JSW Energy reports strong Q2FY26 operational growth, revenue up 55%, EBITDA up 67%; expands capacity and makes strategic acquisitions
JSW Energy reported Q2 FY26 revenue up 55%, EBITDA up 67%, with PAT down 17% due to new asset capitalization. Company added 443 MW capacity and made strategic acquisitions, including a hydro plant and boiler manufacturing business.
The announcement details robust financial and operational performance, substantial capacity expansion, and multiple strategic acquisitions (boiler manufacturing, water infrastructure, hydro power plant). These developments are critical for the company's long-term growth, diversification, and market position, indicating a high impact on future earnings and strategic direction.
Despite a decline in PAT due to higher depreciation and interest from new asset capitalization, the company demonstrated strong operational growth with a 52% increase in net generation, 55% in revenue, and 67% in EBITDA. Significant capacity additions and strategic acquisitions further bolster future growth prospects.
JSW Energy Limited announced robust operational and financial performance for Q2 and H1 FY26, alongside significant capacity additions and strategic developments. The company released the transcript of its results conference call held on October 17, 2025, which discussed the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025. Q2 FY26 Financial Highlights (YoY): Net generation increased by 52% to 14.9 billion units. Total revenue grew by 55% to over ₹5,300 crores. EBITDA rose by 67% to ₹3,200 crores. Profit After Tax (PAT) declined by 17% to ₹705 crores, attributed to higher interest and depreciation from new asset capitalization. Cash profits were up by 27% to over ₹1,500 crores. H1 FY26 Financial Highlights: EBITDA surpassed the entire last fiscal year's EBITDA, reaching over ₹6,200 crores. PAT increased by almost 5% to nearly ₹1,450 crores. Cash profit stood at more than ₹3,000 crores. Operational Growth: Total installed capacity reached 13.2 GW, marking a 71% YoY growth. 443 MW of new capacity was added during the quarter, including the commissioning of the 240 MW Kutehr hydro project, 148 MW wind, 56 MW solar, and 20 MW floating solar. The under-construction portfolio remains robust at 12.5 GW, fully tied up under long-term Power Purchase Agreements, expected to nearly double the installed capacity to approximately 26 GW. Strategic Developments: Acquired GE Power India Ltd.’s boiler manufacturing business to enhance in-house capabilities for thermal power expansion. Completed the acquisition of a majority stake in KSK Water Infrastructure, supporting the KSK Mahanadi Thermal Power Plant. Establishing a 5 GWh per annum battery assembly plant in Pune, expected to be operational in Q3 FY26. Signed a definitive agreement to acquire the 150 MW Tidong Hydro Power Plant from Statkraft for an enterprise valuation of ₹1,728 crores, expected to be commissioned by October 2026. Signed battery energy storage agreements for 680 MWh, bringing total locked-in storage capacity to 29.4 GWh. Trial runs for the 3,800 TPA green hydrogen project at Vijayanagar are nearing completion. Management aims to achieve a generation capacity exceeding 15 GW by the end of the fiscal year and targets ₹1,30,000 crore CAPEX by 2030 for 30 GW capacity and 40 GWh energy storage.
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