JSW Energy Q2 Results | Net profit, revenue decline; generation surges 52%

Billionaire Sajjan Jindal's JSW Energy Ltd on Friday (October 17) reported a 17.4% year-on-year decline in net profit for the second quarter, which stood at ₹705 crore, down from ₹853 crore in the same period last year.

The company’s revenue fell 60% to ₹5,177.4 crore compared with ₹3,238 crore in Q2 of the previous year. Operating performance also showed a sharp decline, with EBITDA down 77.8% to ₹2,996 crore from ₹1,684.8 crore a year earlier. EBITDA margin expanded to 57.9% from 52% in the corresponding period last year.

On the consolidated financial front, EBITDA for Q2 FY26 rose 67% YoY to ₹3,180 crore, driven by organic renewable capacity additions and contributions from the Mahanadi and O2 Power projects.

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Robust annual cash PAT generation (TTM) stood at approximately ₹4,341 crore, with cash returns on adjusted net worth at 20%. Receivables on a DSO basis remained healthy at 64 days, while cash and cash equivalents were around ₹6,181 crore.

As the company continues to implement growth projects, net debt stood at approximately ₹61,960 crore, with a net debt-to-equity ratio of 2.1x. Excluding capital work-in-progress, net debt to EBITDA for operational projects remained at a strong 4.8x.

During the quarter, the company added 443 MW of organic renewable capacity, taking total installed capacity to 13,211 MW. Net generation increased 52% YoY from 9.8 BUs to 14.9 BUs, with thermal generation growing 62% YoY to 7.8 BUs, led by contributions from the Mahanadi Plant and Utkal Unit-II.

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Renewable energy generation rose 42% YoY to 7.1 BUs, supported by 3.3 GW of capacity additions. Net long-term PPA generation increased 56% YoY to 13.4 BUs.

JSW Energy’s installed capacity increased by 5.5 GW, a 71% year-on-year rise, leading to a 52% YoY increase in generation. Operationally, installed capacity increased by 443 MW during the quarter, driven by 240 MW from Kutehr HEP and 203 MW of organic renewable capacity addition, bringing total locked-in generation capacity to 30.5 GW.

Net generation during the quarter was 14,938 MUs, up 52% YoY, while generation under long-term PPA increased 56% YoY to 13,415 MUs, driven by organic renewable capacity additions, contributions from the Mahanadi Plant and O2 Power, and higher generation at Vijayanagar post long-term tie-ups. Short-term thermal sales totalled 1,441 MUs, up 44% YoY, supported by domestic coal-based capacity at Utkal and Mahanadi.

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Shares of JSW Energy Ltd ended at ₹540.70, down by ₹7.95, or 1.45%, on the BSE.