JSW Energy Limited

JSWENERGY.NS

Independent Power Producers · Utilities

Price

₹564.40

+2.90 (+0.52%)

Market Cap

₹1.03T

Exchange

National Stock Exchange of India

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 9, 2026 · filings through Jun 30, 2026

Share count rising — dilution

+6.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 1.65B (2022) → 1.76B (2026)

JSW Energy Limited is an Indian power company that generates and sells electricity. It operates thermal power plants (which burn coal) as well as renewable energy sources like wind and solar. The company sells electricity mainly to state electricity distribution companies across India, which then deliver power to homes and businesses.

JSW Energy earns money by generating electricity and selling it under long-term contracts called power purchase agreements, which provide relatively stable revenue. The company operates primarily in India and has a generating capacity of several gigawatts, making it one of the larger independent power producers in the country. It is part of the broader JSW Group, a major Indian industrial conglomerate. JSW Energy has been aggressively expanding its renewable energy capacity, targeting significant growth in clean power — but the business faces risks from coal price volatility, regulatory changes in India's power sector, and the capital-intensive nature of building new generation assets.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+41.0% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-9.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

69.2%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$222.3B cash & investments

Quarterly Free Cash Flow

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

JSW Energy Limited grew revenue 41% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

49.4%

Healthy — 49.4% gross margin

Operating Margin

38.1%

Excellent — 38.1% operating margin

ROCE

5.9%

Weak — 5.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+35.4%

Fast-growing sales (+35.4% YoY)

EPS YoY

-10.1%

Earnings shrinking (-10.1% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

271%

Turns 271% of profit into real cash

FCF Margin

-2.1%

Burning cash (-2.1%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

1.13x

Dangerous — barely covers interest (1.1x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

50.4x

Expensive — P/E 50.4

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+24.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (50.4 → 26.1)

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Dividends

Dividend Yield

0.36%

Small dividend — 0.36% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+33.3%

Dividend growing fast (33.3% YoY)

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