JSW Energy (533148) Q2 2026 earnings summary

Executive summary

• Net generation rose 52% year-on-year to 14.9 billion units, driven by organic and acquired capacity additions, including Mahanadi and O2 Power, with installed capacity reaching 13.2 GW after 443 MW was added in Q2.

• EBITDA surged 67% year-on-year to ₹3,180 crore, while H1 FY26 EBITDA grew 79% to ₹6,237 crore.

• PAT declined 17% year-on-year to ₹705 crore due to higher interest and depreciation, but cash PAT increased 27% to ₹1,512 crore.

• Strategic acquisitions included GE Power India's boiler unit, KSK Water Infrastructure, O2 Power, and a 150 MW hydro plant from Statkraft.

• Integration of acquired assets is progressing well, with operational synergies emerging.

Financial highlights

• Q2 FY26 revenue increased 55% year-on-year to ₹5,361 crore; EBITDA margin improved to 59% from 55% year-on-year.

• H1 FY26 EBITDA reached ₹6,237 crore; H1 PAT up 5% to ₹1,448 crore.

• Cash PAT for Q2 FY26 up 27% year-on-year to ₹1,512 crore; H1 FY26 Cash PAT up 44% to ₹3,090 crore.

• Net debt at quarter-end stood at ₹61,960 crore; net debt to equity at 2.1x.

• Receivable days improved to 64 from 70 year-on-year.

Outlook and guidance

• Targeting 30 GW generation capacity and 40 GWh energy storage by 2030, with a CAGR of ~20% in installed capacity.

• Under-construction portfolio of 12.5 GW, fully tied up under long-term PPAs, expected to nearly double installed capacity.

• Locked-in energy storage capacity at 29.4 GWh, with agreements for battery and pumped hydro storage.

• CapEx guidance of ₹130,000 crore by 2030 to achieve strategic growth targets.