India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Equity Bottom-Up

<ul>
<li>JSW has shown strong growth in generation capacity, with plans to double it to 30GW by 2030. The company is also venturing into ancillaries like battery assembly and hydrogen production. </li>
<li>We conservatively estimate FY26 EBITDA at 10,000cr (11% below consensus) with 20% CAGR from capacity expansion (25% CAGR to 30GW) and improving utilisation (35% CAGR in generation).</li>
<li>We ascribe EV/EBITDA multiple of 8-12x to the thermal business and 12-16x multiple to renewables business to arrive at SOTP valuation of 550-770 by March 2027 vs CMP of 480.</li>
</ul>


JSW has shown strong growth in generation capacity, with plans to double it to 30GW by 2030. The company is also venturing into ancillaries like battery assembly and hydrogen production. 
We conservatively estimate FY26 EBITDA at 10,000cr (11% below consensus) with 20% CAGR from capacity expansion (25% CAGR to 30GW) and improving utilisation (35% CAGR in generation).
We ascribe EV/EBITDA multiple of 8-12x to the thermal business and 12-16x multiple to renewables business to arrive at SOTP valuation of 550-770 by March 2027 vs CMP of 480.


The Thermal Vs Renewable Debate: JSW Energy - 2026 High Conviction Idea

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>FY25 was a landmark year for <a href="https://www.smartkarma.com/entities/jsw-energy-ltd" target="_blank" data-smartkarma-citation="entities:14949:1" rel="noopener">JSW Energy Ltd (JSW IN)</a>, crossing 10 GW operational capacity, driven by record wind additions and strategic acquisitions of KSK Mahanadi and O2 Power.</li>
<li>The aggressive inorganic and organic expansion, coupled with a strong focus on energy storage, positions JSW Energy as a diversified player in India's evolving power landscape, balancing baseload and renewables.  </li>
<li>The disciplined capital allocation, robust project pipeline, and strong execution capabilities, despite high leverage, reinforce confidence in achieving the ambitious <strong>'30 by 30'</strong> target and long-term value creation.</li>
</ul>


FY25 was a landmark year for JSW Energy Ltd (JSW IN), crossing 10 GW operational capacity, driven by record wind additions and strategic acquisitions of KSK Mahanadi and O2 Power.
The aggressive inorganic and organic expansion, coupled with a strong focus on energy storage, positions JSW Energy as a diversified player in India's evolving power landscape, balancing baseload and renewables.  
The disciplined capital allocation, robust project pipeline, and strong execution capabilities, despite high leverage, reinforce confidence in achieving the ambitious '30 by 30' target and long-term value creation.


JSW Energy Q4 FY25 & FY25 Update: Powering Ahead with Landmark Capacity Expansion

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Unveiled a Rs1.3 lakh crore capex program is planned over FY26–FY30 to reach 30 GW total capacity and 40 GWh energy storage by FY30.</li>
<li>Reported a 16% year-on-year increase in Q4 FY25 net profit to ₹408 crore, with revenue rising 16% to ₹3,189 crore.</li>
<li>  Trades at ~46x P/E—above Adani Power (~17x) and Tata Power (~33x).</li>
</ul>


Unveiled a Rs1.3 lakh crore capex program is planned over FY26–FY30 to reach 30 GW total capacity and 40 GWh energy storage by FY30.
Reported a 16% year-on-year increase in Q4 FY25 net profit to ₹408 crore, with revenue rising 16% to ₹3,189 crore.
  Trades at ~46x P/E—above Adani Power (~17x) and Tata Power (~33x).


JSW Energy: Balancing Strong Growth Aspirations with Elevated Leverage Add Ticke

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>JSW Energy faces a significant regulatory setback with the rejection of its proposed tariff for a 500 MW/1000 MWh Battery Energy Storage System project by the Central Electricity Regulatory Commission. </li>
<li>This decision highlights the vulnerability of renewable energy ventures to regulatory changes, potentially leading to project delays, tariff renegotiations, and broader market uncertainty, which could impact India’s renewable energy goals.</li>
<li>The impact of this could be multiple ripple effects including project delays, financial loss, viability concerns of battery storage business.</li>
</ul>


JSW Energy faces a significant regulatory setback with the rejection of its proposed tariff for a 500 MW/1000 MWh Battery Energy Storage System project by the Central Electricity Regulatory Commission. 
This decision highlights the vulnerability of renewable energy ventures to regulatory changes, potentially leading to project delays, tariff renegotiations, and broader market uncertainty, which could impact India’s renewable energy goals.
The impact of this could be multiple ripple effects including project delays, financial loss, viability concerns of battery storage business.


