Execution Spillover into FY27E

研报英文原文证据摘录

Execution Spillover into FY27E

India | Electric Utilities

JSW Energy EquityMayResearch12, 2026

ESTIMATE CHANGEExecution Spillover into FY27E

March Qtr EBITDA was 10% below our estimates largely due to lower RATING BUY

capacity addition. FY26 capacity addition at 2.6 GW was below our 3.1 GW PRICE INR571.05^

estimate, as transmission availability affected execution. We factor in a PRICE TARGET | % TO PT INR660 | +16%

spillover to FY27E and raise our capacity addition estimate to 2.2 GW from 52W HIGH-LOW INR588.35 - INR428.00

1.7 GW vs company’s target of 3 GW. We retain our FY27E-28E EBITDA FLOAT (%) | ADV MM (USD) 28.0% | 26.58

estimates and maintain Buy, given the 18% EBITDA CAGR in FY26-29E on MARKET CAP INR996.1B | $10.5B

execution uptick. TICKER JSW IN

^Prior trading day's closing price unless otherwise

noted.

Capacity up 24% YoY at 13.4 GW: JSW Energy’s (JSWE) KSK and O2 assets added Rs12

bn EBITDA in March Qtr (54% of March Qtr EBITDA). KSK reported Rs33 bn EBITDA in FY26

vs management’s guidance of at least Rs24 bn annually, which they have now raised to at FY (Mar) CHANGE TO JEFe JEF vs CONS

least Rs27 bn annually. Management on call highlighted that KSK experienced some PPA 2027 2028 2027 2028

backdowns in March Qtr due to demand softness, but they monetized the same in merchant REV NM NM +8% +1%

market. This should improve from FY27E onwards as power demand recovers to 6% CAGR EPS -5% +5% NA NA

over FY26-30E vs 1% YoY in FY26. Merchant EBITDA of Ind-Bharath, JSWE’s spot power plant,

is up 25% YoY at Rs1.6/unit. We factor in Rs1.4/unit EBITDA from FY27E onwards as 515 MW 2027 (INR) Q1 Q2 Q3 Q4 FY

of its 700 MW open capacity will be tied up from Apr 2026. EPS -- -- -- -- 13.60

PREV 14.30