JSW Energy Ltd, part of the diversified JSW Group, is engaged in the generation, transmission, and trading of power, with core assets across Karnataka, Maharashtra, Nandyal, and Salboni. The company also operates joint ventures in mining and an associate company engaged in turbine manufacturing, reinforcing its integrated power business model.
Q2 FY26 Earnings Summary
Consolidated revenue stood at ₹5,177 crore, up 59.88% year on year from ₹3,238 crore, driven by renewable capacity additions and contributions from the Mahanadi and O2 Power projects.
Total expenses rose 78.97% to ₹4,408 crore from ₹2,463 crore a year earlier, mainly on account of higher power purchase and depreciation costs.
Consolidated Net Profit declined 6.04% to ₹824 crore compared to ₹877 crore in the same quarter last year.
Earnings Per Share (EPS) stood at ₹4.03, down 17.42% year on year from ₹4.88.
EBITDA rose 67% to ₹3,180 crore, supported by strong renewable generation growth of 52% and stable tariff realizations.
Operational and Business Highlights
JSW Energy added 443 MW of renewable capacity during the quarter, bringing total installed capacity to 13.2 GW and reinforcing its long-term target of 30 GW by 2030.
Power generation increased by 52% year on year to 14.9 billion units, led by new solar and wind projects and contributions from the Kutehr Hydro and Mahanadi thermal plants.
The O2 Power acquisition added incremental EBITDA of ₹267 crore, while the Mahanadi project contributed ₹807 crore, showcasing the company’s inorganic growth strategy.
EBITDA margin stood at 59%, reflecting operational efficiencies across assets and effective cost control despite higher depreciation and interest expenses.
Financial Position and Outlook
JSW Energy maintains a robust balance sheet with a net debt-to-equity ratio of 2.1x, reflecting prudent capital management as it undertakes large-scale renewable capacity expansion.
The company plans to add 4.6 GW under construction and 29.4 GWh of energy storage projects, including pumped hydro and battery systems, as part of its clean energy transition roadmap.
Management reiterated its target to achieve over 40 GWh of energy storage and maintain strong profitability supported by locked-in EBITDA of ₹36,000 crore from long-term PPAs.
Despite short-term pressure on net profit due to higher costs and project capitalization, JSW Energy remains well-positioned to drive long-term growth in India’s evolving power and renewable energy landscape.
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