JSW Energy (533148) Q4 24/25 earnings summary

Executive summary

• Surpassed 10 GW installed capacity, reaching up to 12.2 GW in FY25, with 3.6 GW added during the year and strong multi-year EBITDA and PAT growth.

• Major acquisitions included KSK Mahanadi Power (up to 3.6 GW thermal) and O2 Power (4.7 GW renewables), significantly expanding both thermal and renewable portfolios.

• Launched Strategy 3.0, targeting 30 GW generation and 40 GW energy storage by 2030, with INR 130,000 crore CapEx planned for FY26–FY30.

• Raised ₹5,000 crore via QIP to fund growth and maintain a healthy balance sheet.

• Achieved sector-leading ESG ratings and recognition as a top workplace.

Financial highlights

• FY25 EBITDA reached a record INR 6,115 crore, up 5% YoY; PAT at INR 1,951 crore, up 13% YoY; Q4 FY25 revenue rose 21% YoY to nearly INR 3,500 crore; EBITDA up 17% YoY to INR 1,513 crore; PAT up 16% YoY to INR 408 crore.

• Pro-forma EBITDA (including full-year impact of acquisitions) at INR 8,860 crore; proforma cash PAT up 45% YoY to ₹4,679 crore.

• Net debt at FY25 end was INR 44,000 crore, with net debt to pro-forma EBITDA at 5x and net debt to equity at 1.6x.

• Receivables DSO at 76 days; cash & equivalents at ₹5,660 crore.

• FY25 consolidated revenue grew 6% YoY to ₹12,639 crore.

Outlook and guidance

• Strategy 3.0 aims for 30 GW generation and 40 GW storage by 2030, with EBITDA expected to grow 2.7–3x over FY25 pro-forma levels and a 23% CAGR in installed capacity.

• FY26 CapEx guidance is INR 15,000–18,000 crore, up from INR 8,000 crore in FY25.

• Ongoing construction of 11.3 GW projects, with focus on greenfield thermal and renewable expansion.

• Selective approach to new bids, focusing on return-accretive opportunities and maintaining leverage below 5.5x net debt to EBITDA.

• FY2030 net debt/EBITDA expected at ~5x.