JSW Energy Q2 profit rises 38% on 23% revenue growth

JSW Energy reported a 38.42% year-on-year rise in profit for the quarter ending September 30, 2026. The company’s earnings reached ₹1,141.04 crore, up from ₹824.27 crore in the same period last year.

This financial performance coincided with a 22.99% increase in revenue from operations. The company recorded ₹6,368.47 crore in revenue for Q2 FY2026–27, compared to ₹5,177.42 crore during the previous fiscal year’s second quarter.

Profitability Metrics

• EBITDA grew by 23% on a year-over-year basis to reach ₹3,907 crore, compared to ₹3,180 crore in the prior period.
• Pre-tax earnings saw a 41% surge, totaling ₹1,348 crore.
• Net profit after tax hit ₹1,141 crore, reflecting a 38% rise from the previous year.
• The portion of net profit allocated to equity shareholders expanded by 50% to ₹1,056 crore.
• Cash-based net profit for shareholders increased by 39% to ₹2,099 crore.
• The return on adjusted net worth was recorded at 15%.

JSW Energy Joint Managing Director and CEO Sharad Mahendra stated, "Q2 FY27 marks JSW Energy's highest-ever quarterly EBITDA and PAT..."

Generation Performance

JSW Energy’s total power sales reached 17.5 billion units, a 17% increase from 14.9 billion units in the prior year. Renewable energy output climbed to 8.6 billion units, up 21% from 7.1 billion units. Thermal generation contributed 8.9 billion units, rising 13% from 7.8 billion units.

Metric	Q2 FY26-27	Q2 FY25-26	YoY Change
Total Power Sales	17.5 billion units	14.9 billion units	17%
Renewable Energy	8.6 billion units	7.1 billion units	21%
Thermal Generation	8.9 billion units	7.8 billion units	13%

Within the renewable segment, wind generation increased 25% and solar generation rose 36%. Hydropower output grew 13%, supported by the early commissioning of the Tidong HEP. Thermal performance varied by site, with the Mahanadi plant seeing a 16% rise in generation and the Utkal plant recording a 48% increase.

Balance Sheet and Debt

JSW Energy’s depreciation expenses climbed to ₹943 crore in Q2 FY27, up from ₹809 crore in the prior year quarter, reflecting the commissioning of new capacity. Concurrently, finance costs rose to ₹1,615 crore from ₹1,418 crore, driven by additional borrowings taken for capacity expansion. Despite higher borrowing volumes, the weighted average cost of debt eased by 8 basis points to 8.28% quarter-on-quarter.

As of September 30, 2026, the company’s net debt stood at ₹65,576 crore against a consolidated net worth of ₹36,710 crore. This resulted in a net debt-to-equity ratio of 1.79x. Excluding capital work-in-progress debt, the net debt-to-EBITDA multiple was 4.94x. On the working capital front, receivables remained at 63 days of sales outstanding.

What to watch

JSW Energy delivered quarterly revenue of ₹6,658 crore, a 24% year-on-year increase. The company added 1.7 GW of capacity in the first half of FY27, including 1.4 GW of renewables, and is confident in achieving its 3 GW target for the full fiscal year. Long-term power purchase agreement sales rose 22% year-on-year to 16.4 billion units, while short-term sales fell 28% as the Utkal plant shifted capacity.