JSW Energy Limited (JSWENERGY.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-245.8%

-₹730.90

vs ₹501.40 price

Levered DCF

-₹1,023.00

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.91

Distress zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	36.79×	46.69×	49.38×	26.73×	28.73×	18.15×	6.37×	17.39×
P/B	2.68×	3.33×	4.08×	2.12×	2.85×	0.99×	0.6×	1.02×
P/S	4.36×	7.76×	7.41×	3.83×	6.08×	2.08×	0.85×	1.32×
EV / EBITDA	13.98×	26.26×	21.07×	18.5×	15.76×	7.69×	5.65×	7.89×
Gross margin	49.3%	56.6%	55.9%	40.6%	54.1%	50.6%	43.9%	38.9%
Operating margin	36.4%	52.4%	52.5%	37.4%	50.7%	46.9%	40.6%	36.0%
Net margin	11.8%	16.6%	15.0%	14.3%	21.2%	11.5%	13.3%	7.6%
Current ratio	0.76×	1.03×	1.19×	1.07×	1.02×	1.25×	0.99×	0.72×
Debt / equity	2.5×	1.83×	1.52×	1.34×	0.51×	0.58×	0.85×	0.89×
Interest coverage	1.18×	2.72×	2.96×	4.85×	5.44×	3.62×	3.42×	2.76×
Dividend yield	0.4%	0.4%	0.4%	0.8%	0.7%	1.1%	2.8%	0.0%
Payout ratio	16.2%	18.7%	20.1%	22.3%	19.0%	20.7%	18.0%	0.6%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	7.3%	7.1%	8.3%	7.9%	9.9%	5.5%	9.4%	5.9%
Return on invested capital	6.0%	6.6%	8.8%	6.5%	11.6%	10.0%	14.7%	11.0%
Return on assets	1.8%	2.2%	3.0%	3.0%	5.6%	3.0%	4.4%	2.7%
Free cash flow yield	-7.3%	-3.3%	-2.1%	-5.4%	1.3%	22.6%	28.0%	18.4%
Earnings yield	2.7%	2.1%	2.0%	3.7%	3.5%	5.5%	15.7%	5.7%
Enterprise value	₹1.5T	₹1.4T	₹1.1T	₹611.5B	₹580.2B	₹224.3B	₹167.3B	₹225.2B
Net debt / EBITDA	6.48×	8.93×	5.29×	6.54×	2.27×	2.75×	3.28×	3.65×
Cash conversion cycle (days)	45	55	25	76	54	81	44	-11