JSW Energy Ltd.
JSWENERGYUtilities filings
We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.
Earnings calls
7 transcript(s)/analyst meet(s) served; 0 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 7 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| TRANSCRIPT | 20250204 | 2024-12-31 | yes | |
| TRANSCRIPT | 20250520 | 2025-03-31 | yes | |
| TRANSCRIPT | 20250806 | 2025-06-30 | yes | |
| TRANSCRIPT | 20251022 | 2025-09-30 | yes | |
| TRANSCRIPT | 20260128 | 2025-12-31 | yes | |
| TRANSCRIPT | 20260518 | 2026-03-31 | yes | |
| TRANSCRIPT | 20260727 | 2026-06-30 | yes |
JSWENERGY
files the standard Schedule III statements. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | general |
| Scope served | consolidated |
| Panels on this page | 4 |
Market
No split, bonus or consolidation is on record for this company inside the period this price series covers, so the closes need no adjustment.
| Last close | 510.00 |
| 52-week range | 440.05 – 602.05 |
| Return 1M | -7.0% |
| Return 3M | -11.07% |
| Return 1Y | -4.7% |
| Return 3Y | 21.1% |
| Return 5Y | 45.69% |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-06-30
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Revenue from operations | 5,207.00 |
| Other income | 229.00 |
| Total income | 5,437.00 |
| Cost of materials consumed | 1,570.00 |
| Purchases of stock-in-trade | 0.00 |
| Changes in inventories | -40.00 |
| Employee benefit expense | 216.00 |
| Finance costs | 1,519.00 |
Ownership — 2026-06-30, and the change from 2026-05-25
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | 0.67 | 0.00 |
| institutions foreign | 0.11 | 0.00 |
| institutions domestic | 0.16 | 0.00 |
| mutual funds | 0.07 | 0.00 |
| public | 0.33 | 0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| TRANSCRIPT | 2026-06-30 | 7 |
Financial statements
Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Quarterly results, as filed
| Line | 2022-09-30 | 2022-12-31 | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,387.00 | 2,248.00 | 2,670.00 | 2,928.00 | 3,259.00 | 2,543.00 | 2,756.00 | 2,879.00 | 3,238.00 | 2,439.00 | 3,189.00 | 5,143.00 | 5,177.00 | 4,082.00 | 4,499.00 | 5,207.00 |
| Other income | 209.00 | 102.00 | 136.00 | 85.00 | 128.00 | 119.00 | 123.00 | 163.00 | 222.00 | 201.00 | 308.00 | 268.00 | 184.00 | 173.00 | 352.00 | 229.00 |
| Total income | 2,596.00 | 2,350.00 | 2,806.00 | 3,013.00 | 3,387.00 | 2,661.00 | 2,879.00 | 3,043.00 | 3,459.00 | 2,640.00 | 3,497.00 | 5,411.00 | 5,361.00 | 4,255.00 | 4,851.00 | 5,437.00 |
| Cost of materials consumed | 1,145.00 | 1,328.00 | 1,537.00 | 1,369.00 | 952.00 | 1,064.00 | 1,197.00 | 1,066.00 | 1,152.00 | 1,075.00 | 1,163.00 | 1,580.00 | 1,421.00 | 1,241.00 | 1,340.00 | 1,570.00 |
