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Prices as of 8 Oct 2026 close · Not investment advice

JSW Energy

NSE: JSWENERGYPower Generation

Share price

₹466.85

-3.83% close of 8 Oct 2026

Market cap ₹81,979 CrP/E 40.8

Business score

How strong the business is, in one number. The parts behind it are in Pro.

50

out of 100 · worked out 8 Oct 2026

Your ratios

The numbers you want to see first. Tap Edit to change them.

Market cap

₹81,979 Cr

P/E ratio

40.8

P/B ratio

2.7

ROCE

8.2%

ROE

7.5%

Dividend yield

0.4%

Price & valuation chart

How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.

Prices as of 8 Oct 2026 close52-week high ₹604.9052-week low ₹440.05

Answers

Simple answers to the questions investors ask most, from the company's own numbers.

How fast it has been growing

Sales grew 35.4% over the past year, and 7.0% a year over its longer record. Meanwhile what it keeps of every 100 rupees of sales improved from 41.7% to 53.2% over the last four years.

Whether it grew faster than its sector

It grew 7.0% a year against a sector median of 10.7% — 3.7 percentage points slower.

Room to re-rate, or risk of de-rating

At 40.8× earnings it costs 1.7× the market, which pays 23.9× across 2199 companies we can price. Its own industry sits at 19.0×, across 5 companies. It is against its own five-year median of 45.4×, the 28th percentile of its own range.

Whether growth justifies the valuation

Priced at 2.1 times its growth rate, on earnings growth of 19%.

Profit growthPrice per ₹1 profitPer 1% growth
JSW Energy — this one19%/yr40.8×₹2.1
NTPC Limited20%/yr10.8×₹0.54
Adani Green Energy17%/yr105.0×₹6.2
NTPC Green Energy Limited45%/yr126.0×₹2.8
NHPC Limited-1%/yr19.0×—
NLC India Limited2%/yr10.4×₹5.2

Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

How it compares with its peers

Against companies the exchange files under the same label (Power Generation), it ranks 10 of 26 on returns, 15 of 25 on growth, 9 of 26 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

What makes it hard to beat — and is that still true?

No durable advantage shows in the numbers: it earns 8.2% on capital, ahead of 62% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

Whether its growth pays for itself

No — Over the last five years it made ₹25006 crore of cash from the business but spent ₹31379 crore on plant and equipment, ₹6373 crore more than it made; the gap was mostly borrowed — borrowings rose from ₹8943 crore to ₹76946 crore. And the profit is real: of every 100 rupees it reported over 12 years, about 304 arrived as cash — well above the profit; depreciation and interest are the reason, not a windfall. Its cash comes back faster than it used to: it went from being paid 108 days before it paid its own suppliers to paid 268 days before it paid its own suppliers.

Profit reality check

Is the profit real cash? Simple checks on the accounts. Facts only, not advice.

3 of 9 checks clear · 33%

Latest result

What the last results showed. Whether management kept its word is in Pro.

Results are expected soon.

Checklist before you investPRO

Points for and against, in one list.

Key numbers & peers

The main numbers grouped by topic, and how the company compares with similar ones.

Price

Market cap
₹81,979 Cr
Prev close
₹466.85
52w High
₹617
52w Low
₹428
Enterprise value
₹1.50L Cr
Beta
1.0
Price CAGR 1y
-9.0%
Price CAGR 3y
6.0%
Price CAGR 5y
5.0%
Price CAGR 10y
21.0%

Ratios

Return on assets
2.2%
PEG ratio
2.2
P/E ratio
40.8
P/B ratio
2.7
EV / EBITDA
14.8
Industry P/E
20.4
ROCE
8.2%
ROCE 5y average
8.4%
ROE
7.5%
Debt / Equity
2.5
Interest coverage
1.3
Dividend yield
0.4%
ROE 3y average
8.0%
ROE last year
8.0%

Annual P&L

Annual revenue
₹18,901 Cr
Annual profit
₹2,762 Cr
Operating margin
53.0%
Net profit margin
14.6%
EBITDA margin
53.3%
Sales growth 3y
22.3%
Sales growth 5y
22.3%
Profit growth 3y
19.0%
Profit growth 5y
23.0%
EPS
₹12.7
Sales growth TTM
35.0%
Profit growth TTM
-8.0%
Dividend payout
16.0%

