JSW Energy Limited · Research view

JSW Energy Limited

NSE: JSWENERGYBSE: 533148ISIN INE121E01018Face value ₹10standalone

₹485

−1.30% · 2026-10-01 · 52-wk ₹440–₹602

Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidated standalone

Section 02 · Synthesis

What stands out?

The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.

StrengthConcernWatchContext

WatchTalking point

Profit lagging revenue

Revenue grew 60.9% but profit grew 39.3%, so the company kept less of each rupee of revenue as profit.

Importance 69 / 95 · growth

ConcernTalking point

Leverage at a multi-year high

Debt-to-equity of 2.26× is the highest in 7 years (prior range 0.50× to 1.71×).

Importance 59 / 95 · financial health

StrengthTalking point

Margins at a multi-year high

EBITDA margin of 58.4% is the widest in 7 years (prior range 35.3% to 52.1%).

Importance 58 / 95 · profitability

Strength

Earnings consistently backed by cash

Operating cash flow has matched or exceeded reported profit in 6 of the last 6 profit-making years (latest 3.58×).

Importance 55 / 95 · cash quality

Section 03 · The company

Who is this company?

Classified by the exchange under Utilities › Power › Power › Power Generation.

Market cap: ₹85,175 cr
FY2026 revenue: ₹3,029 cr
FY2026 net profit: ₹859 cr
Net worth: ₹24,254 cr
Total debt: ₹14,891 cr
EPS (basic): ₹4.92
Listed: NSE · BSE
Reporting: Ind-ASApr–Mar

Peer set used on this page: 5 power generation.

Section 04 · Business performance

Is the business growing?

Revenue & net profit — FY19 to FY26₹ crore · consolidated

RevenueNet profit

Watch

Revenue grew 60.9% but profit grew 39.3%, so the company kept less of each rupee of revenue as profit.

Rule PROFIT_SLOWER_THAN_REVENUE

Revenue growth per year: −7.2%over 7 years
Revenue growth: −23.1%vs last year
Net profit growth: −29.6%vs last year
Change in net profit since FY19: +242%

Over 7 years profit compounded at 22.1% a year while revenue compounded at 10.9% a year — though FY2022 saw a one-off step-change of 112% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.

Reported net profit grew 39.3% (FY2025 → FY2026), but pre-tax profit was ₹1,974 — an unusually low tax charge this year accounts for most of the gain, so the underlying trend is softer than the headline.

Revenue grew 60.9% year on year (FY2025 → FY2026).

Revenue has compounded at 10.9% a year over 7 years (₹9,138 → ₹18,901) — though FY2026 saw a one-off step-change of 61% (a merger, restructuring or a recovery off a low base), so the compounding is uneven — steady rather than rapid.

Section 05 · Recent activity

What changed recently?

Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.

Concern

Q1 FY27 net profit was ₹533 cr, down 36.3% from ₹836 cr a year earlier.

Rule QTR_PROFIT_GROWTH_YOY

Watch

Q1 FY27 net profit declined 36.3% vs the same quarter last year, reversing the growth seen in the two preceding quarters (+235.8% and +38.4%).

Rule QTR_TREND_REVERSAL

Watch

Q1 FY27 net profit declined 36.3% while revenue grew 1.2% vs the same quarter last year — a gap of 37.5 percentage points.

Rule QTR_PROFIT_VS_REVENUE_GROWTH

A. Quarterly results

Latest quarters — Q2 '25 to Q1 '27₹ crore · consolidated

RevenueNet profit

Quarter	Revenue	YoY	Net profit	YoY	Net margin
Q2 FY25	3,238	—	877	—	27.1%
Q3 FY25	2,439	−4.1%	157	−32.2%	6.5%
Q4 FY25	3,189	+15.7%	415	+20.1%	13.0%
Q1 FY26	5,143	+78.6%	836	+56.5%	16.3%
Q2 FY26	5,177	+59.9%	824	−6.0%	15.9%
Q3 FY26	4,082	+67.4%	529	+235.8%	13.0%
Q4 FY26	4,499	+41.0%	574	+38.4%	12.7%
Q1 FY27	5,207	+1.2%	533	−36.3%	10.2%

