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JSW Energy Ltd

| Statement of Consolidated Financial Results for the Quarter and Year Ended March 31, 2026

Report Source

⬤11th May 26

Summary : JSW Energy achieved record annual performance, driven by strategic acquisitions and capacity expansion, with a bullish outlook.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Finance costs increased to ₹1,608 Crore (Q4 FY26) due to incremental borrowings.
  2. Receivables on DSO basis stood at 62 days (decreased from 76 days YoY).
  3. Total Revenue increased by 39% YoY to ₹4,851 Crore (Q4 FY26).
  4. Thermal generation grew by 43% YoY.
  5. Renewable energy generation rose by 68% YoY.
  6. Segment revenue includes Thermal, Renewables, and Unallocated.
  7. Robust FY26 annual cash PAT to shareholders of ₹4,359 Cr.
  8. Cash PAT to shareholders for Q4 FY26 stood at ₹699 Cr.
  9. Liquidity remains ample with cash balances of ₹10,013 Crores.
  10. Net Debt increased to ₹65,834 Crore as on March 31, 2026.
  11. Consolidated Net Worth stood at ₹30,752 Crore.
  12. Net Debt to Equity ratio stood at 2.1x.
  13. Total Assets (Consolidated) ₹1,24,181.69 Crore.
  14. Both standalone and consolidated financial results are presented and audited.
  15. Consolidated results include 177 subsidiaries, 12 unaudited subsidiaries, and a joint venture/associate.

Corporate Overview

  1. India (Karnataka, Himachal Pradesh)
  2. South Africa
  3. Mauritius
  4. Leading private sector power producer in India.
  5. Diversified assets in power generation and transmission.
  6. Part of the USD 23 billion JSW Group.
  7. Vision to achieve 30 GW power generation capacity by 2030.
  8. Bullish and confident about achieving strategic goals.
  9. Emphasizes pivotal year and tangible business outcomes.
  10. Highlights highest-ever annual EBITDA and PAT.
  11. DISCOMs (e.g., Karnataka DISCOMs)
  12. Other power consumers
  13. Thermal Power Generation
  14. Renewable Energy Generation
  15. Installed capacity: 13.45 GW (58% RE, 42% Thermal).
  16. Total locked-in generation capacity: 32.1 GW.
  17. Added 2.6 GW capacity in FY26 (1,343 MW inorganic).
  18. Strategic Thermal Play: Salboni pipeline scaled to 3,200 MW.
  19. 1,600 MW PPA secured for thermal projects.
  20. India's largest Green Hydrogen plant commissioned.
  21. 5.0 GWh Battery assembly facility operationalized.
  22. Acquisition of O2 Power Midco Holdings Pte. Limited and O2 Energy SG Pte. Limited.
  23. Acquisition of KSK Mahanadi Power Company Limited.
  24. Acquisition of Tidong Hydro Power from Statkraft.
  25. Acquisition of Raigarh Champa Rail Infrastructure.

Risk Factors

  1. Intense competition in power sector.
  2. Fluctuations in earnings, growth management.
  3. Time and cost overruns.
  4. Regulatory changes, political instability.

Key Drivers

  1. Record power sales, EBITDA, PAT.
  2. Significant capacity additions, 2.6 GW.
  3. Successful integration of key acquisitions.
  4. Strong balance sheet, ample liquidity.

Auditor’s Report

  1. Unmodified opinion on Standalone Financial Results.
  2. Unmodified opinion on Consolidated Financial Results.

Board Commentary

  1. Re-appointment of Mr. Rajiv Chaudhri as Independent Director for a second term of 5 years.
  2. Recommended dividend of Rs. 2 per equity share (20%) for FY 2025-26.
  3. Supreme Court judgment on 18% free power supply for Karcham Wangtoo plant.
  4. NCLT approval for JSW Mahanadi Power Company Limited acquisition.
  5. NCLT approval for Raigarh Champa Rail Infrastructure Private Limited acquisition.
  6. Preferential equity allotment of ₹3,000 Cr to promoters.
  7. Acquisition of O2 Power Midco Holdings Pte. Limited and O2 Energy SG Pte. Limited.
  8. Acquisition of JSW Mahanadi Power Company Limited.
  9. Acquisition of Tidong Hydro Power from Statkraft.
  10. Acquisition of Raigarh Champa Rail Infrastructure Private Limited for ₹700.1 Crores.

Corporate Governance

  1. Re-appointment of Mr. Rajiv Chaudhri as Independent Director.
  2. Audit Committee reviewed and approved the results.

Management Discussion & Analysis

Future Strategy

  1. Translating 'Strategy 3.0' ambitions into tangible outcomes.
  2. Full vertical integration (Green Hydrogen, Battery assembly).
  3. De-risking supply chain (Toshiba-JSW JV, GE Power boiler acquisition).
  4. Strengthening balance sheet via preferential equity allotment.

Industry Overview

  1. Positive outlook for power sector growth.
  2. Focus on renewable energy and vertical integration.

Operational Focus Areas

  1. Commissioning new capacity and integrating acquisitions.
  2. Enhancing operational efficiencies and monitoring.
  3. De-risking key inputs for power plants.

Performance Drivers

  1. Expanded installed base and organic capacity additions.
  2. Successful integration of recent large acquisitions (KSK Mahanadi, O2 Power).
  3. Enhanced monitoring and efficiencies of projects.
  4. Increased power sales volume (48% YoY in Q4 FY26, 58% YoY in FY26).
  5. Record EBITDA (81% YoY in FY26) and PAT (39% YoY in FY26).

Risk Control Measures

  1. Strategic acquisitions and vertical integration.
  2. Focus on operational efficiencies and monitoring.
  3. Diversified assets and fuel sources.

Critical Risks

  1. Fluctuations in earnings.
  2. Ability to manage growth.
  3. Intense competition within the power industry.
  4. Wage increases in India.
  5. Attracting and retaining skilled professionals.
  6. Time and cost overruns on fixed-price contracts.
  7. Client concentration.
  8. Restrictions on immigration.
  9. Ability to manage internal operations.
  10. Reduced demand for Power.
  11. Ability to successfully complete and integrate potential acquisitions.
  12. Liability for damages on service contracts.
  13. Success of strategic investments.
  14. Withdrawal of fiscal governmental incentives.
  15. Political instability.
  16. Legal restrictions on raising capital or acquiring companies.
  17. Unauthorized use of intellectual property.
  18. General economic conditions affecting the industry.