JSW Energy Ltd
JSWENERGYJSW Energy Ltd's earnings have outrun its stock. EPS grew +14.2% in a year against a +0.1% price move.
The sharpest disagreement: the engine is strong, but at the 80th percentile of its own range you are paying full price for it.
The price is in a confirmed uptrend (19 weeks in) while the P/E sits at the 80th percentile of its own 11-year range. Underneath, the last four quarters read improving — profit −36.2% year on year, and 309% of the last 3 years' profit arrived as cash. What settles it: whether the earnings grow into the multiple.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
JSW Energy Ltd trades at ₹526, in a confirmed uptrend and 19 weeks into that stage. That is −1.8% against its own 200-day average. It sits at 56% of a 52-week range of ₹441 to ₹595. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (10 weeks and counting).
Today the stock is in a confirmed uptrend — week 19 of stage 2, confirmed. At ₹526 it trades −1.8% versus its 200-day average and sits at 56% of its 52-week range (₹441–₹595).
Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +662% while the NIFTY 500 moved +267% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (10 weeks and counting; last ahead the week of 2026-07-03) — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
Story check
JSW Energy Ltd's story is not scored yet against the markers our research file set on 22 August 2026. Where it sits in its own cycle: AT_PEAK. Our fortnightly research layers last read it on 22 August 2026.
Our read, 22 August 2026. JSW Energy is executing a structural transition to a 30 GW diversified power utility by 2030 with installed capacity reaching 14.6 GW in Q1 FY27, but elevated leverage (net debt 5.0x EBITDA) and 48.1x PE valuation (81st percentile) require strict execution on the 3 GW FY27 buildout amid documented timeline slippages.
From the numbers. PE at 48.1x — 81st percentile of the 10-year range and 2.01x the 23.9x median — sits AT_PEAK in a FULLY_EXPANDED valuation phase. PE decomposition is MIXED with institutional signal DII_BUYING, indicating domestic…
From the price. Price stage 2, week 19 — below its 200-day line, relative strength falling.
From the research. JSW Energy is executing a structural transition to a 30 GW diversified power utility by 2030 with installed capacity reaching 14.6 GW in Q1 FY27, but elevated leverage (net debt 5.0x EBITDA) and 48.1x PE valuation (81st…
🚨 Where they disagree. PE at 48.1x — 81st percentile of the 10-year range and 2.01x the 23.9x median — sits AT_PEAK in a FULLY_EXPANDED valuation phase. PE decomposition is MIXED with institutional signal DII_BUYING, indicating domestic institutional accumulation even as valuation trades at double its historical median. TTM EPS stands at 10.97 (FY26 12.74), but high leverage (net debt approximately 55,000 Cr, 5.0x EBITDA) and elevated interest expense (1,519 Cr in Q1 FY27) mean future re-rating depends on executing the 3 GW FY27 renewable addition and achieving mid-teen returns on the 20,000 Cr capex program.
What is proven. JSW Energy is executing a structural transition to a 30 GW diversified power utility by 2030 with installed capacity reaching 14.6 GW in Q1 FY27, but elevated leverage (net debt 5.0x EBITDA) and 48.1x PE valuation (81st percentile) require strict execution on the 3 GW FY27 buildout amid documented timeline slippages.
What is not proven yet. If H1 FY27 capacity commissioning falls below 1,000 MW (missing the 1.5 GW run-rate target, repeating the H2 FY26 delay pattern) AND KSK Mahanadi annual EBITDA drops below Rs 2,500 Cr under the UP tariff step-down — while net debt-to-EBITDA remains above 5.5x — the structural operating leverage thesis breaks down, leaving the 48.1x PE multiple vulnerable to severe multiple contraction.
🚨 What would change our mind. If H1 FY27 capacity commissioning falls below 1,000 MW (missing the 1.5 GW run-rate target, repeating the H2 FY26 delay pattern) AND KSK Mahanadi annual EBITDA drops below Rs 2,500 Cr under the UP tariff step-down — while net debt-to-EBITDA remains above 5.5x — the structural operating leverage thesis breaks down, leaving the 48.1x PE multiple vulnerable to severe multiple contraction.
