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JSW Energy Results: Latest Quarterly Results & Analysis

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JSW Energy Ltd. 31 Jul 2025 18:29 PM
Result PDF

Q1FY26 Quarterly Result Announced for JSW Energy Ltd.

Power - Electric Utilities company JSW Energy announced Q1FY26 results

Q1FY26 Financial Highlights:

  • EBITDA for Q1FY26 increased 93% YoY to Rs 3,057 crore, driven by organic renewable capacity additions and contribution from Mahanadi and 02 Power.
  • Reported PAT for Q1FY26 at Rs 743 crore grew by 42% YoY, while Cash PAT for Q1FY26 at Rs 1,579 crore grew by 65% YoY.
  • Robust annual cash PAT generation (TTM) of Rs 4,019 crore, with cash returns on adjusted net worth at 19%.
  • Receivables on a DSO basis stood at 58 days; Cash & Cash Equivalents stood at Rs 6,113 crore.

Business Highlights:

  • Total installed capacity at the end of Q1FY26 stands at 12,768 MW, up Rs 70% YoY - adding 1,893 MW during Q1FY26.
  • Net generation rose 71% YoY in Q1FY26 to 13.5 BUs, driven by organic RE capacity additions, contribution from 02 Power and Mahanadi plant, and higher generation at the Vijayanagar post long-term tie-u p.
  • RE generation during the quarter increased by 54% YoY to 5.0 Bus, driven by organic wind capacity addition and 02 power.
  • Net long-term PPA generation grew by 73% YoY to 11.8 BUs during the quarter.
  • Shift towards resilient thermal earnings- Incremental tied-up capacity at the Vijayanagar 860 MW thermal plant under the group captive arrangement led to 124% YoY growth in Vijayanagar LT generation to 1.3 BUs.

Sharad Mahendra, Joint Managing Director & CEO, JSW Energy: "This quarter marks an inflection point for JSW Energy as our disciplined investment strategy and sustained capex have driven robust earnings growth and a significant improvement in quality of earnings, driven by a higher share of tied-up capacity. We are actively evaluating PPA tie up for our open capacity to further strengthen the cash flow visibility. We continue to exercise strong financial discipline, maintaining leverage within comfortable levels. This resilience is reaffirmed by ICRA's AA-/ Stable rating for JSW Neo underscoring the strength in our balance sheet. Looking ahead, we aim to build on this momentum with a cumulative capex of Rs 1,30,000 crore reaching 30 GW generation capacity and 40 GWh of energy storage capacity by FY30."

Result PDF

Result PDF

Power & Electric Utilities company JSW Energy announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • During the quarter, Total Revenue increased by 21% YoY to Rs 3,497 crore from Rs 2,879 crore resulting into EBITDA growth of 17% YoY from Rs 292 crore to Rs 1,512 crore
  • Finance costs during the quarter increased to Rs 675 crore vis-a-vis Rs 533 crore in Q4FY24 due to additional borrowings for ongoing capital expenditure and acquisitions, along with a slight increase in the weighted average cost of debt to 9.05% vs 8.64% in Q4FY24
  • Profit after tax increased 16% YoY from Rs 351 crore in Q4FY24 to Rs 408 crore in Q4FY25 while Cash PAT grew by 8% from � crore in Q4FY24 to Rs 744 crore in Q4FY25
  • EBITDA for Q4FY25 increased 17% YoY to Rs 1,512 crore while FY25 EBITDA increased 5% YoY to Rs 6,115 crore

FY25 Financial Highlights:

  • For FY25 Total Revenue increased 6% YoY to Rs 12,639 crore from Rs 11,941 crore in FY24.
  • EBITDA for the year grew by 5% YoY to Rs 6,115 crore driven by RE capacity additions, contributions from the Utkal and KSK Thermal plants
  • PAT increased by 13% YoY to Rs 1,951 crore as compared to Rs 1,723 crore in FY24.
  • Cash PAT for the full year stands at Rs 3,399 crore and Rs 4,679 crore on proforma basis.

