JSW Energy Q1 FY27 PAT Declines 36% YoY

Net generation volume: 12.9 BUs in Q1 FY27, declined 5% YoY but up 10% QoQ
Renewable energy (Wind & Solar) generation: 3.4 BUs, increased 11% YoY and 41% QoQ
Thermal generation: 8.0 BUs, down 6% YoY and 9% QoQ
Long Term PPA Generation: 11.2 BUs, decreased 4% YoY but up 30% QoQ
Short Term PPA Generation: 1.6 BUs, down 7% YoY and 48% QoQ
Key drivers: Capacity addition leading to RE generation growth; lower PLFs at Hydro plants and Mahanadi due to weak hydrology and one-off evacuation availability issue

Thermal Segment (5,658 MW operational capacity):

Renewables Segment (8,877 MW operational capacity):

Revenue: ₹5,437 Cr (flat YoY vs ₹5,411 Cr)
EBITDA: ₹3,103 Cr (+2% YoY vs ₹3,057 Cr)
EBITDA Margin: 57% (+0.6 pp vs 56%)
PAT: ₹533 Cr (-36% YoY vs ₹836 Cr)
PAT to Shareholders: ₹471 Cr (-37% YoY vs ₹743 Cr)
Cash PAT: ₹1,464 Cr (-7% YoY vs ₹1,579 Cr)
Diluted EPS: ₹2.57 vs ₹4.25 in Q1 FY26
Finance Cost: ₹1,519 Cr (+16% YoY vs ₹1,306 Cr)
Depreciation: ₹890 Cr (+20% YoY vs ₹739 Cr)
Drivers: RE capacity addition supporting EBITDA growth; higher depreciation and finance costs impacting PAT

Not Specified

Net Debt: ₹61,322 Cr
Net Debt to Equity: 1.70x
Operational Net Debt to EBITDA: 4.95x (TTM)
Cash & Cash Equivalents: ₹12,881 Cr
DSO: 65 days (marginal increase driven by higher LT tie-ups)
Financial Health: Robust liquidity buffer with sizable cash balances to fund equity portion of estimated capex

Capital Expenditure: Massive growth plan with ~₹1.1 trillion estimated capex till FY30
Free Cash Flow: Not specified
Operating Cash Flow: Not specified
Net Debt Movement: Operational Net Debt at ₹54,885 Cr + CWIP Net Debt at ₹6,437 Cr
Investment Rationale: Focus on capacity expansion towards 30 GW by 2030 target

Capacity Addition: 1,081 MW renewable capacity added till July 8th (Solar +442 MW, Wind +108 MW, Hybrid +381 MW, Hydro +150 MW)
Total Capacity: 14,535 MW as of July 8th
Commissioning Target: 1.5 GW by H1FY27; 3 GW target for FY27
Energy Storage Target: 40 GWh by 2030; 29.6 GWh locked-in
Strategic Acquisitions: Definitive agreement signed for acquisition of 300 MW Maruti Thermal Plant
Manufacturing: Halol wind blade manufacturing facility operationalized; battery assembly facility secured first external order (200 MW/400 MWh)
Strategic Rationale: Expanding renewable portfolio, backward integration, and energy storage capabilities

Indian economy: Real GDP grew 7.8% YoY in Q4 FY26; estimated 6.6% for FY27
Power Demand: All-India power demand rose 8.5% YoY to 483 BUs in Q1 FY27
Peak Demand: Record 271 GW in May 2026; remained robust at 265 GW in June 2026
Regional Growth: South (+14.4% YoY), West (+9.8% YoY), North (+3.6% YoY), East & NE (+6.5% YoY)
Impact on Company: Strong demand environment supporting growth plans

Strategic Outlook: "Momentum compounding across operations and balance sheet — the foundation for Strategy 3.0"
FY Guidance: Target of 30 GW generation capacity by 2030; 40 GWh energy storage by 2030
Growth Projects: 13,567 MW under construction; 4,261 MW pipeline projects
Thermal Expansion: 3,800 MW thermal capacity in pipeline (Salboni 1,600 MW × 2, JSW Mahanadi 600 MW)
Renewable Mix: Hybrid (4,417 MW), Wind (2,245 MW), Solar (3,105 MW) in pipeline
Risks: Raw material price fluctuations, regulatory changes, execution risks

ESG Ratings: TPI Level 5 (highest), MSCI "A", FTSE4Good Index constituent
Carbon Neutrality: Committed to 2050 target in line with Paris Agreement
Sustainability Targets: GHG emissions reduction target of 48% by FY30, specific fresh water intake reduction target of 38% by FY30
Q1 FY27 Performance: CO2 intensity 0.57 tCO2e/MWh, PM emissions 0.087 kg/MWh, SOx emissions 0.75 kg/MWh, NOx emissions 1.75 kg/MWh
Safety Performance: LTIFR of 0.05

#CompanyName: JSW Energy Limited