🚨 Layer 1 read, 22 August 2026 — DROP. Twenty-eight percent of last year's profit came from tax credits, not from generating electricity. JSW Energy reported Rs 2,762 Cr of profit in FY26, but adding up the four quarters' pre-tax figures gives only Rs 1,985 Cr — the December quarter alone reported a Rs 529 Cr profit on a Rs 173 Cr pre-tax LOSS, at a tax rate of minus 406%. The gap is below-the-line tax credits, and no concall in the evidence base explains them. Underneath, the economics are strained: the company earns 8.16% on its capital against a roughly 10% cost of capital, the interest bill of Rs 1,519 Cr a quarter eats over half of operating profit, and in the latest quarter pre-tax profit fell 31% while revenue rose 1.2%. The build itself is real and fully contracted — 1.1 GW added so far this year toward 3 GW — but the…
What would change Layer 1’s mind. Two consecutive quarters where pre-tax profit rises year on year with a normal positive tax charge — that would show reported earnings are being generated above the line rather than manufactured below it, and would restore the earnings base the 48x multiple needs. Going the other way, the thesis breaks outright if first-half FY27 commissioning comes in under 1,000 MW while KSK Mahanadi's annual EBITDA drops below Rs 2,500 Cr under the Uttar Pradesh tariff step-down and net debt stays above 5.5…
What the company does. Installed capacity reached 14.6 GW following 873 MW added in Q1 FY27 (1.1 GW YTD), backed by a 32.1 GW locked-in pipeline to achieve the 30 GW 2030 strategy target. FY26 annual EBITDA reached 11,041 Cr as KSK Mahanadi (1.8 GW) and O2 Power (1.3 GW) scaled, but Q1 FY27 PAT declined 36.2% YoY to 533 Cr on hydro snowmelt delays and rising asset capitalization charges. Valuation trades at 48.1x PE (81st percentile, 2.01x median) with a 20,000 Cr FY27 capex plan, leaving minimal safety margin if grid connectivity bottlenecks or regulatory headwinds cause further commissioning deferrals.
Lever 2 · Value-added mix — BUILDING. JSW maintained >20% premium to exchange prices throughout FY26 via back-to-back short-term contracts even as average exchange prices sat at 3.86/unit; Q1 FY27 day-ahead prices rose 16% YoY to 5.1/unit; KSK Q4 merchant EBITDA 203 Cr validated this execution. What proves it keeps working: Merchant premium and pricing power. It stops working if If exchange prices collapse to sub-3/unit during non-peak months, the merchant premium disappears and open capacity becomes a drag.
Sources: our stock research file (22 August 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.
Revenue Revenue is the top line: everything the company billed its customers in the period.
JSW Energy Ltd reported ₹5,207 Cr of revenue in the Jun 26 quarter, +1.2% year on year. That is the 6th straight quarter of year-on-year growth. Over 10 years it has compounded at 6.8% a year. The last full year, FY26, came in at ₹18,901 Cr. The last four reported quarters add to ₹18,965 Cr.
FY26 revenue came in at ₹18,901 Cr (+60.9% on the year), capping 10 years at 6.8% compound. The latest quarter (Jun 26) printed ₹5,207 Cr, +1.2% year on year — the 6th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +42.4% growth against the decade's 6.8% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +35.4% over the last 4 quarters against +28.8%/yr over the last 8 — accelerating; TTM profit +7.7% vs +11.8%/yr — rolling over.
FY26-Q4. revenue ₹4,499 Cr and profit ₹574 Cr as reported.
FY27-Q1. revenue ₹5,207 Cr and profit ₹533 Cr as reported.
Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
JSW Energy Ltd's operating margin is 55.0% in the Jun 26 quarter, +1.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged 31.0% to 53.0%. The current quarter is running above every full year in that window.
Why this happened. KSK delivered 3,300 Cr EBITDA in FY26 at 93% PLF; FY27 base case 2,700 Cr post-UP tariff reduction of 1.25/unit on 1,000 MW — management guided cost synergies (rail efficiency, fuel logistics savings, full-year O&M benefits) to offset the pricing headwind and deliver above base case
The latest quarter's operating margin is 55.0%, +1.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 31.0%–53.0%, and FY26's 53.0% is the top of that band — a record year.
Why the margin moved: operating margin went +1.0 pp year on year while gross margin went +2.0 pp — the gain came mostly from the gross line: input costs and pricing.
Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.
FY26-Q4. revenue ₹4,499 Cr and profit ₹574 Cr as reported.
FY27-Q1. revenue ₹5,207 Cr and profit ₹533 Cr as reported.
Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
JSW Energy Ltd earned ₹533 Cr of net profit in the Jun 26 quarter, −36.2% year on year. Full-year FY26 profit was ₹2,762 Cr. The 10-year compound rate is 6.6%. That is 10.2% of the quarter's revenue. The same quarter a year earlier earned ₹836 Cr.
Jun 26 profit was ₹533 Cr, −36.2% year on year. On the full year, FY26 printed ₹2,762 Cr (+39.3%), and the 10-year compound rate is 6.6%.
🚨 Why profit moved: revenue contributed +1.2% and the margin +1.0 pp — the quarter was revenue-led, with the margin roughly flat.
Pace comparison, last four quarters: profit +58.3% vs revenue +42.4%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
FY26-Q4. revenue ₹4,499 Cr and profit ₹574 Cr as reported.
FY27-Q1. revenue ₹5,207 Cr and profit ₹533 Cr as reported.
Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 309% of JSW Energy Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹9,898 Cr of operating cash against ₹2,762 Cr of profit. After ₹30,737 Cr of capital spending, ₹−20,839 Cr was left as free cash.
FY26: operating cash of ₹9,898 Cr against reported profit of ₹2,762 Cr, leaving free cash of ₹−20,839 Cr after ₹30,737 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 309% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 309%: the cash cycle tightened 20 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.
Router verdict: the bigger cash user is investment — capital spending ran 10.6× depreciation over three years, so the next section's job is to check what that build-out is buying.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
JSW Energy Ltd's cash conversion cycle runs 31 days in FY26, down from 51 days in FY21. Capital spending ran ₹68,653 Cr over the last 3 years. At FY26 sales of ₹18,901 Cr each day of that cycle holds about ₹51.8 Cr, so roughly ₹1,605 Cr sits inside the business at any moment.
Why this happened. 14 GW under-construction pipeline is 100% contracted under long-term PPAs; as each GW commissions it contributes approximately 750 Cr EBITDA at the 75 lakh/MW annual run-rate; 3 GW FY27 addition implies potential 2,250 Cr incremental EBITDA at full-year run-rate
FY26: debtors at 31 days (an asset-light business — no inventory to speak of) — for a full cycle of 31 days, tighter than FY21's 51.
In money terms: at FY26 sales of ₹18,901 Cr, each day of the cycle holds about ₹51.8 Cr — so the 31-day loop keeps roughly ₹1,605 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹68,653 Cr over the last 3 fiscal years against ₹6,473 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹17,465 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
JSW Energy Ltd earns a ROCE of 8% in FY26. That is up from a trough of 6% in FY25. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 14.6% net margin on 0.15× asset turns.
FY26 ROCE is 8%, recovered from a FY25 trough of 6% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 14.6% net margin × 0.15× asset turns × 4.03× balance-sheet leverage ≈ 8.8% on equity. Margin does its share; leverage is a meaningful part of the equation.
The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 35% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.
JSW Energy Ltd carries ₹76,946 Cr of borrowings against ₹30,751 Cr of equity in FY26, a debt-to-equity of 2.50. Operating profit covers the interest bill 2×. Over 5 years borrowings went from ₹8,371 Cr to ₹76,946 Cr. Capital spending ran ₹68,653 Cr across the last 3 of those years.
FY26: borrowings of ₹76,946 Cr against equity of ₹30,751 Cr — a debt-to-equity of 2.50. Operating profit covers the interest bill 2×. Over 5 years borrowings went from ₹8,371 Cr to ₹76,946 Cr while capital spending ran ₹68,653 Cr in just the last 3 — part of the build-out is riding on borrowed money.
The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 35% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Domestic institutions added 6.4 points of JSW Energy Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 16.2% of the company. Foreign institutions moved −3.5 points over the same window, to 11.4%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Domestic institutions: +6.4 points over 8 quarters to 16.2%; Foreign institutions: −3.5 points over 8 quarters to 11.4%; Promoters: −2.8 points over 8 quarters to 66.5%.
Why the register moved: rotation — foreign institutions −3.5 points against domestic institutions +6.4 points over 8 quarters, with promoters −2.8 points — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
JSW Energy Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
JSW Energy Ltd trades at 48.1× P/E, at the pricey end of its own range (80th percentile). Its long-run median P/E is 24.0×, measured across 10.5 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 48.1× is at the pricey end of its own range (80th percentile), against a long-run median of 24.0× measured over 10.5 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved +14.2% against a +0.1% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 5y, of the +13.5%/yr price move, ~+18.9%/yr came from earnings growth and ~−5.4 pp from the multiple (compressing); over 10y, of the +20.5%/yr price move, ~+2.4%/yr came from earnings growth and ~+18.1 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.
