
JSW Energy Ltd is rated Average with a fundamental score of 45/100. This score is calculated from objective financial metrics
- Revenue Growth YoY: +67.4% (10% weight)
- PAT Growth YoY: +236.9% (10% weight)
- PAT Growth QoQ: -35.8% (10% weight)
- Margins stable (10% weight)
Is JSW Energy Ltd debt free?
JSW Energy Ltd has a debt-to-equity ratio of N/A.
- Total Debt: ₹69,000 Cr
What is JSW Energy Ltd's return on equity (ROE) and ROCE?
JSW Energy Ltd's return ratios over recent years
- FY2023: ROCE 7.0%
- FY2024: ROCE 9.0%
- FY2025: ROCE 6.0%
Is JSW Energy Ltd's cash flow positive?
JSW Energy Ltd's operating cash flow is positive (FY2025).
- Cash from Operations (CFO): ₹4,000 Cr
- Free Cash Flow (FCF): ₹-19,000 Cr
- CFO/PAT Ratio: 194% (strong cash conversion)
What is JSW Energy Ltd's dividend yield?
JSW Energy Ltd's current dividend yield is 0.35%.
- Dividend Yield: 0.35%
- Current Price: ₹571
Who holds JSW Energy Ltd shares — promoters, FII, DII?
JSW Energy Ltd's shareholding pattern (Mar 2026)
- Promoters: 69.4%
- FII (Foreign): 9.7%
- DII (Domestic): 14.3%
- Public: 6.4%
Is promoter holding increasing or decreasing in JSW Energy Ltd?
JSW Energy Ltd's promoter holding has increased recently.
- Current Promoter Holding: 69.4% (Mar 2026)
- Previous Quarter: 69.3% (Dec 2025)
- Change: +0.15% (increasing — positive signal)
How long has JSW Energy Ltd been outperforming Nifty 500?
JSW Energy Ltd has been outperforming Nifty 500 for 4 consecutive weeks, indicating building momentum.
Is JSW Energy Ltd a new momentum entry or an established outperformer?
JSW Energy Ltd is a re-entry — it briefly dropped off the outperformance list but has now returned. Re-entries can signal renewed strength.
What are the growth catalysts for JSW Energy Ltd?
JSW Energy Ltd has 6 key growth catalysts identified from recent earnings analysis
- Order Book Or Contract Wins — The company has secured a massive pipeline of generation and storage projects to exceed its 2030 targets.
- Operating Leverage Inflection — Recent capacity additions of 5.2 GW are now translating into higher generation and cash flows.
- Interest Cost Reduction Deleveraging — Management expects a declining interest cost trend as bank loans undergo resets following rate cuts.
- Management Or Ownership Change — Promoter group capital infusion and new CFO appointment signal strong leadership and financial backing.
What are the key risks in JSW Energy Ltd?
JSW Energy Ltd has 3 key risks worth monitoring
- [MEDIUM] Tariff reduction of ₹1 — PPA terms for the KSK asset involve a step-down in tariffs starting FY27.
- [LOW] One-off provision of ₹65 Crores related to changes in labour codes — Alignment with recent legislative changes in labour regulations.
- [LOW] Extreme weather conditions leading to reserve shutdowns and backdowns — Unusually long monsoon and cooler temperatures impacted power demand and generation scheduling.
What did JSW Energy Ltd's management say in the latest earnings call?
In Q3 FY26, JSW Energy Ltd's management highlighted
- "we are well-positioned to achieve our generation capacity target in excess of 15 GW by the end of fiscal year. [Previous Generation Capacity guidance..."
- "signing of our second 1,600 MW PPA with West Bengal Discom... increasing our total capacity at the site to 3,200 MW. [Initiative: Salboni Thermal Pro..."
- "successfully commissioned India’s largest green hydrogen plant at our Vijayanagar location, with a capacity of 3,800 tonnes. [Initiative: Green Hydro..."
What is JSW Energy Ltd's management guidance for growth?
JSW Energy Ltd's management has provided the following forward guidance
- Revenue outlook: Not Given
- Margin outlook: Not Given
- Capex plan: ₹16000 Cr for Salboni Phase 1 (2 * 800 MW)
- Management tone: bullish
- Milestone: [LOWERED] Open Capacity: 8% → 5%
What sector-specific metrics matter most for JSW Energy Ltd?
JSW Energy Ltd's most important sub-sector-specific KPIs from the latest concall
- Total Installed Capacity: 13.3 GW (YoY +64%) (QoQ +0.1 GW) — Driven by organic additions in renewables and integration of acquired assets.
- Net Generation: 11.1 BU (YoY +65%) (QoQ -3.8 BU) — Higher generation from solar, wind, and thermal assets (Utkal/KSK) offset by seasonal hydro decline.
- Long-term PPA Share: 82% — Strategic focus on de-risking the portfolio through long-term contracts.
- Merchant Exposure (Open Capacity): 8% (QoQ 0%) — Maintained at 8% but expected to drop to 5% by April 2026 due to new Utkal PPA.
- Net Debt: ₹63,771 Cr (QoQ +₹1,811 Cr) — Increased due to ongoing capex for under-construction projects.
- Receivable Days: 73 days (YoY -23 days) (QoQ +9 days) — Sharp reduction from 96 days last year due to better collections from DISCOMs.
Is JSW Energy Ltd worth studying for long term investment?
Based on quantitative research signals, here is why JSW Energy Ltd may be worth studying
- Earnings growing at +236.9% YoY
- Valuation: appears slightly undervalued
- Cash flow is positive — CFO ₹4,000 Cr
What is the investment thesis for JSW Energy Ltd?
JSW Energy Ltd investment thesis summary:
Research Signals (Bull Case)
- Revenue growing at +67.4% YoY
- Growth catalyst: Order Book Or Contract Wins
Risk Factors (Bear Case)
- Key risk: Tariff reduction of ₹1
What is the future outlook for JSW Energy Ltd?
JSW Energy Ltd's forward outlook based on current data signals
- Earnings Trend: stable
- Revenue Trend: stable
- Margin Trend: volatile
- Valuation: Slightly Undervalued
- Key Catalyst: Order Book Or Contract Wins
- Key Risk: Tariff reduction of ₹1
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.