JSWENERGY Q2 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹5,177 Cr
verified against source
Revenue YoY
55%
reported change
EBITDA
Pending
latest reported figure
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Actual signal trajectory
Where this quarter sits.
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What the record says.
JSW Energy reported a standout Q2 FY26 with generation surging 52% YoY to 14.9 billion units, significantly outpacing the industry's 3.3% demand growth. Total revenue increased 55% YoY to over Rs 5,300 crore, while EBITDA rose 67% YoY to nearly Rs 3,200 crore, though PAT declined 17% YoY to Rs 705 crore due to higher interest and depreciation from recent capacity additions. The company expanded installed capacity 71% YoY to 13.2 GW, adding 5.5 GW over 12 months through both organic and inorganic routes. H1 EBITDA of Rs 6,200 crore already exceeds full-year FY25 EBITDA. With 12.5 GW under construction (fully tied under PPAs) and plans to reach 26 GW, management targets over 15 GW by fiscal year-end. Strategic acquisitions include GE Power India's boiler unit for thermal expansion, 150 MW hydro plant from Stratcraft, and a 5 GWh battery assembly plant in Pune expected operational by Q3 FY26. Coal price moderation to $91/ton and the new Utkal 400 MW LOA will reduce merchant exposure. Risks include pending PPA signings for 2.6 GW and execution ramp-up required in H2 to meet capacity targets.
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Guidance to track
- Company is well-positioned to achieve generation capacity target in excess of 15 GW by end of fiscal year, driven by 2.3 GW already added in H1 and accelerated execution pace expected in H2.
- LOA of 400 MW for 700 MW plant expected to convert to PPA, which will reduce merchant exposure from current 8% to 5% and enhance cash flow predictability.
- Commissioning of the 3,800 MWh battery energy storage project at Vijagar expected very soon in Q3 FY26.
- 5 GWh/year battery assembly plant in Pune dedicated to BESS expected to be operational in Q3 FY26, serving captive needs and potentially external demand.
Risks flagged
- Of the ~40 GW of awarded projects industry-wide pending PPA signing, JSW has 2.6 GW (including 900 MW solar) pending. Management declined to provide timeline for conversion.
- Analyst pressed for BESS capital cost benchmarks (landed cost per MWh) and comparison with solar tariffs. Management declined to provide specific numbers, citing competitive sensitivity and project-specific variables.
- H1 capacity additions were limited compared to plans. Management acknowledged extended monsoon slowed execution in H1 and expects higher additions in H2 to meet FY26 targets.
- Maitra wind portfolio EBITDA slightly declined YoY despite higher wind speeds due to old 850 kW machines limiting incremental benefit. Solar performance impacted by extended monsoon and lower radiation.
Key quotes
- The quarter second quarter of this current phase group has a pivotal turnaround for the power sector. We have witnessed a significant uptick in power demand in quarter 2 which witnessed 3.3% year on year.
- We have pro-actively de-risked our portfolio by tying our imported coal based mega watts with our group company JSW Steel and others. This strategic move has significantly reduced our exposure to merchant volatility and ensured stable returns.
- We continue to maintain our hurdle rate and we will not for the sake of building a portfolio we are not going to build a portfolio if it is not meeting our hurdle rate.
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