JSW Energy Limited has reported robust operational and financial 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

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

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 acquisition of O2 Power and 550 MW from organic renewable capacity additions.

Net generation saw a substantial rise of 71% YoY, reaching 13.5 BUs. This growth was 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.

Renewable energy generation during the quarter increased by 54% YoY to 5.0 BUs, propelled by organic wind capacity additions and the integration of O2 Power assets. Net long-term Power Purchase Agreement (PPA) generation grew by 73% YoY to 11.8 BUs.

Financial Performance

JSW Energy reported impressive financial results for Q1 FY26:

The company's strategic acquisitions played a crucial role in driving EBITDA growth. The Mahanadi plant contributed an incremental ₹867.00 crore, while O2 Power (consolidated since April 9, 2025) added ₹219.00 crore to the EBITDA during the quarter.

Balance Sheet and Liquidity

As of June 30, 2025, JSW Energy's consolidated net worth stood at ₹27,738.00 crore, with net debt at ₹59,313.00 crore. This resulted in a Net Debt to Equity ratio of 2.1x. The Net Debt to Proforma Steady-state EBITDA (excluding CWIP) was 4.7x.

The company maintained strong liquidity with cash balances of ₹6,113.00 crore as of June 30, 2025. Receivables in DSO (Days Sales Outstanding) terms remained at a healthy level of 58 days during the quarter.

Strategic Developments

JSW Energy completed the acquisition of the 4.7 GW O2 Power platform, which contributed significantly to the company's growth during the quarter. The company also made progress in its green hydrogen initiatives, with trial runs underway for the 3,800 TPA green hydrogen project at Vijayanagar.

In the thermal power segment, JSW Energy is realigning towards more resilient earnings. The Mahanadi 1,800 MW operational capacity generated 2.7 BUs during Q1 FY26, resulting in an EBITDA of ₹867.00 crore. The company is also shifting its merchant capacity towards domestic coal-based generation.

Future Outlook

Sharad Mahendra, Joint Managing Director and CEO of JSW Energy, expressed optimism about the company's future, stating, "We aim to build on this momentum with a cumulative capex of ~₹1,30,000 crore, reaching 30 GW generation capacity and 40 GWh of energy storage capacity by FY 2030."

JSW Energy's strong performance in Q1 FY26 demonstrates the company's successful execution of its growth strategy and positions it well for continued expansion in the Indian power sector.

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.