JSW Energy Limited (JSWENERGY) AI Stock Analysis

• Market Cap: ₹848.07B
• Dividend Yield: 0.41%
• Average Volume (3M): 120.49K
• Price to Earnings (P/E): 50.0
• Beta (1Y): 0.87
• Revenue Growth: 39.71%
• EPS Growth: 1.33%
• Country: IN
• Employees: 2,500
• Sector: Energy
• Sector Strength: 52
• Industry: Independent Power Producers
• EPS (TTM): 2.41
• Shares Outstanding: 1,757,292,200
• 10 Day Avg. Volume: 138,587
• 30 Day Avg. Volume: 120,491
• PEG Ratio: 7.11
• Price to Book (P/B): 3.33
• Price to Sales (P/S): 7.76
• P/FCF Ratio: -30.30
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹599.33
• Price Target Upside: 17.38% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): 12.15
• Revenue Forecast (FY): ₹207.02B

• Rating: 64 Neutral
• Price Target: ₹542.00 ▲(6.15% Upside)
• Action: Upgraded Date: 01/28/26
• Date: Action: Upgraded 01/28/26

The score is supported primarily by solid financial performance (strong growth and margins), but is held back by weak technicals (downtrend and negative momentum) and a relatively high P/E with a low dividend yield. Cash flow volatility and negative free cash flow after capex also temper the otherwise strong fundamentals.

Positive Factors

Revenue Growth

Very strong reported revenue growth indicates expanding sales from the generation portfolio. Durable top-line expansion supports scale economics, reinvestment for new capacity, and improved ability to service debt or fund projects, strengthening the company’s strategic position over months.

Margins & Operational Efficiency

Consistently healthy gross, EBIT and EBITDA margins show the business converts generation into profitable cash flows efficiently. Strong operating margins reflect cost management and generation efficiency, which underpin sustainable earnings power across thermal and renewable assets over the medium term.

Equity Base & ROE

A growing equity ratio and strong ROE provide a capital buffer and signal effective use of shareholders' funds. This improves financial resilience, supports future project financing capacity, and reduces solvency risk, enhancing the firm's ability to pursue strategic investments over coming quarters.

Negative Factors

High Leverage

Relatively high leverage raises refinancing and interest-rate sensitivity, constraining flexibility for capital allocation. In a rising-rate environment or weaker cash conversion periods, elevated debt increases default and covenant risks and can limit strategic options over the next several quarters.

Negative / Volatile Free Cash Flow

Substantial, recurring capex driving volatile or negative free cash flow reduces internal funding for debt reduction, dividends, or growth. Reliance on external financing to fill FCF gaps increases funding risk and may elevate cost of capital, weakening financial flexibility in the medium term.

Cash Conversion & Liquidity Pressure

Despite solid operating cash relative to net income, poor free-cash conversion after investments means earnings don’t reliably translate to available liquidity. This variability complicates capital planning, may force opportunistic financing, and limits buffer against shocks across the 2–6 month horizon.

JSW Energy Limited Business Overview & Revenue Model

Company Description

JSW Energy Limited generates and sells power in India. The company has a power generation capacity of 4,559 MW, which includes 3,158 MW of thermal, 1,391 MW of hydro, and 10 MW of solar. It has operations in the States of Karnataka, Maharashtra, Rajasthan, Himachal Pradesh, Andhra Pradesh, and West Bengal. The company also engages in power transmission and trading activities; and coal mining in South Africa. JSW Energy Limited was incorporated in 1994 and is based in Mumbai, India.