Quarter P&L

Sales latest quarter
₹5,207 Cr
Profit latest quarter
₹533 Cr
YoY quarterly sales growth
1.2%
YoY quarterly profit growth
-36.2%
OPM latest quarter
55.2%

Balance Sheet

Book Value
₹175
Face Value
₹10.0
Total debt
₹76,946 Cr
Total cash
₹5,765 Cr
Borrowings
₹76,946 Cr
Reserves / Equity
16.5

Cash Flow

Operating cash flow
₹9,898 Cr
Free cash flow
-₹213 Cr
FCF yield
-7.4%
Net cash flow
₹1,993 Cr

Shareholding

Promoter holding
66.5%
FII holding
11.4%
DII holding
16.2%
Public holding
5.8%

Peer comparison

CompanyPrice ₹P/EMkt cap ₹ CrDiv yield %Profit qtr ₹ CrProfit var %Sales qtr ₹ CrSales var %ROCE %
NTPC316.7511.13,07,1422.846,896.411.850,741.07.88.9
Adani Green1,341.40114.02,20,9520.00983.016.94,431.016.67.4
JSW Energy485.4544.489,0060.41532.7-36.65,207.11.28.2
NTPC Green Ene.88.51122.974,5810.00304.838.31,106.962.73.6
NHPC Ltd72.5019.272,8272.221,178.12.93,808.318.55.8
NLC India250.3510.834,7141.54436.3-39.34,716.823.38.4
ACME Solar Hold.436.1551.830,8300.05235.364.8857.567.88.9
Median111.7921.48,1690.0059.817.9815.414.36.2

Competes with: Acme Solar Holdings Limited, Adani Green Energy, Adani Power, Clean Max Enviro Energy Solutions Limited, Energy Development Company Limited, GMR Power and Urban Infra Limited, Gujarat Industries Power Company Limited, Indowind Energy Limited, Inox Green Energy Services Limited, Insolation Energy Limited, JNPR, Jaiprakash Power Ventures Limited, K.P. Energy Limited, KPI Green Energy Limited, Karma Energy Limited, NAVA LIMITED, NHPC Limited, NLC India Limited, NTPC Green Energy Limited, NTPC Limited, Orient Green Power Company Limited, RattanIndia Power Limited, Reliance Power Limited, SJVN Limited, Surana Telecom and Power Limited, Tata Power Company, Ujaas Energy Limited, Vedanta Power Limited

Quarterly results

Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.

Consolidated · to 30 Jun 2026
Line itemJun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales2,9283,2592,5432,7562,8793,2382,4393,1895,1435,1774,0824,4995,207
Expenses1,7061,3791,4321,5871,4621,5531,5251,9852,3552,1812,0522,2492,334
Material Cost1,1631,5801,4211,2411,3401,570
Change in Inventories00000-40
Purchases of Stock-in-Trade140330483.970
Employee Cost131159191193184216
Other Expenses550583569569720587
Operating Profit1,2221,8801,1111,1691,4181,6859141,2042,7892,9962,0302,2502,873
OPM %42584442495237385458505055
Other Income87134120130167230206313271186111356232
Exceptional items (within Other Income)000-6500
Interest4865145215335115185646751,3061,4181,4851,6081,519
Depreciation398409400427375392406482739809829809890
Profit before tax4261,0923103396981,0051503611,015955-173188696
Tax %322225-22413-5-151814-406-20523
Net Profit290857232345534877157415836824529574533
EPS in Rs1.765.171.412.142.994.880.962.334.254.032.402.112.57
Diluted EPS in Rs2.344.254.042.412.072.57

Profit & loss

Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.

Consolidated · to 31 Mar 2026
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales9,3479,8248,2638,0499,1388,2736,9228,16710,33211,48611,74518,90118,965
Expenses5,7235,7964,9395,3366,2835,3164,0094,5967,0506,1046,5248,8338,816
Material Cost4,4565,581
Change in Inventories00
Purchases of Stock-in-Trade14086
Employee Cost464728
Other Expenses1,4642,442
Operating Profit3,6244,0293,3242,7132,8552,9572,9133,5723,2825,3825,22110,06810,149
OPM %39414034313642443247445354
Other Income19634022147398376248575674472916920884
Exceptional items (within Other Income)0-65
Interest1,1371,4981,6851,4561,1921,0518967778442,0532,2695,8166,030
Depreciation7908549699661,1641,7381,1671,1311,1691,6331,6553,1853,336
Profit before tax1,8922,0178923388975441,0992,2381,9432,1672,2141,9861,666
Tax %272830752462522242010-39
Net Profit1,3581,460623856841,0818231,7431,4801,7251,9832,7622,459
EPS in Rs8.238.833.840.484.246.704.84118.9910111311
Diluted EPS in Rs1113
Dividend Payout %24221302415411922191816

Compounded growth

Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.

