India's JSW Energy capacity gains lower earnings risk, Jefferies says

JSW ENERGY

20/04/2026 08:50

** India's JSW Energy JSWE.NS shares rise 1.8% to 547.45 rupees, extending gains to a fifth straight session, its longest winning streak since mid-November

** Brokerage Jefferies says co has secured power supply contracts for 515 MW of the 700 MW capacity at its Ind-Barath plant, effective April 1

** Adds capacity is expected to grow 37% over fiscal 2026-2028, with most upcoming projects already tied to power supply agreements

     ** Brokerage says merchant capacity is expected to shrink to 3% by 2028, and further to 2% by 2030

     ** Adds that should reduce the merchant business's EBITDA contribution to about 2% by fiscal 2030, limiting downside risk to EBITDA from 2026 onward

** Brokerage rates co "Buy" with PT of 660 rupees, representing an 18.5% upside from last close

** YTD, JSWE up 13.4%

 (Reporting by Abhinav Parmar in Bengaluru)

 ((Abhinav.Parmar@thomsonreuters.com;))