Installed Capacity
13.45 GW
+2.6 GW YoY
Total operational capacity increased by 2.6 GW during FY26, including organic and inorganic additions.
JSWENERGY
Energy
14 May 2026
JSW Energy Ltd — Q4 FY26
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.
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2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
Generation
11.7 billion units
+48% YoY
Net generation for Q4 FY26 rose 48% year-on-year, driven by renewable energy growth of 68%.
Thermal PLF
78%
+9.3pp vs national avg
Overall thermal portfolio PLF of 78% for Q4, compared to national average of 68.7%.
Locked-in Capacity
32.1 GW
+2.6 GW YoY
Total locked-in generation capacity including under-construction and LOI projects, on track for 30 GW by 2030.
Management Guidance
FY27 capacity addition of ~3 GW
Management expects to commission approximately 3 GW of renewable capacity in FY27, split roughly 35-40% wind and rest solar, with half in H1.
Management guidance growthFY27 capex of ~₹20,000 crore
Capital expenditure for FY27 is guided at around ₹20,000 crore, funded through internal cash flows and existing debt headroom.
Management guidance capexKSK Mahanadi first 600 MW unit commissioning by Q3 FY27
The first 600 MW unit of the remaining KSK Mahanadi capacity is expected to be commissioned by Q3 of next fiscal.
Management guidance growth2030 net debt to EBITDA target of ~5-5.5x
Management reiterated a net debt to EBITDA target of approximately 5 to 5.5 times by 2030, with deleveraging expected as cash flows improve.
Management guidance otherKey Risks
Evacuation constraints causing curtailment
Power curtailment due to evacuation constraints led to a revenue loss of ~₹50 crore in FY26, expected to resolve by July 2026.
medium · management_commentaryDSM regulation impact on renewable revenues
New DSM regulations could impact renewable revenues by 1.5-2%, though grouping at substation level may mitigate this.
medium · analyst_questionDelays in evacuation infrastructure
Government's evacuation network addition fell short of target (9,500 km vs 15,000 km planned), potentially delaying project commissioning.
medium · data_observationTariff reduction at UPPCL for KSK Mahanadi
A slight drop in tariff at UPPCL may impact KSK Mahanadi's EBITDA, though management expects cost efficiencies to offset.
low · analyst_questionNotable 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.
Frequently Asked Questions
What was JSW Energy's revenue in Q4 FY26?
JSW Energy reported revenue of ₹4,499 Cr in Q4 FY26, representing a +39% change compared to the same quarter last year.
What guidance did JSW Energy management give for FY27?
FY27 capacity addition of ~3 GW: Management expects to commission approximately 3 GW of renewable capacity in FY27, split roughly 35-40% wind and rest solar, with half in H1. FY27 capex of ~₹20,000 crore: Capital expenditure for FY27 is guided at around ₹20,000 crore, funded through internal cash flows and existing debt headroom. KSK Mahanadi first 600 MW unit commissioning by Q3 FY27: The first 600 MW unit of the remaining KSK Mahanadi capacity is expected to be commissioned by Q3 of next fiscal. 2030 net debt to EBITDA target of ~5-5.5x: Management reiterated a net debt to EBITDA target of approximately 5 to 5.5 times by 2030, with deleveraging expected as cash flows improve.
What are the key risks for JSW Energy in FY27?
Key risks include Evacuation constraints causing curtailment — Power curtailment due to evacuation constraints led to a revenue loss of ~₹50 crore in FY26, expected to resolve by July 2026.; DSM regulation impact on renewable revenues — New DSM regulations could impact renewable revenues by 1.5-2%, though grouping at substation level may mitigate this.; Delays in evacuation infrastructure — Government's evacuation network addition fell short of target (9,500 km vs 15,000 km planned), potentially delaying project commissioning.; Tariff reduction at UPPCL for KSK Mahanadi — A slight drop in tariff at UPPCL may impact KSK Mahanadi's EBITDA, though management expects cost efficiencies to offset..
Did JSW Energy meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full JSW Energy Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.