JSW Energy

Listed IPP — per-stock model.

As of 21 Aug 2026

IPP—

CMP ₹545NSE: JSWENERGY

Latest concall

Q4 FY26 · 11 May 2026

Q4 PAT ₹574cr (+38%); FY26 EBITDA ₹11,041cr (+81%), PAT +39% — record year.
Operational capacity ~13.2 GW; FY26 added 2,579 MW incl O2 Power 1,343 MW inorganic.
Total locked-in portfolio 30.5 GW (12.5 GW under construction, 4.6 GW pipeline).
Storage locked-in 29.6 GWh (26.4 GWh PSP + 3.2 GWh BESS); 5 GWh Pune battery plant live.

Order-book execution

12.5 GW under construction across thermal and RE commissions progressively toward the FY30 30 GW target.

Management guidance

Strategy 3.0: 30 GW generation plus 40 GWh storage by FY30.
FY27 adds ~3 GW (35-40% wind); 3-3.5 GW/yr thereafter; FY27 capex ~₹20,000cr.
Targets net debt/EBITDA of ~5-5.5x by 2030.

Q4 FY26 earnings call, May 11 2026

UC + pipeline

12.5GW

own capacity, not an order book

Revenue FY26E

18,901₹ cr

EBITDA margin

53%

P/E

49.8×

Financials

Annual · ₹ crore · E = estimate.

Annual financials

₹ crore · FY25 → FY28E

Period	Revenue	EBITDA	EBITDA %	PAT	Gross %	ROE %	ROCE %	Capex	Net debt	EPS ₹	WC days
FY15	9,347	3,624	39.0%	1,358	—	—	—	—	—	8.2	—
FY16	9,824	4,029	41.0%	1,460	—	—	—	—	—	8.8	—
FY17	8,263	3,324	40.0%	623	—	—	—	—	—	3.8	—
FY18	8,049	2,713	34.0%	85	—	—	—	—	—	0.5	—
FY19	9,138	2,855	31.0%	684	—	—	—	—	—	4.2	—
FY20	8,273	2,957	36.0%	1,081	—	—	—	—	—	6.7	—
FY21	6,922	2,913	42.0%	823	—	—	—	—	—	4.8	—
FY22	8,167	3,572	44.0%	1,743	—	—	—	—	—	10.5	—
FY23	10,332	3,282	32.0%	1,480	—	—	—	—	—	9.0	—
FY24	11,486	5,382	47.0%	1,725	—	—	—	—	—	10.5	—
FY25	11,745	5,221	44.0%	1,983	—	—	—	—	—	11.2	—
FY26	18,901	10,068	53.0%	2,762	—	—	—	—	—	12.7	—

Source Company filings (aggregated)· As of 21 Aug 2026

Revenue, EBITDA & margin

Bars ₹cr (left) · margin % (right)

Source Company filings (aggregated)· As of 21 Aug 2026

Quarterly

₹ crore · recent quarters.

Quarterly financials

₹ crore

Quarter	Revenue	EBITDA	EBITDA %	PAT	PAT %
Q1FY24	2,928	1,222	42.0%	290	9.9%
Q2FY24	3,259	1,880	58.0%	857	26.3%
Q3FY24	2,543	1,111	44.0%	232	9.1%
Q4FY24	2,756	1,169	42.0%	345	12.5%
Q1FY25	2,879	1,418	49.0%	534	18.6%
Q2FY25	3,238	1,685	52.0%	877	27.1%
Q3FY25	2,439	914	37.0%	157	6.4%
Q4FY25	3,189	1,204	38.0%	415	13.0%
Q1FY26	5,143	2,789	54.0%	836	16.3%
Q2FY26	5,177	2,996	58.0%	824	15.9%
Q3FY26	4,082	2,030	50.0%	529	13.0%
Q4FY26	4,499	2,250	50.0%	574	12.8%
Q1FY27	5,207	2,873	55.0%	533	10.2%

Source Company filings (aggregated)· As of 21 Aug 2026

Revenue & margin trend

Bars ₹cr (left) · margin % (right)

Source Company filings (aggregated)· As of 21 Aug 2026

Valuation

As of 21 Aug 2026

P/E

49.8×

EV / EBITDA

17.4×

P/B

3.1×

Operating metrics

What the rest of the dashboard tracks for JSW Energy — capacity, auctions, offtake, manufacturing and returns.

7 GW

Operational

6 GW

Under construction

5 GW

Pipeline

20 GW

Target FY30

730 MW

Auctions won

2 auctions

1 GW

PLI awarded

1 tranche

5.2%

Greenfield IRR · IPP

at its 53% margin

230 MW

PPAs signed

1 agreement

Auctions won

From the maintained auction feed

Tenders

Date	Agency	Type	MW	₹/kWh	Source
15 Feb 2025	SECI	FDRE	230	4.98	source
15 Jul 2024	SECI	Solar + BESS	500	3.41	—

Commissioning pipeline

Guided COD tracked from concalls, with slippage vs earlier guidance

IPPs

Project	Capacity	Original	Current	Slip	Status
FY26 organic RE build 3-4 GW FY26 organic guide softened to '>15 GW total by Mar-26'; FY26 closed with only ~1.2 GW organic, the ~2 GW miss rolled into FY27 (now guided 3 GW).	3 GW	Q4 FY26	Q4 FY27	+4Q	delayed
KREDL solar + BESS	0.1 GWh	Q4 FY27	Q4 FY27	—	on track
MSEDCL Hybrid III & IV (1.6 GW)	1.6 GW	Q4 FY28	Q4 FY28	—	on track

PPA / PSA signings

Power-purchase agreements from the maintained tracker

IPPs

Date	Agency	Type	MW	₹/kWh
15 Feb 2025	SECI	FDRE	230	4.98

Policy exposure

Schemes whose impact note names this company

Policy

ISTS Charge Waiver for Energy Storage (BESS/PSP)StorageActive
Improves economics for storage builders — JSW Energy (pumped hydro), Greenko, Adani, Tata Power — racing to hit the 2028 cut-off.
BESS VGF Scheme (Battery Storage)StorageActive
De-risks battery projects for developers — Adani, JSW Energy, Tata Power, NTPC, ACME — and supports the BESS pipeline visible in the tender mix.

Operating & order mix

Unit economics and the order book.

Shareholding

% · as of 30 Jun 2026

Shareholding pattern

Source Company filings (aggregated)· As of 21 Aug 2026