JSW Energy Q3 net profit more than doubles on higher power generation, margins rise sharply

JSW Energy Ltd on Friday (January 23) reported a net profit of ₹420 crore for Q3FY26, up from ₹168 crore in the year-ago period, marking a 2.5-fold increase year-on-year, driven by higher power generation and contributions from acquired assets.

The company’s revenue for Q3FY26 surged 67.4% year-on-year to ₹4,081 crore from ₹2,438 crore in Q3FY25. EBITDA grew sharply to ₹2,030 crore, compared with ₹914 crore a year earlier. Consequently, the EBITDA margin expanded to 49.7%, up from 37.5% in the corresponding

quarter last year.

For the nine months ended December 31, 2025, EBITDA grew 83% YoY to ₹8,439 crore, and PAT increased 21% YoY to ₹1,868 crore. Cash PAT for Q3FY26 rose 12% YoY to ₹570 crore, while 9MFY26 cash PAT grew 38% YoY to ₹3,660 crore.

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The company added 5.2 GW of capacity over the last 12 months and 125 MW in Q3FY26, contributing to higher generation. Net generation rose 65% YoY to 11.1 BUs, with renewable energy generation up 96% YoY at 3.2 BUs and thermal generation up 55% YoY at 7.9 BUs. Short-term volumes increased 73% YoY to 2BUs due to a shift towards domestic coal-based open capacity. Long-term PPA generation rose 63% YoY to 9.2 BUs.

JSW Energy maintains a healthy balance sheet, with net debt to equity at 2.2x and net debt to proforma steady-state EBITDA at 4.9x (excluding CWIP). Receivables on DSO basis stood at 73 days, and cash and cash equivalents totalled ₹7,159 crore.

Shares of JSW Energy Ltd ended at ₹480.35, down by ₹11.90, or 2.42%, on the BSE today, January 23.

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