JSW Energy LimitedQ2 FY27 Results & Financial Update
JSW Energy Limited: Q2 FY27 consolidated results and company financials – revenue ₹6,368.47 Cr, PAT ₹1,141.04 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore JSW Energy Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
JSW Energy reported consolidated revenue from operations of ₹6,368.47 crore for Q2 FY27, representing a sequential increase from ₹5,207.13 crore in Q1 FY27.
Total income for the quarter stood at ₹6,657.71 crore, compared with ₹5,436.57 crore in the preceding quarter.
Profit before tax (PBT) expanded to ₹1,347.86 crore from ₹695.81 crore in Q1 FY27, driven by higher operating scale and generation volumes.
Profit after tax (PAT) for Q2 FY27 reached ₹1,141.04 crore, compared to ₹532.70 crore in the previous quarter, yielding a basic and diluted EPS of ₹5.77.
The company's operational performance was underpinned by a 17% year-on-year growth in net generation to 17.5 BUs, supported by organic capacity additions and improved plant load factors.
Management highlighted robust macroeconomic power demand trends in India, with all-India power demand rising 11.1% year-on-year to 499 BUs during Q2 FY27, driven by persistent heat conditions and higher irrigation demand.
01 · Business model
What does JSW Energy do?
JSW Energy Limited is an integrated power company with operations spanning power generation, transmission, and energy storage solutions across thermal and renewable sources in India.
The company's operational portfolio includes thermal assets operating on domestic coal, imported coal, and lignite, alongside renewable assets covering hydro, wind, solar, and hybrid power generation.
Revenues are generated primarily through long-term and short-term power purchase agreements (PPAs), merchant power sales, and capacity charges tied to plant availability across utility and commercial & industrial (C&I) customers.
The operating model focuses on aggressive capacity expansion, decarbonization, and long-term off-taker contracting to secure predictable cash flows.
02 · Historical context
What shaped the business before this quarter
JSW Energy has delivered a 40% capacity CAGR over the past two years, expanding its installed generation footprint to 15,147 MW by early October 2026.
The company has maintained integrated reporting practices since FY19, aligning disclosures with national and international sustainability frameworks.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹6,368.47 Cr | ₹5,207.13 Cr |
| Total income | ₹6,657.71 Cr | ₹5,436.57 Cr |
| Profit before tax | ₹1,347.86 Cr | ₹695.81 Cr |
| Profit after tax | ₹1,141.04 Cr | ₹532.70 Cr |
| EPS | ₹5.77 | ₹2.57 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Net power generation increased by 17% year-on-year to 17.5 BUs in Q2 FY27, led by a 13% increase in thermal generation to 8.9 BUs and a 21% increase in renewable generation to 8.6 BUs.
Long-term PPA sales grew 22% year-on-year to 16.4 BUs, driven by new capacity additions and the Utkal PPA tie-up, while approximately 96% of total capacity remained under long-term PPAs.
Revenue expansion was supported by organic capacity additions totaling 813 MW during Q2 FY27 (comprising 513 MW in renewable energy) and higher net generation across thermal and renewable assets.
Consolidated revenue grew by 22.30% quarter-on-quarter to reach INR 6,368.47 crore in Q2 FY27, supported by higher operating volumes and generation across power assets.
Total income reached INR 6,657.71 crore, boosted by other income of INR 289.24 crore and interest income of INR 248.38 crore during the quarter.
What drove margins
Operating profitability benefited from improved plant load factors across thermal assets such as Mahanadi and Utkal, alongside robust plant availability in hydro assets.
Depreciation and finance expenses increased in line with ongoing capital expenditure and newly commissioned generation assets coming on stream.
Plant availability and optimized fuel management across thermal and hydro units supported operating margins during the quarter.
PAT margin expanded significantly by 768.68 basis points sequentially to reach 17.92% in Q2 FY27, up from 10.23% in Q1 FY27, aided by operating leverage and cost efficiencies.
