JSW Energy Limited (JSWENERGY)
₹482.60 +0.76% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, JSW Energy's revenue was ₹5,207 Cr (+1.2% year on year, +15.7% on the previous quarter), and net profit ₹533 Cr (-36.3% year on year); the operating margin was 55.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹5,207 | +1.2% | +15.7% |
| Operating profit | ₹2,873 | +3.0% | +27.7% |
| Net profit | ₹533 | -36.3% | -7.2% |
| EPS (₹) | 2.64 | -38.0% | +25.1% |
| Operating margin | 55.2% | — | — |
JSWENERGY delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 49.63% of the JSWENERGY shares traded on NSE were taken to delivery, against the stock's own 20-session average of 55.02%. That is close to its usual level. In JSWENERGY futures, open interest fell 0.27% while the futures price rose 0.66%: short covering (shorts closing out).
Delivery in the last 5 sessions: 50.4% · 60.5% · 37.6% · 58.5% · 49.6%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
JSW Energy Limited has received the certified copy of the NCLT Mumbai Bench sanction order on October 13, 2026, approving the Scheme of Arrangement with GE Power India Limited (GEPIL). The order was originally passed by NCLT on October 1, 2026, under Sections 230 to 232 of the Companies Act, 2013. Under the scheme, JSW Energy is the Resulting Company acquiring a demerged undertaking from GEPIL. The company stated that the Effective Date and Record Date will be intimated to stock exchanges in due course.
- Received certified copy of NCLT Sanction Order on October 13, 2026
- Scheme sanctioned by NCLT Mumbai Bench vide order dated October 1, 2026
- Pertains to Scheme of Arrangement between GE Power India (Demerged Company) and JSW Energy (Resulting Company)
- Effective Date and Record Date to be determined and announced in due course
JSW Energy Limited announced that CARE Ratings assigned a 'CARE A+; Stable' credit rating to the long-term bank facilities of 7 step-down subsidiaries under the O2 Renewable Energy platform. The rated entities include O2 Renewable Energy IV, VI, X, XIII, XIV, XXII, and XXIII Private Limited. These ratings follow JSW Energy's strategic M&A acquisitions in renewable assets to scale operational capacity toward its 30 GW target by 2030. The standalone amounts for the bank facilities were not disclosed in the regulatory filing.
- CARE Ratings assigned 'CARE A+; Stable' ratings via releases dated October 12, 2026
- Covers long-term bank facilities of 7 step-down subsidiaries in the O2 Renewable Energy portfolio
- Subsidiaries rated: O2 Renewable Energy IV, VI, X, XIII, XIV, XXII, and XXIII Private Limited
- Supports JSW Energy's aggressive expansion strategy across its 13.2 GW power portfolio
JSW Energy Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate was issued by its Registrar and Share Transfer Agent, KFin Technologies Limited, on 8th October 2026. It confirms that all dematerialization requests received between 1st July 2026 and 30th September 2026 were processed within 15 days. This is a standard quarterly compliance filing with no operational or financial impact.
- Covers the quarter ended 30th September 2026 (period 01st July 2026 to 30th September 2026)
- RTA KFin Technologies confirmed requests were processed within 15 days of receipt
- Certificate received and dated 8th October 2026; submitted to exchanges on 12th October 2026
JSW Energy Limited announced that India Ratings and Research (Ind-Ra) has assigned an 'IND A/Stable' rating to the bank loan facilities of its step-down subsidiary, JSW Renew Energy Thirty Two Limited, on October 8, 2026. The specific quantum of the rated bank facilities was not disclosed in the filing. This assignment reflects an investment-grade profile supporting debt financing for renewable projects. JSW Energy continues its aggressive renewable energy additions toward its target of 30 GW by 2030.
- India Ratings assigned 'IND A/Stable' credit rating on October 8, 2026
- Rating applies to bank loan facilities of step-down subsidiary JSW Renew Energy Thirty Two Limited
- Specific facility amount was not disclosed in the exchange disclosure
JSW Energy has circulated a Postal Ballot Notice seeking shareholder approval via ordinary resolution for the appointment of Mr. Sanjay Sagar as a Non-Executive, Non-Independent Director. Mr. Sagar was initially inducted as an Additional Director on 8th August 2026. The remote e-voting window begins at 9:00 a.m. on 7th October 2026 and concludes at 5:00 p.m. on 5th November 2026, based on a cut-off date of 2nd October 2026. This administrative governance filing carries no direct operational or financial impact on the company.
