JSW Energy Limited – Investor Presentation Summary
Key Operational Highlights
- Net generation increased 17% YoY to 17.5 BU in Q2 FY27.
- Thermal generation was 8.9 BU (+13% YoY) and renewable generation was 8.6 BU (+21% YoY).
- Installed capacity reached 15,147 MW as of 5th October 2026.
- Capacity added in FY27 (till 5th Oct) was 1,694 MW.
- Estimated H2 FY27 capacity addition target is 1,606 MW.
- Capacity under long-term PPA is approximately 96%.
- Key drivers: Capacity expansion, Utkal PPA tie-up, and better plant performance.
Segment-wise Performance
Thermal Segment (5,958 MW installed):
- Net generation: 8.9 BU (+13% YoY)
- Long-term generation increased 23% YoY to 7.9 BU.
- Short-term generation decreased 31% YoY.
- Operating revenue: ₹3,815 Cr (+18% YoY)
- EBITDA (ex-other income): ₹1,439 Cr (+9% YoY)
Renewables Segment (9,189 MW installed):
- Net generation: 8.6 BU (+21% YoY)
- Operating revenue: ₹2,532 Cr (+32% YoY)
- Operating EBITDA: ₹2,195 Cr (+31% YoY)
- Hydro (1,781 MW): Generation 3.4 BU (+13% YoY), PLF 90%
- Solar (2,426 MW): Generation 1.2 BU (+36% YoY), CUF 19%
- Wind (3,125 MW): Generation 4.0 BU (+25% YoY), CUF 46%
Financial Highlights
Q2 FY27 Consolidated:
- Revenue: ₹6,658 Cr (vs ₹5,361 Cr in Q2 FY26, +24% YoY)
- EBITDA: ₹3,907 Cr (vs ₹3,180 Cr in Q2 FY26, +23% YoY)
- EBITDA Margin: 59% (flat YoY)
- PBT: ₹1,348 Cr (vs ₹955 Cr in Q2 FY26, +41% YoY)
- PAT: ₹1,141 Cr (vs ₹824 Cr in Q2 FY26, +38% YoY)
- Cash PAT: ₹2,099 Cr (vs ₹1,512 Cr in Q2 FY26, +39% YoY)
- Diluted EPS: ₹4.04 (vs ₹8.29 in Q2 FY26)
H1 FY27 Consolidated:
- Revenue: ₹12,094 Cr (vs ₹10,772 Cr in H1 FY26, +12% YoY)
- EBITDA: ₹7,009 Cr (vs ₹6,237 Cr in H1 FY26)
- PAT: ₹1,674 Cr (vs ₹1,660 Cr in H1 FY26)
Drivers of financial performance: Expanded operating base, better plant performance, and capacity addition.
Geographical Revenue Split
Not Specified
Balance Sheet Snapshot
- Operational net debt/TTM EBITDA: 4.94x (from 4.95x in Q1FY27)
- Net debt/equity: 1.79x (from 1.70x in Q1FY27)
- Cash and equivalents: ₹15,698 Cr (from ₹12,881 Cr in Q1FY27)
- Receivable days: 63 (from 65 in Q1FY27)
Capex & Cash Flow Health
- H1 FY27 Capex: ₹9,517 Cr (including Maruti acquisition capex)
- Free Cash Flow: Not Specified
- Operating Cash Flow: Not Specified
- Investment Rationale: Capacity expansion towards 30 GW target by 2030.
Strategic & R&D Initiatives
- Completed turbine-generator orders for the entire 3.2 GW (4 x 800 MW) Salboni Thermal Project.
- NCLT sanction received for Scheme of Arrangement with GE Power India Limited.
- Strong visibility on C&I expansion to 8.6 GW with additional 2.0 GW Group Captive and 0.9 GW third-party C&I under advanced discussions.
- Energy Storage target: 40 GWh by 2030 (26.4 GWh PSP portfolio, 3.2 GWh BESS portfolio).
- Targeting 1.0 GWh BESS by FY27.
Industry Trends & Business Environment
- Indian real GDP grew by 7.8% YoY in Q1 FY27, estimated at 7.1% for FY27 (RBI).
- September 2026 CPI inflation rose to 5.54% from 4.83% in August.
- All-India power demand grew 11.1% YoY to 499 BU in Q2 FY27.
- Peak power demand reached 270 GW in Q2 FY27.
- Day Ahead Market (DAM) prices averaged ₹5.7/KWh in Q2 FY27, up 46% YoY.
Management Commentary & Growth Outlook
- Pathway to 3 GW capacity addition in FY27, with 1.6 GW planned for H2 across 30 projects.
- Land 100% secured for entire balance 1.6 GW.
- Well positioned to deliver 30 GW by 2030.
- Credit rating affirmed at 'AA/Stable/A1+' by India Ratings and ICRA.
ESG Updates
- Committed to carbon neutrality by 2050 aligned with 1.5°C Paris Agreement goal.
- ESG Ratings: S&P Global DJSI ESG 82/100, TPI Level 5 (highest), MSCI 'A', FTSE4Good Index constituent.
- H1 FY27 Performance: CO2 intensity 0.55 tCO2e/MWh (target 0.52), PM emissions 0.075 kg/MWh (target 0.075), SOx emissions 1.60 kg/MWh (target 1.57), NOx emissions 0.75 kg/MWh (target 0.64), Ash Utilisation 100%.
- Community initiatives in health, skills, livelihoods, water, sanitation, and education across operational regions.
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