JSW Energy

₹574.4 4.1 | 0.7%

WEBSITE BSE:533148 NSE : JSW ENERGY 13 May, 16:12

Market Cap ₹100392 Cr.

Stock P/E 54.7

P/B 3.9

Current Price ₹574.4

Book Value ₹ 147.8

Face Value 10

52W High ₹651.6

Dividend Yield 0.35%

52W Low ₹ 240

Edit Ratio

JSW Energy Research see more...

JSW Energy Ltd Fundamental Analysis : At The Cusp of Green Revolution

Overview Inc. Year: 1994Industry: Power Generation/Distribution

JSW Energy Limited is an India-based integrated power company engaged in the enterprise of generation and sale of power. The Company's segments include Power Trading, Equipment Manufacturing and Mining. Its plants consist of Baspa, Karcham Wangtoo, Barmer, Vijaynagar and Ratnagiri. Baspa Plant is positioned in the higher reaches of the Himalayas and has a generating potential of approximately 300 megawatts (MW). The Karcham Wangtoo plant is on river Satluj in District Kinnaur of Himachal Pradesh and has a producing potential of about 1091 MW. Barmer Plant is situated close to its fuel source, the lignite mines in Kapurdi and Jalipa. The Vijayanagar plant is placed in Karnataka, this plant includes two separate enterprise devices BU I and SBU I, with a blended capability of approximately 860MW. The Company generates approximately 4,559 MW, out of which approximately 3158 MW is thermal power about 1391 MW is hydropower and about 10 MW solar power.

JSW Energy Share Price

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Peer Comparison

JSW Energy Quarterly Results

#(Fig in Cr.)	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Net Sales	1905	2441	3026	2387	2248	2670	2928	3259	2543	2756
Other Income	79	214	89	209	102	136	85	128	119	123
Total Income	1984	2655	3115	2596	2350	2806	3013	3387	2661	2879
Total Expenditure	1102	1309	2004	1498	1623	1925	1706	1379	1432	1587
Operating Profit	882	1346	1111	1098	727	881	1307	2008	1229	1292
Interest	195	100	193	204	214	233	486	514	521	533
Depreciation	281	277	289	294	295	291	398	409	400	427
Exceptional Income / Expenses	0	0	120	0	0	0	0	0	0	0
Profit Before Tax	405	968	749	600	218	357	424	1086	309	332
Provision for Tax	87	92	198	148	48	69	136	235	78	-6
Profit After Tax	319	876	551	452	170	288	288	851	231	338
Adjustments	5	-12	9	14	10	-16	2	-1	1	13
Profit After Adjustments	324	864	560	466	180	272	290	850	231	351
Adjusted Earnings Per Share	2	5.3	3.4	2.8	1.1	1.7	1.8	5.2	1.4	2.1

JSW Energy Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	8934	8705	9380	9824	8263	8049	9138	8273	6922	8167	10332	11486
Other Income	213	202	230	240	217	465	368	287	237	569	535	455
Total Income	9148	8908	9610	10065	8480	8514	9506	8560	7160	8736	10867	11940
Total Expenditure	6141	5454	5757	5804	4939	5286	6284	5316	4016	4598	7050	6104
Operating Profit	3007	3454	3854	4261	3541	3228	3221	3244	3144	4138	3817	5836
Interest	963	1206	1137	1498	1685	1456	1192	1051	896	777	844	2054
Depreciation	662	810	790	854	969	966	1164	1168	1167	1131	1169	1634
Exceptional Income / Expenses	-197	-378	-34	150	0	-418	0	61	0	0	120	0
Profit Before Tax	1186	1060	1892	2017	892	338	897	1114	1099	2238	1943	2151
Provision for Tax	273	284	515	556	269	253	212	33	276	495	463	443
Profit After Tax	912	776	1377	1460	623	85	684	1081	823	1743	1480	1708
Adjustments	-9	-22	-28	-13	7	-7	11	19	-27	-15	-2	15
Profit After Adjustments	904	755	1350	1447	629	78	695	1100	795	1729	1478	1722
Adjusted Earnings Per Share	5.5	4.6	8.2	8.9	3.9	0.5	4.2	6.7	4.8	10.5	9	10.5

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	27%	8%	5%	1%
Operating Profit CAGR	-8%	6%	3%	2%
PAT CAGR	-15%	11%	77%	5%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	124%	71%	54%	26%
ROE Average	8%	9%	8%	10%
ROCE Average	8%	10%	10%	12%

JSW Energy Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	6204	6571	7518	9704	10368	11110	11822	11646	14507	17415	18629
Minority's Interest	45	50	55	1	2	-4	-12	-24	-9	2	105
Borrowings	8853	8932	8062	11948	13126	10821	9240	8281	6972	6876	19208
Other Non-Current Liabilities	1147	1423	1946	2528	2591	1805	1682	2630	3360	3614	4084
Total Current Liabilities	5092	3465	3444	6410	4463	4876	5057	6351	5763	7578	11552
Total Liabilities	21341	20441	21025	30591	30550	28608	27790	28884	30594	35485	53646
Fixed Assets	13925	13635	13191	20298	19491	18877	17825	16713	15637	14831	25020
Other Non-Current Assets	3678	3546	4189	5999	6984	6404	6161	5647	8299	12969	16387
Total Current Assets	3738	3260	3646	4295	4075	3327	3804	6524	6543	7686	12137
Total Assets	21341	20441	21025	30591	30550	28608	27790	28884	30594	35485	53646