The PEG ratio and its quarterly curve, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 35% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.
Solved at its 25 August 2026 price, JSW Energy Ltd was paying for profit growth of about 26.2% a year. Profit itself has compounded 6.6% a year over the past 10 years. Today the market pays 48.1× P/E, the 80th percentile of its own 11-year range.
What the two numbers say together. The multiple is full against its own past, and the growth the price is paying for is far above what this company has actually delivered.
How to hold this number: it is a reading of one day's price, taken on 25 August 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.
Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
JSW Energy Ltd reads as mixed on its fundamental arc. Mixed — the growth curves are steadily positive, but ROCE at 8.0% is below the 15% bar this page requires to call it Consistent. The read is built from 8 quarters across 4 curves, on partial evidence.
Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.
Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.
A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +60.9% | +22.3% | +22.3% | +6.8% |
| Profit | +39.3% | +23.1% | +27.4% | +6.6% |
| EPS | +14.2% | +12.3% | +21.4% | +3.7% |
| Share price | +0.1% | +10.1% | +13.5% | +20.5% |
4-Factor Sector Score
58.4/100 — rank 3 of 20 in Power - Generation/Distribution · 82% evidence confidence
JSW Energy Ltd scores 58.4 out of 100 against the 20 companies it is compared with in Power - Generation/Distribution, ranking 3. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 22.6 + 14 + 6.6 + 15.2 = 58.4. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Said versus delivered
What JSW Energy Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.
🚨 Connectivity Risk Emerged Despite Prior Insulation Claims · 22 July 2026. Management previously stated that the company was insulated from connectivity challenges and expected curtailment to end by July 2026. In the July 2026 call, 300 MW was still under T-GNA and facing curtailment, while a 400 MW Rajasthan project's connectivity moved from the end of July to September or October without an explanation for the slippage.
🚨 2030 Leverage Target Tightened Without Reconciliation · 22 July 2026. The May 2026 call framed the 2030 net debt-to-EBITDA target as approximately 5 to 5.5x. The July 2026 call instead committed to net leverage below 5x, a tighter target that was not reconciled or explained and could affect deleveraging and capital allocation assumptions.
Liquidity Disclosure Is Materially Unreconciled · 22 July 2026. The May 2026 call reported cash and cash equivalents in excess of Rs. 10,000 crores. The July 2026 call cited both a 12,880 crore cash-balance figure and a 3,880 crore cash-and-equivalents figure, creating a material discrepancy versus the prior disclosure and within the latest call that management did not reconcile.
🚨 H2 FY26 Capacity Addition Target Missed Without Acknowledgment · 11 May 2026. The Oct 2025 call guided to installed capacity in excess of 15 GW by end of FY26, and the Jan 2026 call explicitly reaffirmed being well on track for at least 1.5 GW of new capacity additions in H2 FY26. The May 2026 call reveals FY26 closed at only 13.45 GW, implying H2 FY26 additions of roughly 300 MW - an approximately 80% shortfall against the reaffirmed H2 guidance - with no direct acknowledgment or explanation of this significant miss.
