JSW Energy Limited secured approval from its equity shareholders and unsecured creditors for the Scheme of Arrangement with GE Power India Limited. The resolution received overwhelming support, with 99.99% of the votes polled by equity shareholders in favour. The meetings were convened by the National Company Law Tribunal (NCLT), Mumbai Bench, pursuant to an order dated June 2, 2026, under Sections 230 to 232 of the Companies Act, 2013.

Voting Results for Equity Shareholders

The equity shareholders' meeting was held on July 20, 2026, via video conferencing. A total of 1,652,285,927 votes were polled, representing 90.11% of the outstanding shares. The resolution was passed with the requisite majority, with 1,652,284,784 votes in favour and only 1,143 against. Promoters and public institutions voted unanimously in favour of the scheme.

Equity Shareholder Voting Breakdown

Unsecured Creditors Approval

The meeting of unsecured creditors was also held on July 20, 2026. A total of 47 creditors participated, representing a debt value of ₹37,881,303,916. The resolution received 100% approval, with all votes cast in favour of the scheme amounting to ₹19,381,305,516 in value. The cut-off date for determining eligibility was May 31, 2026.

Meeting Proceedings

Mr. Mohan Prasad Tiwari, former Hon'ble Member (J) of the NCLT, served as the Chairman for both meetings. Ms. Pooja Singhal, Practising Company Secretary, acted as the Scrutinizer. Remote e-voting was conducted by KFin Technologies Limited from July 16 to July 19, 2026. The scrutinizer's reports confirmed that the voting process was conducted fairly and transparently.

JSW Energy has received contrasting assessments from two prominent brokerages, with Jefferies maintaining an optimistic outlook while CLSA flags near-term profitability pressures. The divergence in views reflects differing emphases on the company's capacity growth trajectory versus its cost and generation challenges.

Jefferies Maintains Buy Rating

Jefferies has retained its Buy rating on JSW Energy with a target price of ₹720, pointing to higher capacity additions as the key driver that pushed EBITDA above estimates. The brokerage acknowledged temporary generation disruptions at KSK Energy but viewed these as short-term in nature, with the overall capacity expansion story remaining intact.

CLSA Retains Hold Amid Profitability Pressures

CLSA, on the other hand, has maintained a Hold rating on JSW Energy with a target price of ₹549. The brokerage highlighted a combination of higher funding costs, weaker tariffs, and lower generation as factors that weighed on profitability. These headwinds have prompted CLSA to revise its earnings estimates downward for FY27-29.

Brokerage Ratings at a Glance

The following table summarises the current brokerage stances on JSW Energy:

Diverging Perspectives

The contrasting ratings underscore the dual narrative surrounding JSW Energy at present. Jefferies focuses on the structural growth driven by capacity expansion, which has delivered better-than-expected EBITDA performance. CLSA's more cautious stance reflects concerns over the sustainability of earnings given the current cost environment and tariff dynamics, with the brokerage making downward revisions to its FY27-29 earnings forecasts. The temporary disruptions at KSK Energy, noted by Jefferies, add a layer of near-term uncertainty even within the otherwise positive capacity addition narrative.