- Shareholder approval sought to appoint Sanjay Sagar as Non-Executive, Non-Independent Director
- Appointment effective from original board induction date of 8th August 2026
- Remote e-voting period runs from 9:00 a.m. on 7th October 2026 to 5:00 p.m. on 5th November 2026
- Record/cut-off date set as 2nd October 2026
- Results of the postal ballot to be declared within 2 working days from close of voting
JSW Energy has commissioned 1,694 MW of power generation capacity since April 2026, lifting its total operational installed capacity to 15,147 MW (~15.1 GW). The additions include ~1.4 GW of renewables (593 MW solar, 542 MW hybrid, 150 MW hydro, 108 MW wind) and 300 MW of thermal via Maruti Clean Coal & Power. Operational renewable capacity now stands at 9,189 MW (61% of total portfolio), while locked-in capacity totals 32.4 GW with 14.5 GW under construction. The company targets commissioning another 1.6 GW in H2 FY27 to achieve its 3 GW annual renewable addition target.
- Total installed operational capacity increased to 15,147 MW, adding 1,694 MW since April 2026
- Renewable energy constitutes ~61% (9,189 MW) of the operational portfolio, including wind, solar, hybrid, and hydro
- Company completed ~46% of its FY27 3 GW RE addition target, aiming for remaining 1.6 GW in H2 FY27
- Locked-in generation portfolio reaches 32.4 GW (15.1 GW operational, 14.5 GW under construction, 2.8 GW pipeline)
- Locked-in energy storage capacity stands at 29.6 GWh (26.4 GWh pumped hydro, 3.2 GWh battery storage)
JSW Energy Limited announced that the National Company Law Tribunal (NCLT), Mumbai Bench, has sanctioned the Scheme of Arrangement between GE Power India Limited (Demerged Company) and JSW Energy Limited (Resulting Company) via an order dated October 1, 2026. The approval follows the board's initial green light on September 18, 2025, and stock exchange observations received on April 2, 2026. A certified copy of the sanction order is awaited, after which the effective date of the demerger/merger will be determined. The filing does not disclose transaction values or share entitlement ratios.
- NCLT Mumbai Bench sanctioned the Scheme of Arrangement on October 1, 2026
- Scheme involves GE Power India Limited as the Demerged Company and JSW Energy as the Resulting Company
- Shareholder and unsecured creditor meetings were completed following the NCLT order dated June 2, 2026
- Certified copy of the Sanction Order is awaited prior to determining the Effective Date
JSW Energy has informed exchanges that India Ratings and Research (Ind-Ra) has assigned a rating of 'IND A+/Stable' to the bank loan facilities of its wholly owned subsidiary, JSW Thermal Energy Limited. The rating assignment was communicated on September 29, 2026. This pertains to the credit evaluation of the subsidiary's borrowing facilities, supporting funding efficiency for its thermal assets. The specific amount of bank facilities rated was not disclosed in the filing.
- India Ratings assigned 'IND A+/Stable' rating on September 29, 2026
- Rating applies to bank loan facilities of wholly owned subsidiary JSW Thermal Energy Limited
- Exact quantum of rated bank loan facilities not disclosed in the filing
JSW Energy has informed exchanges that India Ratings and Research (Ind-Ra) has assigned a rating of 'IND A+/Stable' to the bank loan facilities of its wholly owned subsidiary, JSW Thermal Energy Limited. The rating assignment was communicated on September 29, 2026. This pertains to the credit evaluation of the subsidiary's borrowing facilities, supporting funding efficiency for its thermal assets. The specific amount of bank facilities rated was not disclosed in the filing.
