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Informist, Wednesday, Jul. 22, 2026

By Rajesh Gajra and Ashutosh Pati

MUMBAI - JSW Energy Ltd.'s reported net profit for the June quarter surpassed the Street's view by a wide margin amid better-than-expected revenue growth and a decline in fuel and tax costs. However, this was the slowest growth in the top line in six quarters while its bottom line declined for the second straight quarter.

The consolidated net profit of the independent electricity producer declined 37% on year to INR 4.71 billion, far above analysts' estimate of INR 2.4 billion. Sequentially, the net profit was up 27%.

The consolidated revenue from operations increased 1.2% on year to INR 52.07 billion, which was also above the Street's view of INR 47.84 billion.

Power sales declined 5% on year to 12.9 billion units as both thermal power generation and renewable energy generation was lower. Thermal power generation fell 6% on year to 8 billion units, mainly on account of lower generation at the company's Mahanadi plant. Renewable energy generation fell 3% on year to 4.8 billion units due to a drop in hydro power generation amid "weaker hydrology."

JSW Energy's fuel costs fell just over 3% on year to INR 15.32 billion in the June quarter. However, the company's total expenses rose around 8% on year to INR 47.43 billion, led by a rise in finance costs and depreciation and amortisation expenses. Finance costs for the quarter were up over 16% at INR 15.19 billion and depreciation and amortisation expenses rose over 20% on year to INR 8.90 billion. Employee benefit expenses were up 36% at INR 2.16 billion for the quarter. JSW Energy's finance costs rose due to incremental borrowings to fund the ongoing capacity expansion, the company said.

The company's consolidated revenue from its thermal segment fell around 5% to INR 34.53 billion. Revenues from its renewables segment rose nearly 17% to INR 17.40 billion. JSW Energy reported earnings before interest, tax, depreciation, and amortisation of INR 31.03 billion for the quarter, up 2% on year. Its EBITDA margin rose to 57% from 56% a year ago. The company's operating EBITDA margin was 55.22% for the June quarter, up from 54.28% in the year-ago quarter.

The company remains "firmly" on track to deliver its capacity addition target of 3 gigawatts in 2026-27 (Apr-Mar), with nearly one-third already done in the June quarter, Joint Managing Director and Chief Executive Officer Sharad Mahendra said in a release. "Ql FY27 has been a landmark quarter for JSW Energy, marked by our highest-ever quarterly organic capacity addition in the Company's history - among the largest Ql organic additions across the power sector," Mahendra said.

The company's total renewable energy capacity is currently at 14.54 gigawatts. This segment constitutes 61% of the company's total installed capacity, which includes 3.13 gigawatts of wind capacity, 2.28 gigawatts of solar capacity, 1.70 gigawatts of hybrid, and 1.78 gigawatts of hydro assets.

The company declared its June quarter results during market hours. Wednesday, shares of JSW Energy closed 0.8% lower at INR 561.70 on the National Stock Exchange.  End

Edited by Akul Nishant Akhoury

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