Compounded sales growth

10 years
7%
5 years
22%
3 years
22%
TTM
35%

Compounded profit growth

10 years
5%
5 years
23%
3 years
19%
TTM
-8%

Stock price CAGR

10 years
21%
5 years
5%
3 years
6%
1 year
-9%

Return on equity

10 years
7%
5 years
8%
3 years
8%
Last year
8%

Balance sheet

What the company owns and what it owes, at the end of each year. ₹ crore.

Consolidated
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital1,6401,6271,6281,6401,6411,6421,6421,6401,6411,6411,7451,756
Reserves5,8788,0778,7419,47010,18110,00412,86515,77516,98819,19125,61628,995
Borrowings9,29414,86214,34911,88310,5559,8408,3718,94325,05131,57350,18576,946
Other Liabilities2,6083,9733,6723,7283,5493,4453,3284,1574,7375,36211,90916,110
Minority Interest1,7242,826
Total Liabilities19,42028,53928,38926,72125,92624,93126,20730,51448,41757,76789,4551,23,807
Fixed Assets13,19120,29819,49118,87717,82516,71315,63714,83125,02028,94654,15574,523
CWIP4543215312944003914732,0914,78810,28510,28117,465
Investments1,6191,0121,5792,4152,4511,8544,0526,6236,0337,0359,75511,379
Other Assets4,1576,9086,7895,1355,2515,9746,0456,97012,57611,50115,26420,441
Total Assets19,42028,53928,38926,72125,92624,93126,20730,51448,41757,76789,9391,24,182

Cash flows

Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.

Consolidated
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity3,3943,5383,8533,9342,4912,0823,7002,9522,0846,2343,8389,898
Cash from Investing Activity-422-3,272-762-215-55301-1,030-1,387-6,778-8,197-22,990-18,523
Cash from Financing Activity-2,327-1,622-2,595-3,968-2,523-1,962-2,515-7817,3271,67520,22310,617
Net Cash Flow645-1,357496-249-874211557842,634-2891,0721,993
Free Cash Flow3,0343,5033,4843,8152,2731,9893,358658-2,152-1,798-2,868-213

Ratios

How fast customers pay, how long stock sits, and how well capital earns — year by year.

Consolidated
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days4610896525793513054274131
Cash Conversion Cycle4610896525793513054274131
Working Capital Days-60-95-61-100-72-44-14-108-159-124-200-268
ROCE %1816109979127968

Shareholding pattern

Who owns the company — founders (promoters), foreign funds, Indian funds and the public. In %.

Consolidated · to 30 Jun 2026
Line itemSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters737374696969696969696967
FIIs8.388.508.371515151312129.509.7411
DIIs9.699.369.299.219.7810111112141416
Government0000000000.030.030.03
Public8.338.538.455.905.815.926.216.796.976.746.445.82
Others0.220.210.210.190.150.150.140.140.070.070.060.06
No. of Shareholders2,89,7403,28,9153,60,2414,06,2204,41,9274,82,8775,43,3365,85,8275,85,4455,88,0535,65,6745,55,401

Price trend

The price as a Renko brick chart: small moves drop out so the bigger path stands out.

Change over 1 year -14.0% (₹542.80 → ₹466.85)Brick size ₹12.97 (fixed)Bricks 47
₹450₹500₹550₹600₹467Nov '25Jan '26Mar '26May '26Jul '26Sep '26
Price moved up one brickPrice moved down one brickLast close ₹466.85 on 8 Oct 2026

Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.

Open interestPRO

Where option traders are positioned on this stock.

Industry numbers

The numbers that matter most in this industry, from the company's own filings.