| Purchases of stock-in-trade | 57.00 | 23.00 | 79.00 | 13.00 | 107.00 | 4.00 | 2.00 | 0.00 | 0.00 | 0.00 | 140.00 | 33.00 | 0.00 | 48.00 | 4.00 | 0.00 |
| Changes in inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -40.00 |
| Employee benefit expense | 88.00 | 84.00 | 75.00 | 92.00 | 86.00 | 93.00 | 93.00 | 108.00 | 115.00 | 110.00 | 131.00 | 159.00 | 191.00 | 193.00 | 184.00 | 216.00 |
| Finance costs | 204.00 | 214.00 | 233.00 | 486.00 | 514.00 | 521.00 | 533.00 | 511.00 | 518.00 | 564.00 | 675.00 | 1,306.00 | 1,418.00 | 1,485.00 | 1,608.00 | 1,519.00 |
| Depreciation and amortisation | 294.00 | 295.00 | 291.00 | 398.00 | 409.00 | 400.00 | 427.00 | 375.00 | 392.00 | 406.00 | 482.00 | 739.00 | 809.00 | 829.00 | 809.00 | 890.00 |
| Other expenses | 208.00 | 188.00 | 234.00 | 233.00 | 234.00 | 271.00 | 295.00 | 287.00 | 285.00 | 341.00 | 550.00 | 583.00 | 569.00 | 569.00 | 720.00 | 587.00 |
| Total expenses | 1,997.00 | 2,132.00 | 2,449.00 | 2,589.00 | 2,301.00 | 2,353.00 | 2,547.00 | 2,348.00 | 2,463.00 | 2,495.00 | 3,142.00 | 4,399.00 | 4,408.00 | 4,366.00 | 4,666.00 | 4,743.00 |
| Profit before exceptional items and tax | 600.00 | 218.00 | 357.00 | 424.00 | 1,086.00 | 309.00 | 332.00 | 694.00 | 997.00 | 145.00 | 355.00 | 1,012.00 | 954.00 | -111.00 | 185.00 | 694.00 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -65.00 | 0.00 | 0.00 |
| Profit before tax | 600.00 | 218.00 | 357.00 | 424.00 | 1,086.00 | 309.00 | 332.00 | 694.00 | 997.00 | 145.00 | 355.00 | 1,012.00 | 954.00 | -176.00 | 185.00 | 694.00 |
| Current tax | 106.00 | 34.00 | 45.00 | 81.00 | 146.00 | 82.00 | 85.00 | 103.00 | 132.00 | 59.00 | 92.00 | 83.00 | 114.00 | 43.00 | 95.00 | 60.00 |
| Deferred tax | 42.00 | 14.00 | 81.00 | 55.00 | 89.00 | -4.00 | -92.00 | 61.00 | -4.00 | -66.00 | -146.00 | 97.00 | 18.00 | -745.00 | -481.00 | 103.00 |
| Tax expense | 148.00 | 48.00 | 126.00 | 136.00 | 235.00 | 78.00 | -6.00 | 164.00 | 128.00 | -7.00 | -54.00 | 180.00 | 131.00 | -702.00 | -386.00 | 163.00 |
| Profit for the period | 457.00 | 187.00 | 282.00 | 290.00 | 857.00 | 232.00 | 345.00 | 534.00 | 877.00 | 157.00 | 415.00 | 836.00 | 824.00 | 529.00 | 574.00 | 533.00 |
| Profit attributable to owners | 466.00 | 180.00 | 272.00 | 290.00 | 850.00 | 231.00 | 351.00 | 522.00 | 853.00 | 168.00 | 408.00 | 743.00 | 705.00 | 420.00 | 372.00 | 471.00 |
| Profit attributable to non-controlling interests | -9.00 | 7.00 | 10.00 | 0.00 | 7.00 | 1.00 | -6.00 | 12.00 | 24.00 | -10.00 | 6.00 | 93.00 | 120.00 | 109.00 | 202.00 | 62.00 |
| Other comprehensive income | 487.00 | 554.00 | 8.00 | 504.00 | -68.00 | 788.00 | -442.00 | 619.00 | 517.00 | -981.00 | 1,179.00 | -391.00 | 858.00 | 71.00 | -239.00 | 946.00 |
| Total comprehensive income | 943.00 | 741.00 | 290.00 | 794.00 | 788.00 | 1,021.00 | -97.00 | 1,153.00 | 1,394.00 | -824.00 | 1,594.00 | 445.00 | 1,682.00 | 600.00 | 334.00 | 1,479.00 |
