Financials JSW Energy Limited

Equities

JSWENERGY

INE121E01018

Independent Power Producers

Market Closed - Bombay S.E. Other stock markets 03:58:19 10/07/2025 pm IST			5-day change	1st Jan Change
530.60 ^INR	+2.93%		+2.44%	-17.42%

07/07	JSW Energy Commissions 261 MW of Renewable Energy Capacity	MT
13/06	JSW Energy Raises INR2.5 Billion Through Allotment of Debentures	MT

Projected Income Statement: JSW Energy Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	69,222	81,672	1,03,318	1,14,859	1,17,454	2,13,960	2,43,757	2,84,768
Change	-	17.98%	26.5%	11.17%	2.26%	82.17%	13.93%	16.82%
EBITDA ¹	29,066	29,733	34,211	53,983	52,208	1,09,215	1,32,415	1,67,876
Change	-	2.3%	15.06%	57.79%	-3.29%	109.19%	21.24%	26.78%
EBIT ¹	17,396	18,423	22,519	37,649	35,662	80,236	93,600	1,13,358
Change	-	5.9%	22.24%	67.19%	-5.28%	124.99%	16.66%	21.11%
Interest Paid ¹	-8,956	-7,769	-8,443	-20,534	-22,691	-42,617	-53,890	-72,096
Earnings before Tax (EBT) ¹	10,986	22,383	19,428	21,669	22,139	43,230	49,501	60,166
Change	-	103.74%	-13.2%	11.53%	2.17%	95.27%	14.5%	21.55%
Net income ¹	7,955	17,286	14,778	17,227	19,509	31,443	36,821	44,485
Change	-	117.31%	-14.51%	16.58%	13.25%	61.17%	17.1%	20.81%
Announcement Date	25/06/21	03/05/22	23/05/23	07/05/24	15/05/25	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	18,052	19,386	16,089	15,696	17,275	20,875	18,935	24,407	30,263	23,875	22,481	26,700	29,278	32,594	25,428	27,559	28,795	32,377	24,389	31,894	46,439	57,400	47,500	51,100
Change	-	7.39%	-17.01%	-2.44%	10.06%	20.83%	-9.29%	28.9%	23.99%	-21.11%	-5.84%	18.77%	9.66%	11.32%	-21.99%	8.38%	4.48%	12.44%	-24.67%	30.77%	45.6%	23.6%	-17.25%	7.58%
EBITDA ¹	7,455	9,238	6,044	6,328	6,984	9,316	7,912	6,071	10,220	8,896	6,249	7,393	12,221	18,804	11,108	11,754	14,217	16,849	9,137	12,045	24,632	30,400	21,700	24,700
Change	-	23.92%	-34.57%	4.7%	10.36%	33.4%	-15.07%	-23.27%	68.35%	-12.96%	-29.75%	18.3%	65.3%	53.87%	-40.93%	5.81%	20.96%	18.51%	-45.77%	31.82%	104.5%	23.42%	-28.62%	13.82%
EBIT ¹	4,560	6,322	3,128	3,386	4,102	6,453	5,100	3,299	7,335	5,954	3,298	4,480	8,241	-	7,107	7,486	10,463	12,931	5,082	7,226	15,410	-	-	-
Change	-	38.65%	-50.52%	8.24%	21.14%	57.33%	-20.96%	-35.31%	122.32%	-18.83%	-44.62%	35.85%	83.98%	-	-	5.34%	39.75%	23.59%	-60.7%	42.19%	113.25%	-	-	-
Charge d'intérêts ¹	-2,404	-2,072	-1,912	-2,569	-2,901	-1,909	-1,954	-1,005	-1,931	-2,044	-	-	-	-	-	-	-	-5,183	-	-6,753	-10,700	-12,300	-13,400	-13,400
Earnings before Tax (EBT) ¹	2,973	4,927	1,759	1,317	2,552	6,066	4,075	9,690	7,528	6,047	2,347	3,506	4,260	10,919	3,102	3,389	6,982	10,049	1,500	3,607	7,204	14,100	3,800	5,600
Change	-	65.74%	-64.3%	-25.13%	93.79%	137.64%	-32.82%	137.79%	-22.31%	-19.67%	-61.18%	49.38%	21.48%	156.33%	-71.59%	9.27%	106.01%	43.93%	-85.07%	140.41%	99.72%	95.72%	-73.05%	47.37%
Net income ¹	2,132	3,521	1,235	1,066	2,011	3,392	3,239	8,644	5,604	4,657	1,796	2,720	2,899	8,502	2,313	3,513	5,218	8,532	1,678	4,080	5,747	9,100	3,700	3,600
Change	-	65.14%	-64.92%	-13.71%	88.65%	68.69%	-4.51%	166.83%	-35.16%	-16.91%	-61.43%	51.47%	6.55%	193.28%	-72.79%	51.88%	48.51%	63.53%	-80.33%	143.13%	40.84%	58.35%	-59.34%	-2.7%
Announcement Date	31/07/20	03/11/20	29/01/21	25/06/21	30/07/21	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	23/01/24	07/05/24	19/07/24	24/10/24	28/01/25	15/05/25	-	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2022 S1	2024 S1
Net sales ¹	38,150	61,873
Change	-	62.18%
EBITDA ¹	16,281	31,025
Change	-	90.55%
EBIT	-	-
Change	-	-
Charge d'intérêts	-	-
Earnings before Tax (EBT)	-	-
Change	-	-
Net income ¹	5,403	11,400
Change	-	110.99%
Announcement Date	29/10/21	20/10/23

