Arthneeti

JSW Energy Q2 FY27 Share Price & Earnings Call Analysis

₹500.35-1.89% today
Market cap
₹91,705 Cr
P/E
45.73
ROE
7.51%
PEG
2.45
Price to sales
4.84
Debt to equity
2.50
52W high / low
₹602 / ₹440
Sales growth (5Y)
22.25%
EBITDA margin
53.51%
Net profit margin
14.24%
Promoter holding
66.53%
Sales (last year)
₹18,965 Cr

JSW Energy Ltd and its subsidiaries are primarily engaged in the business of generation of power from its power assets located at Karnataka, Maharashtra, Nandyal and Salboni. It is the holding company for the JSW group's power business. The company also has a JV company engaged in mining activities and an associate engaged in manufacturing of turbines.[1]

Guidance scorecard · Q2 FY27 call

What JSW Energy Ltd's management guided
and where it ranks in Power

Revenue20–40%MarginsFlatCapexPlannedFundraisingPlannedOrder bookRising

RevenueQ3 FY26 call

20–40%
  • Power sales grew sharply by 65% YoY in Q3 FY26, reaching 11.1 billion units; 9-month generation up 62% YoY to 39.6 billion units.
  • Capacity additions of 5.2 GW in the past 12 months (3.1 GW renewables, 2.1 GW thermal) are driving growth.
  • Total installed capacity increased to 13.3 GW, a 64% YoY rise.
  • Long-term PPAs cover 82% of sales, supporting stable revenue with a high blended average tariff of over ₹3.65/unit for renewables.
  • Contracted capacity and signed PPAs total 12.6 GW, with a 4.5 GW pipeline expected to convert, aiming for 30 GW by 2030.
  • Thermal bid pipeline and government targets suggest fresh capacity addition over the next 1-2 years, supporting future growth.

2 more points from JSW Energy Ltd's call on revenue

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Full Q3 FY26 analysis

MarginsQ3 FY26 call

Flat

See what JSW Energy Ltd said on margins — free account, 30 seconds.

Full Q3 FY26 analysis

CapexQ3 FY26 call

Planned
  • JSW Energy is actively adding capacities with significant capex plans as part of ongoing execution over the next 2-3 years, targeting 30 GW capacity by 2030.
  • Salboni project: Phase 1 involves ₹16,000 crore investment for 2 x 800 MW units, with supply chain secured by acquisition of GE boiler plant in Durgapur for captive boiler manufacturing.
  • Started capex for additional 1.8 GW at KSK Mahanadi, including completing units acquired partly built, expecting commissioning over ~3 years.
  • BESS (Battery Energy Storage System) containerization and cell assembly plant is about to be commissioned.
  • Promoter equity infusion underway, supporting capital needs and potential for rating upgrades.

2 more points from JSW Energy Ltd's call on capex

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Full Q3 FY26 analysis

FundraisingQ3 FY26 call

Planned

See what JSW Energy Ltd said on fundraising — free account, 30 seconds.

Full Q3 FY26 analysis

Order bookQ3 FY26 call

Rising
  • JSW Energy's current operational capacity plus projects under construction stands at 27.5 GW.
  • There is an additional pipeline of 4.5 GW of capacity with Letters of Award (LOA) pending conversion to Power Purchase Agreements (PPAs).
  • Total signed and contracted capacity in renewable energy is about 12.6 GW.
  • The company expects to achieve its target of 30 GW capacity by 2030 with this pipeline and ongoing projects.
  • Plans for future bids and capacity additions are contingent on connectivity and land availability, but the company is insulated from major connectivity challenges for the next 1-2 years.

2 more points from JSW Energy Ltd's call on the order book

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Full Q3 FY26 analysis
Full Power ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Power
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does JSW Energy Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Power companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹1,624 Cr8.3
240%+Flat₹28,982 Cr48.7
340%+Flat₹15,130 Cr573.5
440%+Flat₹15,007 Cr95.7
520–40%Flat₹3.65L Cr25.6
620–40%Flat₹1.95L Cr100.7

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JSW Energy Ltd announcements

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Financials of JSW Energy Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

JSW Energy Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +73.39%73.67%69.32%69.32%69.32%69.26%69.26%69.26%69.26%69.41%66.53%66.53%
FIIs +8.50%8.37%15.37%14.92%14.57%13.43%12.36%12.12%9.50%9.74%11.41%10.91%
DIIs +9.36%9.29%9.21%9.78%10.05%10.94%11.43%11.56%14.39%14.29%16.16%16.68%
Government +0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.03%0.03%0.03%0.03%
Public +8.53%8.45%5.90%5.81%5.92%6.21%6.79%6.97%6.74%6.44%5.82%5.83%
Others +0.21%0.21%0.19%0.15%0.15%0.14%0.14%0.07%0.07%0.06%0.06%0.03%
No. of Shareholders3,28,9153,60,2414,06,2204,41,9274,82,8775,43,3365,85,8275,85,4455,88,0535,65,6745,55,4015,46,795

