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Motilal Oswal Report
JSW Energy Ltd.'s Q4 FY26 Ebitda was in line at Rs 2,250 crore. Reported PAT was Rs 370 crore (adjusted for minority interests), aided by a deferred tax asset created of Rs 370 crore and other income coming in higher than Motilal Oswal's estimate.
JSW Energy reported an adjusted loss of Rs 110 crore (vs brokerage's estimate of Rs 26 crore profit) after adjusting for minority interest and excluding the effect of the deferred tax asset.
FY26 Revenue/Ebitda/adjusted profit after tax stood at Rs 189/101/10.7 billion (+61%/+93%/-41% YoY).
Key monitorables include:
- RE commissioning, which was below expectations, with only 243 MW added in H2 FY26 vs guidance of 1.5GW;
- standalone revenue, which declined ~32% YoY during the quarter; and
- new DSM regulations, which could hit revenue by ~1.5-2.0% (though the impact may reduce if the project grouping is permitted).
Valuation and view:
Motilal Oswal reiterates Buy rating with a target price of Rs 640, valuing the company's core renewable business at 12x FY28E Ebitda and its thermal business at 9x Dec'27E Ebitda.
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