JSW Energy is a diversified power producer spanning thermal, hydro, wind and solar generation plus energy storage, operating 15,147 MW of capacity as of early October 2026. The Q2 print will speak to whether EBITDA holds above the management-stated Rs. 2,700 Cr quarterly steady-state base against a Rs. 3,180 Cr year-ago comp, and how much of the September merchant-price surge flowed through to realizations.
| Results date | October 28, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 5,437 Cr |
| Previous quarter PAT | Rs. 533 Cr |
| Previous quarter EBITDA margin | 57% |
| Net debt (latest quarter) | Rs. 55,000 Cr as of June 30 (as quoted by management on the Q1 FY27 call) |
| Market cap | Rs. 82,240.87 Cr |
| CMP | Rs. 448.55 |
Per the board-meeting intimation, the board meets on 28-Oct-2026 to consider the Q2/H1 FY27 results along with NCD and QIP/preferential fundraising; the trading window is 1-31 Oct.
A results conference call is scheduled for 28-Oct at 4:30 pm IST, hosted by Antique Stock Broking. Speakers are Sharad Mahendra (JMD & CEO), Chandrasekaran Prabhakaran (CFO) and Bikash Chowdhury (Head IR).
The quarter tests whether the earnings-acceleration narrative survives a demanding base: Q2 FY26 EBITDA was Rs. 3,180 Cr (+67% YoY) on 14.9 BUs of generation, and management's quarterly steady-state EBITDA base case is Rs. 2,700 Cr, which Q1 FY27 beat at Rs. 3,103 Cr. Merchant realizations are a clear tailwind — Q2 FY27 DAM prices averaged Rs. 5.7/unit, up 46% YoY, exiting September at Rs. 7.3/unit (+105%) — while fuel costs tightened through the quarter, with e-auction coal premiums escalating from 41% in July to 94% in September and plant coal stocks at about 9 days at end-August. Finance cost points up after the RBI hiked the repo rate 25 bps to 5.50% on 7-Oct-2026 and the 10-year G-sec hardened to 7.05% by 21-Sep, against a Q1 FY27 finance-cost run-rate of Rs. 1,519 Cr on roughly Rs. 74,000 Cr of gross debt. Volume drags flagged in Q1 were guided to fade — Rajasthan curtailment expected over by July 2026, the 300 MW TGNA-to-GNA conversion before 31-Aug, and 400 MW O2 Rajasthan connectivity in September/October — though hydrology remains a swing item after JSW Hydro EBITDA fell 25% in Q1, and the Supreme Court upheld Himachal Pradesh's 18% free-power demand from Karcham Wangtoo on 3-Aug-2026. The CERC DSM Third Amendment took effect 31-Aug-2026, keeping live the company-flagged 1.5-2%-of-RE-revenue impact, and the call will likely cover the KSK Mahanadi final payment update promised by end of Q2 and the H2 commissioning ramp toward the 3 GW FY27 target.
FY27 capacity addition and H1/H2 commissioning phasing
KSK Mahanadi final payment
Curtailment resolution and connectivity milestones
Steady-state EBITDA, solar PLF and CERC DSM impact
Fundraising, GEPIL scheme, project execution and litigation
Management disclosed merchant-sale EBITDA of Rs. 203 Cr from Mahanadi during Q4 FY26. Mahanadi's merchant capacity last realized a 20% premium to exchange prices when disclosed.
The final payment amount has not yet been crystallized, with an update expected by the end of Q2 FY27. Management had also promised a follow-up on the merchant share of KSK's EBITDA.
Management attributed the lower PLFs to planned maintenance shutdowns at Utkal and Ratnagiri for annual availability post-PPA signing, not solar backdowns. Utkal availability exceeded 91% in June-July and Ratnagiri returned to 100% availability in July.
The company added 1,694 MW since April 2026, taking installed capacity to 15,147 MW as of 5-Oct-2026, with about 46% of the FY27 RE target delivered. Management has stated the balance 1.6 GW is 'on track' and expressed high confidence in meeting the 3 GW target.
The investor relations team guided analysts to consider a steady-state quarterly EBITDA of Rs. 2,700 Cr as the base case, with the CEO adding confidence in delivering better than that level. Q1 FY27 EBITDA of Rs. 3,103 Cr came in above it.