JSW Energy Stock Can Rally 41% Says Motilal Oswal, Reiterates 'Buy'; Revises Target Price  — Here's Why

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Motilal Oswal Report

JSW Energy Ltd.’s share price has corrected ~18% over the past month amid a wider sell-off in the power utility space, which is likely attributable to the slower growth in power demand for Q3 FY25.

Regulatory uncertainty related to the battery storage project has also weighed on the stock. Consequently, we cut our FY26/27E Ebitda by 3%/4% as we:

1. remove earnings contribution from the 500MW battery energy storage project and

2. include earnings contribution from the acquisition of 125MW RE capacity from the Hetero Group.

We also do not ascribe any value to the battery storage project in our SoTP valuation now. Reiterate Buy with a revised SoTP-based target price of Rs 790.

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