Every quote above is taken word for word from the company’s own earnings calls.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Mac Charles (India) Ltd507836 | 60.7/100Mixed-positive evidence61% evidence | 25.8/35 Revenue 100% · PAT -8.4% · OPM change 547 pp 62% evidence | 7.7/25 ROCE 5.4% · OPM 76% 76% evidence | 10.0/20 P/E — · PEG — 0% evidence | 17.2/20 RS sector 6.7% · RS bench 4.9% · 1Y -1.1%2 of 2 weeks ahead to 2026-07-05 100% evidence | |
| Exact sum: 25.8 + 7.7 + 10 + 17.2 = 60.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 2Gujarat Industries Power Co LtdGIPCL | 59.0/100Mixed-positive evidence94% evidence | BREAKING OUT | 28.8/35 Revenue 23.7% · PAT 100% · OPM change 18 pp 100% evidence | 9.0/25 ROCE 5.5% · OPM 48% 100% evidence | 12.0/20 P/E 6.2× · PEG 2.48 100% evidence | 9.2/20 RS sector -15.4% · RS bench 26.5% · 1Y 2.7%6 of 10 weeks ahead 70% evidence |
| Exact sum: 28.8 + 9 + 12 + 9.2 = 59 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 3JSW Energy Ltdthis pageJSWENERGY | 58.4/100Mixed-positive evidence82% evidence | ASLEEP | 22.6/35 Revenue 35.4% · PAT 7.7% · OPM change 1 pp 95% evidence | 14.0/25 ROCE 8.2% · OPM 55% 76% evidence | 6.6/20 P/E 48.1× · PEG — 50% evidence | 15.2/20 RS sector 9.2% · RS bench 1.9% · 1Y 4.4%3 of 12 weeks ahead 100% evidence |
| Exact sum: 22.6 + 14 + 6.6 + 15.2 = 58.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4Adani Power LtdADANIPOWER | 57.0/100Mixed-positive evidence100% evidence | ASLEEP | 16.6/35 Revenue 6.6% · PAT 19.7% · OPM change 2 pp 100% evidence | 17.7/25 ROCE 17.2% · OPM 42% 100% evidence | 8.6/20 P/E 28.4× · PEG 1.83 100% evidence | 14.1/20 RS sector 28.1% · RS bench 19.4% · 1Y 72.2%4 of 12 weeks ahead 100% evidence |
| Exact sum: 16.6 + 17.7 + 8.6 + 14.1 = 57 · Decision use: Price leads the evidence: RS versus the benchmark is 19.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 5NTPC LtdNTPC | 56.3/100Mixed-positive evidence82% evidence | ASLEEP | 17.7/35 Revenue 2.4% · PAT 15.4% · OPM change 5 pp 95% evidence | 14.4/25 ROCE 8.9% · OPM 32% 76% evidence | 11.7/20 P/E 11.6× · PEG — 50% evidence | 12.5/20 RS sector 1.9% · RS bench -4.8% · 1Y 1.4%0 of 12 weeks ahead 100% evidence |
| Exact sum: 17.7 + 14.4 + 11.7 + 12.5 = 56.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 6NHPC LtdNHPC | 55.5/100Mixed-positive evidence100% evidence | TURNING | 24.0/35 Revenue 12% · PAT 24% · OPM change 6 pp 100% evidence | 9.5/25 ROCE 5.8% · OPM 62% 100% evidence | 5.4/20 P/E 20.2× · PEG 3.32 100% evidence | 16.6/20 RS sector 4.8% · RS bench -2.2% · 1Y -1.9%0 of 12 weeks ahead 100% evidence |
| Exact sum: 24 + 9.5 + 5.4 + 16.6 = 55.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7KPI Green Energy LtdKPIGREEN | 54.6/100Mixed-positive evidence82% evidence | ASLEEP | 21.1/35 Revenue 40% · PAT 33.2% · OPM change 1 pp 95% evidence | 17.4/25 ROCE 13.8% · OPM 35% 76% evidence | 14.3/20 P/E 12.2× · PEG — 50% evidence | 1.8/20 RS sector -26.1% · RS bench -31.2% · 1Y -42.1%0 of 12 weeks ahead 100% evidence |
| Exact sum: 21.1 + 17.4 + 14.3 + 1.8 = 54.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 8Adani Green Energy LtdADANIGREEN | 54.0/100Mixed-positive evidence75% evidence | ASLEEP | 17.4/35 Revenue 11% · PAT -2.3% · OPM change 10 pp 95% evidence | 14.3/25 ROCE 7.4% · OPM 90% 76% evidence | 8.9/20 P/E 109× · PEG — 15% evidence | 13.4/20 RS sector 20.7% · RS bench 12.5% · 1Y 37.9%6 of 12 weeks ahead 100% evidence |