1 when an audit qualification is filed as repetitive

0.00flag

2026-03-31

the company's own unlisted debt securities in default at period end

0.00cr

2026-06-30

installed capacity mw

14,326mw

2026-06-30

the company's own loans / revolving facilities in default at period end (standalone filing)

0.00cr

2026-06-30

net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash

67,916inr_cr

2026-03-31

guarantees / comfort given for promoter, promoter group, directors and KMP

19.00cr

2026-03-31

loans outstanding to promoter, promoter group, directors and KMP (governance filing)

242cr

2026-03-31

security given for the borrowing of promoter, promoter group, directors and KMP

0.00cr

2026-03-31

FY revenue / permanent employees + workers, same basis (calc)

3,62,08,812inr

2026-03-31

News

News and filings about JSW Energy. Open one to see why it matters.

No recent news for this company.

Supply chain

Who it buys from, sells to and competes with — as recorded in our map of company links.

Competes with

Uses as raw material

  • Domestic thermal coal (Vijayanagar inland; Ind-Barath/KSK Mahanadi pit-head)
  • Imported thermal coal (seaborne, API4-indexed)
  • Lignite (Kapurdi & Jalipa mines, for Barmer/Raj WestPower plant)
  • Water (run-of-river hydro: Karcham Wangtoo, Baspa-II, Kutehr in Sutlej/Himachal basin)

Depends on the price of

  • coal
  • water

Buys from

Sells to

  • JSW Steel · Captive power: 860 MW Vijayanagar coal CPP + group-captive 958 MW solar/wind (25-yr PPA) a…
  • MSEDCL (Maharashtra State Electricity Distribution Co.) · Long-term PPA offtake from 1,200 MW Ratnagiri thermal plant
  • PTC India Limited · Power-trading intermediary routing PPAs (e.g. 195 MW net Korba/Maruti Clean Coal PPA with…
  • SECI (Solar Energy Corporation of India) · PPA for 1 GWh battery energy storage system (BESS)

About

What the company is, from our own records: where it sits, where it makes things, and what it is made of.

Sector
Power
Industry
Power Generation
Classification
Power › Power Generation
ISIN
INE121E01018

Business segments

  • Thermal · 70%
  • Renewable · 30%

Plants

  • Baspa-II Hydroelectric Plant
  • Battery Energy Storage (BESS) / cell-to-pack assembly
  • JSW Barmer Power Station (Raj WestPower)
  • JSW Nandyal TPP
  • JSW Ratnagiri (Jaigad) Power Station
  • JSW Salboni Power Plant
  • JSW Solar Plants (incl. Vijayanagar solar)
  • JSW Utkal Power Station
  • JSW Vijayanagar Power Station (Toranagallu)
  • JSW Wind Plants (incl. O2 Power assets)
  • KSK Mahanadi Power Plant
  • Karcham Wangtoo Hydroelectric Plant
  • Korba West / Maruti Clean Coal & Power
  • Kutehr Hydro Project
  • Tidong Hydropower Plant

News impact

Big market events that reach JSW Energy, and how the effect spreads.

1 Oct, 21:40 IST · Market event · medium impact

India’s solar boom faces new US tariff challenge

New US tariffs tax India's solar panel exports, hurting makers Waaree Energies and Vikram Solar, while domestic power producers feel nothing and may even buy cheaper panels.

Power

Who it hits first

  • America is raising tariffs on imported solar gear, striking at India's booming panel exports.
  • Panel-makers Waaree Energies (30.2% of sales abroad) and Vikram Solar (16% abroad) face taxed or delayed US orders.
  • Domestic power producers feel no direct hit — and panels diverted home could even turn cheaper.

Who may gain

  • Tata Power — solar-farm builder buying Waaree panels; diverted panels could cut project costs
  • Adani Green and Acme Solar — solar-farm owners; cheaper panels help new builds, though heavy debt caps the cheer

Along the supply chain

Downstream

Downstream, Indian solar-farm builders such as Tata Power, Adani Green and Acme Solar may buy the diverted panels more cheaply.

Upstream

Upstream, glass and cell suppliers such as Borosil Renewables feel second-hand pain if module output slows.

Where demand moves

Business

US buyers slow or reprice Indian panel orders, denting export demand for Waaree and Vikram; the unsold panels divert into India's home market instead.

Capital

Investors are likely to sell solar exporters on margin fears while leaving domestic power producers alone, since no Indian power sale is touched.

How it spreads across sectors

Capital Goods

Solar module makers Waaree and Vikram face taxed US orders and export-margin pressure.

Power

Domestic power sales untouched; solar-farm builders may gain cheaper panels while exporter shares drag mood.

