JSW Energy Ltd(JSWENERGY)

NSE: JSWENERGYBSE: 533148

₹ 450+0.99%refreshed 26 Oct, 03:57 pm ISTMarket cap: ₹ 82,507 crNext results: 28 Oct 2026Website: www.jsw.inUpdated: 27 Oct 2026

About

JSW Energy is a diversified Indian power generation company operating thermal, renewable (solar, wind, hydro), and energy storage assets. It is the energy arm of the USD 23 billion JSW Group, with operations in 12 states spanning generation, transmission, power trading, mining, energy storage and green hydrogen. It reported FY26 revenue of 18,901.13 crore. The company is pursuing Strategy 3.0, targeting 30 GW of generation capacity and 40 GWh of energy storage by FY2030, with 32.4 GW already locked in.^[1][2][3]

Business segments

Thermal made up 70.1% of segment revenue in FY26 (₹13,212.23 Cr), and Thermal's share fell 13.3 percentage points over FY2023-FY2026.^[4]
Renewable made up 29.9% of segment revenue in FY26 (₹5,625.75 Cr), with a segment EBIT margin of 54.3%, against 33.1% for Thermal.^[4]

Installed and under-construction capacity

Installed capacity reached 15,147 MW as of October 5, 2026, with 1,694 MW added since April 2026. Renewable assets represent ~61% of the 14,535 MW base reported at Q1 FY27 end.^[1]
Energy storage capacity locked in at 29.6 GWh against the FY2030 target of 40 GWh.^[1]
Karcham Wangtoo (1,391 MW) is described as the largest private-sector hydroelectric plant in India (FY25 annual report).^[2]
Runs a 225 MW solar plant near Vijayanagar, Karnataka, which supplies captive power to JSW Steel's Vijayanagar plant (FY25).^[2]
Holds 9 mtpa of lignite mining capacity in Rajasthan through Barmer Lignite Mining Company, a joint venture with Rajasthan State Mines and Minerals (FY25).^[2]

Key operating numbers

Thermal PLF was 71% in Q1 FY27 (vs 76% in Q1 FY26); KSK Mahanadi ran at 93% PLF in Q4 FY26, above the national average of 65.8%.^[5]
Hydro CUF was 40% in Q1 FY27 (vs 66% in Q1 FY26); Solar CUF 21% (flat YoY); Wind CUF 27% (vs 30% in Q1 FY26).^[5]
Net generation in Q1 FY27 was 12,868 MUs, down 5% YoY; RE generation was 4,840 MUs (-3% YoY) and thermal generation 8,029 MUs (-6% YoY).^[5]
Trade receivable DSO improved to 62 days as of March 31, 2026, from 76 days a year prior.^[6]
DAM average price rose ~16% YoY to ₹5.10/unit in Q1 FY27 from ₹4.40/unit in Q1 FY26; all-India power demand grew 8.5% YoY to 483 BUs in Q1 FY27.^[5]
Imported coal prices eased to USD 100-105 per ton in FY 2025, from USD 110 per ton in FY 2024.^[2]

Customers and PPA mix

Customers are mainly state electricity distribution companies, along with nodal agencies and commercial and industrial enterprises (FY25).^[2]
Open/merchant capacity was reduced to ~5% of the installed base from April 2026, following a 400 MW 25-year PPA for the Utkal plant with Karnataka discoms at ₹5.78/unit and a 115 MW 2-year PPA with Assam discom.^[6]
Salboni thermal site (West Bengal) has two 1,600 MW PPAs with West Bengal Discom at ₹4.06/unit fixed charge (fuel pass-through), making it JSW's largest single-site asset at 3,200 MW.^[7]
KSK Mahanadi (1,800 MW) holds long-term PPAs with UP discoms; tariff reduces by ~₹1.25/unit from FY27. Remaining ~64 MW from the 300 MW Maruti plant (Chhattisgarh) carries merchant exposure.^[7]