| Exact sum: 17.4 + 14.3 + 8.9 + 13.4 = 54 · Decision use: Price leads the evidence: RS versus the benchmark is 12.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 9NLC India LtdNLCINDIA | 50.7/100Mixed-positive evidence82% evidence | ASLEEP | 18.2/35 Revenue 16.9% · PAT 12.8% · OPM change 7 pp 95% evidence | 12.6/25 ROCE 8.4% · OPM 31% 76% evidence | 10.3/20 P/E 11.4× · PEG — 50% evidence | 9.6/20 RS sector 2.6% · RS bench -4.4% · 1Y 15.7%3 of 12 weeks ahead 100% evidence |
| Exact sum: 18.2 + 12.6 + 10.3 + 9.6 = 50.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 10SJVN LtdSJVN | 49.6/100Mixed-negative evidence93% evidence | BASING | 17.3/35 Revenue 60.5% · PAT -7.3% · OPM change -16 pp 100% evidence | 9.1/25 ROCE 5.7% · OPM 61% 100% evidence | 14.4/20 P/E 40.7× · PEG 0.29 65% evidence | 8.8/20 RS sector -4.7% · RS bench -11.3% · 1Y -28.6%0 of 12 weeks ahead 100% evidence |
| Exact sum: 17.3 + 9.1 + 14.4 + 8.8 = 49.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 11CESC LtdCESC | 47.6/100Mixed-negative evidence82% evidence | ASLEEP | 17.7/35 Revenue 8.7% · PAT 12.9% · OPM change -1 pp 95% evidence | 14.7/25 ROCE 10.9% · OPM 16% 76% evidence | 10.4/20 P/E 12.4× · PEG — 50% evidence | 4.8/20 RS sector -4.7% · RS bench -11.1% · 1Y -5.3%1 of 12 weeks ahead 100% evidence |
| Exact sum: 17.7 + 14.7 + 10.4 + 4.8 = 47.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 12Torrent Power LtdTORNTPOWER | 44.7/100Mixed-negative evidence82% evidence | ASLEEP | 10.8/35 Revenue 4.1% · PAT -14.8% · OPM change 0 pp 95% evidence | 16.3/25 ROCE 13.7% · OPM 19% 76% evidence | 7.0/20 P/E 28.1× · PEG — 50% evidence | 10.6/20 RS sector 1.4% · RS bench -5.3% · 1Y 2.7%0 of 12 weeks ahead 100% evidence |
| Exact sum: 10.8 + 16.3 + 7 + 10.6 = 44.7 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. | ||||||
| 13Tata Power Company LtdTATAPOWER | 43.9/100Mixed-negative evidence100% evidence | ASLEEP | 13.0/35 Revenue -4.2% · PAT 8.4% · OPM change 0 pp 100% evidence | 14.2/25 ROCE 10.5% · OPM 20% 100% evidence | 5.1/20 P/E 29.8× · PEG 4.63 100% evidence | 11.6/20 RS sector 1.7% · RS bench -5.1% · 1Y -5.5%0 of 12 weeks ahead 100% evidence |
| Exact sum: 13 + 14.2 + 5.1 + 11.6 = 43.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 14Jaiprakash Power Ventures LtdJPPOWER | 41.6/100Mixed-negative evidence77% evidence | BASING | 12.2/35 Revenue 8.8% · PAT -13.7% · OPM change 5 pp 100% evidence | 9.8/25 ROCE 7% · OPM 43% 100% evidence | 10.6/20 P/E 13.2× · PEG — 15% evidence | 9.0/20 RS sector -0.2% · RS bench -6.8% · 1Y -16%1 of 10 weeks ahead 70% evidence |
| Exact sum: 12.2 + 9.8 + 10.6 + 9 = 41.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 15NTPC Green Energy LtdNTPCGREEN | 41.2/100Mixed-negative evidence93% evidence | BASING | 20.6/35 Revenue 42.1% · PAT 8.8% · OPM change 0 pp 100% evidence | 9.5/25 ROCE 3.6% · OPM 89% 100% evidence | 3.7/20 P/E 121× · PEG 4.9 65% evidence | 7.4/20 RS sector -2.1% · RS bench -8.7% · 1Y -16.5%0 of 12 weeks ahead 100% evidence |
| Exact sum: 20.6 + 9.5 + 3.7 + 7.4 = 41.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 16Orient Green Power Company LtdGREENPOWER | 40.5/100Mixed-negative evidence80% evidence | BASING | 13.3/35 Revenue 0.7% · PAT 15.5% · OPM change -1 pp 95% evidence | 12.2/25 ROCE 7.2% · OPM 68% 95% evidence | 10.3/20 P/E 20.4× · PEG — 15% evidence | 4.7/20 RS sector -8.8% · RS bench -15.1% · 1Y -33.4%2 of 12 weeks ahead 100% evidence |