How the Company Makes Money

JSW Energy primarily makes money by selling electricity generated from its power plants. A major revenue stream comes from long-term power purchase agreements (PPAs) where electricity is supplied to state distribution companies (DISCOMs) or other offtakers at contracted tariffs, providing relatively predictable cash flows tied to contracted capacity/energy supply. It also earns revenue from selling power on a merchant basis through power exchanges or bilateral contracts when generation is not fully contracted or when it can realize favorable market prices; this revenue is more sensitive to demand-supply conditions, fuel costs, and market tariffs. For its thermal generation, a key part of the revenue model typically includes recovery of fuel and operating costs (depending on contract structure), meaning profitability is influenced by plant availability, heat rate/efficiency, and fuel sourcing and price dynamics. For renewable generation (such as wind/solar/hydro, where applicable), revenue is generally driven by contracted tariffs under PPAs and the achieved generation (plant load factors/capacity factors), with lower variable fuel costs but dependence on resource availability and grid curtailment risk. The company may also generate ancillary income from power trading activities and other operating income linked to its energy business; if specific line-item details are not available, null.

JSW Energy Limited Financial Statement Overview

Summary

Strong revenue and profit growth with solid operating margins (Income Statement score 88). Balance sheet is stable with a growing equity base, but leverage is relatively high (Balance Sheet score 75). Cash flow is the main weak spot, with volatile/negative free cash flow driven by heavy capex despite decent operating cash generation (Cash Flow score 70).

Income Statement

JSW Energy demonstrates strong revenue growth, with a notable increase from 2024 to 2025. Gross and net profit margins are healthy, indicating efficient cost management. The EBIT and EBITDA margins reflect solid operational performance. However, the net profit margin shows slight fluctuations over the years, suggesting some variability in net income relative to revenue.

Balance Sheet

The company's balance sheet shows a robust equity position with a growing equity ratio, reflecting financial stability. However, the debt-to-equity ratio is relatively high, indicating significant leverage which could pose risks in a rising interest rate environment. Return on equity is strong, suggesting effective use of shareholders' funds.

Cash Flow

JSW Energy's cash flow statement reveals a volatile free cash flow trend with substantial capital expenditures impacting free cash flow negatively. The operating cash flow to net income ratio is favorable, indicating effective cash generation from operations. However, the free cash flow to net income ratio is concerning, highlighting challenges in maintaining liquidity after investments.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	159.49B	117.45B	114.86B	103.32B	81.67B	69.22B
Gross Profit	90.37B	66.49B	64.16B	41.99B	44.22B	35.04B
EBITDA	77.03B	52.19B	53.42B	32.90B	36.34B	29.10B
Net Income	20.24B	19.51B	17.23B	14.78B	17.29B	7.95B
Balance Sheet
Total Assets	1.14T	899.39B	582.69B	487.42B	309.32B	264.36B
Cash, Cash Equivalents and Short-Term Investments	71.91B	56.51B	46.92B	46.64B	20.77B	11.46B
Total Debt	691.04B	501.85B	315.73B	250.51B	89.43B	83.72B
Total Liabilities	820.85B	608.54B	372.55B	300.08B	135.16B	119.38B
Stockholders Equity	291.24B	273.61B	208.32B	186.29B	174.15B	145.07B
Cash Flow
Free Cash Flow	-3.95B	-30.09B	-17.99B	-21.52B	6.58B	32.64B
Operating Cash Flow	53.38B	38.38B	62.34B	20.84B	29.52B	37.00B
Investing Cash Flow	-128.99B	-236.13B	-83.18B	-70.09B	-13.92B	-10.33B
Financing Cash Flow	65.21B	202.23B	16.75B	73.27B	-7.81B	-25.15B

JSW Energy Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 510.60
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:JSWENERGY, the sentiment is Negative. The current price of 510.6 is above the 20-day moving average (MA) of 493.46, above the 50-day MA of 484.43, and above the 200-day MA of 507.32, indicating a bearish trend. The MACD of 5.11 indicates Positive momentum. The RSI at 45.42 is Neutral, neither overbought nor oversold. The STOCH value of 40.71 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:JSWENERGY.