A pattern seen before

Cascade chain

  • US tariff on Indian panels → solar export orders slow
  • Unsold export panels divert home → domestic panel prices soften
  • Cheaper panels → lower building costs for solar-farm owners

Pattern name

Energy Transition Cascade

Patterns

  • Energy Transition Cascade

Sectors queried

  • Auto
  • Oil & Gas

When it plays out

Immediate

In the first week, solar exporter shares fall on the tariff headline while power producers stay flat.

Medium term

Over six months, diverted panels reprice India's home market, helping farm builders and hurting exporter margins.

Short term

Over the next month, US order revisions and final tariff rates show how deep the export hole runs.

1 Oct, 14:17 IST · Market event · medium impact

India power shortfall hits three-year peak

India's power shortfall hit a three-year peak, letting generators like NTPC and Adani Power earn more from higher prices while homes and factories pay costlier bills.

Power

Who it hits first

  • India's power shortfall, where demand outstrips supply, has hit a three-year peak, even though coal plants are burning more fuel.
  • With electricity scarce, wholesale (merchant) power prices rise, so generators with spare or market-linked capacity earn more per unit.
  • NTPC, Tata Power, Adani Power and other generators are first in line for that uplift; regulated transmission earnings at Power Grid move far less.
  • Homes and factories face the other side: costlier power or less reliable supply until the deficit eases.

Who may gain

  • Thermal and flexible generators such as NTPC, Adani Power, Tata Power and JSW Energy: higher merchant prices and fuller plants.
  • Power traders such as PTC India: wider spreads and higher volumes on the exchanges.
  • Coal suppliers such as Coal India, which supplies NTPC and Tata Power: higher coal burn to meet the deficit.

Along the supply chain

Downstream

Downstream, Tata Power supplies power to Tata Steel, which faces costlier electricity, and all industrial buyers pay more per unit until supply catches up.

Upstream

Upstream, coal miners such as Coal India, which supplies NTPC and Tata Power, benefit from higher coal burn, and equipment and service providers see steadier order books as plants run harder.

Where demand moves

Business

Business demand for electricity itself is the story: factories and homes want more power than the grid can supply, so every available unit sells at firmer prices and generators sell more at better rates.

Capital

Capital rotates toward merchant-exposed generators on earnings-upgrade hopes, while regulated transmission and contracted renewables see little fresh buying since their cash flows cannot reprice.

How it spreads across sectors

Power

Generators gain pricing power and fuller plants from the deficit, while regulated transmission and distribution earn little extra and absorb political pressure over tariffs.

When it plays out

Immediate

Merchant power prices firm and generator shares attract buying; grid operators urge conservation.

Medium term

New capacity and normal monsoon hydro ease the deficit; prices normalise unless demand keeps outrunning supply.

Short term

Higher coal burn and peak-season demand keep prices elevated; generators report stronger realisations.

Who it hits first

  • The Union Cabinet (the central government's top decision body) approved the PM DHARA scheme with Rs 1.86 lakh crore of total support for renewable energy (solar and wind power).
  • KPI Green Energy, the solar power developer, and Vikram Solar, the solar panel maker, are named in the pack as directly in line for new orders and projects.
  • The money flows over months and years through tenders and subsidies, so this is a demand pipeline for the green-power chain, not cash today.

Who may gain

  • Solar developers such as KPI Green Energy, Adani Green and ACME Solar gain project visibility and warmer financing interest.
  • Solar equipment makers such as Vikram Solar gain panel-order demand as developers expand building plans.
  • Grid and equipment firms gain follow-on connection work, while coal-heavy generators gain little from this scheme.

Along the supply chain

Downstream

Downstream, big factory buyers of green power get more clean-supply options over time as developers build, though no price or tariff changes today.

Upstream

Upstream, solar panel and component makers see more module, cell and structure orders as developers turn the scheme pipeline into build plans.

Where demand moves

Business

Strong business-demand pull: Rs 1.86 lakh crore of scheme-backed tenders and support means more solar plants ordered, more panels bought from makers like Vikram Solar, and more construction for developers like KPI Green.

Capital

Capital rotates toward listed green-power names on the outlook upgrade, and lenders warm to renewable project finance, while thermal-only names see no new money reason.

How it spreads across sectors

Capital Goods

Follow-on equipment demand: module, electrical and construction suppliers to solar developers see fatter order books.