Result PDF

Electric Utilities company JSW Energy announced Q3FY25 results

  • Total revenue during the quarter decreased by 1% YoY to Rs 2,640 crore from Rs 2,661 crore in the corresponding period last year.
  • EBITDA at Rs 1,115 crore in Q3FY25 was lower by 9% YoY.
  • Finance cost for the quarter rose to Rs 565 crore from Rs 521 crore in Q3FY25 as a result of capitalisation of project, with the weighted average cost of debt standing at 8.87%.
  • Profit After Tax (PAT) was down to Rs 168 crore vis-a-vis Rs 231 crore in the same period last year. Cash PAT for the quarter was at Rs 507 crore.
  • The consolidated Net Worth and Net Debt as of Dec 31, 2024 were Rs 27,152 crore and Rs 26,448 crore respectively, resulting in a Net Debt to Equity ratio of l.0x and Net Debt/EBITDA of 4.5x, well within the guardrails of credit rating agencies. Receivables on DSO basis stood at 96 days.
  • Liquidity continues to be strong with cash balances at Rs 4,947 crore as of Dec 31, 2024.

Result PDF

Electric Utilities company JSW Energy announced Q2FY25 results

Financial Highlights:

  • Reported EBITDA declined by 5% YoY to Rs 1,907 crore while underlying EBITDA increased 4% YoY primarily on account of higher generation.
  • PAT and Cash PAT were marginally up YoY at Rs 853 crore and Rs1,190 crore, respectively.
  • Best in class Balance Sheet: Net Debt to Equity at 0.9x, Net Debt to EBITDA1 at 4.lx, Net Debt to EBITDA1 {excl. CWIP) at 2.2x.
  • Receivables on DSO basis stood at 70 days.
  • Cash & Cash Equivalents2 stood at Rs 5,719 crore

Result PDF

Electric Utilities company JSW Energy announced consolidated Q1FY25 results:

Financial Highlights:

  • Total Revenue was flattish YoY at Rs 3,043 crore on account of lower fuel costs (pass through in nature)
  • PAT grew by 80% YoY to Rs 522 crore while cash PAT during the quarter increased 29% YoY to Rs 958 crore
  • EBITDA increased 21% YoY to Rs 1,581 crore primarily on account of higher generation
  • Best in class Balance Sheet: Net Debt to Equity at 0.9x, Net Debt to EBITDA at 3.8x, Net Debt to EBITDA (excl. CWIP) at 2.2x
  • Receivables on DSO basis improved to 65 days; Cash & Cash Equivalents stood at Rs 6,118 crore
  • Successful completion of Rs 5,000 crore Qualified Institutional Placement with over 3.2x subscription receiving an overwhelming response from high quality blue-chip global and domestic institutional investors

Operational Highlights:

  • Net Generation: Up by 18% YoY at 7.9 BUs driven by higher generation at hydro, wind capacity additions and higher thermal generation.
  • Total RE generation is up by 44% YoY at 3.2 BUs driven by 61% YoY increase in Hydro generation; Total thermal generation is up by 4% YoY at 4.6 BUs
  • Long Term PPA Generation: Up by 16% YoY

Result PDF

Electric Utilities company JSW Energy announced Q4FY24 & FY24 results:

Financial Highlights:

  • EBITDA for the year increased by a robust 53% YoY to ~Rs 5,837 crore resulting in PAT growth of 17% YoY to ~ Rs 1,723 crore.
  • EBITDA for Q4 FY24 surged 47% YoY to ~Rs 1,292 crore resulting in 29% YoY increase in PAT to ~Rs 351 crore
  • Cash PAT during the quarter stood a strong at ~Rs 686 crore; delivering a 21% cash returns on adjusted net worth
  • Receivables (excl . acquired RE portfolio} on DSO basis stood at 54 days; one of the lowest in recent period
  • Best in class Balance Sheet: Net Debt to Equity at 1.3x, Net Debt to EBITDA1 at 4.5x,
  • Net Debt to EBITDA (excl. CWIP) at 2.9x
  • Cash & Cash Equivalents at ~Rs 4,691 crore
  • Finance costs during the quarter increased to ~Rs 533 crore vis-a-vis ~Rs 233 crore in Q4FY23 due to additional borrowings
  • The Board recommended a dividend of ~2.0 per share subject to approval of the shareholders. 
  • The Consolidated Net Worth and Net Debt as on Mar 31, 2024 were ~Rs 20,832 crore and ~Rs 26,636 crore respectively, resulting in Net Debt to Equity ratio of 1.3x.

