JSW Energy Limited has informed the Exchange about Investor Presentation
JSWENERGY · price
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JSW Energy reported Q4 FY25 consolidated revenue of ₹3,497 Cr (up 21% YoY) and EBITDA of ₹1,512 Cr (up 17% YoY), with net generation rising 24% YoY to 7.9 BUs. Full-year FY25 EBITDA grew 5% to ₹6,115 Cr while proforma Cash PAT jumped 45% YoY to ₹4,679 Cr after consolidating KSK Mahanadi. The company completed three major acquisitions in the quarter: 3.6 GW KSK Mahanadi thermal plant (₹16,084 Cr via NCLT), 125 MW Hetero Group RE assets (₹630 Cr), and 4.7 GW O2 Power RE platform (₹12,468 Cr, closed April 2025). It also raised ₹5,000 Cr via QIP and announced Strategy 3.0 targeting 30 GW generation and 40 GWh storage by FY30, requiring ~₹1,30,000 Cr in cumulative capex. Thermal segment EBITDA declined 9% YoY in Q4 due to weaker dark spreads, and merchant power tariffs fell to ₹4.47/unit in FY25 from ₹5.24/unit in FY24.
Strong capacity buildout and acquisitions signal aggressive long-term growth, but rising leverage (ND/EBITDA at 5.0x proforma) and declining thermal margins from softer merchant tariffs are near-term concerns for shareholders. The FY30 roadmap provides visibility but execution risk on ₹1.3 lakh crore capex remains significant.