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Swing Capital

JSW Energy Ltd

NSE: JSWENERGY BSE: 533148Energy

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]

₹527
52W: ₹428 — ₹588
PE 106 · Book ₹138 · +282% vs book
Market Cap₹92,653 Cr
Stock P/E106Price to Earnings
ROCE4.86%Return on Capital
ROE3.77%Return on Equity
Div. Yield0.39%Face Value ₹10

Strengths

  • +Company has been maintaining a healthy dividend payout of 34.7%

Weaknesses

  • −Stock is trading at 3.67 times its book value
  • −Company has low interest coverage ratio.
  • −The company has delivered a poor sales growth of 0.89% over past five years.
  • −Tax rate seems low
  • −Company has a low return on equity of 5.30% over last 3 years.
  • −Earnings include an other income of Rs.921 Cr.
  • −Debtor days have increased from 37.8 to 54.2 days.
  • −Promoter holding has decreased over last 3 years: -5.24%

Shareholding Pattern

Promoters69.41%
FIIs9.74%
DIIs14.29%
Public6.44%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters69.32%69.32%69.32%69.26%▼0.169.26%69.26%69.26%69.41%▲0.1
FIIs15.37%14.92%▼0.414.57%▼0.313.43%▼1.112.36%▼1.112.12%▼0.29.5%▼2.69.74%▲0.2
DIIs9.21%9.78%▲0.610.05%▲0.310.94%▲0.911.43%▲0.511.56%▲0.114.39%▲2.814.29%▼0.1
Public5.9%5.81%▼0.15.92%▲0.16.21%▲0.36.79%▲0.66.97%▲0.26.74%▼0.26.44%▼0.3

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales1,2761,2361,050967977946916780695639
Expenses768767675718671668612521451430
Operating Profit507469374250305277303259244209
OPM %40%38%36%26%31%29%33%33%35%33%
Net Profit25134225428621746416219065442
EPS ₹1.532.081.451.631.242.660.931.090.372.52

AI Insights

Revenue Trend

Mar 2026 revenue at ₹3,029Cr, down 23.1% YoY. OPM at 33%.

Debt Position

Borrowings at ₹14,959Cr. Debt-to-equity ratio: 0.66x. Moderate leverage.

Capex Cycle

CWIP at ₹216Cr (7% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 14.29% (+4.70pp change). FIIs: 9.74% (+4.56pp change). Promoters hold 69.41%.

Margin & Efficiency

ROCE declining from 16% (Mar 2015) to 5% (Mar 2026). Working capital days: -822.

Valuation

PE 106x with 4.86% ROCE. Price is 282% above book value of ₹138. Dividend yield: 0.39%.

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