# JM Financial has downgraded JSW Energy to 'Add' from 'Buy' The brokerage said it remains confident about the company achieving its target of 30 GW capacity by 2030, but flagged concerns around elevated debt.

*business · news · 2026-05-12 · CNBC TV18*

## Key points

- JSW Energy's net debt has surged to ₹65,834 crore at the end of the March quarter.
- Brokerages cite expensive valuations, with the stock trading at 12.5x EBITDA and 2.7x price-to-book.
- JSW Energy plans ₹20,000 crore of capital expenditure in FY27 for expansion and storage projects.
- High finance costs led to an 8.8% net profit decline despite 41% revenue growth last quarter.
- JM Financial downgraded JSW Energy to 'Add' due to concerns on elevated debt and leverage.

**Companies:** JPMorgan Chase, JSW Energy
**Countries:** India

[Read the full story on CNBC TV18](https://www.cnbctv18.com/market/jsw-energy-shares-tumble-as-street-cites-debt-concerns-expensive-valuations-ws-l-19903696.htm)

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