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Motilal Oswal Report
JSW Energy Ltd. reported Q2 FY25 Ebitda of Rs 16.8 billion, below our estimate of Rs 19.3 billion. While net generation was up 14% YoY, Ebitda was negatively affected by lower merchant spreads and a one-time tariff impact from the hydro business.
Adjusted Q2 PAT was 20% above our estimate at Rs 8.5 billion (estimate: Rs 7 billion, +19% YoY), mainly due to higher other income and a lower tax rate.
The management maintained its full-year capex guidance of Rs 150 billion and highlighted that locked-in capacity stands at 19.2GW and only 3.5GW capacity is awaiting power purchase agreement.
JSW Energy also highlighted that transmission and land related visibility has been achieved for 80% of the pipeline, which has secured PPAs. JSW Energy remains confident of achieving timely completion of the RE project pipeline.
Considering its strong operational performance and market position, we reiterate our Buy rating on the stock with a target price of Rs 900, valuing JSW Energy's core business at 15 times Dec'26E Ebitda.
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