JSWENERGY
JSW Energy share price & financials
- Price
- ₹570.1
- Market cap
- ₹1.0L Cr
- Sector
- Power
- Calls analysed
- 7
JSW Energy Q1 FY27
What went well
- Capacity additions of 873 MW in Q1 FY27, contributing to 1.1 GW since April 2026, puts the company on track for its 3 GW FY27 target.
- Successful capital raise of ₹10,150 crores significantly strengthened the balance sheet and liquidity, with cash balances of ₹12,880 crores.
- Net Debt to TTM EBITDA improved to 4.95x from 5.2x in FY26, demonstrating deleveraging efforts.
What to watch
- PAT declined year-on-year to ₹533 crores (attributable to shareholders ₹471 crores) due to higher capitalization impact, depreciation (up 20% YoY to ₹890 cr), and interest costs (up 16% YoY to ₹1,519 cr).
- Net generation for Q1 FY27 declined marginally by 5% YoY to 12.9 billion units, primarily due to lower hydro (down 26% YoY) and thermal (down 6% YoY) generation.
What JSW Energy does
JSW Energy Limited generates and sells electricity from a diversified portfolio of thermal, hydro, wind, solar and hybrid power plants located across 14 states in India, earning through long-term power purchase agreements (PPAs) with state utilities and industrial/commercial customers as well as short-term merchant power sales. Part of the USD 25 billion JSW Group, the company is expanding beyond pure-play generation into energy storage (pumped hydro and battery systems) and energy products and services, including green hydrogen, green oxygen, battery assembly and wind-turbine/blade manufacturing, to build an integrated clean-energy value chain.
Segments
- Power Generation
- Energy Storage
- Energy Products & Services
- Installed power generation capacity
- 13,454 MW (13.45 GW) across thermal, wind, hydro, solar and hybrid
- Geographic footprint
- Power plants across 14 states in India
- Generation capacity mix
- Thermal 5,658 MW (42%), Wind 3,656 MW (27%), Solar 2,058 MW (15%), Hydro 1,631 MW (12%), Hybrid 451 MW (4%)
- Locked-in energy storage capacity
- 29.6 GWh (26.4 GWh pumped hydro storage + 3.2 GWh battery energy storage)
- Battery container assembly plant
- 5 GWh capacity, operationalised at Pune
- Green hydrogen and green oxygen facility
- 3,800 TPA green hydrogen and 30,000 TPA green oxygen capacity
Guidance record · Q1 FY27
what the last two calls moved 21 tracked 4 delivered 6 missed 11 open- Installed Capacity delivered said Q3 FY25 Promised: Reach 10 GW of capacity by the end of FY25 Q1 FY27: Promise already achieved in a prior period.
- O2 Power Operational Capacity missed said Q3 FY25 Promised: 2.3 GW of O2 Power capacity to be operational by June '25 Q1 FY27: Promise already missed in a prior period.
- Net Debt to EBITDA revised up said Q4 FY26 Promised: Achieve a Net Debt to EBITDA target of approximately 5 to 5.5x by 2030 Q1 FY27: Management revised the target downwards, now committing to keep net leverage 'below 5 times' by 2030, an improvement from the original 5-5.5x range.
All 21 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 20.2%, net profit up 16.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 967 | 977 | 946 | 916 | 780 −19% | 695 −29% | 639 −32% | 1,101 +20% |
| EBITDA | 250 | 305 | 277 | 303 | 259 +4% | 244 −20% | 209 −25% | 296 −2% |
| Net profit | 286 | 217 | 464 | 162 | 190 −34% | 65 −70% | 442 −5% | 188 +16% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +1.4% 1Y
1Y: ₹519 on 10 Sept 2025 → ₹526.45. High ₹602.05 (27 May 2026), low ₹440.05 (27 Jan 2026).
