Financials JSW Energy Limited

Equities

JSWENERGY

INE121E01018

Independent Power Producers

Market Closed - Bombay S.E. Other stock markets 03:59:58 30/04/2024 pm IST			5-day change	1st Jan Change
629.8 ^INR	+4.42%		+2.88%	+53.94%

23/04	JSW, Amara Raja, Reliance submit bids to make batteries in India	RE
22/04	JSW Energy Arm Bags Contract to Set Up 700MW Solar Power Projects	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,19,139	69,938	1,44,428	4,91,264	3,94,824	10,98,050	-	-
Enterprise Value (EV) ¹	2,01,837	1,38,850	2,02,876	5,55,426	6,16,624	13,38,271	13,33,303	12,80,646
P/E ratio	17.1 x	6.36 x	18.2 x	28.5 x	26.8 x	57.5 x	40.4 x	31.2 x
Yield	1.38%	2.35%	2.27%	0.67%	0.83%	0.36%	0.4%	0.5%
Capitalization / Revenue	1.3 x	0.85 x	2.09 x	6.02 x	3.82 x	8.97 x	6.96 x	6.13 x
EV / Revenue	2.21 x	1.68 x	2.93 x	6.8 x	5.97 x	10.9 x	8.45 x	7.15 x
EV / EBITDA	6.71 x	4.7 x	6.98 x	18.7 x	18 x	24.3 x	17.8 x	14.3 x
EV / FCF	9.05 x	7.08 x	6.21 x	84.4 x	-28.7 x	-49.4 x	123 x	37.8 x
FCF Yield	11.1%	14.1%	16.1%	1.18%	-3.49%	-2.03%	0.81%	2.65%
Price to Book	1.01 x	0.6 x	1 x	2.81 x	2.13 x	5.15 x	4.65 x	4.16 x
Nbr of stocks (in thousands)	16,41,038	16,41,731	16,42,158	16,43,574	16,40,315	17,43,629	-	-
Reference price ²	72.60	42.60	87.95	298.9	240.7	629.8	629.8	629.8
Announcement Date	16/05/19	20/05/20	25/06/21	03/05/22	23/05/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	91,376	82,727	69,222	81,672	1,03,318	1,22,447	1,57,750	1,79,090
EBITDA ¹	30,096	29,569	29,066	29,733	34,211	55,127	74,962	89,736
EBIT ¹	18,460	17,888	17,396	18,423	22,519	40,361	55,015	67,741
Operating Margin	20.2%	21.62%	25.13%	22.56%	21.8%	32.96%	34.88%	37.83%
Earnings before Tax (EBT) ¹	8,969	11,142	10,986	22,383	19,428	22,753	34,158	43,073
Net income ¹	6,951	10,999	7,955	17,286	14,778	17,930	25,600	33,194
Net margin	7.61%	13.3%	11.49%	21.17%	14.3%	14.64%	16.23%	18.54%
EPS ²	4.240	6.700	4.840	10.50	8.990	10.96	15.57	20.22
Free Cash Flow ¹	22,310	19,611	32,644	6,580	-21,520	-27,104	10,845	33,888
FCF margin	24.42%	23.71%	47.16%	8.06%	-20.83%	-22.14%	6.87%	18.92%
FCF Conversion (EBITDA)	74.13%	66.32%	112.31%	22.13%	-	-	14.47%	37.76%
FCF Conversion (Net income)	320.94%	178.29%	410.37%	38.06%	-	-	42.36%	102.09%
Dividend per Share ²	1.000	1.000	2.000	2.000	2.000	2.278	2.511	3.171
Announcement Date	16/05/19	20/05/20	25/06/21	03/05/22	23/05/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4
Net sales ¹	20,875	38,150	18,935	24,407	30,263	23,875	22,481	26,700	29,278	32,594	61,873	25,428	28,253
EBITDA ¹	9,316	16,281	7,912	6,071	10,220	8,896	6,249	7,393	12,221	18,804	31,025	11,108	12,802
EBIT ¹	6,453	-	5,100	3,299	7,335	5,954	3,298	4,480	8,241	-	-	7,107	8,492
Operating Margin	30.91%	-	26.93%	13.52%	24.24%	24.94%	14.67%	16.78%	28.15%	-	-	27.95%	30.06%
Earnings before Tax (EBT) ¹	6,066	-	4,075	9,690	7,528	6,047	2,347	3,506	4,260	10,919	-	3,102	4,454
Net income ¹	3,392	5,403	3,239	8,644	5,604	4,657	1,796	2,720	2,899	8,502	11,400	2,313	3,270
Net margin	16.25%	14.16%	17.11%	35.41%	18.52%	19.5%	7.99%	10.19%	9.9%	26.08%	18.43%	9.1%	11.57%
EPS ²	2.070	-	-	5.240	3.400	2.840	1.090	1.660	1.760	5.170	-	1.410	1.925
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	29/10/21	29/10/21	19/01/22	03/05/22	21/07/22	28/10/22	20/01/23	23/05/23	14/07/23	20/10/23	20/10/23	23/01/24	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	82,698	68,912	58,448	64,161	2,21,800	2,40,221	2,35,253	1,82,596
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.748 x	2.331 x	2.011 x	2.158 x	6.483 x	4.358 x	3.138 x	2.035 x
Free Cash Flow ¹	22,310	19,611	32,644	6,580	-21,520	-27,104	10,845	33,888
ROE (net income / shareholders' equity)	6.06%	8.85%	6.08%	7.39%	7.93%	8.99%	11.7%	14%
ROA (Net income/ Total Assets)	2.64%	4.07%	3.09%	4.11%	3.71%	6.12%	7.28%	7.52%
Assets ¹	2,63,307	2,70,317	2,57,741	4,20,211	3,98,372	2,92,769	3,51,708	4,41,527
Book Value Per Share ²	72.00	70.90	88.30	106.0	113.0	122.0	135.0	151.0
Cash Flow per Share ²	15.00	12.70	22.50	17.90	12.70	43.00	45.90	48.90
Capex ¹	2,335	1,210	4,354	22,941	42,363	70,033	89,498	66,814
Capex / Sales	2.56%	1.46%	6.29%	28.09%	41%	57.19%	56.73%	37.31%
Announcement Date	16/05/19	20/05/20	25/06/21	03/05/22	23/05/23	-	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for JSW Energy Limited

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

629.8 INR

Average target price

446.2 INR

Spread / Average Target

-29.14%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Fossil Fuel IPPs

	1st Jan change	Capi.
JSW ENERGY LIMITED	+53.94%	12.6B
HUANENG POWER INTERNATIONAL, INC.	+20.53%	16.91B
GULF ENERGY DEVELOPMENT	-9.55%	12.67B
ZHEJIANG ZHENENG ELECTRIC POWER CO., LTD.	+35.14%	11.46B
SHAANXI ENERGY INVESTMENT CO., LTD.	+17.31%	5.2B
ABOITIZ POWER CORPORATION	-1.98%	4.62B
JIANGSU GUOXIN CORP. LTD.	+25.42%	4.25B
GLOBAL POWER SYNERGY	+1.03%	3.71B
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.	+8.79%	3.53B
BEIJING JINGNENG POWER CO., LTD.	+15.20%	3.13B

Fossil Fuel IPPs