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]
Business Segments1) Thermal Energy Projects (63% in H1 FY25 vs 75% in FY22):[1][2]The company has a total thermal power generation capacity of 3,508 MW, comprising 1,200 MW at Ratnagiri, 1,080 MW at Barmer, 860 MW at Vijayanagar, 350 MW at Utkal, and 18 MW TPP at Nandyal. {# 1600MW in salboni in west bengal https://www.bseindia.com/xml-data/corpfiling/AttachHis/1c68833c-b336-4af0-ae63-8698bc6fcb22.pdf#page=19 #}
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | NTPC | 348.85 | 14.24 | 338219.99 | 2.39 | 5225.30 | -3.94 | 44785.82 | 0.18 | 9.95 | 186754.31 | 28.64 | 23751.11 | 5066.78 | 1.76 | 4.26 | 1.33 |
| 2. | Adani Green | 1019.20 | 76.68 | 168003.80 | 0.00 | 644.00 | 102.55 | 3008.00 | 0.10 | 8.70 | 12221.00 | 81.16 | 2190.88 | 658.14 | 8.60 | 2.32 | 4.52 |
| 3. | JSW Energy | 512.60 | 86.69 | 89608.02 | 0.39 | 190.17 | -33.45 | 779.86 | -19.39 | 5.82 | 3617.85 | 31.64 | 1033.62 | 190.17 | 3.94 | 3.97 | 0.61 |
| 4. | NHPC Ltd | 83.66 | 26.50 | 84046.83 | 2.28 | 1219.28 | 13.49 | 3365.26 | 10.27 | 7.42 | 11212.76 | 52.98 | 3171.33 | 1021.44 | 2.04 | 3.43 | 1.09 |
| 5. | NTPC Green Ene. | 94.07 | 130.62 | 79274.92 | 0.00 | 86.38 | 130.26 | 612.29 | 21.52 | 4.89 | 2419.85 | 87.48 | 606.90 | 87.59 | 4.23 | 1.31 | 1.16 |
| 6. | NLC India | 269.65 | 14.31 | 37383.84 | 1.11 | 724.80 | -27.06 | 4178.41 | 14.25 | 10.51 | 16251.48 | 26.03 | 2612.76 | 665.12 | 1.87 | 4.68 | 1.22 |
| 7. | SJVN | 83.01 | 58.58 | 32636.70 | 1.76 | 307.80 | -30.20 | 1032.40 | 0.60 | 4.91 | 3125.24 | 72.70 | 557.11 | 307.91 | 2.24 | 1.92 | 2.03 |
| â | Median: 25 Co. | 128.44 | 27.06 | 7718.07 | 0.0 | 86.38 | 0.0 | 634.3 | 11.59 | 7.42 | 2265.01 | 31.68 | 187.7 | 80.07 | 2.17 | 2.32 | 0.82 |
Standalone figures in âš crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 955 | 1,276 | 977 | 1,485 | 1,050 | 916 | 1,647 | 1,236 | 946 | 1,141 | 1,133 | 967 | 780 |
Expenses | 755 | 768 | 671 | 1,136 | 675 | 612 | 1,306 | 767 | 668 | 949 | 739 | 718 | 521 |
Operating Profit | 200 | 507 | 305 | 348 | 374 | 303 | 340 | 469 | 277 | 192 | 394 | 250 | 259 |
Other Income | 50 | 22 | 81 | 77 | 117 | 140 | 50 | 53 | 305 | 160 | 58 | 178 | 205 |
Profit before tax | 112 | 347 | 236 | 249 | 338 | 185 | 181 | 322 | 417 | 233 | 263 | 289 | 193 |
Tax % | 29% | 28% | 8% | 33% | 25% | 12% | 27% | -6% | -11% | 33% | 28% | 1% | 1% |
Net Profit | 79 | 251 | 217 | 166 | 254 | 162 | 132 | 342 | 464 | 156 | 191 | 286 | 190 |
EPS in Rs | 0.48 | 1.53 | 1.24 | 1.01 | 1.45 | 0.93 | 0.80 | 2.08 | 2.66 | 0.95 | 1.16 | 1.63 | 1.09 |
Standalone Figures in âš Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 5,757 | 6,302 | 5,863 | 4,041 | 4,212 | 5,118 | 4,314 | 2,898 | 3,643 | 5,739 | 5,129 | 3,939 | 3,618 |
Expenses | 3,744 | 4,199 | 3,697 | 3,136 | 3,505 | 4,312 | 3,417 | 2,084 | 2,597 | 4,532 | 3,411 | 2,733 | 2,473 |
Operating Profit | 2,013 | 2,103 | 2,165 | 905 | 707 | 806 | 897 | 814 | 1,046 | 1,207 | 1,718 | 1,207 | 1,145 |
Other Income | -116 | 259 | 395 | 328 | -166 | 361 | 218 | 62 | 227 | 400 | 210 | 681 | 730 |
Interest | 628 | 586 | 644 | 533 | 476 | 412 | 322 | 210 | 127 | 260 | 478 | 365 | 616 |
Depreciation | 453 | 421 | 354 | 364 | 364 | 365 | 369 | 358 | 328 | 317 | 270 | 243 | 229 |
Profit before tax | 817 | 1,356 | 1,563 | 337 | -299 | 390 | 424 | 308 | 818 | 1,030 | 1,181 | 1,279 | 1,030 |
Net Profit | 602 | 995 | 1,182 | 195 | -444 | 251 | 498 | 186 | 570 | 711 | 950 | 1,221 | 1,034 |
EPS in Rs | 3.67 | 6.06 | 7.21 | 1.19 | -2.71 | 1.53 | 3.03 | 1.13 | 3.47 | 4.32 | 5.78 | 6.99 | 5.92 |