Oil & Gas

Muted near term: cheaper future green power only slowly displaces fuel demand over years, not quarters.

Power

Direct demand boost: developers, panel makers and green IPPs gain order visibility; thermal and distribution names are untouched.

A pattern seen before

Cascade chain

  • Cabinet clears Rs 1.86 lakh cr PM DHARA renewables scheme
  • Solar developers (KPI Green, Adani Green) and panel makers (Vikram Solar) gain order visibility
  • Grid, equipment and EPC demand rises across Power and Capital Goods
  • Auto (EV charging) and Oil and Gas (fuel displacement) feel only slow second-order effects

Pattern name

Energy Transition Cascade

Patterns

  • Energy Transition Cascade

Sectors queried

  • Auto
  • Oil & Gas

When it plays out

Immediate

1–7 days: green-power and solar shares jump on the headline; developers and panel makers lead the move.

Medium term

1–6 months: tenders and equipment orders start flowing; developers with land and grid access turn pipeline into revenue.

Short term

1–4 weeks: focus shifts to scheme fine print (who gets what, tender calendar); early gains consolidate.

30 Sept, 16:39 IST · Market event · high impact

Cabinet approves Green Energy Corridor Phase-III scheme

The government approved new power lines to carry 135 GW of solar and wind power, so grid builders and green power firms gain more business, with no clear losers for now.

PowerInfrastructure

Who it hits first

  • The Cabinet approved Green Energy Corridor Phase-III to strengthen state power lines so up to 135 GW of solar and wind power can flow to buyers.
  • Power Grid Corporation, India's national power-line operator, gets the clearest demand boost because it builds and runs much of this grid.
  • Adani Green Energy, a large solar and wind power producer, and Tata Power Company, a power maker and city power supplier, gain because less green power gets stuck for want of lines.
  • Makers of grid gear such as Siemens, ABB and CG Power, which already supply Power Grid and Tata Power, see a bigger order pipeline.

Who may gain

  • Power Grid Corporation (national grid operator) — first call for planning and building the new lines.
  • Adani Energy Solutions (private transmission builder) — more state-line tenders to bid for.
  • Green power producers Adani Green Energy, Tata Power, NTPC Green Energy and Acme Solar — faster project hook-ups and less wasted power.
  • Equipment makers Siemens, ABB, CG Power, Apar Industries and KEI — transformers, switchgear and cables for the build.

Along the supply chain

Downstream

Downstream, steadier green power flows to state distributors and big users; Tata Power already supplies power to Tata Steel, so its steel customer gets more reliable clean supply as bottlenecks ease.

Upstream

Upstream, gear suppliers to Power Grid and Tata Power — Siemens, ABB, CG Power, Bharat Heavy Electricals, Apar Industries (cables), KEI (cables), Skipper and Salasar (towers) — get fresh demand for transformers, switchgear, wires and steel structures.

Where demand moves

Business

State power companies order new lines and substations; transmission builders book the work, equipment makers supply gear, and solar and wind farms sell more hours of power once evacuation improves.

Capital

Investors bid up transmission and green-power shares on stronger order visibility, while lenders such as REC, which already funds Power Grid, Adani Green and Tata Power, see a larger loan pipeline.

How it spreads across sectors

Capital Goods

Second-order orders — transformer, cable and tower makers ride the new spending.

Infrastructure

Construction uplift — line-building and substation work flows to contractors.

Power

Direct lift — grid owners and green generators gain orders and output.

A pattern seen before

Cascade chain

  • Cabinet nod for 135 GW RE evacuation → intra-state transmission tenders
  • Transmission tenders → orders for Power Grid and Adani Energy Solutions
  • Grid build → transformers, cables and towers from Siemens, ABB, CG Power and KEI
  • Stronger evacuation → faster solar and wind commissioning for Adani Green, Tata Power and NTPC Green

Pattern name

Energy Transition Cascade

Patterns

  • Energy Transition Cascade

Sectors queried

  • Auto
  • Oil & Gas

When it plays out

Immediate

Transmission and green-power shares react on the approval; Power Grid and Adani Energy Solutions lead.

Medium term

State awards and commissioning progress decide who converts the 135 GW plan into revenue.

Short term

Tender talk and brokerage notes size the order pipeline; equipment makers start to move.