B. TTM snapshot

Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters

Revenue: ₹18,965 crTTM
EBITDA: ₹11,087 crTTM
EBIT: ₹7,751 crTTM
PBT: ₹1,655 crTTM
Net profit: ₹2,459 crTTM

C. Corporate actions

5 Jun 2026DividendDividend - Rs. - 2.0000 — ₹2.00/share

6 Jun 2025DividendFinal Dividend - Rs. - 2.0000 — ₹2.00/share

31 May 2024DividendDividend - Rs. - 2.0000 — ₹2.00/share

2 Jun 2023DividendFinal Dividend - Rs. - 2.0000 — ₹2.00/share

30 May 2022DividendDividend - Rs. - 2.0000 — ₹2.00/share

27 Jul 2021DividendFinal Dividend - Rs. - 2.0000 — ₹2.00/share

4 Aug 2020DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share

2 Aug 2019DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share

30 Jun 2017DividendDividend - Rs. - 0.5000 — ₹0.50/share

11 Jul 2016DividendDividend - Rs. - 2.0000 — ₹2.00/share

10 Jul 2015DividendDividend - Rs. - 2.0000 — ₹2.00/share

11 Jul 2014DividendDividend - Rs. - 2.0000 — ₹2.00/share

12 Jul 2013DividendDividend - Rs. - 2.0000 — ₹2.00/share

14 Jun 2012DividendDividend - Rs. - 0.5000 — ₹0.50/share

16 Jun 2011DividendDividend - Rs. - 1.0000 — ₹1.00/share

29 Jun 2010DividendDividend - Rs. - 0.7500 — ₹0.75/share

Section 06 · Business performance

Is it becoming more profitable?

Margins — FY19 to FY26% of revenue · consolidated

EBITDA marginNet margin

Strength

EBITDA margin of 58.4% is the widest in 7 years (prior range 35.3% to 52.1%).

Rule MARGIN_AT_MULTI_YEAR_HIGH

EBITDA margin now: 64.6%
8-year range: 22.8–64.6%
ROE FY2026: 3.7%
ROCE FY2026: 4.9%

EBITDA margin improved from 52.1% to 58.4% of revenue.

Section 07 · Financial health

Is financial health improving?

Net worth — FY19 to FY26₹ crore · consolidated

Net worth (shareholders' funds)

Concern

Debt-to-equity of 2.26× is the highest in 7 years (prior range 0.50× to 1.71×).

Rule LEVERAGE_AT_MULTI_YEAR_HIGH

Operating cash flow vs net profit₹ crore · FY21–FY26

Operating cash flowNet profit

Total debt: ₹14,891 cr
Operating cash flow ÷ net profit: 0.80×FY2026
Free cash flow: ₹408 cr
Current ratio: 0.23×

Operating cash flow has matched or exceeded reported profit in 6 of the last 6 profit-making years (latest 3.58×).

Net worth compounded at 16.1% a year over 7 years (₹11,810 → ₹33,577).

Net debt is 6.05× EBITDA.

Debt-to-equity rose from 1.71× to 2.26× year on year.

Operating profit covers interest only 1.35× (FY2026).

Section 08 · Relative position

How does it compare with peers?

Ranked against 5 power generation (FY2026, consolidated).

Revenue growth

JSWENERGY · 1st of 5 · set median 14.4%

EBITDA margin

JSWENERGY · 2nd of 5 · set median 54.3%

Return on equity

JSWENERGY · 4th of 5 · set median 9.0%

P/E ratio

JSWENERGY · 4th of 5 · set median 16.9×

Context

Trades at 34.63× earnings — 105% above the power generation median of 16.93×.

Rule PE_ABOVE_PEERS

P / E: 34.6×TTM to Jun 26
P / B: 2.5×latest book
P / S: 4.5×TTM sales
Earnings yield: 2.9%TTM to Jun 26

On the trailing twelve months. Last full year: P/E 30.8× · P/S 4.3× · ROE 8.8%.

Section 09 · The stock

How has the stock performed?

