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JSW Energy Limited (JSWENERGY) Fair Value & Analysis

Utilities · IN · Market cap ₹1.0T (≈ $10.7B) · ISIN INE121E01018

What is JSW Energy Limited really worth?

JE JSW Energy Limited JSWENERGY · NSE
Price₹539.85
Fair Value₹174.67
Upside−67.6%
Quality36/100

Below-average quality, and trading another 209% above our fair value of ₹174.67.

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Strengths

Solidly profitable · 11.9% net margin

Risks

!Expensive Growth (revenue 5y +22.2 %/yr)
!High debt · negative free cash flow
!Trails peers (5/13)
!Moderate moat 60/100
!Weak on dividend: 7 out of 100

For context

·0.37% dividend yield
Evidence: High Range ₹91.10 – ₹274.97

Fair value as of: Aug 25, 2026

From 16 valuation models · updated 11 days ago

Share price −4.6% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (₹274.97). The favourable scenario is already priced in.
  • Weak quality (36/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • The model range is unusually wide (₹91.10 to ₹274.97). The outcome hinges heavily on assumptions, so read the point estimate with caution.

Price vs Fair Value (5 years)

₹786.26 ₹109.66 Fair Value ₹174.67 May 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 25, 2026.

How to read this chart

60‑month range ₹109.66 – ₹786.26 · fair‑value band ₹91.10 – ₹274.97 · the ₹539.85 price screens above the ₹174.67 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 25, 2026.

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Analysis

JSW Energy Limited (JSWENERGY) currently trades at ₹539.85, while our model-based Fair Value estimate is ₹174.67, implying the stock looks roughly 209.0% overvalued today. The Quality Score stands at 36/100 (below-average quality), in the Utilities sector. Bull case: the Growth Earnings group reads highest at a median of ₹228.63 per share, and 0 of the 15 models we run sit above the ₹539.85 price. Bear case: the Dividend Discount group reads lowest at ₹34.16, and 15 of the 15 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, JSW Energy Limited generated revenue of ₹189B at a net margin of 11.9%. Revenue grew 41.0% year over year. It earns a return on equity of 8.8%. Net debt stands at ₹712B. Fundamentals as of Aug 25, 2026

Our scenario range runs from ₹91.10 (bear case) to ₹274.97 (bull case); at ₹539.85, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 12% below its 52-week high and 27% above its 52-week low, currently above its 200-day average. For context, the median of 10 Utilities peers we cover trades at −51% fair-value upside, at −68%, JSWENERGY screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly ₹4.65 per share, which is 2.7 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income best evidence ₹138.89 ₹147.63 ₹164.06 76
Growth-Adj P/E ₹160.04 ₹228.63 ₹297.22 67
EPV ₹15.29 ₹74.92 ₹127.92 66
All 16 models by family
Earnings-Based
Graham-Dodd ₹83.10 ₹419.89 ₹579.82 64
Lynch FV ₹113.95 ₹162.78 ₹211.61 61
PEG = 1.0 ₹113.95 ₹162.78 ₹211.61 57
EPV ₹15.29 ₹74.92 ₹127.92 66
Dividend Discount
Gordon GGM ₹19.10 ₹41.70 ₹70.16 65
DDM Multi-Stage ₹19.10 ₹34.16 ₹43.46 66
Multiples
P/E Multiple ₹164.98 ₹219.97 ₹274.97 63
P/S Multiple ₹155.81 ₹207.75 ₹259.69 58
P/B Multiple ₹155.81 ₹207.75 ₹259.69 55
EV/EBIT ₹99.76 ₹240.55 ₹381.33 62
EV/EBITDA ₹89.36 ₹226.67 ₹363.98 63
EV/Revenue ₹12.65 50
Asset-Based
NCAV (Graham) ₹83.91 ₹112.44 ₹167.82 54
Economic Profit
Residual Income best evidence ₹138.89 ₹147.63 ₹164.06 76
ROIC Compounder ₹15.29 ₹74.92 ₹127.92 66
Growth Earnings
Growth-Adj P/E ₹160.04 ₹228.63 ₹297.22 67

Widest divergence: Growth Earnings (₹228.63) versus Dividend Discount (₹34.16). Highest evidence: Residual Income (76).

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Key figures & financial health

P/E ratio 42.4
P/S ratio 5.02 P/E × margin
EPS (TTM) ₹12.73 price ÷ EPS = P/E 42.4
Dividend yield 0.4% payout 15.7%
Net margin 11.8% FY2026
Return on equity 8.8% TTM
More key figures
Profitability
Return on assets (EBIT) 8.8% avg 5y
Operating margin 33.3% TTM
Growth
Revenue (TTM) ₹189B TTM
Revenue growth (YoY) +41.0% 3y avg +22.3%
EPS growth (YoY) −11.7%
Balance sheet & cash flow
Free cash flow −₹59.8B FY2026
Net debt ₹712B FY2026

Figures from reported company fundamentals · as of Aug 25, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 36/100

Of which business quality 35 · Market factors (momentum, volatility) 59

Profitability 26
Margins and returns on capital today
Quality Growth 61
Are margins and returns improving?
Cashflow 44
Earnings quality: real cash, not paper profit
Fin. Strength 13
Balance sheet, leverage, solvency risk
Investment 3
Disciplined investing over empire-building
Low Volatility 84
Calm price path (market factor)
Momentum 48
Price trend over the last 3–12 months (market factor)
52W Momentum 50
Distance to the 52-week high (market factor)
Net Issuance 67
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

JSW Energy Limited generates and sells power in India. It has a power generation capacity of 10,875 MW, which includes 5,658MW of thermal, 1,391 MW of hydro, 1,671 of Wind, and 680 MW of solar.

