India · Delayed Price · Currency is INR JSW Energy Earnings Call Transcripts
Fiscal Year 2026
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Q3 FY26 saw 61% revenue and 98% EBITDA growth, driven by major capacity additions and robust power sales. Over 95% of capacity is now tied to long-term PPAs, with strong liquidity and progress on green hydrogen and storage projects.
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Q2 FY26 saw a 52% year-on-year surge in generation and 55% revenue growth, driven by capacity additions and strategic acquisitions. Profit after tax declined 17% due to higher interest and depreciation, but cash profits and EBITDA rose sharply. Net debt increased with ongoing CapEx.
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Strong capacity additions and acquisitions drove a 71% YoY rise in generation and record EBITDA, with stable earnings from PPA-tied assets. Capex and leverage increased due to growth investments, while the company remains focused on de-risking and supply chain integration.
Fiscal Year 2025
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Record capacity additions and major acquisitions drove strong EBITDA and PAT growth in FY25. Strategy 3.0 targets 30 GW generation and 40 GW storage by 2030, with disciplined capital allocation and a robust project pipeline supporting future expansion.
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Q3 saw 10% growth in power generation, led by renewables, but EBITDA fell 9% and PAT dropped 27% year-over-year. Major acquisitions (O2 Power, KSK Mahanadi) boost capacity, with a 10 GW target by FY25 and 20 GW by FY30. Net debt rose to INR 26,500 crore.
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Net generation rose 14% year-over-year in Q2 FY25, but revenue grew just 2% due to lower hydro tariffs. Locked-in capacity reached 19.2 GW, with major progress in energy storage and a robust CapEx plan. Net debt increased to INR 24,875 crore, with a healthy liquidity position.
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Q1 FY25 saw 80% year-on-year profit growth, strong renewable and hydro generation, and robust project pipeline progress. Net debt fell after a major capital raise, and the company remains on track for 10 GW by FY25 and 20 GW before FY30.
Fiscal Year 2024
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The acquisition of a 4.7GW renewable platform boosts locked-in capacity by 23% to 25GW, with strong financials and operational synergies. The deal, valued at INR 12,468 crores, is expected to close in five months and positions the company for accelerated growth and future expansion.