JSW Energy Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
POWERINDIA	73 Outperform	₹1.08T	78.05	―	0.03%	16.49%	245.51%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
ADANIENSOL	65 Neutral	₹1.14T	55.86	―	―	22.98%	328.13%
JSWENERGY	64 Neutral	₹848.07B	50.05	―	0.41%	39.71%	1.33%
ADANIPOWER	62 Neutral	₹2.86T	27.80	―	―	-0.70%	-5.41%
SUZLON	60 Neutral	₹547.76B	40.55	―	―	74.67%	229.31%
ADANIGREEN	59 Neutral	₹1.35T	-1,019.54	―	―	14.16%	75.34%

JSW Energy Limited Corporate Events

Ind-Ra Affirms IND AA/Stable Rating for JSW Energy’s Jaigad PowerTransco

India Ratings and Research has affirmed an “IND AA/Stable” credit rating for the bank loan facilities of Jaigad PowerTransco Limited, a subsidiary of JSW Energy Limited, as of March 9, 2026. The reaffirmed high-grade rating underscores the subsidiary’s strong credit profile, supporting JSW Energy’s financial standing and signaling continued lender confidence in its transmission business within the broader power sector.

This rating action may help the company maintain favorable borrowing terms for Jaigad PowerTransco’s bank facilities, potentially lowering financing costs for its transmission operations. It also reinforces JSW Energy’s positioning as a relatively low-credit-risk player in India’s energy infrastructure space, which can be meaningful for investors, creditors, and other stakeholders tracking the group’s capital structure and growth plans.

India Ratings Affirms High Credit Rating for JSW Hydro Energy

India Ratings and Research has affirmed an “IND AA/Stable/IND A1+” credit rating for the bank loan facilities of JSW Hydro Energy Limited, a step-down subsidiary of JSW Energy. The reaffirmation of this high-grade rating underscores the subsidiary’s strong credit profile and is likely to support its access to bank financing, reinforcing JSW Energy’s financial standing and funding flexibility in the power sector.

The rating outcome may strengthen stakeholder confidence in the group’s hydro operations, as it signals stable outlook and robust repayment capacity for JSW Hydro Energy. This development could aid the company in pursuing ongoing and future hydro power initiatives, helping JSW Energy maintain a competitive position within India’s evolving energy landscape and secure capital on favourable terms.

JSW Energy Publishes Postal Ballot Notice in Newspapers for Shareholder E-Voting

JSW Energy has informed stock exchanges that it has published newspaper advertisements announcing the dispatch of a Postal Ballot and e-voting notice to shareholders, in line with Indian listing regulations. The notice appeared in the Financial Express in English and Navshakti in Marathi, and the related information has also been made available on the company’s website to ensure transparency and regulatory compliance for its corporate decision-making process.

India Ratings Assigns ‘IND A+/Positive’ to JSW Energy Kutehr Loans

India Ratings and Research has assigned an ‘IND A+/Positive’ credit rating to the bank loan facilities of JSW Energy (Kutehr) Limited, a step-down subsidiary of JSW Energy Limited. The rating underscores the subsidiary’s creditworthiness and may support more efficient access to bank financing, reinforcing JSW Energy’s capital structure and financial flexibility within the Indian power sector.

JSW Energy Seeks Shareholder Nod to Re-Appoint Independent Director via E-Vote

JSW Energy Limited has initiated a postal ballot process to seek shareholder approval via special resolution for the re-appointment of Mr. Munesh Khanna as an Independent Director of the company. The notice has been circulated exclusively through electronic means to eligible members whose email addresses are registered with the depositories or the company as of the specified cut-off date.

The company has opened a remote e-voting window from February 24, 2026, to March 25, 2026, after which the resolution, if securing the requisite votes, will be deemed passed on the final day of voting. Results of the postal ballot will be announced within two working days after the e-voting concludes, and all related documents are available on the company’s, the stock exchanges’ and the registrar’s websites, underscoring its emphasis on digital governance and regulatory compliance.

