JSW Energy (533148) Q4 25/26 earnings summary

Executive summary

• Installed capacity increased by 2.6 GW to 13.45 GW in FY26, with 24% YoY growth and strong organic and inorganic expansion, including integration of KSK Mahanadi and O2 Power acquisitions.

• Achieved record annual EBITDA of ₹11,041 crore (+81% YoY) and PAT of ₹2,762 crore (+39% YoY), driven by capacity additions and acquisitions.

• Raised ₹3,000 crore via preferential equity to promoters to accelerate growth; board recommended a 20% dividend (₹2/share) for FY26.

• Commissioned new green hydrogen and 5 GWh battery assembly plants; digital command centre for real-time monitoring across 90+ sites.

Financial highlights

• Q4 FY26 revenue up 39% YoY to ₹4,851 crore; EBITDA up 72% YoY to ₹2,602 crore; PAT up 38% YoY to ₹574 crore.

• FY26 consolidated revenue reached ₹19,878 crore (+57% YoY); EBITDA margin at 56% (+8pp YoY); diluted EPS at ₹12.74 (+14% YoY).

• Cash PAT for FY26 at ₹4,359 crore (+28% YoY); cash returns on adjusted net worth at 18%.

• Net debt as of March 31, 2026, stood at ₹65,834 crore; net debt to equity at 2.1x; receivables DSO improved to 62 days.

• Liquidity strong with cash and equivalents over ₹10,000 crore at year-end.

Outlook and guidance

• Strategy 3.0 on track, targeting 30 GW total capacity and 40 GWh storage by 2030, with 29.6 GWh already locked-in.

• FY27 expected to see accelerated earnings as new projects stabilize; CapEx guidance of ₹20,000 crore for FY27 with 3 GW capacity addition planned.

• Renewable additions in FY27 to be 35%-40% wind, rest solar/hybrid; similar pace expected in FY28.

• Committed to being carbon neutral by 2050 and reducing carbon emissions by ~50% by 2030.