- India Ratings assigned 'IND A+/Stable' rating on September 29, 2026
- Rating applies to bank loan facilities of wholly owned subsidiary JSW Thermal Energy Limited
- Exact quantum of rated bank loan facilities not disclosed in the filing
JSW Energy Limited has approved the allotment of 50,000 unsecured, rated, listed, taxable, redeemable Non-Convertible Debentures (NCDs) aggregating to ₹500 crore on a private placement basis. The NCDs carry a face value of ₹1,00,000 each and offer an effective coupon of 7.90% per annum (benchmark rate 7.85% + 0.05% spread). The issuance has a 7-year tenure, maturing on September 28, 2033, with principal repayment scheduled in three equal tranches between 2031 and 2033. This fundraise represents approximately 3.3% of JSW Energy's existing debt of ₹14,959 crore and 0.46% of its market capitalization.
- Allotted 50,000 unsecured NCDs aggregating to ₹500 crore via private placement
- Issued at face value of ₹1,00,000 each with an effective coupon rate of 7.90%
- 7-year maturity ending September 28, 2033, to be listed on BSE Limited
- Principal to be redeemed in three equal installments across 2031, 2032, and 2033
- Part of the broader ₹3,000 crore fundraising program approved by the Board on January 28, 2025
JSW Thermal Energy Limited, a wholly owned subsidiary of JSW Energy, has awarded an order to associate entity Toshiba JSW for two 800 MW steam turbine generators (TG) for Phase 2 of the Salboni Thermal Project in West Bengal. This completes the full equipment ordering for the entire 3,200 MW (4 x 800 MW) plant, following Phase 1 ordering in January 2026. The company has 5,000 MW of thermal capacity under construction (3,200 MW at Salboni and 1,800 MW at Mahanadi), expanding its thermal base beyond the current 5,958 MW operational capacity. Total locked-in generation capacity stands at 32.4 GW, progressing towards its target of 30 GW operational capacity by 2030.
- Procured two 800 MW steam turbine generators (1,600 MW) from associate company Toshiba JSW for Salboni Phase-II
- Secures key equipment for the entire 3,200 MW (4 x 800 MW) Salboni Thermal Power Project
- Under-construction thermal portfolio stands at 5,000 MW alongside 5,958 MW of operational thermal capacity
- Overall locked-in capacity reached 32.4 GW (15.0 GW operational, 13.4 GW under construction, 4.0 GW pipeline) alongside 29.6 GWh of storage capacity
JSW Energy's material step-down subsidiary, JSW Hydro Energy Limited (JSWHEL), has received a favorable order from the Appellate Tribunal for Electricity (APTEL) dated September 18, 2026. APTEL set aside a March 17, 2022 CERC order that had disallowed JSWHEL's claim for interest during construction (IDC) on equity exceeding 30% for tariff periods 2014-19 and 2019-24. Additionally, APTEL allowed carrying costs from the date of filing the true-up petition and remanded the matter to CERC for data prudence checks. While exact claim amounts were not quantified in the filing, this decision is expected to enhance regulated cash flow recoveries upon CERC verification.
- APTEL order dated September 18, 2026 sets aside the CERC order of March 17, 2022
- Allows JSW Hydro Energy's IDC claim on equity infused in excess of 30% during construction
- Covers tariff truing-up periods for 2014-19 and determination for 2019-24
- Carrying costs allowed from the petition filing date up to final adjustment, with matter remanded to CERC for prudence check
JSW Energy announced that credit rating agency India Ratings and Research (Ind-Ra) has affirmed its rating of 'IND A/Stable' for the bank loan facilities of JSW Renewable Energy (Coated) Limited on September 16, 2026. JSW Renewable Energy (Coated) is a step-down wholly owned subsidiary of JSW Energy. As an affirmation with a stable outlook rather than an upgrade or downgrade, the action maintains the existing credit assessment. Specific bank facility amounts were not disclosed in the filing.
