Q1 FY26: JSW Energy Sees 42% YoY Profit Growth, Driven By RE Capacity Addition

Mumbai-based JSW Energy reported a 78% year-on-year (YoY) increase in total revenue to ₹5,411 crore for the quarter ended June 30, 2025 (Q1 FY26), up from ₹3,043 crore in the same period last year.

The company posted a 93% YoY rise in EBITDA to ₹3,057 crore, compared to ₹1,581 crore in Q1 FY25. JSW Energy attributed the growth to organic capacity additions and contributions from the Mahanadi and 02 Power thermal projects.

Financial Performance

In the JSW Energy balance sheet, as of June 30, 2025, JSW Energy’s consolidated net worth stood at ₹27,738 crore, while net debt reached ₹59,313 crore. Profit after tax (PAT) rose 42% YoY to ₹743 crore, compared to ₹522 crore a year earlier. Cash PAT increased by 65% YoY to ₹1,579 crore, from ₹958 crore. 

The company’s installed capacity rose by 5.2 GW (~70% YoY), leading to a 71% YoY increase in power generation.

Improved Wind and Solar PLFs

JSW Energy’s total installed capacity reached 12,768 MW at the end of Q1 FY26, with 1,893 MW added during the quarter. Its renewable energy (RE) generation also rose 54% YoY to 5.0 billion units (BUs), driven by wind capacity additions and output from 02 Power. Net long-term PPA generation grew by 73% YoY to 11.8 BUs. Finance costs increased to ₹1,306 crore from ₹511 crore in Q1 FY25 due to additional borrowings for ongoing capex and acquisitions. The weighted average cost of debt stood at 8.87%.

Rise In Wind and Solar PLFs

JSW Energy saw a rise in PLFs during Q1 FY26 at various locations/plants. The company reportedly achieved an average wind energy CUF of 30% in Q1 FY26 compared to 26% in Q1 FY25. On the other hand, it achieved an average CUF of 21% in Q1 FY26 vis-à-vis 24% in Q1 FY25.

Renewable Platform and Fundraising

JSW Energy Renewable Platform added 4.7 GW of capacity. Through its subsidiary JSW Neo, the company raised a fully hedged USD 675 million External Commercial Borrowing (ECB) with a five-year tenor, backed by marquee global banks and supported by strong credit ratings.

Sharad Mahendra, Joint Managing Director and CEO of JSW Energy, said, "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 the quality of earnings, driven by a higher share of tied-up capacity."

He added, "We are actively evaluating a PPA tie-up for our open capacity to further strengthen cash flow visibility. We continue to exercise strong financial discipline, maintaining leverage within comfortable levels. Looking ahead, we aim to build on this momentum with a cumulative capex of ~₹1,30,000 crore, reaching 30 GW generation capacity and 40 GWh of energy storage capacity by FY2030."