| Earnings per share, basic | 2.85 | 1.09 | 1.66 | 1.77 | 5.18 | 1.41 | 2.14 | 3.00 | 4.90 | 0.96 | 2.34 | 4.26 | 4.04 | 2.41 | 2.12 | 2.64 |
| Earnings per share, diluted | 2.84 | 1.09 | 1.66 | 1.76 | 5.17 | 1.41 | 2.13 | 3.00 | 4.88 | 0.96 | 2.34 | 4.25 | 4.04 | 2.41 | 2.07 | 2.57 |
Annual results, as filed
| Line | 2019-03-31 | 2020-03-31 | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 9,138.00 | 8,273.00 | 6,922.00 | 8,167.00 | 10,332.00 | 11,486.00 | 11,745.00 | 18,901.00 |
| Other income | 368.00 | 287.00 | 237.00 | 569.00 | 535.00 | 455.00 | 894.00 | 977.00 |
| Total income | 9,506.00 | 8,560.00 | 7,160.00 | 8,736.00 | 10,867.00 | 11,941.00 | 12,639.00 | 19,878.00 |
| Cost of materials consumed | 5,356.00 | 4,498.00 | 3,283.00 | 3,494.00 | 5,570.00 | 4,582.00 | 4,456.00 | 5,581.00 |
| Purchases of stock-in-trade | 78.00 | 0.00 | 0.00 | 80.00 | 368.00 | 125.00 | 140.00 | 86.00 |
| Changes in inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.00 | 0.00 | 0.00 |
| Employee benefit expense | 244.00 | 243.00 | 237.00 | 264.00 | 308.00 | 364.00 | 464.00 | 728.00 |
| Finance costs | 1,192.00 | 1,051.00 | 896.00 | 777.00 | 844.00 | 2,053.00 | 2,269.00 | 5,816.00 |
| Depreciation and amortisation | 1,164.00 | 1,168.00 | 1,167.00 | 1,131.00 | 1,169.00 | 1,633.00 | 1,655.00 | 3,185.00 |
| Other expenses | 606.00 | 575.00 | 496.00 | 760.00 | 805.00 | 1,033.00 | 1,464.00 | 2,442.00 |
| Total expenses | 8,641.00 | 7,535.00 | 6,078.00 | 6,506.00 | 9,064.00 | 9,791.00 | 10,448.00 | 17,838.00 |
| Profit before exceptional items and tax | 865.00 | 1,025.00 | 1,081.00 | 2,230.00 | 1,804.00 | 2,150.00 | 2,191.00 | 2,039.00 |
| Exceptional items | 0.00 | 61.00 | 0.00 | 0.00 | 120.00 | 0.00 | 0.00 | -65.00 |
| Profit before tax | 865.00 | 1,086.00 | 1,081.00 | 2,230.00 | 1,924.00 | 2,150.00 | 2,191.00 | 1,974.00 |
| Current tax | 179.00 | 112.00 | 195.00 | 422.00 | 298.00 | 394.00 | 387.00 | 335.00 |
| Deferred tax | 33.00 | -79.00 | 81.00 | 73.00 | 178.00 | 48.00 | -156.00 | -1,111.00 |
| Tax expense | 212.00 | 33.00 | 276.00 | 495.00 | 477.00 | 442.00 | 231.00 | -777.00 |
| Profit for the period | 684.00 | 1,081.00 | 823.00 | 1,743.00 | 1,480.00 | 1,725.00 | 1,983.00 | 2,762.00 |
| Profit attributable to owners | 695.00 | 1,100.00 | 795.00 | 1,729.00 | 1,478.00 | 1,723.00 | 1,951.00 | 2,239.00 |
| Profit attributable to non-controlling interests | -11.00 | -19.00 | 27.00 | 15.00 | 2.00 | 2.00 | 32.00 | 523.00 |
| Other comprehensive income | 12.00 | -1,081.00 | 2,215.00 | 1,573.00 | 40.00 | 782.00 | 1,334.00 | 299.00 |
| Total comprehensive income | 697.00 | -0.00 | 3,038.00 | 3,316.00 | 1,520.00 | 2,506.00 | 3,317.00 | 3,062.00 |