| Exact sum: 13.3 + 12.2 + 10.3 + 4.7 = 40.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 17India Power Corporation LtdDPSCLTD | 38.6/100Mixed-negative evidence69% evidence | BASING | 18.2/35 Revenue 10.1% · PAT 82.4% · OPM change 65.3 pp 62% evidence | 4.5/25 ROCE 3.5% · OPM -1.8% 95% evidence | 11.8/20 P/E 54.3× · PEG — 50% evidence | 4.1/20 RS sector -26.4% · RS bench -21.6% · 1Y -41.8%0 of 10 weeks ahead 70% evidence |
| Exact sum: 18.2 + 4.5 + 11.8 + 4.1 = 38.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 18RattanIndia Power LtdRTNPOWER | 35.1/100Mixed-negative evidence75% evidence | ASLEEP | 12.5/35 Revenue -6.4% · PAT -4.3% · OPM change 4 pp 74% evidence | 6.6/25 ROCE 6.2% · OPM 16% 100% evidence | 11.1/20 P/E 34.6× · PEG — 50% evidence | 4.9/20 RS sector -13.9% · RS bench -22.1% · 1Y -42.6%0 of 10 weeks ahead 70% evidence |
| Exact sum: 12.5 + 6.6 + 11.1 + 4.9 = 35.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 19Reliance Power LtdRPOWER | 26.7/100Adverse evidence77% evidence | BASING | 9.5/35 Revenue 2.9% · PAT -80% · OPM change -1 pp 100% evidence | 5.5/25 ROCE 6.1% · OPM 29% 100% evidence | 8.5/20 P/E 2486× · PEG — 15% evidence | 3.2/20 RS sector -40.9% · RS bench -28.4% · 1Y -54%1 of 10 weeks ahead 70% evidence |
| Exact sum: 9.5 + 5.5 + 8.5 + 3.2 = 26.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 20BF Utilities LtdBFUTILITIE | 21.4/100Adverse evidence66% evidence | ASLEEP | 2.1/35 Revenue 0.4% · PAT -80% · OPM change -59.9 pp 95% evidence | 4.5/25 ROCE 3.9% · OPM -95.1% 76% evidence | 10.0/20 P/E — · PEG — 0% evidence | 4.8/20 RS sector -34% · RS bench -6.2% · 1Y -31.8%2 of 10 weeks ahead 70% evidence |
| Exact sum: 2.1 + 4.5 + 10 + 4.8 = 21.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is JSW Energy Ltd's share price today?
JSW Energy Ltd trades at ₹526, +0.1% over the past year. The company is valued at ₹96,524 Cr. The stock sits at 56% of its 52-week range of ₹441–₹595, −1.8% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 19 weeks in. — as of 11 September 2026.
What were JSW Energy Ltd's latest quarterly results?
JSW Energy Ltd reported revenue of ₹5,207 Cr and net profit of ₹533 Cr for the Jun 26 quarter. Revenue rose 1.2% and profit fell 36.2% year on year. Earnings per share were ₹2.57. The operating margin was 55.0%, 1.0 pp higher than a year earlier. — as of 11 September 2026.
What is JSW Energy Ltd's revenue?
JSW Energy Ltd reported revenue of ₹5,207 Cr in the Jun 26 quarter, +1.2% year on year. For the full FY26 fiscal year, revenue was ₹18,901 Cr (+60.9%). Over the last 10 years revenue compounded at 6.8% a year. — as of 11 September 2026.
What is JSW Energy Ltd's profit?
JSW Energy Ltd earned ₹533 Cr of net profit in the Jun 26 quarter, −36.2% year on year. Full-year FY26 profit was ₹2,762 Cr. The operating margin ran 55.0% in the latest quarter. — as of 11 September 2026.
What is JSW Energy Ltd's market cap?
JSW Energy Ltd's market capitalisation is ₹96,524 Cr at a share price of ₹526. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 11 September 2026.
What is JSW Energy Ltd's P/E ratio?
JSW Energy Ltd trades at a P/E of 48.1×, at the 80th percentile of its own 11-year range, against a long-run median of 24.0×. This is a comparison with the stock's own history, not a value call — as of 11 September 2026.
Does JSW Energy Ltd pay a dividend?
Yes — JSW Energy Ltd's dividend payout was 16% of profit in FY26, and it recorded a payout in 12 of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 11 September 2026.
