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JSW Energy Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary17 Oct, 2025
Executive summary
Net generation rose 52% year-on-year to 14.9 billion units, driven by organic and acquired capacity additions, including Mahanadi and O2 Power, with installed capacity reaching 13.2 GW after 443 MW was added in Q2.
EBITDA surged 67% year-on-year to ₹3,180 crore, while H1 FY26 EBITDA grew 79% to ₹6,237 crore.
PAT declined 17% year-on-year to ₹705 crore due to higher interest and depreciation, but cash PAT increased 27% to ₹1,512 crore.
Strategic acquisitions included GE Power India's boiler unit, KSK Water Infrastructure, O2 Power, and a 150 MW hydro plant from Statkraft.
Integration of acquired assets is progressing well, with operational synergies emerging.
Financial highlights
Q2 FY26 revenue increased 55% year-on-year to ₹5,361 crore; EBITDA margin improved to 59% from 55% year-on-year.
H1 FY26 EBITDA reached ₹6,237 crore; H1 PAT up 5% to ₹1,448 crore.
Cash PAT for Q2 FY26 up 27% year-on-year to ₹1,512 crore; H1 FY26 Cash PAT up 44% to ₹3,090 crore.
Net debt at quarter-end stood at ₹61,960 crore; net debt to equity at 2.1x.
Receivable days improved to 64 from 70 year-on-year.
Outlook and guidance
Targeting 30 GW generation capacity and 40 GWh energy storage by 2030, with a CAGR of ~20% in installed capacity.
Under-construction portfolio of 12.5 GW, fully tied up under long-term PPAs, expected to nearly double installed capacity.
Locked-in energy storage capacity at 29.4 GWh, with agreements for battery and pumped hydro storage.
CapEx guidance of ₹130,000 crore by 2030 to achieve strategic growth targets.
O2 Power acquisition: Net profit contribution?
Himachal free power: Impact on revenue?
Unreviewed entities: Materiality assessment?
GE Power acquisition: boiler manufacturing capacity?
Outlook on RE PPA signing delays?
BESS plant: captive use or external sales?
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Next JSW Energy earnings date
Q3 25/2627 Jan, 2026
Next JSW Energy earnings date
Q3 25/2627 Jan, 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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