| Earnings per share, basic | 4.24 | 6.70 | 4.84 | 10.52 | 9.01 | 10.50 | 11.19 | 12.82 |
| Earnings per share, diluted | 4.24 | 6.70 | 4.84 | 10.50 | 8.99 | 10.47 | 11.18 | 12.74 |
Balance sheet, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Total assets | 33,776.00 | 48,742.00 | 53,107.00 | 58,269.00 | 64,932.00 | 89,939.00 | 113,687.00 | 124,182.00 |
| Non-current assets | 26,990.00 | 39,118.00 | 45,423.00 | 49,604.00 | 54,120.00 | 77,520.00 | 99,926.00 | 108,775.00 |
| Current assets | 6,786.00 | 9,522.00 | 7,587.00 | 8,665.00 | 10,811.00 | 12,419.00 | 13,761.00 | 15,407.00 |
| Property, plant and equipment | 14,037.00 | 23,065.00 | 25,572.00 | 26,088.00 | 28,765.00 | 45,713.00 | 59,598.00 | 61,806.00 |
| Capital work-in-progress | 2,677.00 | 4,780.00 | 7,341.00 | 10,282.00 | 10,410.00 | 10,277.00 | 11,562.00 | 17,409.00 |
| Goodwill | 640.00 | 640.00 | 640.00 | 640.00 | 640.00 | 640.00 | 640.00 | 659.00 |
| Other intangible assets | 747.00 | 1,316.00 | 1,914.00 | 2,218.00 | 2,164.00 | 7,802.00 | 12,101.00 | 12,058.00 |
| Inventories | 821.00 | 987.00 | 638.00 | 831.00 | 715.00 | 905.00 | 978.00 | 961.00 |
| Trade receivables | 1,670.00 | 2,308.00 | 2,196.00 | 1,704.00 | 2,400.00 | 2,614.00 | 3,254.00 | 2,973.00 |
| Cash and cash equivalents | 1,089.00 | 3,422.00 | 2,090.00 | 3,092.00 | 1,937.00 | 3,234.00 | 3,678.00 | 4,142.00 |
| Total equity and liabilities | 33,776.00 | 48,742.00 | 53,107.00 | 58,269.00 | 64,932.00 | 89,939.00 | 113,687.00 | 124,182.00 |
| Equity | 17,668.00 | 18,734.00 | 19,982.00 | 21,014.00 | 28,282.00 | 29,085.00 | 31,602.00 | 33,577.00 |
| Equity share capital | 1,640.00 | 1,641.00 | 1,641.00 | 1,641.00 | 1,745.00 | 1,745.00 | 1,746.00 | 1,756.00 |
| Other equity | 15,953.00 | 16,988.00 | 18,236.00 | 19,191.00 | 26,226.00 | 25,616.00 | 27,377.00 | 28,995.00 |
| Total liabilities | 16,108.00 | 30,008.00 | 33,125.00 | 37,255.00 | 36,650.00 | 60,854.00 | 82,085.00 | 90,604.00 |
| Non-current liabilities | 10,178.00 | 21,002.00 | 24,593.00 | 29,985.00 | 30,640.00 | 49,138.00 | 64,194.00 | 70,374.00 |
| Current liabilities | 5,930.00 | 8,938.00 | 8,468.00 | 7,269.00 | 6,009.00 | 11,715.00 | 17,891.00 | 20,230.00 |
| Borrowings, non-current | 8,585.00 | 19,208.00 | 22,417.00 | 27,731.00 | 27,966.00 | 44,897.00 | 58,032.00 | 64,875.00 |
| Borrowings, current | 2,616.00 | 5,609.00 | 5,133.00 | 3,595.00 | 2,628.00 | 4,724.00 | 10,108.00 | 10,971.00 |
| Trade payables | 1,558.00 | 1,274.00 | 1,092.00 | 1,344.00 | 879.00 | 1,409.00 | 1,347.00 | 1,423.00 |
Cash flow, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Net cash from operating activities | 1,800.00 | 2,084.00 | 3,423.00 | 6,234.00 | 1,917.00 | 3,838.00 | 5,338.00 | 9,898.00 |
| Net cash from investing activities | -1,596.00 | -7,009.00 | -3,907.00 | -8,318.00 | -4,171.00 | -23,613.00 | -12,899.00 | -20,271.00 |
