JSW Energy Q2 Results, October 28, 2026: Profit Jumps 50% on New Capacity

JSW Energy Q2 results came in well ahead of what the Street had pencilled in. Profit attributable to shareholders rose about 50% year-on-year to ₹1,056.4 crore for the September quarter, against a CNBC-TV18 poll estimate of ₹689 crore, according to the company’s filing and CNBC-TV18’s report. A year ago that number was ₹704.7 crore.

The stock liked it. JSW Energy shares closed 2.84% higher at ₹483 on October 28.

JSW Energy Q2 results: the key numbers

Revenue from operations rose 23% to ₹6,368.5 crore from ₹5,177 crore, comfortably above the poll estimate of ₹5,630 crore. Two EBITDA figures are doing the rounds, so it helps to be precise:

• EBITDA on operating revenue (CNBC-TV18 calculation): up 20.7% to ₹3,617.6 crore from ₹2,998 crore, with the margin slipping to 56.8% from 58%.
• EBITDA as reported in the company’s presentation (on total revenue, which includes other income): up 23% to ₹3,907 crore from ₹3,180 crore. Total revenue on that basis was ₹6,658 crore, up 24%.
• Reported PAT (before minority interest): ₹1,141 crore versus ₹824 crore, up 38%.
• Profit before tax: ₹1,348 crore versus ₹955 crore, up 41%.

The company’s results presentation filed with BSE puts cash PAT at ₹2,099 crore, up from ₹1,512 crore a year earlier.

Where the growth came from

This is a capacity story, plain and simple. Net power sales rose 17% to 17.5 billion units (BUs), and long-term PPA sales jumped 22% to 16.4 BUs. The company says the gain was driven by 1,928 MW of capacity added over the past year, better plant load factors and the Utkal PPA tie-up. Short-term sales went the other way, falling 28% to 1.1 BUs.

In the quarter itself, JSW Energy added 813 MW, of which 513 MW was renewable capacity added organically. For the first half of FY27 the tally is 1,686 MW, with 1,386 MW from renewables. Installed capacity stood at 15,147 MW as of October 5.

It also bought the 300 MW Maruti thermal plant at an enterprise value of ₹1,410 crore. That plant has a long-term PPA for 195 MW of net capacity with Rajasthan’s distribution companies, with 14 years left on it, plus 64 MW of net merchant capacity.

Demand helped too. The company cited all-India power demand rising 11.1% year-on-year to 499 BUs in the September quarter, on persistent heat, below-normal rainfall, high humidity and more irrigation pumping.

The soft spot: hydro

Not everything worked. JSW Hydro’s revenue and EBITDA each fell 15% year-on-year, to ₹332 crore and ₹319 crore, because weaker hydrological conditions cut generation. Management called it temporary and said capacity charges remained secure. We would watch the December quarter numbers before taking that entirely on trust.

Balance sheet and what comes next

Growth is being funded with debt, and that shows. Net debt to equity rose to 1.79x from 1.70x in Q1 FY27, while operating net debt to trailing twelve-month EBITDA was 4.94x, against 4.95x in the previous quarter. Cash and equivalents climbed to ₹15,698 crore from ₹12,881 crore. H1 capex, including the Maruti acquisition, was ₹9,517 crore.

The pipeline is long. JSW Energy has placed turbine-generator orders for the full 3.2 GW (4 x 800 MW) Salboni thermal project in West Bengal, is targeting about 1,606 MW of additions in the second half, and says it has strong visibility on taking its commercial and industrial (C&I) business to 8.6 GW. Its scheme of arrangement with GE Power India has also received NCLT approval.

For shareholders, the takeaway is simple enough. Earnings are now catching up with years of capex, and this quarter beat estimates on every headline line. The leverage numbers and hydro volatility are the two things to keep an eye on. For a refresher on reading results like these, see our guide on how to analyse quarterly results of a company. Other power-sector results from this season include Adani Power’s Q2, and you can compare with KPIT Technologies’ Q2 numbers from the same day.

Sources: CNBC-TV18; JSW Energy Q2 FY27 results presentation (BSE filing).

Disclaimer: This article is for information and education only and is not investment advice. Please do your own research or consult a SEBI-registered adviser before making investment decisions.