Earnings Review
JSW Energy Q2 PAT misses view, dn for first time in 3 qtrs
This story was originally published at 20:31 IST on 17 October 2025
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--JSW Energy Jul-Sept consol net profit INR 7.05 bln
--Analysts saw JSW Energy Jul-Sept consol net profit at INR 8.58 bln
--JSW Energy Jul-Sept consol revenue INR 51.77 bln
--Analysts saw JSW Energy Jul-Sept consol revenue at INR 55.93 bln
--JSW Energy Jul-Sept consol net profit INR 7.05 bln vs INR 8.53 bln yr ago
--JSW Energy Jul-Sept consol revenue INR 51.77 bln vs INR 32.38 bln year ago
--JSW Energy Apr-Sept consol net profit INR 14.48 bln vs INR 13.75 bln yr ago
--JSW Energy Apr-Sept consol revenue INR 103.21 bln vs INR 61.17 bln year ago
--JSW Energy Jul-Sept consol EBITDA INR 31.80 bln, up 67% on year
--JSW Energy Jul-Sept consol EBITDA margin 59% vs 55% year ago
--JSW Energy Jul-Sept consol net generation 14.94 bln units, up 52% on year
--JSW Energy Q2 consol renewable energy generation 7.1 bln units, up 42% YoY
--JSW Energy Jul-Sept consol thermal generation 7.8 bln units, up 62% YoY
By Gopika Balasubramanium
MUMBAI – JSW Energy Ltd.'s bottom line missed the Street view and declined on year for the first time in three quarters, mainly due to a near tripling of its finance costs. The company's top line also fell short of consensus estimates despite a sharp year-on-year rise.
For the September quarter, the company's consolidated net profit declined by over 17% on year to INR 7.05 billion. This was sharply lower than the INR 8.58 billion expected by analysts. The company's revenue from operations rose about 60% on year to INR 51.77 billion, but lower than analysts' estimate of INR 55.93 billion. Sequentially, the net profit fell by over 5% and revenue rose just 1%.
The company's total income was INR 53.61 billion for the quarter, up 55% on year. Its other income fell over 17% on year and 31% on quarter to INR 1.84 billion.
Under expenditure, the company's overall costs rose a whopping 79% on year to INR 44.08 billion, mainly due to a 173% on-year spike in finance costs, which is the highest on-year rise since the October quarter of 2014-15 (Apr-Mar). The company's finance costs came in at INR 14.18 billion. The company's depreciation and amortisation costs also doubled on year to INR 8.09 billion and other expenses came in at INR 5.69 billion, almost double the INR 2.86 billion incurred a year ago.
JSW Energy expects its installed capacity to grow at a compounded annual growth rate of 20% till 2030, according to the investor presentation.
The company's net power generation rose 52% on year during the quarter to 14.9 billion units, primarily due to organic wind energy capacity additions, and contribution from the acquired assets of O2 Power, KSK Mahanadi Power Co. Ltd., and Unit II of Utkal Thermal Power Plant. Renewable power generation grew 42% on year to 7.1 billion units during the September quarter, while its total thermal power generation increased 62% on year to 7.8 billion units. The higher power generation was also due to long-term power purchase agreements, which rose by 56% on year to 13.4 billion units during the quarter under review. At the end of the September quarter, the company's installed capacity stood at 13.2 gigawatts. It added 443 megawatt organic renewable capacity during the quarter.
JSW Energy has entered into a scheme of arrangement with GE Power India to acquire its boiler manufacturing business, securing a critical part of equipment supply for growth in its thermal segment, according to the investor presentation. The company has also signed an agreement with Statkraft to acquire the 150 megawatt under-construction Tidong hydro-electric project at an enterprise valuation of INR 17.28 billion, subject to "closing adjustments," it said.
For the September quarter, JSW Energy reported a consolidated earnings before interest, tax, depreciation, and amortisation of INR 31.80 billion, up by 67% on year and surpassed the Street's estimate of INR 29.98 billion. Its EBITDA margin improved to 59% during the September quarter from 55% in the year-ago quarter.
For the half year ended September, the company's consolidated revenue from operations rose nearly 69% on year to INR 103.21 billion and net profit increased around 18% to INR 16.60 billion. Friday, shares of the company closed 1.4% lower at INR 540.80. End
Edited by Saji George Titus
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