Oct 26: Leading domestic and international brokerages expect JSW Energy Ltd to achieve the targeted 3 GW of renewable capacity addition in the current financial year that ends March 31, 2027. JSW Energy has already commissioned 1.4 GW of RE capacity in the first half of FY27 and plans to add another 1.6 GW in the second half of the financial year. Supported by a favourable construction season, the company already has land, transmission connectivity, and equipment supply in place to add another 1.6 GW in this fiscal.
In a note on JSW Energy, global investment banking firm, Jefferies said that while 96% of the operational portfolio is under long-term PPAs, upcoming capacity is “largely PPA tied up” and that helps in predictability of EBITDA growth. In a note issued earlier this month, Morgan Stanley said that visibility on meeting FY27 and FY28 renewable capacity targets will be the key metric to watch.
“JSW Energy is a preferred stock in India utilities. (We) expect greater contribution from renewables, an expanded hydro footprint and Utkal (thermal power plant),” the Morgan Stanley note said.
JSW Energy has a total locked-in generation capacity of 32.4 GW — comprising 15.1 GW operational and 14.5 GW under construction across thermal, hydro, and renewables — along with a pipeline of 2.8 GW. Further, locked-in energy storage capacity stands at 29.6 GWh, comprising 26.4 GWh of pumped hydro storage and 3.2 GWh of battery energy storage. The large generation capacity backed by combination of pumped hydro and battery storage will allow the company to supply firm, round-the-clock power.
In its commentary on JSW Energy, JM Financial has said that it expects the company to clock double-digit generation growth, helped by the turnaround of acquired plants and the 300 MW Maruti Clean plant acquired with effect from 7 August 2026.
In FY26, JSW Energy’s net power generation rose 58% on year to 51.3 billion units from 32.4 billion units a year ago, driven by capacity addition of 2.6 GW. In the first quarter of the current financial year that ended June 30, 2026, JSW Energy’s net generation fell marginally to 12.87 billion units year on year, though it rose 10% from the quarter ended March 31, 2026.
JSW Energy’s renewable energy now constitutes approximately 61% (9,189 MW) of the operational portfolio, comprising 3,125 MW of wind, 2,426 MW of solar, 1,857 MW of hybrid, and 1,781 MW of hydro capacity. The thermal portfolio stands at 5,958 MW.