Who it hits first

  • KPI Green Energy, a power company that builds and runs clean-energy plants, made a binding offer to buy two wind firms, Alfanar Energy and Netra Wind, for Rs 2,410 crore.
  • The deal adds 507.9 MW of already-running wind farms in Kutch, Gujarat, so extra electricity sales can start without any construction.
  • Its shares jumped 4% on the growth news and then slipped back as investors weighed the heavy price and how it will be funded.

Who may gain

  • KPI Green Energy (clean-power producer) — gains 507.9 MW of working wind farms and future electricity sales
  • Owners of Alfanar Energy and Netra Wind — receive Rs 2,410 crore for their wind farms
  • Power buyers in Gujarat over time — a bigger supplier could mean steadier clean-power supply (small, later benefit)

Along the supply chain

Downstream

Downstream (power users): factories and utilities that buy KPI Green's electricity get a larger supplier, but existing power prices and contracts do not change because of this ownership switch.

Upstream

Upstream (parts and builders): almost no pull — the wind farms are already standing, so panel, cable, and equipment suppliers see no new orders; only wind maintenance crews might get small later work as the new owner settles in.

Where demand moves

Business

Business demand lands on KPI Green Energy itself: 507.9 MW of running wind farms means more electricity to sell under power contracts. Equipment makers get nothing new because the farms are already built, and rival generators win no extra customers.

Capital

Investor money first chased KPI Green Energy shares (up 4%) and then hesitated over the Rs 2,410 crore funding bill. Peer green-power shares saw only light sympathy interest, with no real rotation of funds.

How it spreads across sectors

Capital Goods

No new turbines, panels, or cables are needed for already-built farms, so equipment makers feel no ripple.

Power

A Rs 2,410 crore deal for running wind farms sets a fresh price marker that mildly supports other green power firms, though no sales move between them.

A pattern seen before

Cascade chain

  • KPI Green buys 507.9 MW of running wind farms for Rs 2,410 crore
  • Kutch wind valuations get a fresh price marker → listed green power peers re-rate mildly
  • Bigger renewable fleet over time → softer long-run demand for fossil power fuels

Pattern name

Energy Transition Cascade

Patterns

  • Energy Transition Cascade

Sectors queried

  • Auto
  • Oil & Gas

When it plays out

Immediate

1–7 days: KPI Green Energy shares stay choppy as the market digests the Rs 2,410 crore price and likely borrowing; peers drift with sentiment.

Medium term

1–6 months: if the purchase closes smoothly, added wind power sales start lifting KPI Green's revenue; rivals remain largely unaffected.

Short term

1–4 weeks: focus shifts to funding details — loan terms, share sale, or timing of the deal close — which decide whether the early gains hold.

Dividends, splits & big trades

Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.

Dividends

5 Jun 2026unspecified₹2
6 Jun 2025unspecified₹2
31 May 2024unspecified₹2
2 Jun 2023unspecified₹2
30 May 2022unspecified₹2
27 Jul 2021unspecified₹2
4 Aug 2020unspecified₹1
11 Jul 2016unspecified₹2

Splits, bonuses & buybacks

  • daily-prices repair: 9 rows from NSE's archive (replace 1, delete 1, insert 7), 2016-10-30..2026-02-01 (docs/flat_day_repair.md)1× · 30 Oct 2016

Insider trades

DisclosedWhoTypeSharesValue ₹ Cr
1 Oct 2026JSW Energy Employees ESOP Trust · TrustSELL9,5000.01
1 Oct 2026JSW Energy Employees Welfare Trust · TrustSELL7,0880.01
1 Oct 2026JSW Energy Employees Welfare Trust · TrustSELL3,1140.00
21 Sep 2026JSW Energy Employees Welfare Trust · TrustSELL26,4190.03
10 Sep 2026JSW Energy Employees Welfare Trust · TrustSELL1,7660.09
10 Sep 2026JSW Energy Employees Welfare Trust · TrustSELL1,4130.07
10 Sep 2026JSW Energy Employees Welfare Trust · TrustSELL1,3400.07
4 Sep 2026JSW Energy Employees Welfare Trust · TrustSELL1,37,0650.14
4 Sep 2026JSW Energy Employees Welfare Trust · TrustSELL2,2760.12
4 Sep 2026JSW Energy Employees Welfare Trust · TrustSELL2,1410.12

Documents

Annual reports, results presentations and earnings calls, straight from the source.

Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.