JSW Energy (JSW IN) – Q1FY27 Result Update – Q1FY27 weak; growth outlook remain intact – BUY
Published on 22 Jul 2026
JSW Energy (JSW IN) reported a subdued Q1FY27 performance with EBITDA +3% YoY, higher depreciation and finance costs led to a 44% YoY decline in PAT. Despite the weak quarter, management reiterated its growth outlook, highlighting that earnings were impacted by temporary operational disruptions (weak hydrology, muted wind generation, transmission outage and maintenance shutdowns), going ahead generation will improve over the year, JSW has already achieved over one-third of its 3 GW FY27 commissioning target with ~1.1 GW added till Jul'26, while maintaining its FY30 target of 30 GW. The company reiterated INR 200 bn FY27 capex guidance (achieved INR40bn in Q1FY27). We see that recent equity raise to support growth, leading to reduce DER to 1.7x vs 2.2x QoQ and Net Debt(excl CWIP)/EBITDA at 4.95x vs 5.2x QoQ. We retain BUY rating on the stock with unchanged SOTP base TP at INR 646, which implies 14x FY28E EV/EBITDA.