- India Ratings and Research affirmed 'IND A/Stable' rating on September 16, 2026
- Applies to bank loan facilities of step-down wholly owned subsidiary JSW Renewable Energy (Coated) Limited
- Facility quantum not disclosed in the announcement filing
ICRA Limited has affirmed and assigned credit ratings for JSW Neo Energy Limited, a wholly owned subsidiary of JSW Energy Limited, as per an announcement dated September 12, 2026. Long-term bank loan facilities were affirmed at 'ICRA AA (CE)/Stable', while unsupported long-term bank facilities were affirmed and assigned 'ICRA AA-/Stable'. Proposed Commercial Paper and short-term working capital facilities received an assigned and affirmed rating of 'ICRA A1+'. This reaffirms stable credit profile and lower financing cost access for the company's renewable energy growth vehicle.
- ICRA affirmed rating of 'ICRA AA (CE)/Stable' for long-term bank loan facilities
- Unsupported long-term bank facilities affirmed and assigned 'ICRA AA-/Stable'
- Assigned and affirmed 'ICRA A1+' for proposed Commercial Paper and short-term/working capital facilities
- Action pertains to wholly owned subsidiary JSW Neo Energy Limited via ICRA release dated September 11, 2026
JSW Energy Limited announced that credit rating agency ICRA has affirmed and assigned ratings across its existing and enhanced debt facilities as of September 11, 2026. ICRA assigned and affirmed an 'ICRA AA (Stable)' rating for its long-term bank facilities and Non-Convertible Debentures (NCDs). The agency also affirmed and assigned 'ICRA A1+' for short-term bank facilities and affirmed 'ICRA A1+' for existing Commercial Paper. This affirmation supports the company's borrowing capability amidst its Rs 14,959 crore debt book.
- ICRA affirmed and assigned 'ICRA AA (Stable)' for existing and enhanced NCDs and long-term bank facilities
- Short-term bank loan facilities affirmed and assigned 'ICRA A1+' rating
- Commercial Paper rating affirmed at 'ICRA A1+'
- Action covers existing as well as enhanced credit limits as of September 11, 2026
Financial Performance
Revenue Growth by Segment
Total revenue grew 55% YoY to over INR 5,300 Cr in Q2 FY26, driven by a 52% increase in net generation. Thermal generation grew 62% YoY (7.8 BUs) due to Mahanadi and Utkal Unit-II, while Renewable Energy (RE) generation grew 42% YoY (7.1 BUs) following organic wind additions and O2 Power acquisition.
Geographic Revenue Split
Not disclosed in available documents; however, operations are spread across Indian states including Andhra Pradesh, Karnataka, Haryana, Himachal Pradesh, Maharashtra, Madhya Pradesh, Punjab, Uttar Pradesh, Rajasthan, and Telangana.
Profitability Margins
Profit After Tax (PAT) for Q2 FY26 was INR 705 Cr, down 17% YoY due to higher interest and depreciation from new asset capitalization. H1 FY26 PAT grew 5% YoY to ~INR 1,450 Cr. Cash profit for Q2 FY26 grew 27% YoY to over INR 1,500 Cr, reflecting strong underlying cash generation despite accounting depreciation.
EBITDA Margin
EBITDA for Q2 FY26 grew 67% YoY to INR 3,200 Cr. For H1 FY26, EBITDA exceeded INR 6,200 Cr, already surpassing the total EBITDA generated in the entire previous fiscal year.
Capital Expenditure
Major recent capex includes the acquisition of KSK Mahanadi Power for INR 16,084 Cr and Hetero Group wind SPVs for ~INR 630 Cr. The company is raising up to INR 10,000 Cr to fund its transition toward a 30 GW cumulative capacity target.
Credit Rating & Borrowing
Maintains [ICRA]AA (Stable) and [ICRA]A1+ ratings. Debt service coverage ratio (DSCR) is expected to remain comfortable above 1.4x over the medium term, supported by long-term PPAs and competitive financing costs.
Operational Drivers
Raw Materials
Domestic coal (primary fuel for thermal), water (for hydro), and wind/solar energy. Fuel costs are a pass-through in the majority of agreements, mitigating price volatility.
Import Sources
Primarily domestic sourcing for coal; specific states include Rajasthan (Barmer) and Chhattisgarh (Raigarh/Mahanadi).
Key Suppliers
Toshiba JSW Power Systems Private Limited (TJPS) is a key supplier for specialized Turbine Generator (TG) equipment and services under a contract valued up to INR 2,500 Cr.
