JSW Energy Limited , one of India's leading private sector power producers, has reported strong financial and operational performance for the first quarter of fiscal year 2026 (Q1 FY26), ended June 30, 2025. The company's strategic investments and capacity additions have driven significant growth in earnings and improved the quality of its revenue streams.

Key Highlights

• EBITDA increased by 93% year-over-year (YoY) to ₹3,057.00 crore
• Profit After Tax (PAT) grew by 42% YoY to ₹743.00 crore
• Installed capacity expanded by 5.2 GW (~70% YoY) to 12,768 MW
• Net generation rose 71% YoY to 13.5 billion units (BUs)

Financial Performance

JSW Energy's total revenue for Q1 FY26 increased by 78% YoY to ₹5,411.00 crore. The company's EBITDA saw a substantial rise of 93% YoY, reaching ₹3,057.00 crore. This growth was primarily driven by organic renewable capacity additions and contributions from strategic acquisitions, including the Mahanadi plant and O2 Power.

The company's PAT increased by 42% YoY to ₹743.00 crore, while Cash PAT grew by 65% YoY to ₹1,579.00 crore. JSW Energy maintained a strong balance sheet with a Net Debt to Equity ratio of 2.1x and Net Debt to Proforma Steady-state EBITDA (excluding CWIP) at 4.7x.

Operational Performance

JSW Energy's total installed capacity at the end of Q1 FY26 stood at 12,768 MW, marking a significant increase of approximately 70% YoY. The company added 1,893 MW during the quarter, including 1,343 MW from the O2 Power acquisition.

Net generation rose by 71% YoY to 13.5 BUs, driven by organic renewable energy (RE) capacity additions, contributions from O2 Power and the Mahanadi plant, and higher generation at the Vijayanagar plant following long-term tie-ups. RE generation during the quarter increased by 54% YoY to 5.0 BUs.

Strategic Developments

O2 Power Acquisition

JSW Energy completed the acquisition of O2 Power, a 4.7 GW renewable platform, on April 9, 2025. The acquired assets contributed a net generation of 768 MUs and EBITDA of ₹219.00 crore during Q1 FY26.

Thermal Power Realignment

The company is strategically shifting towards more resilient thermal earnings. The Mahanadi 1,800 MW operational capacity generated 2.7 BUs during Q1 FY26, resulting in an EBITDA of ₹867.00 crore. Additionally, the Vijayanagar plant saw a 124% YoY growth in long-term generation to 1.3 BUs, following incremental capacity tie-ups under group captive arrangements.

Green Initiatives

JSW Energy signed storage agreements for 12.5 GWh during the quarter and an additional 680 MWh post-quarter end. The company has also started trial runs for its 3,800 TPA green hydrogen project at Vijayanagar.

Future Outlook

Sharad Mahendra, Joint Managing Director and CEO of JSW Energy, commented on the results: "This quarter marks an inflection point for JSW Energy as our disciplined investment strategy and sustained capex have driven robust earnings growth and a significant improvement in quality of earnings, driven by a higher share of tied-up capacity."

The company aims to reach 30 GW of generation capacity and 40 GWh of energy storage capacity by FY 2030, with a cumulative planned capital expenditure of approximately ₹130,000.00 crore.

JSW Energy's strong performance in Q1 FY26 demonstrates the company's successful execution of its growth strategy, positioning it well for future expansion in India's evolving energy landscape.

JSW Energy Limited has reported robust financial and operational results for the first quarter. The company's performance was marked by significant growth in key metrics, driven by capacity additions and strategic acquisitions.

Financial Highlights

• EBITDA surged by 93% year-over-year to ₹3,057.00 crore, up from ₹1,581.00 crore in the same period last year.
• Profit After Tax (PAT) increased by 42% to ₹743.00 crore, compared to ₹520.00 crore in the same period last year.
• Total revenue rose by 78% to ₹5,143.00 crore from ₹2,880.00 crore in the same period last year.
• EBITDA margin improved to 56% compared to 52% year-on-year.

Operational Performance

• Installed capacity increased by approximately 70% year-over-year, reaching 12,768 MW.
• Net generation rose by 71% to 13.5 billion units (BUs), driven by organic renewable energy capacity additions and contributions from recent acquisitions.
• Long-term PPA generation grew by 73% year-over-year to 11.8 BUs.

Strategic Developments

• Completed the acquisition of the 4.7 GW O2 Power platform, contributing to significant capacity growth.
• Mahanadi thermal plant (1,800 MW) generated 2.7 BUs, resulting in an EBITDA of ₹867.00 crore.
• Signed Power Purchase Agreements (PPAs) for 605 MW during the quarter, with additional agreements post-quarter end.
• Total locked-in capacity now stands at 30.3 GW, including 13.0 GW under construction.

Financial Position

Future Outlook

JSW Energy aims to reach 30 GW of generation capacity and 40 GWh of energy storage capacity by FY 2030, with a planned cumulative capex of approximately ₹1,30,000.00 crore.

Sharad Mahendra, Joint Managing Director and CEO of JSW Energy, commented on the results: "This quarter marks an inflection point for JSW Energy as our disciplined investment strategy and sustained capex have driven robust earnings growth and a significant improvement in quality of earnings, driven by a higher share of tied-up capacity."

The company's strong performance reflects its successful expansion strategy and positions it well for future growth in India's evolving energy landscape.