| Net cash from financing activities | 1,184.00 | 7,560.00 | -857.00 | 1,798.00 | 2,522.00 | 20,223.00 | 6,521.00 | 10,617.00 |
| Purchase of property, plant and equipment | 2,064.00 | 4,236.00 | 3,909.00 | 8,033.00 | 3,206.00 | 6,709.00 | 4,771.00 | 10,310.00 |
| Net increase in cash | 1,383.00 | 2,634.00 | -1,229.00 | -289.00 | 295.00 | 1,072.00 | 567.00 | 1,993.00 |
| con:CFO.BEFORE_TAX | 1,944.00 | 2,432.00 | 3,599.00 | 6,619.00 | 2,046.00 | 4,552.00 | 5,570.00 | 10,566.00 |
| con:INTEREST_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -333.00 | 0.00 | -362.00 |
| con:INTEREST_PAID.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -51.00 | 0.00 | -20.00 |
| con:TAX_PAID.OPERATING | 144.00 | 347.00 | 176.00 | 386.00 | 129.00 | 329.00 | 231.00 | 286.00 |
| con:CF_OTHER.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_PURCHASED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 118.00 | 51.00 | 89.00 |
| con:INVESTMENTS_SOLD | 0.00 | 0.00 | 23.00 | 23.00 | 0.00 | 1.00 | 50.00 | 0.00 |
| con:PPE_DISPOSALS | 0.00 | 0.00 | 24.00 | 0.00 | 2.00 | 2.00 | 18.00 | 199.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 77.00 | 0.00 | 6.00 | 83.00 | 117.00 | 122.00 | 39.00 | 64.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 | 133.00 | 16,887.00 | 27.00 | 9,623.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-04-05 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-05-25 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoter and promoter group | 73.38 | 73.38 | 73.67 | 69.32 | 69.32 | 69.32 | 69.32 | 69.26 | 69.27 | 0.69 | 0.69 | 0.69 | 0.67 | 0.67 |
| Domestic institutions | 9.91 | 9.57 | 9.51 | 9.51 | 9.21 | 9.78 | 10.04 | 10.94 | 11.44 | 0.12 | 0.14 | 0.14 | 0.16 | 0.16 |
| Mutual funds | — | — | — | — | — | — | — | — | 4.07 | 0.05 | 0.06 | 0.05 | 0.07 | 0.07 |
| Insurance companies | 0.30 | 0.39 | 0.41 | 0.64 | 0.68 | 7.77 | 7.46 | 7.29 | 6.67 | 0.06 | 0.08 | 0.08 | 0.08 | 0.08 |
| Foreign institutions | 8.37 | 8.50 | 8.37 | 13.34 | 15.37 | 14.92 | 14.56 | 13.43 | 12.36 | 0.12 | 0.10 | 0.10 | 0.11 | 0.11 |
| Government | — | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Public | 26.40 | 26.40 | 26.12 | 30.48 | 30.49 | 30.53 | 30.53 | 30.59 | 30.59 | 0.31 | 0.31 | 0.31 | 0.33 | 0.33 |
| Non-institutional | 8.12 | 8.34 | 8.24 | 7.63 | 5.91 | 5.83 | 5.93 | 6.22 | 6.79 | 0.07 | 0.07 | 0.06 | 0.06 | 0.06 |
| Shares outstanding | 1644675668 | 1644675668 | 1644675668 | 1747768451 | 1747768451 | 1747768451 | 1747768451 | 1747768451 | 1747768451 | 1747768451 | 1747768451 | 1757292260 | 1833482736 | 1833482736 |
Related parties
Transactions with related parties as disclosed to the exchange for the period ending 2024-09-30, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.
