JSWENERGY

JSW Energy Limited

JSW group's power arm — thermal, hydro and a growing renewables portfolio

Utilities›Power›Power›Power Generation

jsw.in(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹482.60
Market cap
88,434 Cr
Stock P/E
45.0
P/B
2.76
Dividend yield
0.4%
ROE (FY26)
6.7%
ROCE (FY26)
7.1%
Operating margin (FY26)
36.4%
Debt / equity (FY26)
2.47
OCF / EBITDA (FY26)
98.3%
OCF / EBITDA (3Y)
96.6%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

JSW Energy generates and sells electricity in India from thermal, hydro, wind, solar and hybrid plants, mainly under long- and medium-term power purchase agreements (PPAs) and also on short-term and merchant markets.

Company snapshot

3rdBy market cap

Ranked among 27 companies in Power Generation.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 66.3% of revenue

SegmentRevenue shareRevenuePBTAssets
Renewables
31.9%
2,732 Cr1,674 Cr—
Thermal
66.3%
5,677 Cr1,352 Cr—
Unallocated
1.7%
148 Cr84 Cr—

What we see

Positives
  • ✓97% of operating profit came in as cash over the last three years — profits are backed by real cash.
Concerns
  • ✗Interest coverage of 1.2x — earnings barely cover interest payments, which is a warning sign.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales3,259 Cr2,543 Cr2,756 Cr2,879 Cr3,238 Cr2,439 Cr3,189 Cr5,143 Cr5,177 Cr4,082 Cr4,499 Cr5,207 Cr
Operating expenses (approx.)1,379 Cr1,432 Cr1,587 Cr1,462 Cr1,553 Cr1,525 Cr1,985 Cr2,355 Cr2,181 Cr2,052 Cr2,249 Cr2,334 Cr
EBITDA1,880 Cr1,111 Cr1,169 Cr1,418 Cr1,685 Cr914 Cr1,204 Cr2,789 Cr2,996 Cr2,030 Cr2,250 Cr2,873 Cr
OPM %57.7%43.7%42.4%49.2%52.0%37.5%37.8%54.2%57.9%49.7%50.0%55.2%
Other income128 Cr119 Cr123 Cr163 Cr222 Cr201 Cr308 Cr268 Cr184 Cr173 Cr352 Cr229 Cr
Interest514 Cr521 Cr533 Cr511 Cr518 Cr565 Cr675 Cr1,306 Cr1,418 Cr1,485 Cr1,608 Cr1,519 Cr
Depreciation409 Cr400 Cr427 Cr375 Cr392 Cr406 Cr482 Cr739 Cr809 Cr829 Cr809 Cr890 Cr
Profit before tax1,092 Cr310 Cr339 Cr698 Cr1,005 Cr150 Cr361 Cr1,015 Cr955 Cr-173 Cr188 Cr696 Cr
Tax %21.5%25.1%-1.9%23.5%12.8%-4.9%-14.9%17.7%13.7%405.8%-205.4%23.4%
Net profit857 Cr232 Cr345 Cr534 Cr877 Cr157 Cr415 Cr836 Cr824 Cr529 Cr574 Cr533 Cr
EPS (₹)₹5.18₹1.41₹2.14₹3.00₹4.90₹0.96₹2.34₹4.26₹4.04₹2.41₹2.12₹2.64