Finance costs stood at INR 1,614.75 crore and depreciation charges at INR 943.36 crore, reflecting the capital-intensive nature of the company's energy generation infrastructure.
05 · Demand, customers & order book
Where demand is coming from
Long-term off-taker portfolio includes state discoms, SECI, and a growing C&I and Group Captive customer base accounting for approximately 25% of installed capacity.
Trade receivables stood at ₹4,628 crore as of September 30, 2026, with receivable days improving to 63 days from 65 days in Q1 FY27.
Approximately 96% of the company's operating capacity is tied up under long-term PPAs, with commercial and industrial (C&I) and group captive customers representing a significant share of the broader contracted portfolio.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Thermal operating capacity stood at 5,958 MW with net generation reaching 8.9 BUs, supported by higher generation from Mahanadi and Utkal plants.
Renewable operating capacity reached 9,189 MW, generating 8.6 BUs during Q2 FY27, up 21% year-on-year, driven by organic additions and wind/solar portfolio output.
Thermal assets, including Mahanadi, Utkal, Barmer, and Ratnagiri, contributed steady generation volumes supported by domestic coal linkages and long-term tie-ups.
Renewable assets, spanning wind, solar, and hydro operations, recorded healthy generation growth driven by recent capacity additions and favorable operating conditions.
Geography and market mix
Generation assets are distributed across multiple states including Rajasthan, Maharashtra, Odisha, Karnataka, Himachal Pradesh, and Tamil Nadu, serving diverse state discoms and industrial off-takers.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Total installed capacity reached 15,147 MW as of October 5, 2026, following 1,694 MW of capacity additions in FY27 (including 813 MW added in Q2 FY27).
The company maintains an extensive under-construction and pipeline portfolio targeting 30 GW of total capacity by 2030, with 1.4 GW commissioned in H1 FY27 and 1.6 GW planned for H2 FY27.
Total installed capacity reached 15,147 MW as of early October 2026, following 813 MW of total capacity additions during Q2 FY27, of which 513 MW came from organic renewable energy projects.
Projects, capex and execution
H1 capex totaled ₹9,517 crore (including organic capex of ₹8,114 crore and inorganic acquisition capex such as the 300 MW Maruti Thermal Plant).
Completed turbine-generator orders for the entire 3.2 GW Salboni Thermal Project in West Bengal and secured 100% land and grid connectivity for balance FY27 renewable projects.
Total capex incurred in H1 FY27 reached ₹9,517 crore (including inorganic acquisition outlay), keeping the company's annual capital expenditure guidance on track.
The company maintains an active construction and project pipeline encompassing thermal, wind, solar, hybrid, and energy storage initiatives to meet its medium-term targets.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Locked-in energy storage capacity reached 29.6 GWh, comprising 26.4 GWh of pumped hydro storage (PSP) projects (MSEDCL and UPPCL) and 3.2 GWh of battery energy storage systems (BESS).
JSW Energy continues to advance its storage strategy, targeting 40 GWh of storage capacity by 2030 through pumped hydro storage (PSP) and battery energy storage systems (BESS).
09 · Reported developments
What changed operationally
Reported strong sequential and year-on-year growth in revenue, EBITDA, and PAT, driven by capacity additions and higher generation volumes.
Sequential improvement across revenue, PBT, and PAT demonstrates effective translation of capacity additions into financial performance.
PAT more than doubled sequentially to INR 1,141.04 crore, accompanied by a sharp rise in PBT to INR 1,347.86 crore.
10 · Pressure points & risks
What is not going smoothly
JSW Hydro's revenue and EBITDA declined 15% year-on-year in Q2 FY27 due to weaker hydrology impacting generation volumes, though plant availability remained strong at 107%.
11 · Items worth noticing
The line items that can distort a quick read
The company reported provisions of ₹109.93 crore and tax expenses of ₹206.82 crore for Q2 FY27.
The financial results include ₹109.93 crore in provisions and ₹289.24 crore in other income during Q2 FY27.