¹INR in Million

Estimates

Forecast Balance Sheet: JSW Energy Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	58,448	64,161	2,21,800	2,73,664	4,54,900	6,13,404	7,71,043	9,39,522
Change	-	9.77%	245.69%	23.38%	66.23%	34.84%	25.7%	21.85%
Announcement Date	25/06/21	03/05/22	23/05/23	07/05/24	15/05/25	-	-	-

¹INR in Million

Estimates

Cash Flow Forecast: JSW Energy Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	4,354	22,941	42,363	80,328	67,086	2,19,924	1,95,194	2,56,957
Change	-	426.84%	84.66%	89.62%	-16.48%	227.83%	-11.24%	31.64%
Free Cash Flow (FCF) ¹	32,644	6,580	-21,520	-17,991	-28,701	-1,40,126	-1,24,827	-1,55,918
Change	-	-79.84%	-427.08%	16.4%	-59.53%	-388.23%	10.92%	-24.91%
Announcement Date	25/06/21	03/05/22	23/05/23	07/05/24	15/05/25	-	-	-

¹INR in Million

Estimates

Forecast Financial Ratios: JSW Energy Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	41.99%	36.41%	33.11%	47%	44.45%	51.04%	54.32%	58.95%
EBIT Margin (%)	25.13%	22.56%	21.8%	32.78%	30.36%	37.5%	38.4%	39.81%
EBT Margin (%)	15.87%	27.41%	18.8%	18.87%	18.85%	20.2%	20.31%	21.13%
Net margin (%)	11.49%	21.17%	14.3%	15%	16.61%	14.7%	15.11%	15.62%
FCF margin (%)	47.16%	8.06%	-20.83%	-15.66%	-24.44%	-65.49%	-51.21%	-54.75%
FCF / Net Income (%)	410.37%	38.06%	-145.63%	-104.44%	-147.12%	-445.65%	-339.01%	-350.5%
Profitability
ROA	3.09%	4.11%	3.71%	3.22%	2.63%	5.08%	5.49%	2.65%
ROE	6.08%	7.39%	7.93%	8.27%	8.1%	10.51%	10.6%	10.98%
Financial Health
Leverage (Debt/EBITDA)	2.01x	2.16x	6.48x	5.07x	8.71x	5.62x	5.82x	5.6x
Debt / Free cash flow	1.79x	9.75x	-10.31x	-15.21x	-15.85x	-4.38x	-6.18x	-6.03x
Capital Intensity
CAPEX / Current Assets (%)	6.29%	28.09%	41%	69.94%	57.12%	102.79%	80.08%	90.23%
CAPEX / EBITDA (%)	14.98%	77.16%	123.83%	148.8%	128.5%	201.37%	147.41%	153.06%
CAPEX / FCF (%)	13.34%	348.66%	-196.85%	-446.48%	-233.74%	-156.95%	-156.37%	-164.8%
Items per share
Cash flow per share ¹	22.51	17.93	12.68	37.9	21.99	53.1	68.03	-
Change	-	-20.35%	-29.29%	198.92%	-41.97%	141.44%	28.11%	-
Dividend per Share ¹	2	2	2	2	2	2.531	2.716	3.47
Change	-	0%	0%	0%	0%	26.55%	7.31%	27.76%
Book Value Per Share ¹	88.33	106.2	113.3	126.7	156.8	178.2	197.3	211.8
Change	-	20.24%	6.65%	11.82%	23.78%	13.69%	10.67%	7.39%
EPS ¹	4.84	10.5	8.99	10.47	11.18	18.18	21.07	24.36
Change	-	116.94%	-14.38%	16.46%	6.78%	62.64%	15.85%	15.62%
Nbr of stocks (in thousands)	16,42,329	16,43,574	16,40,315	16,41,130	17,45,170	17,45,249	17,45,249	17,45,249
Announcement Date	25/06/21	03/05/22	23/05/23	07/05/24	15/05/25	-	-	-