How the price took the results
close before → close after
- Q1 FY27
- −0.8%
- 22 Jul
- Q4 FY26
- −2.3%
- 11 May
- Q3 FY26
- −3.0%
- 23 Jan
- Q2 FY26
- −1.4%
- 17 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 31.2% a year over 3 years, FY23 to FY26. Operating margin widened to 33.5%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹9.3k Cr | ₹5.1k Cr | ₹3.9k Cr | ₹3.0k Cr |
| Operating profit | ₹2.9k Cr | ₹1.7k Cr | ₹1.2k Cr | ₹1.0k Cr |
| Operating margin | 30.9% | 33.5% | 30.6% | 33.5% |
| Interest | ₹744 Cr | ₹477 Cr | ₹365 Cr | ₹887 Cr |
| Depreciation | ₹955 Cr | ₹269 Cr | ₹243 Cr | ₹226 Cr |
| Net profit | ₹1.3k Cr | ₹950 Cr | ₹1.2k Cr | ₹859 Cr |
| Net margin | 14.3% | 18.5% | 31.0% | 28.3% |
| Cash from operations | ₹975 Cr | ₹2.3k Cr | ₹833 Cr | ₹689 Cr |
| Free cash flow | ₹922 Cr | ₹2.2k Cr | ₹707 Cr | ₹408 Cr |
| ROCE | 6.0% | 8.0% | 6.0% | 5.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹1.6k Cr | ₹1.6k Cr | ₹1.6k Cr | ₹1.6k Cr | ₹1.7k Cr | ₹1.8k Cr |
| Reserves | ₹10.0k Cr | ₹11.8k Cr | ₹12.0k Cr | ₹13.5k Cr | ₹27.4k Cr | ₹22.5k Cr |
| Borrowings | ₹1.6k Cr | ₹1.3k Cr | ₹6.3k Cr | ₹7.0k Cr | ₹69.1k Cr | ₹15.0k Cr |
| Other liabilities | ₹1.5k Cr | ₹1.9k Cr | ₹2.0k Cr | ₹2.5k Cr | ₹15.5k Cr | ₹1.9k Cr |
| Total liabilities | ₹14.7k Cr | ₹16.7k Cr | ₹21.9k Cr | ₹24.6k Cr | ₹113.7k Cr | ₹41.1k Cr |
| Fixed assets | ₹4.2k Cr | ₹4.0k Cr | ₹3.7k Cr | ₹3.5k Cr | ₹72.3k Cr | ₹3.2k Cr |
| Capital work in progress | ₹34 Cr | ₹23 Cr | ₹16 Cr | ₹20 Cr | ₹11.6k Cr | ₹271 Cr |
| Investments | ₹8.2k Cr | ₹6.9k Cr | ₹14.7k Cr | ₹17.4k Cr | ₹10.5k Cr | ₹29.3k Cr |
| Other assets | ₹2.3k Cr | ₹5.8k Cr | ₹3.5k Cr | ₹3.7k Cr | ₹19.3k Cr | ₹8.3k Cr |
| Total assets | ₹14.7k Cr | ₹16.7k Cr | ₹21.9k Cr | ₹24.6k Cr | ₹113.7k Cr | ₹41.1k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +4.73 pp while promoters trimmed −2.73 pp. The shareholder count shrank 5% to 5,55,401.
