According to reports from CNBC TV18 and Business Standard, JSW Energy has signed a definitive agreement to acquire 100% equity shares of Maruti Clean Coal and Power Limited for ₹1,410 crore. The Maharashtra-based power company announced this acquisition through an exchange filing on Saturday, June 13. The target company, established in 1999, owns and operates a 300 MW thermal power project at Korba, Chhattisgarh, with a long-term power purchase agreement (PPA) of 195 MW (net) with Rajasthan discoms routed through PTC India, having a residual PPA life of nearly 14 years. Upon completion of the transaction, MCCPL will become a wholly-owned subsidiary of JSW Energy.
As reported by Business Standard, the acquired asset's estimated FY26 EBITDA stood at ₹279 crore, making this operating asset both EBITDA and PAT-accretive while reducing the company's net leverage and strengthening overall balance sheet resilience. The plant provides 5% power at variable cost to the Chhattisgarh discom, while the balance 64 MW capacity is sold in the merchant market. Coal is secured through a long-term fuel supply agreement with SECL and linkage under the SHAKTI scheme. Beyond immediate financial benefits, the asset offers potential upside through optimization of logistics and O&M costs, with its proximity to JSW Energy's Mahanadi thermal plant further unlocking operational synergies.
The acquisition demonstrates JSW Energy's strategic approach to growth through value-accretive assets rather than capital-intensive expansion. As reported by market analysts, JSW Energy is acquiring MCCPL at roughly 5.1x EV/EBITDA, significantly below the company's own trading multiple of 15x FY26 EV/EBITDA. This represents effective EBITDA acquisition at approximately one-third of the company's own valuation. The deal adds only 300 MW of capacity to the company's operational portfolio of roughly 13.6 GW, increasing thermal installed capacity from about 5.7 GW to 6.0 GW while merchant exposure rises modestly from about 4% to 4.7% of the portfolio.
The acquisition comes at a time when JSW Energy's financial position requires careful management of leverage. As reported by market analysts, the company's net debt stood at ₹65,834 crore at FY26-end, with net debt-to-EBITDA at almost 6x. The operational net debt-to-EBITDA was at 5.2x, which the company considers 'within the guard rails.' The recently raised ₹4,000 crore through qualified institutional placement has eased some leverage pressure, though it has caused equity dilution. The company has guided for capex of about ₹20,000 crore in FY27, highlighting the ongoing capital requirements for its expansion plans.
Following the announcement, JSW Energy shares have shown mixed performance, remaining largely flat since the weekend announcement. The stock's recent volatility following FY26 results, despite strong growth metrics, reflects investor sensitivity to slower-than-expected capacity additions and rising debt levels. JSW Energy's consolidated revenue rose 60% to ₹18,901 crore in FY26, with EBITDA margin expanding from 44% to 53%. However, net profit would have dropped almost 10% to ₹1,651 crore had it not been for deferred tax assets. Looking ahead, the company maintains its target to reach 30 GW capacity by FY 2030 and 40 GWh of storage capacity, with expansion across thermal power, renewables, energy storage and supporting integrated infrastructure.
