New Delhi, June 16 -- JSW Energy's acquisition of Maruti Clean Coal & Power (MCCPL), a thermal power plant in Chhattisgarh, for Rs.1,410 crore adds only 300 MW of capacity to its operational portfolio of roughly 13.6 GW. Thermal installed capacity will increase from about 5.7 GW to 6.0 GW, while merchant exposure will rise modestly from about 4% to 4.7% of the portfolio. The stock has been largely flat since the weekend announcement.

But the key takeaway is that the company has acquired a cash-generating asset with strong utilization, fuel security, long-term contracts and immediate earnings contribution at a much cheaper valuation. JSW Energy, which trades at 15x FY26 EV/Ebitda, is acquiring MCCPL at roughly 5.1x EV/Ebitda. It is effect...