Why Does JSW Energy's Battery Foray Go into Deep Trouble?

Event-Driven

<ul>
<li>The acquisition of O2 Power brings with it a robust portfolio of 4,696 MW of renewable energy assets, wherein JSWE’s Current operational capacity stands at 7740 MW</li>
<li>JSW Energy's total locked-in generation capacity will reach nearly 24,708 MW by June 2027, marking a substantial increase of 23% from its previous capacity of 20,012 MW</li>
<li>JSW Energy can leverage its in-house EPC and O&amp;M capabilities to unlock further value from the 4.7 GW portfolio.</li>
</ul>


The acquisition of O2 Power brings with it a robust portfolio of 4,696 MW of renewable energy assets, wherein JSWE’s Current operational capacity stands at 7740 MW
JSW Energy's total locked-in generation capacity will reach nearly 24,708 MW by June 2027, marking a substantial increase of 23% from its previous capacity of 20,012 MW
JSW Energy can leverage its in-house EPC and O&amp;M capabilities to unlock further value from the 4.7 GW portfolio.


India

JSW Energy Limited generates power by using Corex gas and coal. The Company, through its subsidiary, also operates lignite thermal power plant in Rajasthan and has a capacity to produce 3,140 megawatts of electricity. JSW is also present in the power trading and transmission businesses.

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JSW Energy Ltd (JSW IN)

The Thermal Vs Renewable Debate: JSW Energy - 2026 High Conviction Idea

JSW Energy is the better-placed utility in terms of growth visibility with healthy split of thermal and renewable capex underway. Its aggressive...

Himanshu Dugar

JSW Energy Q4 FY25 & FY25 Update: Powering Ahead with Landmark Capacity Expansion

JSW Energy reaches 10 GW capacity milestone in FY25 through strategic acquisitions and focus on energy storage, positioning as a diversified...

Sudarshan Bhandari

JSW Energy: Balancing Strong Growth Aspirations with Elevated Leverage Add Ticke

A company plans a massive capex program to expand capacity and energy storage, reporting strong financial growth in Q4 FY25 and trading at a high...

Rahul Jain

Why Does JSW Energy's Battery Foray Go into Deep Trouble?

JSW Energy's proposed tariff for a Battery Energy Storage System project rejected by CERC, highlighting regulatory risks for renewable energy...

Nimish Maheshwari

JSW Energy X O2 Power: 25 GW Powerhouse

JSW Energy's acquisition of O2 Power boosts its renewable energy assets to 4,696 MW, with plans to reach 24,708 MW by 2027, leveraging in-house...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Thermal Vs Renewable Debate: JSW Energy - 2026 High Conviction Idea

​JSW Energy is the better-placed utility in terms of growth visibility with healthy split of thermal and renewable capex underway. Its aggressive...

Himanshu Dugar

JSW Energy Q4 FY25 & FY25 Update: Powering Ahead with Landmark Capacity Expansion

​JSW Energy reaches 10 GW capacity milestone in FY25 through strategic acquisitions and focus on energy storage, positioning as a diversified...

Sudarshan Bhandari

JSW Energy: Balancing Strong Growth Aspirations with Elevated Leverage Add Ticke

​A company plans a massive capex program to expand capacity and energy storage, reporting strong financial growth in Q4 FY25 and trading at a high...

Rahul Jain

Why Does JSW Energy's Battery Foray Go into Deep Trouble?

​JSW Energy's proposed tariff for a Battery Energy Storage System project rejected by CERC, highlighting regulatory risks for renewable energy...

Nimish Maheshwari

JSW Energy X O2 Power: 25 GW Powerhouse

​JSW Energy's acquisition of O2 Power boosts its renewable energy assets to 4,696 MW, with plans to reach 24,708 MW by 2027, leveraging in-house...

Nimish Maheshwari

JSW Energy is the better-placed utility in terms of growth visibility with healthy split of thermal and renewable capex underway. Its aggressive...

JSW Energy reaches 10 GW capacity milestone in FY25 through strategic acquisitions and focus on energy storage, positioning as a diversified...

A company plans a massive capex program to expand capacity and energy storage, reporting strong financial growth in Q4 FY25 and trading at a high...

JSW Energy's proposed tariff for a Battery Energy Storage System project rejected by CERC, highlighting regulatory risks for renewable energy...

JSW Energy's acquisition of O2 Power boosts its renewable energy assets to 4,696 MW, with plans to reach 24,708 MW by 2027, leveraging in-house...