Manufacturing and backward integration

Wind blade manufacturing facility at Halol, Gujarat commissioned June 8, 2026 with annual capacity of 450 blades (~600 MW of wind installations per annum); 82-metre blades for 4 MW WTGs.^[5]
5 GWh/annum battery container assembly plant in Pune commissioned in Q4 FY26; received first large external order of ₹440 Cr (200 MW/400 MWh) with expected EBITDA of ~₹150 Cr/annum.^[5]
India's largest green hydrogen plant (3,800 TPA) was commissioned at Vijayanagar in Q3 FY26, supplying green hydrogen to JSW Steel's DRI plant.^[7]

Expansion and capex

FY27 total capex guidance of ₹20,000 Cr reaffirmed; Q1 FY27 capex was ₹4,076 Cr. FY27 capacity addition target is 3 GW, with ~1.1 GW (~36%) added by July 8, 2026.^[5]
Salboni 3,200 MW ultra-supercritical thermal project (West Bengal): Phase I (1,600 MW) under construction; turbine-generator orders for both phases placed with Toshiba JSW (2×800 MW per phase).^[6]
KSK Mahanadi Unit 4 (600 MW) commissioning on track for FY28; Units 5-6 strategy (scaling site from 1,800 MW to 3,600 MW) announcement described as imminent as of Q1 FY27.^[5]
Bhavali pumped-storage project (1,500 MW, Maharashtra, MSEDCL PPA) construction commenced; target commercial operations date FY2030.^[5]
Kandhaura pumped-storage project (1,680 MW, Uttar Pradesh, 1,500 MW UPPCL PPA) targeting construction readiness in Q4 FY27; SCOD FY2031.^[5]
Definitive agreement signed to acquire Maruti Clean Coal & Power (300 MW thermal, Chhattisgarh) at enterprise value ~₹1,410 Cr; 14-year residual PPA for 195 MW with Rajasthan discoms.^[5]
Second wind blade facility at Chitradurga targeted for commissioning by FY27 end. Discussions ongoing on domestic cell backward integration for BESS with technology partners.^[5]

Funding

Raised ₹10,150 Cr in capital during Q1 FY27: ₹3,000 Cr promoter preferential allotment (₹1,125 Cr received; balance by June 2027), ₹3,150 Cr via partial JSW Steel stake sale, and ₹4,000 Cr QIP.^[5]
Operational net debt/TTM EBITDA improved to 4.95x at Q1 FY27 end from ~5.2x in FY26; total net debt ₹61,322 Cr.^[5]
Weighted average cost of debt was 8.36% as of March 2026, down ~67 bps YoY.^[6]

Recent developments

On 13 October 2026 the company received the certified copy of the NCLT order, dated 1 October 2026, sanctioning the scheme demerging GE Power India's business into JSW Energy; the scheme is effective 1 October 2026.^[8]
The GE Power India deal gives JSW its own boiler manufacturing capability for the Salboni project.^[9]
India Ratings and Research affirmed JSW Renew Energy Limited's credit rating at IND A+/Stable/IND A1 on October 9, 2026.^[10]
A filing on October 5, 2026 put total locked-in capacity at 32.4 GW.^[1]
The Phase II turbine-generator order (2×800 MW) for Salboni was placed with Toshiba JSW on September 25, 2026, completing procurement for the full 3,200 MW site.^[11]

Market Cap

₹82,507 Cr

High / Low

₹617 / 428

Stock P/E

40.1

Price / Book

2.5

Book Value

₹175

EPS

₹12.7

No. of Shares

175.73 Cr

ROCE

8.3%

ROE

7.7%

OPM

39.5%

Debt / Equity

2.47

Sales

₹18,901 Cr

Net Profit

₹2,762 Cr

Promoter holding

66.5%

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JSW Energy Ltd(JSWENERGY)

About

Business segments

Installed and under-construction capacity

Key operating numbers

Customers and PPA mix

Manufacturing and backward integration

Expansion and capex

Funding

Recent developments

Signal history

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