JSW Energy (533148) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 net generation and power sales rose 17% YoY to 17.5 BU; record EBITDA was ₹3,907 Cr (+23%) and PAT was ₹1,141 Cr (+38%).

• Installed capacity reached 15,147 MW as of Oct. 5, with ~96% under long-term PPA; H1 additions were 1,686 MW, including 1,386 MW of renewables.

Financial highlights

• Q2 total income was ₹6,657.71 Cr (+24% YoY), including revenue from operations of ₹6,368.47 Cr; EBITDA was ₹3,907 Cr (+23%).

• Q2 PBT was ₹1,347.86 Cr (+41%), PAT ₹1,141.04 Cr (+38%), including ₹1,056.37 Cr attributable to owners; cash PAT was ₹2,099 Cr (+39%).

• Q2 diluted EPS was ₹5.62 versus ₹4.04 YoY; operating EBITDA margin was 56.79% versus 57.91%, while net profit margin was 17.14% versus 15.38%.

• H1 revenue from operations was ₹11,575.60 Cr and PAT ₹1,673.74 Cr; H1 basic EPS was ₹8.44.

• Q2 depreciation rose to ₹943 Cr from ₹809 Cr and finance costs to ₹1,615 Cr from ₹1,418 Cr, reflecting new capacity and expansion borrowings.

Outlook and guidance

• FY27 renewable capacity-addition target is 3 GW: 1.4 GW commissioned in H1 and 1.6 GW planned in H2 across 30 projects; land, connectivity, approvals, PPAs and key equipment are secured.

• FY30 Strategy 3.0 targets 30 GW of generation capacity and 40 GWh of storage; 15.3 GW of projects are under construction, 29.6 GWh of storage is locked in, and 1.0 GWh of BESS is targeted by FY27.

• C&I capacity is expected to reach 8.6 GW; an additional 2.0 GW of group-captive opportunities and 0.9 GW of third-party C&I are under advanced discussion.

• Management cited a strengthening construction season, execution discipline and balance-sheet strength as support for delivery.