JSW Energy share price closed flat after a sharp drop in early trade. GQG Partners has reduced its holding in JSW Energy, triggering a short-lived drop in the stock in morning trade. The recovery in the stock price during the day’s trade indicated that the market may have absorbed the news.
Large block sale triggers sharp stock move
GQG Partners Emerging Markets Equity Fund sold 1.52 crore shares of JSW Energy in open-market transactions on December 9. The sale represented 0.87% of the company’s paid-up equity. The shares were sold at Rs 444 each, amounting to roughly Rs 676.7 crore. As of September 2025, the fund held 1.79% in the company, making this a meaningful reduction.
On the day of the sale, JSW Energy’s share price slipped to Rs 451.2, with higher-than-usual trading volumes. The firm offered no reasons for the sale, and GQG Partners did not issue any public comment.
JSW Energy quarterly numbers
The stake cut came shortly after JSW Energy reported its Q2FY26 results. The Q2 net profit stood at Rs 705 crore, down from Rs 853 crore a year earlier. Revenue rose to Rs 5,177.4 crore from Rs 3,238 crore last year, supported by additions to the renewable portfolio.
Standalone EBITDA dropped to Rs 2,996 crore from Rs 1,684.8 crore, a fall of 77.8%. However, the EBITDA margin improved to 57.9% from 52%. On a consolidated basis, EBITDA reached Rs 3,180 crore, up 67% year on year due to contributions from the Mahanadi and O2 Power projects.
Cash profit after tax on a trailing twelve-month basis was around Rs 4,341 crore. Cash returns on adjusted net worth were 20%. Receivables stayed stable with days sales outstanding at 64 days.
The company held about Rs 6,181 crore in cash and cash equivalents during the quarter.
JSW Energy: Net debt at the end of Q2
Net debt increased to roughly Rs 61,960 crore as JSW Energy continued to expand. The net-debt-to-equity ratio stood at 2.1 times. Excluding capital work in progress, net-debt-to-EBITDA for operational assets remained at 4.8 times.
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