Financials JSW Energy Limited

Equities

JSWENERGY

INE121E01018

Independent Power Producers

Market Closed - Bombay S.E. Other stock markets 03:42:47 05/03/2026 pm IST			5-day change	1st Jan Change
478.90 ^INR	+2.48%		-2.21%	-0.73%

24/02	NTPC Limited and Maharashtra State Power Generation Co. Ltd. completed the acquisition of Sinnar Thermal Power Limited from RattanIndia Power Limited.	CI
03/02	JSW Energy Ltd says has no plans for nuclear power investment	RE

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	2,10,491	2,42,974	2,75,767
Change	-	17.98%	26.5%	11.17%	2.26%	79.21%	15.43%	13.5%
EBITDA ¹	29,066	29,733	34,211	53,983	52,208	1,06,890	1,30,173	1,58,764
Change	-	2.3%	15.06%	57.79%	-3.29%	104.74%	21.78%	21.96%
EBIT ¹	17,396	18,423	22,519	37,649	35,662	75,133	93,130	1,14,589
Change	-	5.9%	22.24%	67.19%	-5.28%	110.68%	23.95%	23.04%
Interest Paid ¹	-8,956	-7,769	-8,443	-20,534	-22,691	-55,594	-63,406	-74,665
Earnings before Tax (EBT) ¹	10,986	22,383	19,428	21,669	22,139	27,414	37,537	49,074
Change	-	103.74%	-13.2%	11.53%	2.17%	23.82%	36.93%	30.73%
Net income ¹	7,955	17,286	14,778	17,227	19,509	24,779	28,160	35,903
Change	-	117.31%	-14.51%	16.58%	13.25%	27.02%	13.64%	27.5%
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	51,430	53,890	45,187	65,400
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%	61.25%	4.78%	-16.15%	44.73%
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	27,916	28,696	23,704	23,300
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%	131.77%	2.79%	-17.4%	-1.71%
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	20,531	22,078	13,281	-
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%	184.11%	7.53%	-39.84%	-
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	-13,055	-12,875	-13,750	-14,900
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	10,120	11,302	4,268	2,400
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%	180.56%	11.68%	-62.23%	-43.77%
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	7,430	8,260	2,296	900
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%	82.09%	11.18%	-72.2%	-60.8%
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	31/07/25	-	-	-

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	6,78,273	7,62,159	9,06,206
Change	-	9.77%	245.69%	23.38%	66.23%	49.1%	12.37%	18.9%
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	2,44,401	1,79,079	2,13,849
Change	-	426.84%	84.66%	89.62%	-16.48%	264.31%	-26.73%	19.42%
Free Cash Flow (FCF) ¹	32,644	6,580	-21,520	-17,991	-28,701	-1,99,404	-1,00,178	-1,22,418
Change	-	-79.84%	-427.08%	16.4%	-59.53%	-594.76%	49.76%	-22.2%
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%	50.78%	53.57%	57.57%
EBIT Margin (%)	25.13%	22.56%	21.8%	32.78%	30.36%	35.69%	38.33%	41.55%
EBT Margin (%)	15.87%	27.41%	18.8%	18.87%	18.85%	13.02%	15.45%	17.8%
Net margin (%)	11.49%	21.17%	14.3%	15%	16.61%	11.77%	11.59%	13.02%
FCF margin (%)	47.16%	8.06%	-20.83%	-15.66%	-24.44%	-94.73%	-41.23%	-44.39%
FCF / Net Income (%)	410.37%	38.06%	-145.63%	-104.44%	-147.12%	-804.72%	-355.75%	-340.97%
Profitability
ROA	3.09%	4.11%	3.71%	3.22%	2.63%	4.04%	4.34%	4.58%
ROE	6.08%	7.39%	7.93%	8.27%	8.1%	7.89%	9.12%	9.94%
Financial Health
Leverage (Debt/EBITDA)	2.01x	2.16x	6.48x	5.07x	8.71x	6.35x	5.85x	5.71x
Debt / Free cash flow	1.79x	9.75x	-10.31x	-15.21x	-15.85x	-3.4x	-7.61x	-7.4x
Capital Intensity
CAPEX / Current Assets (%)	6.29%	28.09%	41%	69.94%	57.12%	116.11%	73.7%	77.55%
CAPEX / EBITDA (%)	14.98%	77.16%	123.83%	148.8%	128.5%	228.65%	137.57%	134.7%
CAPEX / FCF (%)	13.34%	348.66%	-196.85%	-446.48%	-233.74%	-122.57%	-178.76%	-174.69%
Items per share
Cash flow per share ¹	22.51	17.93	12.68	37.9	21.99	42.4	119.9	115
Change	-	-20.35%	-29.29%	198.92%	-41.97%	92.78%	182.78%	-4.09%
Dividend per Share ¹	2	2	2	2	2	2.418	2.668	3.079
Change	-	0%	0%	0%	0%	20.92%	10.33%	15.39%
Book Value Per Share ¹	88.33	106.2	113.3	126.7	156.8	174.8	191.7	210.6
Change	-	20.24%	6.65%	11.82%	23.78%	11.48%	9.68%	9.87%
EPS ¹	4.84	10.5	8.99	10.47	11.18	15.54	16.49	21.34
Change	-	116.94%	-14.38%	16.46%	6.78%	39.02%	6.1%	29.43%
Nbr of stocks (in thousands)	16,42,329	16,43,574	16,40,315	16,41,130	17,45,170	17,56,124	17,56,124	17,56,124
Announcement Date	25/06/21	03/05/22	23/05/23	07/05/24	15/05/25	-	-	-