JSWENERGY's Q2 FY27 numbers came in strong, with revenue of Rs. 6,368.47 Cr (+23.00% YoY) and PAT growth of +38.43% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details| Results date | October 28, 2026 |
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| Quarter | Q2 FY 2026-2027 |
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| Revenue (Q2) | Rs. 6,368.47 Cr (+23.00% YoY) |
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| PAT (Q2) | Rs. 1,141.04 Cr (+38.43% YoY) |
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| EBITDA margin | 61.34% (-12 bps YoY) |
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| EPS (Q2) | Rs. 5.77 (+42.80% YoY) |
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| Market cap | Rs. 93,113.38 Cr |
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| CMP | Rs. 507.85 |
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Quarter Snapshot
JSW Energy delivered its highest-ever quarterly EBITDA (Rs.3,905.97 Cr) and PAT, beating management's stated steady-state EBITDA guidance of >Rs.2,700 Cr by ~45%, with PAT-to-owners up 49.9% YoY and 124.3% QoQ. Execution on capacity (15 GW crossed, H1 commissioning target met) and a Rs.10,150 Cr capital raise cutting net debt/equity to 1.79x support the growth pipeline. The main offset is thermal-specific margin compression (~250 bps YoY) from fuel costs growing faster than revenue and Vijayanagar's weak PLF.
Key Investment Insights
Key Positives
- Revenue grew 23.0% YoY to Rs.6,368.47 Cr; net generation rose 17% YoY to 17,504 MUs
- EBITDA of Rs.3,905.97 Cr beat management's stated steady-state guidance of >Rs.2,700 Cr; PAT-to-owners grew 49.9% YoY to Rs.1,056.37 Cr
- H1 commissioning of 1,686 MW met the ~1.5 GW target; installed capacity crossed 15 GW to 15,147 MW
- Renewables revenue grew 31.5% YoY with segment margin expanding 39 bps YoY to 65.80%
- Net debt/equity improved to 1.79x from 2.1x after the Rs.10,150 Cr capital raise; debt-equity improved to 2.21x from 2.47x at FY26-end
- Finance costs grew 13.9% YoY, below revenue growth; WACD at 8.28%, ~8 bps lower QoQ
- Hydro generation rose 13% YoY with long-term PLF of 99% vs 91%; wind CUF improved to 46% from 41%
- Board approved Rs.5,000 Cr NCD issuance and enablement of up to Rs.6,000 Cr equity raise
Risk Factors
- Fuel cost grew 26.9% YoY, outpacing revenue growth of 23.0%; operating EBITDA margin fell 112 bps YoY to 56.79%
- Thermal segment margin compressed ~250 bps YoY to 28.99% (results +8.4% vs revenue +17.7%); Vijayanagar PLF fell to 48% from 61%
- Short-term sales fell 28% YoY to 1.1 BUs
- Standalone operating EBITDA fell to Rs.220.82 Cr (23.94% margin) from Rs.258.85 Cr (33.19%) a year ago
- TTM debt-service coverage of 0.92x remains below 1.0x; H1 FCF was negative at (Rs.7,273.80) Cr
- KSK Mahanadi final-payment crystallisation promised by end-Q2 was not delivered