Adjusted close — 2020-01 to 2026-10₹ per share · split / bonus adjusted

Context

Over 5 years profit compounded at 27.4% a year while the stock returned 13.9% a year — but FY2021 profit (₹823) was well below the through-cycle level (~₹1,602), so this rate is inflated by the recovery from a low base.

Rule STOCK_LAGGED_EARNINGS · recovery

Business vs stock — 5-year compound annual rate

1-year return: −9.6%
3-year return: +10.9%
5-year return: +91.4%
From 52-wk high: −19.4%

Section 10 · Technical data

What does the technical data say?

Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.

vs 50-day avg: Below₹537
vs 200-day avg: Below₹523
RSI (14): 27.8oversold
MACD histogram: -2.2
From 52-wk high: −19.4%
From 52-wk low: +10.2%
30-day volatility: 23.1%ann.
6-month return: +2.8%

RSI (14) · 0–10027.8 — oversold

Section 11 · Open questions

What should I investigate further?

Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.

Watch
Profit lagging revenue
Revenue grew 60.9% but profit grew 39.3%, so the company kept less of each rupee of revenue as profit.
PROFIT_SLOWER_THAN_REVENUE · conviction 69
Concern
Leverage at a multi-year high
Debt-to-equity of 2.26× is the highest in 7 years (prior range 0.50× to 1.71×).
LEVERAGE_AT_MULTI_YEAR_HIGH · conviction 59
Concern
Meaningful debt load
Net debt is 6.05× EBITDA.
HIGH_LEVERAGE · conviction 52
Concern
Leverage rising
Debt-to-equity rose from 1.71× to 2.26× year on year.
LEVERAGE_INCREASED_YOY · conviction 51
Concern
Thin interest cover
Operating profit covers interest only 1.35× (FY2026).
INTEREST_COVER_LOW · conviction 46
Watch
Unusual tax rate
Effective tax rate of -39.3% (FY2026) is well below the ~25% corporate norm — a one-off tax item may be flattering or depressing reported profit.
EFFECTIVE_TAX_UNUSUAL · conviction 45
Watch
Profit growing
Reported net profit grew 39.3% (FY2025 → FY2026), but pre-tax profit was ₹1,974 — an unusually low tax charge this year accounts for most of the gain, so the underlying trend is softer than the headline.
PROFIT_GREW_YOY · conviction 43

Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.

Section 12 · Reference

The numbers

The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.

Income & balance sheet — ₹ crore, consolidated
Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	5,118	4,314	2,898	3,643	5,739	5,129	3,939	3,029
Total income	5,481	4,512	2,960	3,871	6,019	5,339	4,620	3,972
EBITDA	1,167	1,092	876	1,273	1,487	1,929	1,887	1,957
Profit before tax	390	424	308	818	1,030	1,181	1,279	824
Net profit	251	498	186	570	711	950	1,221	859
EPS (₹)	1.5	3.0	1.1	3.5	4.3	5.8	7.0	4.9
Net worth	10,167	9,400	11,632	13,488	13,609	15,112	22,236	24,254
Total debt	2,054	1,333	910	1,272	6,274	7,005	9,759	14,891
Operating cash flow	—	—	1,086	252	975	2,266	833	689
Free cash flow	—	—	1,022	261	922	2,181	707	408

Key ratios — consolidated
Ratio	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Growth
Revenue growth YoY	—	-15.7	-32.8	25.7	57.6	-10.6	-23.2	-23.1
Profit growth YoY	—	98.0	-62.6	206.1	24.8	33.6	28.5	-29.6
Profitability
EBITDA margin %	22.8	25.3	30.2	34.9	25.9	37.6	47.9	64.6
Net margin %	4.6	11.0	6.3	14.7	11.8	17.8	26.4	21.6
Return on equity %	2.5	5.1	1.8	4.5	5.2	6.6	6.5	3.7
Return on capital %	6.6	6.3	4.4	6.9	6.8	7.9	6.1	4.9
Leverage & cash
Debt to equity	0.20	0.14	0.08	0.09	0.46	0.46	0.44	0.61
Cash flow ÷ profit	—	—	5.83	0.44	1.37	2.38	0.68	0.80
Current ratio	0.53	1.01	0.80	2.92	0.53	0.58	0.55	0.23