NewsEarningsJSW Energy Reports 67% YoY EBITDA Growth to ₹3,180 Cr in Q2 FY26, Driven by Capacity AdditionsJSW Energy Reports 67% YoY EBITDA Growth to ₹3,180 Cr in Q2 FY26, Driven by Capacity Additions
JSW Energy Limited reported robust Q2 FY26 results with EBITDA growing 67% YoY to ₹3,180.00 crore and total revenue increasing 55% YoY to ₹5,361.00 crore. Installed capacity rose 71% YoY to 13,211 MW, while net generation increased 52% YoY to 14.9 BUs. The company completed strategic acquisitions and expansions, including the Mahanadi plant and O2 Power portfolio. JSW Energy maintains its target of 30 GW generation capacity and 40 GWh storage by 2030, with a total locked-in capacity of 30.5 GW.
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JSW Energy Limited , one of India's leading private sector power producers, has reported robust financial and operational performance for the second quarter of fiscal year 2026 (Q2 FY26), ended September 30, 2025.
Financial Highlights
- Q2 FY26 EBITDA grew by 67% year-over-year (YoY) to ₹3,180.00 crore
- Total revenue increased by 55% YoY to ₹5,361.00 crore
- Reported PAT declined by 17% YoY to ₹705.00 crore, primarily due to capitalization of new projects
- Cash PAT increased by 27% YoY to ₹1,512.00 crore
Operational Performance
- Installed capacity increased by 5.5 GW (up 71% YoY) to 13,211 MW
- Net generation rose by 52% YoY from 9.8 BUs to 14.9 BUs
- Long-term PPA generation grew by 56% YoY to 13.4 BUs
The company's performance was primarily driven by organic renewable capacity additions and contributions from recently acquired assets, including the Mahanadi plant and O2 Power portfolio.
Segment-wise Performance
Thermal
- Net generation up 62% YoY to 7.8 BUs
- Mahanadi plant (1,800 MW) generated 2.8 BUs, contributing ₹807.00 crore to EBITDA
Renewables
- Generation increased 42% YoY to 7.1 BUs
- Added 443 MW of organic renewable capacity during the quarter
Strategic Updates
- Completed acquisition of KSK Water Infrastructure, securing long-term water resource for the Mahanadi plant
- Entered into a scheme of arrangement with GE Power India to acquire its boiler manufacturing business
- Signed agreement to acquire 150 MW under-construction Tidong Hydroelectric Project for an enterprise value of approximately ₹1,728.00 crore
Financial Position
- Net Debt stood at ₹61,960.00 crore with a Net Debt to Equity ratio of 2.1x
- Net Debt to Proforma Steady-state EBITDA (excluding CWIP) at 4.8x
- Receivables at 64 days on a DSO basis
- Cash and Cash Equivalents of ₹6,181.00 crore
Future Outlook
JSW Energy maintains its focus on achieving ambitious targets of 30 GW generation capacity and 40 GWh of storage by 2030. The company has a total locked-in generation capacity of 30.5 GW, including 13.2 GW operational, 12.5 GW under-construction, 150 MW under-acquisition, and a pipeline of 4.6 GW.
Mr. Sharad Mahendra, Joint Managing Director and CEO of JSW Energy, commented on the results: "We are pleased to report a strong quarterly performance, with earnings growth primarily driven by healthy organic capacity additions and the recently completed inorganic capacities of Mahanadi and O2 Power. This quarter has been especially exciting, as we commissioned the 240 MW Kutehr Hydroelectric Project in record time and completed our very first floating solar project - a true testament to our execution excellence and commitment to innovation."
The company's credit rating has been affirmed at 'AA/Stable/A1+' by India Ratings and ICRA, underscoring its robust credit risk profile.
As JSW Energy continues to expand its renewable energy portfolio and integrate recent acquisitions, it remains well-positioned to capitalize on India's growing power demand while transitioning towards cleaner energy sources.
Historical Stock Returns for JSW Energy
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.42% | -0.95% | +1.08% | +6.48% | -20.07% | +762.52% |
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