Motilal Oswal's research report on JSW Energy
JSW Energy (JSWE)’s 3QFY26 consolidated revenue at INR41b missed our est. by 13% primarily due to weaker than expected generation at Ratnagiri, Barmer and KSK Mahanadi plants. EBITDA stood at INR20b, 6% lower than our est. The company reported an adj. loss of INR2.6b (excluding deferred tax asset recognition and exceptional expenses pertaining to recent labor code changes) vs. our estimate of INR2.3b profit.
Outlook
Reiterate BUY with a TP of INR590, valuing the company’s core renewable business at 12x FY28E EBITDA and its thermal business at 9x Dec’27E EBITDA
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