Result PDF

Electric Utilities company JSW Energy announced Q3FY24 results:

Financial Performance

  • EBITDA: Increased to Rs 1,229 crore in Q3 FY24, up 69% YoY, leading to a PAT of Rs 231 crore, a 29% increase YoY.
  • Cash PAT: Stood at Rs 628 crore in Q3 FY24, up by 28% YoY.
  • Balance Sheet Health: Net Debt to Equity at 1.3x; Net Debt to EBITDA at 4.6x; Net Debt excluding CWIP at 3.2x.
  • Cash & Cash Equivalents at Rs 2,867 crore.

Growth Projects

Ind-Barath (700 MW): Unit-1 (350 MW) successfully synchronized.

Kutehr HEP (240 MW): Tunneling work is completed and Barrage concreting is approximately 86% done.

SECI IX Wind Project (810 MW): Commissioning commenced with CoD received for 51 MW.

Acquired RE Portfolio (1,753 MW): Net Generation increased by 16% YoY.

 

 

Result PDF

Electric Utilities company JSW Energy announced Q2FY24 results:

  • Operational Performance:

    • Overall net generation increased by 29% YoY to 8.6 billion units (BUs) due to strong merchant sales, organic renewable energy (RE) capacity additions, and contributions from acquired RE portfolios.
    • Net renewable generation surged by 47% YoY to 4.4 BUs, while total thermal generation increased by 15% YoY to 4.3 BUs.
    • Net long-term generation showed a growth of 22% YoY, primarily driven by higher generation at Ratnagiri (Unit-1) and RE capacity additions.

  • Consolidated Financials:

    • The company reported its highest-ever quarterly EBITDA at Rs 2,008 crore, with a reported PAT of Rs 850 crore, both showing an 83% YoY increase. Cash PAT reached Rs 1,180 crore.
    • On a sequential basis, EBITDA increased by 54%, and PAT doubled.
    • Receivables improved by 10% YoY, with a Days Sales Outstanding (DSO) of 56 days (excluding the acquired RE portfolio and hydro true-up impact), indicating a healthy collection trend.
    • The company maintained a best-in-class balance sheet, with a net debt-to-equity ratio of 1.2x and Net Debt to (Proforma TTM) EBITDA at 4.6x.
    • Cash and cash equivalents stood at Rs 3,291 crore.

  • Strategic Initiatives:

    • The company signed Memorandums of Understanding (MoUs) with JSW Steel to provide renewable energy solutions progressively by 2030, including a RE generation capacity of approximately 6.2 GW and energy storage projects of around 2.7 GWh.
    • The MoUs also include agreements for supplying 85,000-90,000 tons per annum (TPA) of Green H2 and 7,20,000 TPA of Green O2, coupled with associated RE power solutions.

  • Under Construction - Utility Scale Generation Projects:

    • 2.1 GW Wind projects are in progress, with part Commissioning on Declaration (CoD) received for 216 MW as of September 2023.
    • Wind Turbine Generator (WTG) erection and Balance of Plant (BoP) works are underway for SECI IX and Group Captive plant.
    • WTG supplier has been finalized for SECI XII, and BoP works are under tendering.
    • The 240 MW Kutehr Hydroelectric Power (HEP) project reports substantial progress, with tunneling at 99% completed and powerhouse and control room concreting at 55%.

