Analyst Concall
Bidding for green energy projects moderating - JSW Energy
This story was originally published at 21:58 IST on 23 January 2026
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--CONTEXT: Comments by JSW Energy's mgmt in post-earnings analyst call
--JSW Energy: Power demand so far in January up 6% on year
--JSW Energy: Bidding for renewable energy has moderated of late
--JSW Energy: Biddings show balanced mix of traditional and green energy
--JSW Energy: On track to achieve 40 GW/hour storage capacity by 2030
--JSW Energy: Have sufficient cash flow to fund capex needs currently
--JSW Energy: Expect fresh bids in thermal space in next 1.5-2 years
By Anand JC and Arya S. Biju
NEW DELHI/MUMBAI – With clients increasingly preferring a reliable and firm supply of energy, the bidding landscape in India in recent months has transitioned from "clean vanilla" renewable energy to a more balanced mix of thermal storage and firm power solutions aligned with the needs of grid stability and energy security, a top executive of JSW Energy Ltd. told analysts in a post-earnings conference call late Friday.
"From power sector perspective, bidding momentum during the year has been mixed, reflecting a clear evolution in the sector priorities," the executive said. Bidding for renewable energy moderated to 10.4 gigawatts in the first nine months of 2025-26 (Apr-Mar). The company expects to receive fresh bids for thermal energy for the next 1.5-2 years.
Based on these bids, JSW Energy concurred that greenfield capacity additions in the renewable energy sector have been extremely low. Additionally, JSW Energy does not expect greenfield additions to continue growing in the next two-three years because of challenges in getting fresh connectivity for these projects.
"Despite this broader moderation in bidding activity, our growth pipeline remains firmly intact...we have already locked in about 18.7 GW of incremental capacity in generation and 29.6 GW in storage," JSW Energy said. The company said it is on track to achieve 40 gigawatt-hours of energy storage capacity and 30 gigawatts of energy generation capacity by 2030. Currently, the company generates 13.34 GW of energy.
For the December quarter, the company's power sales improved 65% on year to 11.1 billion units. Power generation via renewable energy sources improved 96% on year to 3.2 billion units, driven by organic wind capacity addition, while thermal generation grew 55% on year to 7.9 billion units.
Power demand in the December quarter saw flattish growth due to an unusually long and intense monsoon season, coupled with cooler temperatures, JSW Energy said. Power demand picked up in the final month of the reporting quarter, and in the first 20 days of January, it has grown 6% driven by industrial activity, the company said.
The company reported a consolidated net profit of INR 4.20 billion for the December quarter, up from INR 1.67 billion in the year-ago quarter. Its consolidated top line improved 67% on year to INR 40.82 billion. JSW Energy disclosed its financials for the latest quarter after market hours.
Friday, its shares closed 3% lower on the National Stock Exchange at INR 477.65. End
Edited by Deepshikha Bhardwaj
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