JSW Energy (JSW IN) – Event Update – Acquisition of MCCPL – BUY
Published on 15 Jun 2026
JSW Energy has signed definitive agreement for the acquisition of MCCPL’s 300 MW operational thermal power plant in Chhattisgarh, strengthening its thermal generation portfolio with a high-PLF asset backed by long-term PPAs, secured coal linkages and stable cash flows. The transaction has been executed at EV of ~INR 14.1 bn (~INR 47 mn/MW) and ~5.1x FY26 EV/EBITDA, making it earnings-accretive from day one. The acquisition increases JSW Energy’s operational capacity by 2% to ~13.9 GW while modestly enhancing merchant market exposure, providing additional upside from power market opportunities. Factoring in MCCPL’s contribution, we raise our FY27E/FY28E EBITDA by ~2% for FY27E/28E. We have also factored QIP of INR40bn at price of INR525 leading to 4% equity dilution. Retaining BUY rating TP is revised to INR 646.
