JSW Energy Q1 profit falls 36% to ₹533 cr on higher depreciation, finance costs

JSW Energy Ltd, one of India’s leading private power producers, reported a 36 per cent year-on-year decline in consolidated profit to ₹ 533 crore in the first quarter of FY27, impacted by higher depreciation and finance costs following capacity additions.

The profit attributable to shareholders stood at ₹471 crore during the April-June quarter, compared with ₹836 crore in the corresponding period of the previous fiscal. The company’s revenue from operations grew 1.2 per cent year-on-year to ₹5,207 crore during the quarter.

The moderation in revenue growth was largely due to a decline in thermal business revenue, which fell 5 per cent during the quarter, while renewable energy revenue increased 17 per cent year-on-year.

JSW Energy added 1,081 MW of operational capacity since April, including 873 MW added during the first quarter, marking the highest-ever quarterly organic capacity addition in the company’s history. The total installed capacity stood at 14,535 MW, with renewable energy accounting for 61 per cent of the portfolio.

The capacity additions included 442 MW of solar, 108 MW of wind and 381 MW of hybrid capacity. The company also commissioned the 150 MW Tidong hydro project ahead of schedule in June.

Power sales volumes declined 5 per cent year-on-year to 12.9 billion units during the quarter. Thermal generation fell 6 per cent to 8 billion units, while renewable generation dropped by 3 per cent to 4.8 billion units, mainly due to lower hydro generation amid weaker hydrology.

JSW Energy’s EBITDA increased 2 per cent year-on-year to ₹3,103 crore during the quarter, with EBITDA margin at 57 per cent.

The company strengthened its balance sheet during the quarter by raising around ₹4,000 crore through a qualified institutional placement (QIP). It also monetised part of its stake in JSW Steel, raising around ₹3,150 crore, as part of a strategic liquidity release.

JSW Energy expands green portfolio with 159 MW wind power addition 

The fund raises have helped reduce net debt, with the company’s net debt standing at around ₹61,322 crore as of June 30, 2026. Cash and cash equivalents stood at around ₹12,881 crore.

JSW Energy also signed a definitive agreement to acquire the 300 MW Maruti Clean Coal & Power thermal plant in Chhattisgarh at an enterprise value of around ₹1,410 crore. The plant has a long-term power purchase agreement for 195 MW with Rajasthan discoms.

The company has also expanded its energy solutions portfolio, commissioning a wind blade manufacturing facility in Halol, Gujarat, with an annual capacity of 450 blades. Its battery assembly facility received its first large external order for a 200 MW/400 MWh battery energy storage system project worth around ₹443.74 crore.

JSW Energy said it remains on track to achieve its FY27 capacity addition target of 3 GW as part of its broader growth strategy.