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Revenue
₹4,499 Cr
verified against source
Revenue YoY
39%
reported change
EBITDA
₹2,602 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
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Quarter read
What the record says.
JSW Energy delivered a strong Q4 FY26, with revenue up 39% YoY to ₹4,851 crore and EBITDA surging 72% YoY to ₹2,602 crore, driven by a 48% increase in generation to 11.7 billion units. The company added 2.6 GW of capacity during the year, reaching 13.45 GW operational, and reported its highest-ever annual EBITDA of ₹11,041 crore. Management guided for ~3 GW of capacity additions in FY27, with a capex of ~₹20,000 crore, and reiterated its 2030 target of 30 GW generation and 40 GWh storage. Key risks include evacuation constraints causing curtailment (₹50 crore impact in FY26, expected to resolve by July 2026) and potential DSM regulation impact of 1.5-2% of renewable revenue.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to commission approximately 3 GW of renewable capacity in FY27, split roughly 35-40% wind and rest solar, with half in H1.
- Capital expenditure for FY27 is guided at around ₹20,000 crore, funded through internal cash flows and existing debt headroom.
- The first 600 MW unit of the remaining KSK Mahanadi capacity is expected to be commissioned by Q3 of next fiscal.
- Management reiterated a net debt to EBITDA target of approximately 5 to 5.5 times by 2030, with deleveraging expected as cash flows improve.
Risks flagged
- Power curtailment due to evacuation constraints led to a revenue loss of ~₹50 crore in FY26, expected to resolve by July 2026.
- New DSM regulations could impact renewable revenues by 1.5-2%, though grouping at substation level may mitigate this.
- Government's evacuation network addition fell short of target (9,500 km vs 15,000 km planned), potentially delaying project commissioning.
- A slight drop in tariff at UPPCL may impact KSK Mahanadi's EBITDA, though management expects cost efficiencies to offset.
Key quotes
- FY26 has been an exciting year where we began to translate the bold ambitions of our strategy 3.0 into hard business outcomes.
- The central message is that significant capacity additions we have executed over the past several quarters are now visibly converting into higher generation volumes and stronger cash flows.
- We are absolutely certain that the current 3 GW in the current year we absolutely certain that this will be there.
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