| Counterparty | Relationship | Type | Amount in the period | Transactions |
|---|---|---|---|---|
| JSW Power Trading Company Limited | Subsidiary | Advance, Any other transaction, Investment, Purchase | 13,239,200,000.00 | 20 |
| JSW Steel Limited | Other related party | Advance, Any other transaction, Dividend received, I | 8,645,700,000.00 | 44 |
| Barmer Lignite Mining Company Limited | Joint Venture | Any other transaction, Interest received, Investment | 8,145,200,000.00 | 11 |
| JSW Neo Energy Limited | Subsidiary | Any other transaction, Investment, Loan, Purchase of | 6,769,700,000.00 | 16 |
| JSW Renew Energy Limited | Fellow subsidiary | Any other transaction, Investment, Purchase of goods | 5,289,400,000.00 | 17 |
| JSW Renewable Energy (Vijayanagar) Limited | Fellow subsidiary | Any other transaction, Investment, Purchase of goods | 4,924,700,000.00 | 21 |
| JSW Energy (Utkal) Limited | Subsidiary | Advance, Any other transaction, Interest received, I | 3,658,600,000.00 | 18 |
| JSW Renew Energy Eight Limited | Fellow subsidiary | Any other transaction, Investment, Sale of goods or | 3,330,200,000.00 | 11 |
| JSW Renew Energy Three Limited | Fellow subsidiary | Any other transaction, Investment, Sale of goods or | 2,998,600,000.00 | 13 |
| JSW Energy (Kutehr) Limited | Fellow subsidiary | Any other transaction, Investment, Loan, Sale of goo | 2,473,300,000.00 | 13 |
| JSW Renew Energy (Raj) Limited | Fellow subsidiary | Any other transaction, Investment, Sale of goods or | 2,296,000,000.00 | 11 |
| JSW International Trade Corp Pte Limited | Other related party | Any other transaction, Purchase of goods or services | 1,851,000,000.00 | 2 |
| JSW Renew Energy Four Limited | Fellow subsidiary | Any other transaction, Investment, Sale of goods or | 1,525,000,000.00 | 11 |
| JSW Renew Energy Ten Limited | Fellow subsidiary | Any other transaction, Investment, Sale of goods or | 1,039,900,000.00 | 11 |
| Sapphire Airlines Private Limited | Other related party | Any other transaction | 632,100,000.00 | 9 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-07-27 | Q1FY27 | Read the call | |
| 2026-05-18 | Q4FY26 | Mr. Vishal Periwal: | Read the call |
| 2026-01-28 | Q3FY26 | FINANCIAL OFFICER | Read the call |
| 2025-10-22 | Q2FY26 | Read the call | |
| 2025-08-06 | Q1FY26 | Read the call | |
| 2025-05-20 | Q4FY25 | Read the call | |
| 2025-02-04 | Q3FY25 | CHIEF FINANCIAL OFFICER, RELATIONS AND STRATEGIC FINANCE | Read the call |
What they said about it, quarter by quarter
| Topic | Q1FY26 | Q1FY27 | Q2FY26 | Q3FY25 | Q3FY26 | Q4FY25 | Q4FY26 |
|---|---|---|---|---|---|---|---|
| Capex | The merchant market remained resilient during the quarter averaging around ₹ 4.41 /unit on exchanges despite record capacity addition and lower coal p… | We delivered one of the largest single- quarter capacity additions in our history — and among the highest in the sector — adding 873 MW during the qua… | Acquisition and integration of KSK and O2 Power, along with our organic capacity addition including Kutehr and Ind-Barath Unit-II has expanded this ge… | How much would be the capex per MW basis, if you could help. | Our solar and wind portfolio net generation rose by 149% year on year, led by organic capacity additions and contributions from O2 Power. | 1.3 trillion of CAPEX by FY '30, would you be able to share some thought process around need for equity to meet that and how much of that you can gene… | On the supply side, India added 64.9 GW of new capacity during the fiscal year, of which renewable energy accounted for 50.9 GW, translating to 78% of… |
| Capital allocation | This includes 1.3 GW of inorganic capacity through the acquisition of O2 Power, and 550 MW of organic renewable energy capacity. | Acquired only in January 2026, this pace of commissioning is a testament to the integration capabilities our teams bring to every acquisition. | Acquisition of GE Power India Ltd.’s Boiler Manufacturing Business: We have entered into a Scheme of Arrangement with GE Power India Ltd. to acquire i… | Firstly, congratulations on the KSK Mahanadi acquisition. | And second is the O2 acquisition, all capacities which are going to come under that, 100% of the connectivity is available with us to reach the capaci… | My first question is, of course, you have built up a very large base load portfolio now, especially with the acquisition of Mahanadi. | On KSK Mahanadi, our 1,800 MW operational capacity delivered robust performance during the year, driven by synergies post-acquisition. |
| Costs | — | — | — | — | — | — | Additionally, our Blade manufacturing facility at Halol, scheduled for commissioning in the first half of FY27, would provide advantage to us in terms… |
