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JSW Energy (533148) investor relations material
JSW Energy Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary17 Oct, 2025
Executive summary
Net generation rose 52% year-over-year to 14.9 BUS, driven by organic and inorganic capacity additions, including Mahanadi, O2 Power, and new solar, wind, and hydro projects, expanding installed capacity to 13.2 GW.
Strategic acquisitions and agreements secured water resources, equipment supply, and new hydro capacity, with integration of acquired assets progressing well.
Commissioned 240 MW Kutehr Hydroelectric Project and completed first floating solar project.
Strategic focus on energy security, sustainability, and disciplined capital allocation, with a robust under-construction portfolio of 12.5 GW tied up under long-term PPAs.
Major acquisitions included O2 Power (4.7 GW RE), KSK Mahanadi Power (1,800 MW thermal), and KSK Water Infrastructure.
Financial highlights
Q2 FY26 consolidated revenue rose 55% year-over-year to ₹5,361 crore; EBITDA up 67% to ₹3,180 crore, with H1 FY26 EBITDA at ₹6,237 crore.
PAT declined 17% year-over-year to ₹705 crore, mainly due to higher interest and depreciation from new asset capitalization; cash PAT for Q2 up 27% to ₹1,512 crore.
Net debt at September end was close to ₹61,960 crore, with net debt to equity at 2.1x.
Receivable days improved to 64 from 70 year-over-year.
Cash and cash equivalents at ₹6,181 crore; net worth as of Sep 30, 2025: ₹29,124 crore.
Outlook and guidance
Targeting 30 GW generation capacity and 40 GWh energy storage by 2030, with ~20% CAGR in installed capacity.
On track to exceed 15 GW by fiscal year-end; further CapEx acceleration expected in H2 as project execution picks up post-monsoon.
Locked-in energy storage capacity at 29.4 GWh, with agreements for battery and pumped hydro storage.
Anticipate continued easing of borrowing costs as interest rates reset.
O2 Power acquisition: Net profit contribution?
Himachal free power: Impact on revenue?
Unreviewed entities: Materiality assessment?
GE Power acquisition: boiler manufacturing capacity?
Outlook on RE PPA signing delays?
BESS plant: captive use or external sales?
GE Power acquisition: impact on thermal projects?
RE bidding trends: outlook for capacity additions?
Capital allocation strategy for 26 GW target?
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Next JSW Energy earnings date
Q3 25/2627 Jan, 2026
Next JSW Energy earnings date
Q3 25/2627 Jan, 2026
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Frequently asked questions
JSW Energy Limited is an Indian power generation and energy company operating thermal, hydroelectric, and renewable energy assets. It engages in electricity generation, transmission, and trading, with operations across multiple Indian states. The company is expanding its renewable portfolio to support sustainable energy initiatives and reduce carbon emissions. It is headquartered in Mumbai, India, and its shares are listed on the NSE.
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