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JSW Energy
JSW Energy (533148) investor relations material
JSW Energy Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 25/26 earnings summary23 Jan, 2026
Executive summary
Power sales and net generation rose 65% year-on-year to 11.1 billion units, driven by major capacity additions and strong performance in both thermal and renewable segments, with installed capacity reaching 13.3 GW, up 64% year-on-year.
EBITDA surged 98% year-on-year to ₹2,202 crore, and PAT increased 150% to ₹420 crore, reflecting contributions from organic growth and acquisitions.
Over 95% of plant capacity is now tied up in long-term PPAs, reducing merchant market exposure and ensuring stable cash flows.
Major acquisitions, including O2 Power and KSK Mahanadi, have been fully integrated and are contributing significantly to earnings.
Commissioned India's largest green hydrogen plant (3,800 tons/year) at Vijayanagar, with significant progress on new project signings.
Financial highlights
Q3 FY26 consolidated revenue increased 61% year-on-year to ₹4,255 crore, driven by capacity and generation growth.
EBITDA margin improved to 52% from 42% year-on-year.
Cash PAT for Q3 FY26 was ₹570 crore, up 12% year-on-year; 9M FY26 Cash PAT at ₹3,660 crore, up 38% year-on-year.
Net debt at quarter-end was ₹63,771 crore, with Net Debt to Equity at 2.2x and Net Debt to Proforma Steady-state EBITDA at 4.9x.
Receivables DSO reduced to 73 days from 96 days year-on-year; cash and equivalents at ₹7,159 crore.
Outlook and guidance
Reaffirmed commitment to 2030 goals: 30 GW generation capacity and 40 GWh storage, with a 20% CAGR in installed capacity.
All under-construction projects are tied up under long-term PPAs, ensuring earnings visibility.
CapEx for Salboni phase I (2x800 MW) estimated at ₹16,000 crore, with commissioning within PPA timelines.
Organic RE capacity addition guidance of 1.5 GW for H2 FY26 is on track, with grid connectivity secured for the next 1-2 years.
Expect moderation in sector-wide renewable bidding due to connectivity and PPA signing challenges, but 30 GW by 2030 remains on track.
Beyond current pipeline, how to secure future RE capacity?
How will JSW Energy improve PBT/ROE given rising D&A?
How will captive BTG manufacturing enhance thermal execution?
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Next JSW Energy earnings date
Q4 25/268 May, 2026
JSW Energy
Next JSW Energy earnings date
Q4 25/268 May, 2026
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Frequently asked questions
JSW Energy Limited is an Indian power generation and energy company operating thermal, hydroelectric, and renewable energy assets. It engages in electricity generation, transmission, and trading, with operations across multiple Indian states. The company is expanding its renewable portfolio to support sustainable energy initiatives and reduce carbon emissions. It is headquartered in Mumbai, India, and its shares are listed on the NSE.
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