Capacity Expansion
Current operational capacity is 13.2 GW as of September 2025 (up from 7.7 GW in September 2024). Planned expansion to >15 GW by end of FY26 and a long-term target of 30 GW by 2030.
Raw Material Costs
Fuel costs for thermal plants are being optimized; the removal of the INR 400/tonne compensation cess on coal is expected to lower generation economics for domestic coal-based plants.
Manufacturing Efficiency
Net generation increased 52% YoY to 14.9 BUs in Q2 FY26. RE share in the operating portfolio increased to ~57% from 46% in March 2025.
Logistics & Distribution
Presence in power transmission through Jaigad PowerTransco Limited (74% ownership) supports distribution infrastructure.
Strategic Growth
Expected Growth Rate
20%
Growth Strategy
Transitioning from pure-play generation to an energy products and services company. Strategy involves aggressive M&A (e.g., KSK Mahanadi, O2 Power), organic RE capacity additions, and a target of 30 GW capacity by 2030. Growth is supported by a INR 10,000 Cr fundraise and preferential issues to promoters.
Products & Services
Thermal power, Hydro power, Wind energy, Solar energy, Power Transmission, and Power Trading.
Brand Portfolio
JSW Energy, JSW Neo Energy, JSW Hydro Energy.
New Products/Services
Expansion into energy products and services throughout the power sector value chain; new RE assets (Wind/Solar) are expected to drive the majority of future capacity growth.
Market Expansion
Expanding footprint across India through acquisitions of distressed assets (KSK Mahanadi) and renewable platforms (O2 Power).
Market Share & Ranking
One of India's leading private sector power producers with a 13.2 GW diversified portfolio.
Strategic Alliances
Joint venture with Toshiba (TJPS) for turbine equipment; partnerships with SECI, NTPC, and GUVNL for long-term power offtake.
External Factors
Industry Trends
The industry is shifting toward 'Energy Sustainability' and 'Energy Security.' JSWEL is positioning itself by increasing RE share to 57% and targeting 30 GW to capitalize on India's growing power demand and decarbonization goals.
Competitive Landscape
Competes with other large private and public power producers; maintains edge through aggressive inorganic growth and low cost of financing (ICRA AA rating).
Competitive Moat
Durable advantages include being part of the resourceful JSW Group, high revenue visibility (92% long-term PPAs), and a diversified generation mix (Thermal, Hydro, RE) which balances base-load and green energy requirements.
Macro Economic Sensitivity
Sensitive to GST policies; recent rationalization and removal of coal cess improve generation economics. RE capital costs are highly sensitive to GST rates on equipment.
Consumer Behavior
Increasing demand for green energy from industrial consumers and DISCOMs driven by Renewable Consumption Obligations (RCO).
Geopolitical Risks
Exposure to global supply chains for RE components (solar cells/wind turbines) and specialized thermal equipment.
Regulatory & Governance
Industry Regulations
Subject to the Electricity Act, Renewable Consumption Obligation (RCO) framework, and availability-linked tariff regulations set by CERC/SERCs.
Environmental Compliance
Focus on RE expansion (57% of portfolio) to meet ESG goals; thermal projects are exposed to local community and social risks, mitigated by site-specific development programs.
Taxation Policy Impact
Effective tax rate not specified, but the company benefits from GST rationalization on RE and the removal of the INR 400/tonne coal compensation cess.
Risk Analysis
Key Uncertainties
Short-term tariff moderation and potential delays in commissioning under-construction RE projects could impact immediate revenue growth by 5-10%.
Geographic Concentration Risk
Operations are diversified across multiple Indian states, reducing single-region risk.
Third Party Dependencies
High dependency on state DISCOMs for offtake; mitigated by 92% PPA coverage and inclusion of strong central counterparties like SECI.
Technology Obsolescence Risk
Transitioning to RE and energy services to mitigate the long-term risk of thermal asset obsolescence.
Credit & Counterparty Risk
Exposure to weak state DISCOMs (e.g., Telangana, Rajasthan) is balanced by state government guarantees and contracts with JSW Steel and central agencies.
