Key Quantitative Figures

Financial Results (Consolidated) for Q2 FY27 (Quarter Ended September 30, 2026):

  • Revenue from operations: ₹6,368.47 crore
  • Other income: ₹289.24 crore
  • Total income: ₹6,657.71 crore
  • Fuel cost: ₹1,802.53 crore
  • Finance costs: ₹1,614.75 crore
  • Depreciation and amortization: ₹943.36 crore
  • Profit before tax: ₹1,347.86 crore
  • Profit after tax: ₹1,141.04 crore
  • Basic EPS: ₹5.17
  • Diluted EPS: ₹5.62

Financial Results (Consolidated) for H1 FY27 (Six Months Ended September 30, 2026):

  • Revenue from operations: ₹11,575.60 crore
  • Total income: ₹12,094.28 crore
  • Profit before tax: ₹2,043.67 crore
  • Profit after tax: ₹1,673.74 crore
  • Basic EPS: ₹8.44
  • Diluted EPS: ₹8.22

Balance Sheet (Consolidated) as of September 30, 2026:

  • Total assets: ₹137,093.01 crore
  • Property, plant and equipment: ₹71,107.46 crore
  • Capital work-in-progress: ₹15,283.10 crore
  • Total equity: ₹39,794.97 crore
  • Total borrowings: ₹81,273.63 crore (Non-current: ₹69,094.50 crore + Current: ₹12,179.13 crore)
  • Cash and cash equivalents: ₹4,020.93 crore
  • Bank balances other than cash: ₹2,129.73 crore

Operational Metrics:

  • Power sales volume: 17.5 Billion Units (BUs) in Q2 FY27, up 17% YoY
  • Installed capacity: 15,147 MW as of October 5, 2026
  • Renewable capacity: 7,189 MW (51% of total)
  • Thermal capacity: 5,958 MW
  • Net Debt to Equity: 1.79x
  • Operational Net Debt to EBITDA: 4.94x

Dates of Action

  • Board meeting held: October 28, 2026 (12:00 noon to 3:10 p.m.)
  • Financial results period: Quarter and half year ended September 30, 2026
  • Director appointment effective: October 28, 2026
  • Maruti Clean Coal & Power acquisition completed: August 6, 2026
  • QIP raised: May 25, 2026
  • NCLT sanction for GE Power India demerger: October 1, 2026

Parties Involved

  • Statutory Auditor: Deloitte Haskins & Sells LLP
  • New Director: Mr. Chandrasekaran Prabhakaran (DIN: 03573049)
  • Acquired entity: Maruti Clean Coal & Power Limited
  • Associate: Toshiba JSW Power Systems Private Limited
  • Joint venture partner: Druk Green Power Corporation (Bhutan)
  • Regulatory authorities: SEBI, BSE, NSE, NCLT

Fund Raising Approvals

1. Raising up to ₹5,000 crore through issuance of rated, listed Non-Convertible Debentures on private placement basis in one or more tranches. Finance Committee authorized to finalize terms.

2. Extension of validity of existing member approval from EGM held on January 3, 2026 for raising up to ₹10,000 crore (valid until January 2, 2027). Board approved raising unutilized portion of ₹6,000 crore through various methods including private offerings, preferential allotment, QIP, or combination thereof. Seeking enabling approval from members through postal ballot.

Management Appointment

Based on Compensation and Nomination & Remuneration Committee recommendation, Board approved appointment of Mr. Chandrasekaran Prabhakaran as Additional and Whole-time Director designated as Director (Finance) for 5 years effective October 28, 2026, subject to member approval.

Mr. Chandrasekaran Prabhakaran (age 51) is a qualified Chartered Accountant and Cost Accountant with over 26 years of experience. He has been with JSW Group since November 2014 and was Chief Financial Officer since January 1, 2026. He will continue as Key Managerial Personnel and be authorized to determine materiality of events for stock exchange disclosures.

Subsidiary Information

The consolidated financial results include 120 subsidiaries reviewed by other auditors with total assets of ₹62,344.82 crore and 12 subsidiaries not reviewed by their auditors with total assets of ₹239.72 crore as of September 30, 2026.

Significant Events and Transactions

1. Capacity Addition: Added 1,686 MW in H1 FY27 (1,386 MW renewable + 300 MW thermal)

2. Maruti Thermal Plant Acquisition: Acquired 300 MW operational plant in Korba, Chhattisgarh for enterprise value of approximately ₹1,410 crore

3. Toshiba JSW Order: Completed turbine-generator orders for entire 3.2 GW Salboni Thermal Project

4. Bhutan Hydro Project: Signed agreement with Druk Green Power for 920 MW Punatsangchhu-III Hydroelectric Project (JSW Neo Energy 49%)

5. GE Power India Demerger: NCLT sanctioned scheme on October 1, 2026 for demerger of boiler business

6. JSW Mahanadi Call Option: Exercised call option for remaining 26% stake on April 9, 2026

7. QIP Issuance: Raised ₹4,000 crore on May 25, 2026 by allotting 7.619 crore shares at ₹525 per share

8. JSW Steel Stake Sale: Divested 2.5 crore shares of JSW Steel in Q1 FY27 for ₹3,150 crore

Operational Performance

  • Thermal generation: 8.9 BUs (up 13% YoY)
  • Renewable generation: 8.6 BUs (up 21% YoY)
  • PLF/CUF: Thermal plants 48-90%, Solar 19% CUF, Wind 46% CUF, Hydro 99% PLF
  • Segment revenue: Thermal ₹3,814.82 crore, Renewables ₹2,532.17 crore
  • Segment results: Thermal ₹1,105.93 crore, Renewables ₹1,666.24 crore

Capital Structure Impact

  • Paid-up equity share capital: ₹1,833.01 crore (net of treasury shares)
  • Q2 FY27 basic EPS: ₹5.17
  • Post-QIP share capital increased from ₹1,746.50 crore (Q2 FY25) to ₹1,833.01 crore (Q2 FY26)

Forward-looking Statements

The media release contains forward-looking statements about growth prospects, capacity targets (30 GW by FY30, 40 GWh storage), and project execution timelines, subject to various risks and uncertainties.