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales8,263 Cr8,049 Cr9,138 Cr8,273 Cr6,922 Cr8,167 Cr10,332 Cr11,486 Cr11,745 Cr18,901 CrSign in free for the trailing twelve months
Operating expenses (approx.)4,939 Cr5,286 Cr6,284 Cr5,316 Cr4,016 Cr4,598 Cr7,050 Cr6,104 Cr6,525 Cr8,837 CrSign in free for the trailing twelve months
EBITDA3,324 Cr2,763 Cr2,853 Cr2,957 Cr2,907 Cr3,569 Cr3,282 Cr5,382 Cr5,221 Cr10,064 CrSign in free for the trailing twelve months
OPM %40.2%34.3%31.2%35.7%42.0%43.7%31.8%46.9%44.5%53.2%Sign in free for the trailing twelve months
Other income217 Cr465 Cr368 Cr287 Cr237 Cr569 Cr535 Cr455 Cr894 Cr977 CrSign in free for the trailing twelve months
Interest1,685 Cr1,456 Cr1,192 Cr1,051 Cr896 Cr777 Cr844 Cr2,053 Cr2,269 Cr5,816 CrSign in free for the trailing twelve months
Depreciation969 Cr966 Cr1,164 Cr1,168 Cr1,167 Cr1,131 Cr1,169 Cr1,633 Cr1,655 Cr3,185 CrSign in free for the trailing twelve months
Profit before tax892 Cr338 Cr897 Cr1,114 Cr1,099 Cr2,238 Cr1,957 Cr2,167 Cr2,214 Cr1,986 CrSign in free for the trailing twelve months
Tax %30.2%74.9%23.7%3.0%25.1%22.1%24.4%20.4%10.4%-39.1%Sign in free for the trailing twelve months
Net profit623 Cr85 Cr684 Cr1,081 Cr823 Cr1,743 Cr1,480 Cr1,725 Cr1,983 Cr2,762 CrSign in free for the trailing twelve months
EPS (₹)₹3.86₹0.48₹4.24₹6.70₹4.84₹10.52₹9.01₹10.50₹11.19₹12.82Sign in free for the trailing twelve months
Dividend payout %————20.0%18.9%22.2%20.1%18.3%13.2%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital1,628 Cr1,640 Cr1,641 Cr1,642 Cr1,642 Cr1,640 Cr1,641 Cr1,641 Cr1,745 Cr1,756 Cr
Reserves8,741 Cr9,470 Cr10,181 Cr10,004 Cr12,865 Cr15,775 Cr16,988 Cr19,191 Cr25,616 Cr28,995 Cr
Borrowings13,135 Cr10,829 Cr9,240 Cr8,281 Cr7,262 Cr8,893 Cr24,817 Cr31,327 Cr49,621 Cr75,846 Cr
Other liabilities4,884 Cr4,786 Cr4,876 Cr5,209 Cr4,676 Cr4,623 Cr5,190 Cr5,928 Cr11,233 Cr14,758 Cr
Total liabilities28,389 Cr26,721 Cr25,926 Cr25,112 Cr26,436 Cr30,932 Cr48,742 Cr58,269 Cr89,939 Cr1,24,182 Cr
Fixed assets (net)17,877 Cr17,297 Cr16,290 Cr15,217 Cr14,166 Cr13,423 Cr23,065 Cr26,088 Cr45,713 Cr61,806 Cr
CWIP531 Cr294 Cr400 Cr391 Cr473 Cr2,091 Cr4,780 Cr10,282 Cr10,277 Cr17,409 Cr
Investments1,579 Cr2,415 Cr2,451 Cr1,854 Cr4,052 Cr6,623 Cr6,033 Cr7,035 Cr9,755 Cr11,379 Cr
Loans & advances——178 Cr251 Cr1,131 Cr151 Cr181 Cr111 Cr199 Cr272 Cr
Inventories593 Cr536 Cr455 Cr640 Cr395 Cr901 Cr987 Cr831 Cr905 Cr961 Cr
Trade receivables2,183 Cr1,151 Cr1,428 Cr2,103 Cr1,301 Cr1,215 Cr2,308 Cr1,704 Cr2,614 Cr2,973 Cr
Cash & bank591 Cr224 Cr132 Cr152 Cr367 Cr585 Cr3,422 Cr3,092 Cr3,234 Cr4,142 Cr
Other assets5,037 Cr4,804 Cr4,593 Cr4,505 Cr4,551 Cr5,944 Cr7,966 Cr9,127 Cr17,242 Cr25,239 Cr
Total assets28,389 Cr26,721 Cr25,926 Cr25,112 Cr26,436 Cr30,932 Cr48,742 Cr58,269 Cr89,939 Cr1,24,182 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity3,853 Cr3,934 Cr2,491 Cr2,082 Cr3,700 Cr2,952 Cr2,084 Cr6,234 Cr3,838 Cr9,898 Cr
Cash from investing-762 Cr-215 Cr-54 Cr301 Cr-1,033 Cr-1,392 Cr-7,009 Cr-8,318 Cr-23,613 Cr-20,271 Cr
Cash from financing-2,595 Cr-3,968 Cr-2,523 Cr-1,962 Cr-2,515 Cr-781 Cr7,560 Cr1,798 Cr20,223 Cr10,617 Cr
Net cash flow496 Cr-249 Cr-86 Cr422 Cr155 Cr784 Cr2,634 Cr-289 Cr1,072 Cr1,993 Cr
Free cash flow (OCF − Capex)3,481 Cr3,813 Cr2,258 Cr1,961 Cr3,264 Cr658 Cr-2,152 Cr-1,799 Cr-2,870 Cr-412 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %11.0%8.2%9.9%10.9%9.2%11.5%6.4%8.1%5.7%7.1%
ROE %6.1%0.8%5.9%9.5%5.5%9.9%7.9%8.2%6.7%6.7%
Debtor days96525793685481548157
Inventory days26453152449465667463
Days payable931951251301051128310711593
Cash conversion cycle29-98-371573663134027
OCF / EBITDA %115.9%142.4%87.3%70.4%127.3%82.7%63.5%115.8%73.5%98.3%
OCF / EBITDA % (3 years)——115.0%99.2%94.9%92.6%89.5%92.1%87.6%96.6%
Debt / equity1.270.980.780.710.500.511.331.501.812.47
Current ratio0.910.640.720.991.221.021.071.191.060.76
Net debt / EBITDA3.77—3.192.752.372.336.525.258.897.12