JSW Energy (533148) Q4 25/26 earnings summary

Executive summary

• Installed capacity increased by 2.6 GW to 13.45 GW in FY26, with 24% YoY growth and strong organic and inorganic expansion, including KSK Mahanadi and O2 Power integration.

• Achieved record annual EBITDA of ₹11,041 crore (+81% YoY) and PAT of ₹2,762 crore (+39% YoY), driven by acquisitions and renewable build-out.

• Significant progress on Strategy 3.0, targeting 30 GW generation and 40 GWh storage by 2030, with 29.6 GWh already locked-in.

• Raised ₹3,000 crore via preferential equity to accelerate growth and commissioned new green hydrogen and battery assembly plants.

• Board recommended a 20% dividend (₹2 per share) for FY26, subject to AGM approval.

Financial highlights

• Q4 FY26 revenue up 39% YoY to ₹4,851 crore; EBITDA up 72% YoY to ₹2,602 crore; PAT up 38% YoY to ₹574 crore.

• FY26 consolidated revenue from operations reached ₹19,878 crore; EBITDA margin at 56% (+8pp YoY); diluted EPS at ₹12.74 (+14% YoY).

• Cash PAT for FY26 at ₹4,359 crore (+28% YoY); robust cash returns on adjusted net worth at 18%.

• Net debt as of March 31, 2026, stood at ₹65,834 crore; net debt to EBITDA at 5.2x; receivables DSO at 62 days.

• Liquidity strong with cash and equivalents over ₹10,000 crore at year-end.

Outlook and guidance

• Strategy 3.0 on track, targeting 30 GW installed capacity and 40 GWh storage by 2030, implying ~20% CAGR in capacity addition.

• FY27 expected to see accelerated earnings as new projects stabilize and contribute to EBITDA.

• CapEx guidance of ₹20,000 crore for FY27, with 3 GW capacity addition planned; renewable additions to be 35%-40% wind, rest solar.

• Targeting net debt to EBITDA of 5-5.5x by 2030.

• Committed to being carbon neutral by 2050 and reducing carbon emissions by ~50% by 2030.