1. Opening Hook
While half of India was fighting over electricity bills, JSW Energy was busybuying the companies that make the damn boilers. The quarter looked like a superhero crossover episode — solar met thermal, hydro married storage, and GE Power walked into the JSW family WhatsApp group uninvited.
As India added 48 GW to its grid, JSW’s own capacity jumped 71% YoY — because who even cares about “demand” when you can just build more supply? CEO Sharad Mahendra called it a “resilient quarter.” Translation: they’re lighting up profits even when DISCOMs are flickering.
Keep reading — the real sparks fly when the CFO starts talking “mid-teen IRRs” like it’s Tinder for turbines.
2. At a Glance
- Revenue up 55%– CFO swears it’s “operational excellence,” not Excel wizardry.
- EBITDA up 67%– Clearly the most muscular quarter since the gym reopened post-COVID.
- Net Profit down 17%– New assets ate depreciation like samosas at tea time.
- Cash Profit up 27%– Money may not grow on trees, but it sure grows on turbines.
- Installed Capacity: 13.2 GW (+71% YoY)– They’re hoarding gigawatts like Delhi hoards ACs in May.
- Net Debt: ₹62,000 crore– But hey, leverage is just optimism with interest.
3. Management’s Key Commentary
“We witnessed a significant uptick in power demand this quarter – 3.3% YoY growth.”(Translation: The nation finally turned on their fans again after Q1’s blackout of demand.)
“Renewables accounted for 18% of total electricity generated this quarter.”(Translation: Solar’s winning, but don’t tell the coal guys — they still think it’s 2015.)
“Our total capacity rose from 7.7 GW to 13.2 GW in one year.”(Translation: We basically cloned ourselves — minus the carbon guilt.)
“We commissioned 240 MW Kutehr Hydro in record time despite COVID and floods.”(Translation: Project managers survived hell and now deserve sainthood.)
“GE Power India’s boiler business acquisition will ensure timely supply for Salboni.”(Translation: When your suppliers are slow, just buy the supplier.)
“Our 5 GWh battery assembly plant in Pune will support BESS rollout.”(Translation: Pune traffic will now be powered by lithium, not horn energy.)
“PAT fell 17% YoY due to higher depreciation and interest.”(Translation: Growth hangover — great party, bigger cleanup bill. 😏)
“Our receivables improved to 64 days vs 70 days YoY.”(Translation: DISCOMs are paying faster — maybe Diwali miracles are real.)
4. Numbers Decoded
| Metric | Q2 FY26 | YoY Change | One-Line Analysis |
|---|---|---|---|
| Revenue | ₹5,300 Cr | +55% | Lights on, meters spinning, cash flowing. |
| EBITDA | ₹3,200 Cr | +67% | Margin glow-up powered by turbines & M&A. |
| Net Profit (PAT) | ₹705 Cr | -17% | Accounting caught up faster than generation. |
| Cash Profit | ₹1,500 Cr | +27% | When real money flexes harder than net income. |
| Installed Capacity | 13.2 GW | +71% | Expansion mode: “Grow first, bill later.” |
| Net Debt | ₹62,000 Cr | +₹2,500 Cr QoQ | Heavy wallet, heavier interest. |
| EBITDA (H1FY26) | ₹6,200 Cr | >FY25 Full Year | They finished the syllabus mid-year. |
| Receivables Days | 64 Days | 70 → 64 | Credit discipline: surprising but true. |
Quick Take:EBITDA’s bulking up, profits taking a nap, and debt’s clearly skipping cardio. But operational metrics scream one thing — JSW Energy’s building an empire, not just running a power plant.
5. Analyst Questions (and Translations)
Q:Why was Hydro EBITDA down despite better generation?A:Supreme Court’s free power ruling to Himachal hit us.(Translation: What was free earlier is now government charity.)
Q:Lower Ind-Barath EBITDA — any issue?A:Just annual shutdown.(Translation: We turned it off, not broke it — calm down.)
Q:Why acquire GE Power’s boiler unit?A:To ensure supply for our Salboni project.(Translation: If Amazon delays, build your own delivery truck.)
Q:Any grid curtailment issues for renewables?A:None so far, thanks to GNA connectivity.(Translation: Our power’s got better connections than most politicians.)
Q:Any improvement in RE PPA signings?A:Nope, same slow motion.(Translation: Bureaucracy remains India’s most reliable base load.)
6. Guidance & Outlook
Management’s guiding like an overconfident GPS:
- 15 GW operational by FY26-end, 26 GW under construction,30 GW target by 2030.
- Capex Plan:₹1.3 lakh crore till 2030 – because energy security is expensive and bankers need jobs.
- Battery Plant (Pune):5 GWh capacity operational by Q3 FY26 – Make in India, store in Maharashtra.
- Hydro Expansion:Tidong 150