Financials of JSW Energy Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +3,2592,5432,7562,8793,2382,4393,1895,1435,1774,0824,4995,2076,368
Expenses +1,3791,4321,5871,4621,5531,5251,9852,3552,1812,0522,2492,3342,752
Operating Profit1,8801,1111,1691,4181,6859141,2042,7892,9962,0302,2502,8733,617
OPM %58%44%42%49%52%37%38%54%58%50%50%55%57%
Other Income +134120130167230206313271186111356232289
Interest5145215335115185646751,3061,4181,4851,6081,5191,615
Depreciation409400427375392406482739809829809890943
Profit before tax1,0923103396981,0051503611,015955-1731886961,348
Tax %22%25%-2%24%13%-5%-15%18%14%-406%-205%23%15%
Net Profit +8572323455348771574158368245295745331,141
EPS in Rs5.171.412.142.994.880.962.334.254.032.402.112.575.76

Financials of JSW Energy Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +9,3479,8248,2638,0499,1388,2736,9228,16710,33211,48611,74518,90120,156
Expenses +5,7235,7964,9395,3366,2835,3164,0094,5967,0506,1046,5248,8339,387
Operating Profit3,6244,0293,3242,7132,8552,9572,9133,5723,2825,3825,22110,06810,769
OPM %39%41%40%34%31%36%42%44%32%47%44%53%53%
Other Income +19634022147398376248575674472916920987
Interest1,1371,4981,6851,4561,1921,0518967778442,0532,2695,8166,227
Depreciation7908549699661,1641,7381,1671,1311,1691,6331,6553,1853,471
Profit before tax1,8922,0178923388975441,0992,2381,9432,1672,2141,9862,059
Tax %27%28%30%75%24%6%25%22%24%20%10%-39%
Net Profit +1,3581,460623856841,0818231,7431,4801,7251,9832,7622,776
EPS in Rs8.238.833.840.484.246.704.8410.518.9910.4711.1612.7412.84
Dividend Payout %24%22%13%0%24%15%41%19%22%19%18%16%

Financials of JSW Energy Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital1,6401,6271,6281,6401,6411,6421,6421,6401,6411,6411,7451,7561,833
Reserves5,8788,0778,7419,47010,18110,00412,86515,77516,98819,19125,61628,99534,877
Borrowings +9,29414,86214,34911,88310,5559,8408,3718,94325,05131,57350,18576,94682,547
Other Liabilities +2,6083,9733,6723,7283,5493,4453,3284,1574,7375,36211,90916,11017,836
Total Liabilities19,42028,53928,38926,72125,92624,93126,20730,51448,41757,76789,455123,807137,093
Fixed Assets +13,19120,29819,49118,87717,82516,71315,63714,83125,02028,94654,15574,52383,542
CWIP4543215312944003914732,0914,78810,28510,28117,46515,283
Investments1,6191,0121,5792,4152,4511,8544,0526,6236,0337,0359,75511,3799,473
Other Assets +4,1576,9086,7895,1355,2515,9746,0456,97012,57611,50115,26420,44128,796
Total Assets19,42028,53928,38926,72125,92624,93126,20730,51448,41757,76789,455123,807137,093

Financials of JSW Energy Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +3,3943,5383,8533,9342,4912,0823,7002,9522,0846,2343,8389,898
Cash from Investing Activity +-422-3,272-762-215-55301-1,030-1,387-6,778-8,197-22,990-18,523
Cash from Financing Activity +-2,327-1,622-2,595-3,968-2,523-1,962-2,515-7817,3271,67520,22310,617
Net Cash Flow645-1,357496-249-874211557842,634-2891,0721,993
Free Cash Flow3,0343,5033,4843,8152,2731,9893,358658-2,152-1,798-2,868-213
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit106%95%123%151%94%76%133%95%74%123%80%101%

Financials of JSW Energy Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days4610896525793513054274131
Inventory Days
Days Payable
Cash Conversion Cycle4610896525793513054274131
Working Capital Days-60-95-61-100-72-44-14-108-159-124-200-268
ROCE %18%16%10%9%9%7%9%12%7%9%6%8%

Guidance history

How JSW Energy Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q3 FY26 call →20–40%FlatPlannedPlannedRising
Q2 FY26 call →20–40%FlatPlanned——

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

23out of 100

Momentum score · price trend

23 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−7.0%54%
Last 6 months−10.8%37%
Last 3 months−9.8%46%

The price is 36% below its all-time high of ₹782.35 (20 Sept 2024). Stocks more than 20% below their peak have their score halved, so 46 became 23.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For JSW Energy Ltd: 0.4 × 54 + 0.4 × 37 + 0.2 × 46 = 46, halved to 23 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What JSW Energy Ltd's management said in earlier quarters

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