The company reported provisions amounting to INR 109.93 crore for the quarter ended September 30, 2026.
12 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Cash and cash equivalents stood at ₹15,698 crore as of September 30, 2026.
Trade receivable days remained healthy at 63 days as of September 30, 2026, reflecting disciplined collections across utility off-takers.
Capital allocation & funding
Total net debt stood at ₹65,576 crore (comprising operational net debt of ₹58,410 crore and CWIP debt of ₹7,166 crore) as of September 30, 2026.
TTM operational net leverage declined to 4.94x from 4.95x in Q1 FY27, while net debt-to-equity stood at 1.79x.
Corporate credit ratings were affirmed at 'AA/Stable/A1+' by India Ratings and ICRA.
13 · Management guidance & targets
What management is targeting from here
Management guidance targets an estimated H2 FY27 capacity addition of 1,606 MW, with total FY27 organic capex guidance tracking towards ₹20,000 crore (41% incurred in H1).
Management indicated that annual capex plans and H2 FY27 capacity addition targets remain on track, supported by fully de-risked project pipelines.
14 · Beyond the numbers
What changed beyond the numbers
Reported update
Sustainability and ESG
Maintained S&P Global ESG score of 82/100, achieved ZWTL surveillance certification at major thermal plants, and progressed community development initiatives across operating regions.
Reported update
Sustainability and ESG recognition
JSW Energy maintained strong ESG ratings, including 82/100 in S&P Global (DJSI - ESG) and Level 5 in TPI, alongside active community development and environmental initiatives.
15 · Previous-quarter changes
What changed since the previous quarter
Installed capacity expanded during Q2 FY27 with the addition of 813 MW total capacity (including 513 MW of organic renewable energy).
Compared to Q1 FY27, revenue expanded from INR 5,207.13 crore to INR 6,368.47 crore, and PAT increased from INR 532.70 crore to INR 1,141.04 crore.
16 · Key Q&A
The quarter, answered directly
What does JSW Energy do?
JSW Energy Limited is an integrated power company with operations spanning power generation, transmission, and energy storage solutions across thermal and renewable sources in India.
What is the clearest takeaway from Q2 FY27?
JSW Energy reported consolidated revenue from operations of ₹6,368.47 crore for Q2 FY27, representing a sequential increase from ₹5,207.13 crore in Q1 FY27.
What drove revenue or demand?
Net power generation increased by 17% year-on-year to 17.5 BUs in Q2 FY27, led by a 13% increase in thermal generation to 8.9 BUs and a 21% increase in renewable generation to 8.6 BUs.
What mattered most for margins or profitability?
Operating profitability benefited from improved plant load factors across thermal assets such as Mahanadi and Utkal, alongside robust plant availability in hydro assets.
What changed operationally beyond the headline numbers?
Total installed capacity reached 15,147 MW as of October 5, 2026, following 1,694 MW of capacity additions in FY27 (including 813 MW added in Q2 FY27).
What is management guiding or targeting from here?
Management guidance targets an estimated H2 FY27 capacity addition of 1,606 MW, with total FY27 organic capex guidance tracking towards ₹20,000 crore (41% incurred in H1).
17 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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18 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
H2 FY27 Capacity Target Execution: Monitor the commissioning and grid synchronization of the planned 1.6 GW capacity additions scheduled for H2 FY27 across 30 projects.
- 02
Pumped Hydro and BESS Progress: Track execution milestones and PPA finalizations for the 29.6 GWh energy storage portfolio.
- 03
Execution of H2 FY27 capacity targets: Monitor the commissioning milestones of the planned 1,606 MW capacity target slated for delivery in H2 FY27.
- 04
Leverage and debt trajectory: Track operational net debt and leverage ratios relative to TTM EBITDA as major under-construction projects progress toward commercial operation.
- 05
Subsequent Quarter Performance: Monitor upcoming quarterly financial disclosures for sustained revenue momentum and margin trajectory across consolidated operations.
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