JSW Energy Completes ₹1,728 Crore Acquisition of Tidong Hydro Project

JSW Neo Energy Limited, the wholly owned subsidiary of JSW Energy, has completed the acquisition of Tidong Power Generation Private Limited from Statkraft IH Holding AS at an enterprise valuation of about ₹1,728 crore, making Tidong Power a step-down subsidiary of JSW Energy. Tidong Power is developing a 150 MW run-of-river hydropower plant in Himachal Pradesh’s Tidong Valley, expected to be commissioned in October 2026, with half of its capacity tied up under a long-term power purchase agreement with Uttar Pradesh Power Corporation at a remunerative tariff and the remaining 75 MW exposed to the merchant market. The project becomes JSW Energy’s fourth hydro asset in Himachal Pradesh, reinforcing its status as India’s largest private hydropower player, and is expected to be near-term value accretive, boosting EBITDA from FY27 and benefiting from operational synergies due to its proximity to the existing Karcham Wangtoo plant.

JSW Energy Secures Turbine Supply for 1,600 MW Salboni Thermal Project

JSW Energy’s wholly owned subsidiary JSW Thermal Energy has signed a supply contract with associate firm Toshiba JSW Power Systems for two 800 MW steam turbine generators for its 1,600 MW Salboni thermal power project in West Bengal. The deal is designed to align equipment delivery with construction timelines, tighten supply-chain control, and mitigate sector-wide equipment shortage risks, while supporting the timely commissioning of the plant. With the Salboni project and a potential 1,800 MW expansion at KSK Mahanadi, JSW Energy’s thermal capacity is projected to rise to 9,058 MW, or about 30% of its 30.5 GW locked-in portfolio, reinforcing the company’s strategy of maintaining thermal power as a stable baseload complement to growing renewables and contributing to India’s broader push for additional thermal capacity and energy security.

JSW Energy Faces Appeal in Ongoing Billing Dispute With Maharashtra Discom

JSW Energy has disclosed that the Maharashtra State Electricity Distribution Company Limited (MSEDCL) has filed an appeal before the Appellate Tribunal for Electricity against a December 2025 order of the Maharashtra Electricity Regulatory Commission that had rejected MSEDCL’s attempt to quash invoices raised by JSW Energy and had instead allowed the company’s petition. The move signals that a key tariff and billing-related dispute remains under judicial scrutiny, potentially prolonging uncertainty around the realization of receivables and revenue recognition from MSEDCL, even as JSW Energy maintains the regulatory order currently in its favour.

India Ratings Assigns ‘IND A/Stable/IND A1’ to JSW Energy’s Renewable Subsidiary

India Ratings and Research has assigned credit ratings of ‘IND A/Stable/IND A1’ to the long-term bank facilities of JSW Renew Energy Seventeen Limited, a step-down subsidiary of JSW Energy Limited. The rating assignment underscores the subsidiary’s creditworthiness and may support its access to bank funding for renewable power projects, reinforcing JSW Energy’s strategic push into the renewables segment and potentially strengthening its financial flexibility and standing in the Indian energy market.

JSW Energy Schedules Analyst Meet in Vijayanagar for January 2026

JSW Energy has scheduled an in-person group meeting with sell-side analysts to be held in Vijayanagar, Karnataka, on 7–8 January 2026, as part of its ongoing engagement with institutional investors and market participants. The planned interaction underscores the company’s efforts to maintain transparency with the financial community and could provide analysts with deeper insights into its operations and strategic direction, although the schedule remains subject to change in case of exigencies.

JSW Energy Issues Corrigendum to EGM Notice on Preferential Share and Warrant Issue

JSW Energy Limited has issued a corrigendum to its earlier Extraordinary General Meeting notice for the meeting scheduled on 3 January 2026, which will be conducted via video conferencing. The clarification was requested by BSE and NSE in relation to proposals for issuing equity shares and warrants on a preferential basis through private placement, prompting the company to update and supplement the original EGM notice; the corrigendum has been made an integral part of the meeting documentation and is available on the company’s website, signaling close regulatory engagement around its planned capital-raising exercise.