Is JSW Energy Ltd overvalued?
On its own history, JSW Energy Ltd looks expensive: its P/E of 48.1× sits at the 80th percentile of its 11-year range (long-run median 24.0×). That is a percentile read against the stock's own past, not a price opinion or a direction call. One caveat: margins are the best this company has ever printed — cheap on record margins is not the same thing as cheap. — as of 11 September 2026.
Is JSW Energy Ltd growing?
Yes — JSW Energy Ltd is growing: latest-quarter revenue +1.2% year on year, profit −36.2%, and the margin +1.0 pp at 55.0%. The 10-year compound rates are 6.8% (revenue) and 6.6% (profit). The earnings engine currently reads: improving — as of 11 September 2026.
How is JSW Energy Ltd performing?
JSW Energy Ltd is in a confirmed uptrend, 19 weeks in. Its latest quarter's revenue rose 1.2% and profit fell 36.2% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 10 weeks. This describes what the data did, not a rating. — as of 11 September 2026.
What stage is JSW Energy Ltd in?
Mixed — the growth curves are steadily positive, but ROCE at 8.0% is below the 15% bar this page requires to call it Consistent. The read comes from the last 12 quarters of growth (revenue growth +35.4% latest, profit growth +7.7% latest, eps growth −10.5% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 11 September 2026.
Is JSW Energy Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 19 of stage 2), trading −1.8% versus its 200-day average and at 56% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 11 September 2026.
Is JSW Energy Ltd beating the market?
Not lately — on a trailing-13-week view JSW Energy Ltd is currently behind the NIFTY 500 (10 weeks and counting; last ahead the week of 2026-07-03), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.5 years the stock moved +662% against the NIFTY 500's +267% — ahead of the index over the full window. — as of 11 September 2026.
Will JSW Energy Ltd's share price go up?
This page publishes no price forecast for JSW Energy Ltd. What it measures instead: the share price is ₹526, the price is in a confirmed uptrend 19 weeks in. Its P/E of 48.1× sits at the 80th percentile of its own 11-year range. — as of 11 September 2026.
Who owns JSW Energy Ltd?
Promoters hold 66.5% of JSW Energy Ltd, foreign institutions 11.4%, domestic institutions 16.2% and the public 5.8% (latest quarter). The biggest move on the register over the last two years: Domestic institutions added 6.4 points over 8 quarters. — as of 11 September 2026.
Does JSW Energy Ltd have too much debt?
It carries real leverage — JSW Energy Ltd's debt-to-equity is 2.50, and operating profit covers the interest bill 2×. FY26 borrowings were ₹76,946 Cr against equity of ₹30,751 Cr. Read the returns on this page with that leverage in mind — as of 11 September 2026.
What is JSW Energy Ltd's capex?
JSW Energy Ltd spent ₹68,653 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹30,737 Cr, with ₹17,465 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 11 September 2026.
What is JSW Energy Ltd's cash flow?
JSW Energy Ltd generated ₹9,898 Cr of operating cash flow in FY26 and ₹−20,839 Cr of free cash flow after ₹30,737 Cr of capital spending. Reported profit that year was ₹2,762 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 11 September 2026.
Is JSW Energy Ltd's profit real cash?
Yes — over the last 3 fiscal years, 309% of JSW Energy Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹9,898 Cr against reported profit of ₹2,762 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 11 September 2026.
Where is JSW Energy Ltd in its business cycle?
JSW Energy Ltd's FY26 operating margin was 53.0%, against a 13-year band of 31.0%–53.0%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 55.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 11 September 2026.
What growth does JSW Energy Ltd's price assume?
At its price on 25 August 2026, JSW Energy Ltd was priced for profit growth of about 26.2% a year. Profit itself has compounded 6.6% a year over the past 10 years. The figure reads the multiple backwards: the growth a buyer at that price was already paying for. — as of 11 September 2026.
What could break the JSW Energy Ltd story?
The sharpest disagreement: the engine is strong, but at the 80th percentile of its own range you are paying full price for it. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 11 September 2026.
Is JSW Energy Ltd a stock worth studying right now?
This is not investment advice. The machine read: JSW Energy Ltd's earnings have outrun its stock. EPS grew +14.2% in a year against a +0.1% price move. The sharpest open question: whether the earnings grow into the multiple. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 11 September 2026.
Not SEBI Registered !! Not Investment advice !!