JSW Energy Q4 Results Review: ICICI Securities Maintains 'Buy', Revises Target Price - Here's Why

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ICICI Securities Report

JSW Energy Ltd. is looking to step up its game to address the opportunities arising from India’s energy transition. From being majorly a thermal producer, it is now in the process of transitioning into a RE-dominant player in next two–three years with presence across RE assets with backward integration of solar manufacturing capacity, utility scale power storage systems.

It is now also producing green hydrogen for group captive utilisation. The company also benefits from the demand from group companies to reduce their carbon emissions.

JSW Energy is looking to set up 30GW of generation capacity and storage capacity of 40GWh by 2030. To meet these targets, it has gone with both organic and inorganic routes to add to its renewable and thermal power portfolio. Its key projects under development include renewables and thermal power projects, pumped hydro storage, battery storage system and green hydrogen manufacturing.

We maintain Buy on the stock with SoTP-based revised target price of Rs 612 (earlier Rs 632).

Key risks:

1. Delay in execution of RE projects and other under-construction projects;

2. further wins in RE bids; and

3. sharp increases in merchant prices and volumes.

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