JSW Energy Limited (NSE) JSWENERGY posted a strong quarter with significantly improved profitability. Net Profit (PAT) surged to INR420 crore, up sharply from the prior year. Revenue also rose materially to around INR4,081 crore. EBITDA jumped to about INR2,030 crore, boosting margins to roughly 49.7% compared with the previous year.
Financial Highlights (Q3 FY26 vs Q3 FY25)
| Metric | Q3 FY2026 | Q3 FY2025 | Change (YoY) |
| Net Profit | ₹420 crore | ₹168 crore | +150% |
| Revenue | ₹4,082 crore | ₹2,439 crore | +67.4% |
| EBITDA | ₹2,030 crore | ₹913 crore | +122.3% |
| EBITDA Margin | 49.7% | 37.5% | +1,220 bps |
Key Operational & Strategic Drivers
Capacity Expansion: The sharp rise in revenue and profit was driven by the massive ramp-up in installed capacity. As of late 2025, JSW Energy’s installed capacity reached approximately 13.2 GW, a 71% increase compared to the previous year.
Renewable Energy Surge: Total net generation grew significantly, led by new wind capacity additions and improved hydrology affecting hydro plants. Renewable energy now makes up a dominant portion of the generation mix.
Margin Improvement: EBITDA margins expanded to nearly 50%, primarily due to the higher contribution from high-margin renewable energy projects and better operational efficiencies.
Storage & Future Pipeline: The company continues to advance its 16.3 GWh energy storage portfolio (Pumped Hydro and Battery Storage) and its Green Hydrogen project, which is a core pillar of its “Strategy 2.0” to reach 20 GW capacity by 2030.
Balance Sheet Status
Net Debt: While the company has seen an increase in net debt of approximately INR62,000 crore to fund its aggressive expansion. The Net Debt-to-Equity ratio remains healthy at roughly 1.0x.
Liquidity: The company maintains a strong liquidity position with substantial cash balances to support ongoing capital expenditure.
Investor Takeaway
The investor takeaway for JSW Energy following the Q3 FY2026 results is a story of aggressive growth balanced by rising financial leverage. While the operational numbers are stellar, the market is closely scrutinizing how the company manages its massive debt-funded expansion.