Buy JSW Energy; target of Rs 612: ICICI Securities

ICICI Securities is bullish on JSW Energy has recommended buy rating on the stock with a target price of Rs 611 in its research report dated May 16, 2025.

Broker Research

May 23, 2025 / 13:01 IST

Buy

26 Aug, 2025 12:21

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ICICI Securitie`s research report on JSW Energy

JSW Energy (JSWE) has earned its RE stripes very quickly. It has built one of the largest RE portfolios in the country via both organic and inorganic routes. It has accelerators on all growth pedals of a) thermal b) storage and c) renewables. It has raised its target for the third time in the past couple of years - 10GW by FY25, 20GW in FY30 and now 30GW + 40GWh by FY30. Notably its locked-in capacity stands at 30GW as of Apr’25 (vs 13GW as of Mar’24); it added – 1) 9.3GW through two bigticket acquisitions concluded recently (O2 Power and KSK Mahanadi), 2) 1.6GW greenfield thermal project with 25-year PPA, 3) 9GW incremental RE capacity through organic route.

Outlook

On energy storage, JSWE’s locked-in capacity now stands at 29.3GWh. We believe most of these new assets are value accretive; however, funding of these projects would require equity raising at holdco or SPV level. Maintain BUY with a SoTP-based revised TP of INR 612 (earlier INR 632).

For all recommendations report, click here