JSW Energy Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	876	972	1019	1671	314	810	561	474	896	1051	2060
Cash Flow from Operating Activities	1725	2269	3394	3538	3853	3934	2491	2086	3700	2952	2084
Cash Flow from Investing Activities	-944	-363	-422	-3431	-762	-215	-55	301	-1033	-1392	-7009
Cash Flow from Financing Activities	-684	-1859	-2327	-1622	-2595	-3968	-2523	-1965	-2515	-781	7327
Net Cash Inflow / Outflow	96	48	645	-1516	496	-249	-86	422	153	778	2402
Closing Cash & Cash Equivalent	972	1019	1664	314	810	561	474	896	1051	1835	4469

JSW Energy Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	5.51	4.6	8.23	8.9	3.86	0.48	4.24	6.7	4.84	10.54	9.01
CEPS(Rs)	9.6	9.67	13.21	14.23	9.78	6.41	11.26	13.7	12.11	17.53	16.15
DPS(Rs)	2	2	2	2	0.5	0	1	1	2	2	2
Book NAV/Share(Rs)	37.81	40.06	45.84	59.65	63.61	67.64	71.93	70.79	88.18	105.96	113.16
Core EBITDA Margin(%)	31.26	37.35	38.63	40.93	40.23	34.32	31.22	35.74	41.99	43.7	31.76
EBIT Margin(%)	24.05	26.03	32.3	35.77	31.18	22.29	22.87	26.17	28.81	36.92	26.98
Pre Tax Margin(%)	13.27	12.18	20.17	20.53	10.79	4.2	9.82	13.47	15.87	27.41	18.8
PAT Margin (%)	10.21	8.92	14.68	14.86	7.53	1.05	7.49	13.07	11.88	21.35	14.33
Cash Profit Margin (%)	17.62	18.22	23.1	23.56	19.26	13.06	20.23	27.19	28.74	35.2	25.64
ROA(%)	4.43	3.72	6.64	5.66	2.04	0.29	2.43	3.82	2.77	5.28	3.32
ROE(%)	15.34	12.16	19.55	16.96	6.21	0.79	5.98	9.23	6.3	10.95	8.24
ROCE(%)	13.31	13.63	18.09	16.99	10.45	7.52	9.21	9.87	9	12.27	7.99
Receivable days	59.5	63.86	46.11	75.76	112.39	75.59	51.51	66.03	66.69	36.53	38.9
Inventory Days	24.66	17.97	18.76	22	27.14	25.59	19.78	24.14	27.28	28.96	33.35
Payable days	0	-1118.56	668.46	0	0	0	0	0	0	0	0
PER(x)	9.92	12.88	14.4	7.81	16.27	153.13	17.14	6.36	18.16	28.35	26.72
Price/Book(x)	1.45	1.48	2.58	1.17	0.99	1.08	1.01	0.6	1	2.82	2.13
Dividend Yield(%)	3.66	3.38	1.69	2.88	0.8	0	1.38	2.35	2.27	0.67	0.83
EV/Net Sales(x)	2.12	2.21	3.02	2.63	2.88	2.92	2.44	2.01	3.22	6.95	5.84
EV/Core EBITDA(x)	6.3	5.58	7.36	6.06	6.72	7.28	6.91	5.13	7.1	13.72	15.8
Net Sales Growth(%)	46.01	-2.56	7.75	4.74	-15.89	-2.6	13.53	-9.47	-16.32	17.98	26.5
EBIT Growth(%)	131.08	5.47	33.7	16.01	-26.7	-30.36	13.33	3.64	-7.9	52.51	-7.56
PAT Growth(%)	434.72	-14.9	77.36	6.04	-57.37	-86.36	409.29	57.95	-23.91	116.44	-15.11
EPS Growth(%)	431.38	-16.48	78.81	8.12	-56.57	-87.7	791.12	58.13	-27.7	117.66	-14.56
Debt/Equity(x)	1.67	1.54	1.24	1.53	1.39	1.07	0.89	0.85	0.58	0.51	1.34
Current Ratio(x)	0.73	0.94	1.06	0.67	0.91	0.68	0.75	1.03	1.14	1.01	1.05
Quick Ratio(x)	0.65	0.82	0.9	0.57	0.78	0.57	0.66	0.93	1.07	0.9	0.97
Interest Cover(x)	2.23	1.88	2.66	2.35	1.53	1.23	1.75	2.06	2.23	3.88	3.3
Total Debt/Mcap(x)	1.16	1.04	0.48	1.3	1.39	1	0.89	1.41	0.58	0.18	0.63

JSW Energy Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	74.66	74.66	74.69	74.69	74.66	74.66	74.66	73.38	73.38	69.32
FII	5.51	5.36	5.27	5.34	5.14	5.18	5.18	8.37	8.5	13.34
DII	9.18	10.17	10.08	10.09	10.09	10.06	9.59	9.7	9.36	9.31
Public	10.64	9.81	9.96	9.88	10.12	10.1	10.57	8.54	8.76	8.03
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	122.75	122.75	122.79	122.79	122.79	122.79	122.79	120.69	120.69	121.16
FII	9.06	8.81	8.67	8.78	8.45	8.53	8.52	13.77	13.98	23.31
DII	15.1	16.71	16.57	16.59	16.59	16.55	15.77	15.95	15.4	16.27
Public	17.5	16.13	16.38	16.25	16.64	16.61	17.39	14.05	14.4	14.03
Others	0	0	0	0	0	0	0	0	0	0
Total	164.4	164.4	164.4	164.4	164.47	164.47	164.47	164.47	164.47	174.78

Pros

Company has delivered good profit growth of 77% CAGR over last 5 years

Cons

Company has a low return on equity of 9% over the last 3 years.
Stock is trading at 3.9 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.