JSW Energy's consolidated net profit attributable to shareholders decreased by 36.6% year-on-year, amounting to ₹470.97 crore in the quarter ending June 30, 2026. This was due to increased financing and depreciation expenses, which offset a slight rise in operating profit.
Quarterly Financial Performance
In the corresponding quarter of the previous fiscal year, the company reported earnings for owners of ₹743.12 crore. Furthermore, the sequential increase in shareholder profit was 26.7% compared to ₹371.57 crore in the March quarter. The total consolidated profit, including non-controlling interests, decreased by 36.3%, reaching ₹532.70 crore compared to ₹835.86 crore the year before. Non-controlling interests contributed ₹61.73 crore to the profit for the June quarter versus ₹92.74 crore in the same period last year.
Revenue and EBITDA
Operating revenue increased by 1.2% year-on-year, reaching ₹5,207.13 crore from ₹5,143.37 crore. Other income decreased by 14.3% to ₹229.44 crore, limiting the overall income growth to just 0.5%. Total income amounted to ₹5,436.57 crore compared to ₹5,411.24 crore the previous year. According to the company's press release, EBITDA grew by 1.5% to ₹3,103 crore from ₹3,057 crore, and the EBITDA margin improved to 57%. However, regulatory disclosure showed an EBITDA operating margin of 55.22%, differing from the 57% stated in the press release.
Cost Increases and Earnings Before Tax
Total expenses rose by 7.8%, reaching ₹4,742.90 crore compared to ₹4,398.82 crore. Financing costs increased by 16.4%, totaling ₹1,519.28 crore versus ₹1,305.52 crore, attributed to additional loans for capacity expansion. Depreciation and amortization expenses grew by 20.5% to ₹889.64 crore from ₹738.59 crore following the commissioning of new capacities. Personnel costs increased by 36.2% to ₹216.24 crore, while fuel costs decreased by 3% to ₹1,531.72 crore. Profit before tax and deferred tax adjustments fell by 31.5% to ₹695.81 crore from ₹1,015.41 crore. The company did not report any exceptional items during the quarter.
Segment Dynamics and Sales Volumes
Revenue from renewable energy increased by 16.7%, reaching ₹1,740.48 crore from ₹1,491.82 crore. The renewable energy segment's profit before interest and other comprehensive income grew by 6.6% to ₹998.22 crore. Nevertheless, the thermal segment's revenue declined by 4.6% to ₹3,453.46 crore from ₹3,621.78 crore, and its segment result dropped by 15.9% to ₹1,066.26 crore.
JSW Energy's electricity sales volumes decreased by 4.6% to 12,868 million units from 13,494 million units. Thermal generation output reduced by 6% to approximately 8 billion units, mainly due to lower output at the Mahanadi plant. Renewable generation decreased by 3% to approximately 4.8 billion units, driven by weaker hydrology at hydroelectric power plants. Hydro generation contracted by 25.5% to 1,423 million units from 1,911 million units. Solar generation increased by 29.4% to 1,197 million units, and wind generation grew by 3.1% to 2,220 million units.
Capacity Expansion and Financial Position
The company added 873 MW of operational capacity during June, marking the highest organic capacity addition for the quarter, according to the press release. These additions included 442 MW of solar, 108 MW of wind, 381 MW of hybrid capacity, and the fully commissioned Tidun hydroelectric power plant project of 150 MW. Of these additions, 931 MW were classified as organic, with some capacity coming online after the end of the quarter, up to July 8. Including additions up to July 8, the total operational capacity reached 14,535 MW. The portfolio comprises 5,658 MW of thermal capacity and 8,877 MW of renewable capacity, including wind, solar, hybrid, and hydro assets. Renewable energy accounts for 61% of the installed portfolio.
In May, JSW Energy raised ₹4,000 crore through a qualified institutional placement, issuing about 76.19 million shares at a price of ₹525 per share. Additionally, the company sold 25 million shares of JSW Steel as part of a block deal worth ₹3,150 crore. A net inflow of ₹2,816.80 crore, after taxes and expenses, was transferred from other comprehensive income to retained earnings, as the investment was classified at fair value through other comprehensive income. As of the end of June, net debt stood at ₹61,322 crore, and cash and equivalents were ₹12,881 crore. The net debt to equity ratio was 1.7 times, and the operating net debt to EBITDA (excluding debt related to construction in progress) was 4.95 times. Regulatory disclosure showed an improvement in the consolidated debt-to-equity ratio to 2.05 times from 2.47 times at the end of March. The current ratio increased to 1.02 from 0.76.