- Promoters
- 66.5%
- FIIs
- 11.4%
- DIIs
- 16.2%
- Government
- 0.0%
- Public
- 5.8%
- Others
- 0.1%
Since Jun 2025
- DIIs +4.73 pp
- Promoters −2.73 pp
- Public −0.97 pp
How it drifted, 12 quarters
Over this window promoters fell from 73.4% to 66.5% — −6.9 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 73.4%, FIIs 8.4%, DIIs 9.7%, Public 8.3%, Others 0.2%.Dec '23: Promoters 73.4%, FIIs 8.5%, DIIs 9.4%, Public 8.5%, Others 0.2%.Mar '24: Promoters 73.7%, FIIs 8.4%, DIIs 9.3%, Public 8.4%, Others 0.2%.Jun '24: Promoters 69.3%, FIIs 15.4%, DIIs 9.2%, Public 5.9%, Others 0.2%.Sep '24: Promoters 69.3%, FIIs 14.9%, DIIs 9.8%, Public 5.8%, Others 0.1%.Dec '24: Promoters 69.3%, FIIs 14.6%, DIIs 10.1%, Public 5.9%, Others 0.1%.Mar '25: Promoters 69.3%, FIIs 13.4%, DIIs 10.9%, Public 6.2%, Others 0.1%.Jun '25: Promoters 69.3%, FIIs 12.4%, DIIs 11.4%, Public 6.8%, Others 0.1%.Sep '25: Promoters 69.3%, FIIs 12.1%, DIIs 11.6%, Public 7.0%, Others 0.1%.Dec '25: Promoters 69.3%, FIIs 9.5%, DIIs 14.4%, Government 0.0%, Public 6.7%, Others 0.1%.Mar '26: Promoters 69.4%, FIIs 9.7%, DIIs 14.3%, Government 0.0%, Public 6.4%, Others 0.1%.Jun '26: Promoters 66.5%, FIIs 11.4%, DIIs 16.2%, Government 0.0%, Public 5.8%, Others 0.1%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- SBI Arbitrage Opportunities Fund Mutual fund +1.87 pp 3.67% held
- Gqg Partners Emerging Markets Equity Fund Global fund house newly disclosed 1.81% held
The same filing shows 9 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of JSW Energy above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Jsw Investments Private Limited | 16.99% | −0.74 pp |
| Indusglobe Multiventures Private Limited | 13.96% | −0.61 pp |
| Siddeshwari Tradex Private Limited | 12.60% | −0.54 pp |
| JSL Limited | 7.93% | −0.34 pp |
| LICI ULIP-Growth Fund Insurer | 6.82% | −0.41 pp |
| Virtuous Tradecorp Private Limited | 4.67% | −0.20 pp |
| Jsw Steel Limited | 4.66% | −0.20 pp |
| SBI Arbitrage Opportunities Fund Mutual fund | 3.67% | +1.87 pp |
| Gqg Partners Emerging Markets Equity Fund Global fund house | 1.81% | newly disclosed |
| Tanvi Shete | 1.37% | −0.06 pp |
| Tarini Jindal Handa | 1.37% | −0.06 pp |
| Parth Jindal | 0.96% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in JSWENERGY
Filings to Aug 2026
1 new, 9 added, 2 trimmed, 0 sold out — net −3.31 L shares (−0.4%).
- Held by funds
- ₹4.3k Cr
- 35 schemes
- Biggest holder
- SBI Aggressive Hybrid Fund
- ₹1.3k Cr · 1.5% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Aggressive Hybrid Fund SBI Mutual Fund | ₹1.3k Cr | held | Dec '25 |
| SBI Large and Midcap Fund SBI Mutual Fund | ₹392 Cr | held | May '26 |
| SBI Contra Fund SBI Mutual Fund | ₹392 Cr | held | May '26 |
| SBI Midcap Fund SBI Mutual Fund | ₹328 Cr | held | Dec '25 |
| SBI Energy Opportunities Fund SBI Mutual Fund | ₹316 Cr | held | May '25 |
| SBI ELSS Tax Saver Fund SBI Mutual Fund | ₹233 Cr | held | May '26 |
| SBI Flexicap Fund SBI Mutual Fund | ₹202 Cr | held | May '26 |
| SBI MultiCap Fund SBI Mutual Fund | ₹160 Cr | held | May '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
9 added, 2 trimmed — net −3.31 L shares (−0.4%)
- Funds are sitting on
- +5%
- vs est. average cost
- Held by funds
- ₹4.3k Cr
- 35 schemes · ≈ 4.7% of the company
- Biggest holder
- SBI Aggressive Hybrid Fund
- ₹1.3k Cr · 1.5% of that fund
- Longest holder
- HDFC Business Cycle Fund
- 2y 2m · since Jun '24
Shares held by these funds +21423%
Aug '23 8.38 cr shares Jul '26
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse JSW Energy
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