Dividend Payout % | 54% | 33% | 28% | 42% | 0% | 65% | 33% | 176% | 58% | 46% | 35% | 29% | â |
Standalone figures in âš crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 1,640 | 1,640 | 1,627 | 1,628 | 1,640 | 1,641 | 1,642 | 1,642 | 1,640 | 1,641 | 1,641 | 1,745 | 1,746 |
Reserves | 5,363 | 5,954 | 6,965 | 6,766 | 8,237 | 8,527 | 7,758 | 9,990 | 11,848 | 11,969 | 13,471 | 20,491 | 20,980 |
Borrowings | 4,939 | 4,232 | 5,025 | 3,464 | 3,140 | 2,818 | 2,246 | 1,603 | 1,273 | 6,293 | 7,020 | 9,788 | 13,866 |
Other Liabilities | 2,331 | 2,192 | 3,357 | 3,361 | 2,894 | 2,524 | 1,909 | 1,481 | 1,912 | 2,047 | 2,478 | 2,102 | 2,258 |
Total Liabilities | 14,272 | 14,018 | 16,974 | 15,218 | 15,912 | 15,510 | 13,555 | 14,716 | 16,672 | 21,949 | 24,610 | 34,127 | 38,850 |
Fixed Assets | 6,909 | 6,814 | 5,415 | 5,190 | 5,111 | 4,853 | 4,508 | 4,180 | 3,957 | 3,709 | 3,511 | 3,358 | 3,252 |
Gross Block | 9,025.94 | 9,351.32 | 5,765.79 | 5,904.80 | 6,189.25 | 6,291.16 | 6,308.82 | 6,324.73 | 6,395.34 | 6,464.62 | 6,533.67 | 6,621.93 | â |
Accumulated Depreciation | 2,116.61 | 2,537.18 | 351.00 | 714.94 | 1,078.11 | 1,438.49 | 1,800.89 | 2,144.61 | 2,438.68 | 2,755.99 | 3,022.32 | 3,264.20 | â |
CWIP | 467 | 256 | 282 | 479 | 261 | 377 | 109 | 34 | 23 | 16 | 20 | 93 | 111 |
Investments | 2,934 | 3,672 | 6,669 | 5,324 | 6,963 | 6,703 | 5,417 | 8,212 | 6,867 | 14,730 | 17,413 | 23,257 | 27,177 |
Other Assets | 3,962 | 3,275 | 4,609 | 4,226 | 3,577 | 3,578 | 3,522 | 2,290 | 5,826 | 3,495 | 3,665 | 7,418 | 8,310 |
Total Assets | 14,272 | 14,018 | 16,974 | 15,218 | 15,912 | 15,510 | 13,555 | 14,716 | 16,672 | 21,949 | 24,610 | 34,127 | 38,850 |
Standalone Figures in âš Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 1,559 | 2,622 | 2,261 | 1,409 | 846 | 397 | 31 | 1,086 | 252 | 975 | 2,266 | 833 |
Cash from Investing Activity | -25 | -228 | -3,468 | 1,085 | -58 | 445 | 1,305 | -378 | 710 | -5,384 | -1,650 | -7,545 |
Cash from Financing Activity | -1,482 | -1,670 | -218 | -2,475 | -807 | -733 | -1,121 | -1,011 | -881 | 4,496 | -83 | 6,993 |
Net Cash Flow | 51 | 724 | -1,425 | 18 | -18 | 109 | 215 | -304 | 82 | 87 | 533 | 280 |
Standalone Figures in âš Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 63 | 29 | 73 | 76 | 42 | 40 | 50 | 29 | 30 | 21 | 21 | 38 |
Inventory Days | â | â | â | â | â | â | â | â | â | â | â | â |
Days Payable | â | â | â | â | â | â | â | â | â | â | â | â |
Cash Conversion Cycle | 63 | 29 | 73 | 76 | 42 | 40 | 50 | 29 | 30 | 21 | 21 | 38 |
Working Capital Days | -54 | -82 | -203 | -181 | -157 | -118 | -40 | -128 | 271 | -157 | -182 | -367 |
ROCE % | 15% | 16% | 17% | 7% | 7% | 6% | 6% | 4% | 7% | 6% | 8% | 6% |
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Stock Analysis
JSW Energy Limited is a prominent private sector power producer in India, part of the USD 23 billion JSW Group. The company is involved in power generation, transmission, and has interests in mining and turbine manufacturing, with a diversified portfolio across thermal and renewable energy.
The procurement of turbine generators for the 1,600 MW Salboni Thermal Project is a key growth trigger, ensuring supply chain certainty and supporting the company's target of 30 GW generation capacity by FY2030.
No specific order book value is updated, but a contract for 1,600 MW thermal project turbine generators has been signed.
Currently no data available for Key Red Flags.
Currently no data available for Key Dates To Watch.
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