JSW Energy Limited | Asia Pacific Strategy 3.0 In Play

研报英文原文证据摘录

JSW Energy Limited | Asia Pacific Strategy 3.0 In Play

Update

July 23, 2026 02:36 AM GMT

Morgan Stanley India Company Private Limited+MJSW Energy Limited | Asia Pacific Girish Achhipalia

Equity Analyst

Strategy 3.0 In Play Girish.Achhipalia@morganstanley.comMorgan Stanley Asia (Singapore) Pte.+ +91 22 6118-1124

Vivek Rajamani

AlphaSignals Earnings Reaction Vivek.Rajamani@morganstanley.com +65 6834-6740

Strengthens our thesis Modest upside Modest revision higher

Morgan Stanley India Company Private Limited+

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Parth Karia

Research Associate

Source: Company data, Morgan Stanley Research

Parth.Karia@morganstanley.com +91 22 6118-1036

JSWE has one of the strongest EBITDA growth profiles in our

coverage, with a 19% CAGR into F29. F1Q27 reinforces our

confidence in the inflection in new RE commissioning (post F26

challenges), while progress on backward integration improves

visibility on thermal pipeline. Reiterate OW. JSW Energy Limited (JSWE.NS, JSW IN)

India Utilities | India

Stock Rating Overweight

Key Takeaways Industry View In-Line

Price target Rs667.00

Beat on MS and street estimates on Revenue/EBITDA/PAT (+6% and +14% on Up/downside to price target (%) 19

revenue/EBITDA vs. MSe). Beat on PAT was higher due to lower interest costs Shr price, close (Jul 22, 2026) Rs561.70

52-Week Range Rs617.35-427.75

Net Generation units broadly in-line with MSe, earnings beat underpinned by Mkt cap, curr (mn) US$9,573

EV, curr (mn) US$15,967

better-than-expected hydro, RE contribution (particularly new assets). Avg daily trading value (mn) US$16.9

Net debt (incl. CWIP) stood at Rs613bn (F26: Rs658bn), Net debt/EBITDA at 5.5x Fiscal Year Ending 03/26 03/27e 03/28e 03/29e

(F26: 5.96x).