Full company description

JSW Energy Limited generates and sells power in India. It has a power generation capacity of 10,875 MW, which includes 5,658MW of thermal, 1,391 MW of hydro, 1,671 of Wind, and 680 MW of solar. The company has operations in the States of Karnataka, Punjab, Maharashtra, Tamil Nadu, Himachal Pradesh, Odisha, Andhra Pradesh, Telangana, Madhya Pradesh, Chhattisgarh, Gujarat, and Rajasthan. The company engages in power transmission and trading activities; and coal mining in South Africa. JSW Energy Limited was incorporated in 1994 and is based in Mumbai, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

JSW Energy Limited reported revenue of ₹189B in FY2026 versus ₹81.7B in FY2022, a compound +23.3%/yr. Reported net income was ₹22.4B in FY2026, compounding +6.7%/yr from FY2022.

Growth Quality 57/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2026)
₹189B
Latest YoY
+60.9%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+22.3%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+22.2%
Avg. revenue growth/yr (20Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+19.4%
Value creation/yr (5Y, in INR) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+14.1% (13.7 + 0.4)
Revenue +23.3%/yr
FY22 ₹81.7B
FY23 ₹103B
FY24 ₹115B
FY25 ₹117B
FY26 ₹189B
Net income +6.7%/yr
FY22 ₹17.3B
FY23 ₹14.8B
FY24 ₹17.2B
FY25 ₹19.5B
FY26 ₹22.4B
Character of growth · EPS growth decomposed (2015-2026) +5.9 % p.a.
Revenue per share +4.3 %

of which total revenue +4.9 % · buybacks/dilution −0.5 %

EBIT margin +0.0 %
Tax rate +4.0 %
Residual (interest, one-offs) −2.4 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

JSWENERGY screens 209% overvalued. Compare with Constellation Energy Corporation →

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Cite: Fair Value Calculator (2026). "JSW Energy Limited Fair Value". https://www.fairvalue-calculator.com/stock/JSWENERGY

Peer Group

Utilities - Independent Power Producers · 77 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 36 · Bottom 25%
Fair Value upside −68% · Bottom 25%
Return on equity (TTM) 9% · Above median
Return on assets 4% · Above median
Net margin (TTM) 12% · Above median
Operating margin (TTM) 33% · Top 25%
Revenue growth 41% · Top 25%
Dividend yield (TTM) 0.4% · Bottom 25%
Debt / equity 2.11× · Higher than 75% of peers

Valuation Multiples vs Utilities - Independent Power Producers median · lower = cheaper

P/E (TTM) 42.4× · Pricier than 75% of peers
P/B 3.28× · Pricier than 75% of peers
P/S (TTM) 5.33× · Pricier than 75% of peers
EV/EBITDA 15.9× · Pricier than median

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 17
FUTURE100 · sector 0
PAST35 · sector 30
HEALTH0 · sector 70
DIVIDEND7 · sector 52

VALUE 0: the price sits above our fair-value range.

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Utilities - Independent Power Producers stocks, each showing price versus our Fair Value estimate (as of Aug 25, 2026).

Stock Price Fair Value vs Fair Value
Constellation Energy Corporation CEG $285.05 $88.09 −69%
Vistra Corp VST $144.22 $50.39 −65%
Adani Power Limited ADANIPOWER ₹206.10 ₹75.57 −63%
CGN Power Co 003816 ¥4.33 ¥3.62 −16%
Gulf Development Public Company GULF 63.25 THB 39.25 THB −38%
NRG Energy, Inc NRG $109.51 $53.91 −51%
Adani Energy Solutions Limited ADANIENSOL ₹1,583 ₹342.02 −78%
Talen Energy Corporation TLN $365.07 $43.55 −88%
Datang International Power Generation Co 601991 ¥5.89 ¥4.95 −16%
Huaneng Power International, Inc 600011 ¥6.92 ¥9.14 +32%

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Frequently asked questions

Is JSW Energy Limited (JSWENERGY) overvalued or undervalued?
As of Aug 25, 2026, our model estimates a fair value of ₹174.67 versus a price of ₹539.85, about −68% upside (overvalued).
What is the fair value of JSWENERGY?
Our model-based fair value for JSW Energy Limited is ₹174.67 (as of Aug 25, 2026), built from audited fundamentals. The current price: ₹539.85.
What is the quality score of JSWENERGY?
JSW Energy Limited has a Quality Score of 36/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of JSW Energy Limited (JSWENERGY)?
JSW Energy Limited reported trailing-twelve-month revenue of about ₹189B (latest available figure, as of Aug 25, 2026).
What is the net profit margin of JSWENERGY?
The net profit margin of JSW Energy Limited is about 11.9%, meaning it keeps roughly 11.9% of revenue as net income. Based on the latest reported figures.
Does JSW Energy Limited pay a dividend?
JSW Energy Limited currently shows a dividend yield of about 0.37% relative to its recent price (as of Aug 25, 2026).
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