  • Acquired Assets:

    • The Ind-Barath Thermal Power Plant (TPP) Unit 1 has completed Boiler light-up and critical piping steam-blowing activities, with expected commissioning in the current quarter. Unit 2 revival activities are in progress and expected to be commissioned in Q4FY24.
    • The acquired RE portfolio witnessed a 27% YoY increase in generation, resulting in an EBITDA of approximately Rs 557 crore.

 

 

Result PDF

Electric Utilities company JSW Energy announced Q1FY24 results:

  • Operational Highlights:
    • Overall Net Generation: Up by 14% YoY at 6.7 BUs driven by new RE capacities (including Mytrah) and higher generation at Ratnagiri, partly offset by lower generation at Hydro assets.
    • Net Long-Term Generation: Up by 18% YoY driven by higher generation at Ratnagiri (Unit-1) and RE capacity additions
    • Net Renewable Generation: Up by 35% YoY at 2.3 BUs due to RE capacity additions
  • Consolidated Financial Highlights:
    • Q1FY24 EBITDA at Rs 1,307 crore up 18% YoY driven by contribution from Mytrah and RE capacity additions, resulting in a reported PAT of Rs 290 crore and operating cash PAT of Rs 792 crore. On a sequential basis, EBITDA and PAT increased by 48% and 7% respectively.
    • Cash PAT during the quarter stood strong at Rs 743 crore; delivering a consistent >18% cash return on adjusted net worth
    • Receivables (excl. Mytrah) improved 21% QoQ with DSO at 58 days; healthy collection trend sustained
    • Robust Balance Sheet, well-positioned to pursue growth
      • Net Debt to Equity at 1.2x and Net Debt to EBITDA (Proforma TTM) at 4.7x
      • Cash & Cash Equivalents at Rs 2,572 crore
  • Under Construction Project Highlights:
    • 2.0 GW Wind projects: SECI X project under progress with part CoD received for 130 MW as of Jun'23 (~150 MW currently); WTG foundation & balance of plant works in-progress for SECI IX and Group Captive plant
    • 240 MW Kutehr HEP: Project well ahead of timelines with ~96% tunneling completed (up from ~92.5% in FY2023)
    • lnd-Barath TPP: Restoration works ahead of schedule, expected commissioning

 

 

Result PDF

Electric Utilities company JSW Energy announced Q4FY23 & FY23 results:

  • Q4FY23:
    • During Q4FY23, total revenue increased by 6% YoY to Rs 2,806 crore from Rs 2,655 crore YoY, due to higher generation and an increase in renewable capacity
    • Adjusted EBITDA at Rs 881 crore was 7% higher YoY vs Rs 821 crore in Q4FY22
    • Finance costs during Q4FY23 increased to Rs 233 crore vs Rs 170 crore in Q4FY22 due to additional borrowings (for ongoing growth capex) and an increase in weighted average cost of debt (excl. Mytrah) to 8.36% with the rising rates cycle.
    • Adjusted Profit After Tax (PAT) stood at Rs 272 crore, which is lower YoY compared to a PAT of Rs 372 crore in Q4FY22
    • Cash PAT during Q4FY23 stood strong at Rs 587 crore
  • FY23:
    • During FY23, total revenue increased by 24% YoY to Rs 10,867 crore from Rs 8,736 crore YoY, due to higher realisation (as higher fuel costs are passed through in nature for LT PPAs) and an increase in renewable capacity.
    • Adjusted EBITDA at Rs 3,817 crore was 8% higher YoY vs Rs 3,542 crore in FY22
    • Finance costs during FY23 increased to Rs 844 crore vs Rs 777 crore in FY22 due to additional borrowings (for ongoing growth capex) and an increase in the weighted average cost of debt with the rising rates cycle.
    • Adjusted Profit After Tax (PAT) stood at Rs 1,358 crore up 15% YoY vs Rs 1,180 crore in FY22. Cash PAT at Rs 2,570 crore was up by 7% YoY vs Rs 2,395 crore in FY22
    • The Board recommended a dividend of Rs 2 per share subject to approval of the shareholders
    • Liquidity continues to be strong with Cash balances at Rs 4,627 crore as of Mar 31, 2023

 

 

Result PDF

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