Beating analyst expectations, JSW Energy reported a 42 % increase year-on-year in net profit for the first quarter of FY26 at Rs 743 crore as, compared to 522 crore in Q1FY25. Analysts had expected a net profit of Rs 660 crore.
However, the company beat revenue estimates, posting a 79% year-on-year increase in revenue to ₹5,143 crore in Q1FY26, up from ₹2,879 crore in the same period last year. Analysts had projected revenues of ₹4,690 crore.
Ebitda jumped 97% year-on-year to ₹2,789 crore in Q1FY26 from ₹1,418 crore in Q1FY25. Ebitda margins improved to 54.2%, compared to 49.2% in the year-ago quarter.
JSW Energy net debt
Finance costs rose 2.5 times on a yearly basis in Q1FY26, while depreciation charges nearly doubled. The company’s net debt increased from ₹43,962 crore in Q4FY25 to ₹59,313 crore in Q1FY26. The debt figure includes borrowings for the acquisition of O2 Power.
“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 quality of earnings, driven by a higher share of tied-up capacity,” said Sharad Mahendra, joint managing director and CEO of JSW Energy.
Mahendra said they are actively evaluating PPA tie up for our open capacity to further strengthen the 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 ~Rs 130,000 crore reaching 30 GW generation capacity and 40 GWh of energy storage capacity by FY30,” he said.
JSW Energy’s total installed capacity
As of the end of Q1FY26, JSW Energy’s total installed capacity stood at 12,768 MW, reflecting a ~70% increase year-on-year, the company stated. Net power generation rose 71% YoY to 13.5 billion units (BUs), driven by organic renewable energy additions, contributions from O2 Power and the Mahanadi plant, and higher output at Vijayanagar after long-term tie-up, it said.
Renewable energy generation during the quarter increased by 54% y-o-y to 5.0 BUs, driven by organic wind capacity additions and O2 Power. Net long-term PPA generation grew 73% y-o-y 11.8 BUs. The renewable segment’s installed capacity stood at 7,110 MW at the end of Q1FY26.
During the quarter, JSW Energy signed storage agreements for 12.5 GWh, with an additional 680 MWh signed post-quarter end. The company’s total locked-in energy storage capacity now stands at 29.4 GWh, with agreements in place for 25.2 GWh. Trial runs have also commenced for its 3,800 TPA green hydrogen project at Vijayanagar, the company said.
JSW Energy noted that its generation portfolio is increasingly shifting toward domestic coal-based plants, with the Utkal plant contributing 700 MW, the Mahanadi project adding 88 MW, and the balance coming from the Ratnagiri plant, which uses imported coal. The company added that incremental capacity tied under group captive arrangements led to a 124% y-o-y increase in Vijayanagar’s long-term generation, which reached 1.3 BUs in Q1FY26.