| Debt and cash | The net debt at the end of the quarter stood at ₹59,300 crores. | Another significant milestone in our journey was the deleveraging achieved through the successful execution of a ₹10,150 crore capital raise in the re… | From a balance sheet point of view, the net debt at the end of September quarter stood at close to Rs. | As the transaction gets completed, this asset, along with O2 Power, will start generating cash flows from day one. | Turning to leverage, net debt at the end of the quarter stood at ₹63,771 crores, up from ₹61,960 crores as on September 30, 2025. | From a gross block point of view, you will have to wait for some time because based on the size and significant developments that have happened we sho… | Finally, on Working Capital: total receivables as at March 31 stood at ₹3,240 crores, translating to debtor days of 62 - a sharp and meaningful improv… |
| Demand | In Q1 FY26, the country's power demand registered a year-on-year decline of 1.5%. | India's power sector delivered a strong start to FY27, with Q1 demand growing 8.5% year-on- year — a sharp turnaround from the muted 0.9% growth in FY… | After a decline of 1.6% in Q1, we witnessed a significant uptick in power demand in Quarter 2, which grew by 3.3% year-on-year to 449 billion units an… | The sector dynamics are evolving towards energy security, meeting rising base load and peaking load demand, and the adoption of low-cost energy storag… | The third quarter of this fiscal year has witnessed a flattish power demand growth, primarily driven by an unusually long and intense monsoon season a… | And congratulations on building a very strong pipeline and especially completing 2 inorganic acquisitions. | India's power sector continued its structural transformation in FY2026, though demand dynamics were different from what we saw in recent years. |
| Guidance | We anticipate this seasonal demand fluctuation to normalize in the coming quarters and remain structurally optimistic about strong medium-term power d… | We remain firmly on track to deliver our FY27 annual target of 3 GW capacity addition and ₹20,000 crore capex — having already achieved close to 36% o… | We expect this trajectory to JSW Energy Limited October 17, 2025 continue in the next couple of quarters as more facilities reach their reset date, so… | Regarding KSK Power, we would like to say that this is already at NCLT and the hearings are likely to take place soon, and we expect a faster earlier … | We expect to complete these transactions at the earliest, subject to the completion of customary processes and approvals. | So O2 in the press release I understand that we expect that by June 25 around 2.2 gigawatt of capacities expected to be operational. | On our thermal optionality at KSK, we expect the first 600 MW to be commissioned by mid of next fiscal year. |
| Margin | This has resulted in company reporting the highest ever quarterly EBITDA of ₹ 3,057 Cr up by 93% year on year and Record PAT of ₹ 743 Crore up 42% yea… | The 150 MW was driven by the early commissioning of Tidong Hydro, originally scheduled for October 2026, which contributed an incremental ₹20-22 Crore… | Over the past twelve months, we have added 5.5 GW of capacity, including 3.3 GW of renewables and 1.8 GW of thermal, which has significantly contribut… | The EBITDA for the quarter stood at ₹ 1,115 cr, which was down by 9% YoY. | Correspondingly, EBITDA increased by 98% year on year to ₹2,202 crores for the quarter. | So what was the EBITDA in FY’25 for KSK Mahanadi and what is the improvement possible over the next 2 to 3 years? | The company reported its highest-ever annual EBITDA of ₹11,041 crore in FY 2026. |
| People | — | — | — | And second is better utilization of the country’s grid infrastructure because solar project blocks the capacity for 24 hours and only uses for 8 hours… | — | — | — |
| Pricing | — | — | — | And how are the others progressing in terms of commissioning, and if you could give us some color on what kind of pricing you would have for capex for… | — | — | Mr. Sharad Mahendra See, one thing I would like to say here is that if we talk of whatever the commodity cycle price increases we have seen - In gener… |
| Revenue growth | This represents a substantial year-on-year growth of approximately 70%, up from 7.6 GW in the corresponding period last year. | It was that we had taken the shutdown to improve the reliability and the performance because we were foreseeing the demand, given the way May had star… | This is at a time when the industry has registered a subdued demand growth of 3.3% year-on-year in Q2FY26 and 0.8% year-on-year in H1FY26. | Regarding the economy, RBI has estimated GDP growth of 6.6% in the current fiscal year and a projection of 6.9% in Q1 FY26, which is primarily driven … | I would like to reiterate that our quarterly power sales growth of 65% year on year stands out against the broader industry backdrop, which recorded a… | — | However, from Q4 FY26 onwards we saw a fair power demand recovery, with demand growth rebounding to 2.2% in Q4. In FY27, so far, the YTD demand growth… |