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JSW Energy Q2 FY27 results: net profit up 38.4% to ₹1,141 crore, revenue up 23.0%
JSW Energy Limited reported consolidated revenue of ₹6,368 crore for Q2 FY27, up 23.0% from ₹5,177 crore a year earlier, while net profit rose 38.4% to ₹1,141 crore. EBITDA increased 20.7% to ₹3,618 crore, though the EBITDA margin narrowed to 56.8% from 57.9%. Basic EPS was ₹5.77 against ₹4.04 in Q2 FY26, and the company reported standalone results alongside the consolidated numbers.
Key points
- Consolidated revenue was ₹6,368 crore in Q2 FY27, up 23.0% from ₹5,177 crore in Q2 FY26 and 22.3% from ₹5,207 crore in Q1 FY27.
- Net profit was ₹1,141 crore, up 38.4% year on year from ₹824.27 crore and more than double the ₹532.70 crore reported in Q1 FY27.
- EBITDA rose 20.7% to ₹3,618 crore from ₹2,996 crore, while the margin was 56.8%, 1.1 percentage points below Q2 FY26.
- Basic EPS was ₹5.77, up from ₹4.04 in Q2 FY26 and ₹2.64 in Q1 FY27.
- For H1 FY27, revenue was ₹11,575.6 crore, up 12.2%, and net profit was ₹1,673.74 crore, up 0.8% from ₹1,660.13 crore a year earlier.
How did JSW Energy perform in Q2 FY27?
JSW Energy reported consolidated revenue of ₹6,368 crore for Q2 FY27, up ₹1,191 crore or 23.0% from ₹5,177 crore in Q2 FY26. Against Q1 FY27, revenue was higher by ₹1,161 crore or 22.3%. Total income rose 24.2% to ₹6,657.71 crore from a year earlier and 22.5% from ₹5,436.57 crore in the previous quarter.
EBITDA was ₹3,618 crore, up ₹621.05 crore or 20.7% from ₹2,996 crore in Q2 FY26 and ₹744.36 crore or 25.9% from ₹2,873 crore in Q1 FY27. The EBITDA margin was 56.8%, 1.1 percentage points lower than a year earlier and 1.6 percentage points higher than in Q1 FY27.
Profit before tax rose 41.4% to ₹1,349 crore from ₹953.53 crore, and net profit rose 38.4% to ₹1,141 crore from ₹824.27 crore. Against Q1 FY27, profit before tax was up 94.4% and net profit was up 114.2%. Basic EPS was ₹5.77, compared with ₹4.04 in Q2 FY26 and ₹2.64 in Q1 FY27. The board approved unaudited standalone and consolidated results for the quarter and half year ended 30th September 2026.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 6,368 | 5,207 | 5,177 | +23.0% | +22.3% |
| Other income | 289.24 | 229.44 | 183.65 | +57.5% | +26.1% |
| Total expenses | 5,309 | 4,743 | 4,408 | +20.5% | +11.9% |
| EBITDA | 3,618 | 2,873 | 2,996 | +20.7% | +25.9% |
| EBITDA margin | 56.8% | 55.2% | 57.9% | −1.1 pp | +1.6 pp |
| Profit before tax | 1,349 | 693.67 | 953.53 | +41.4% | +94.4% |
| Tax | 206.82 | 163.11 | 131.22 | +57.6% | +26.8% |
| Net profit | 1,141 | 532.70 | 824.27 | +38.4% | +114.2% |
| EPS (₹) | 5.77 | 2.64 | 4.04 | +42.8% | +118.6% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in JSW Energy's costs and profit?
Total expenses rose ₹901.53 crore or 20.5% to ₹5,309 crore in Q2 FY27, from ₹4,408 crore in Q2 FY26. Cost of materials was higher by ₹386.06 crore at ₹1,807 crore, finance costs by ₹197.19 crore at ₹1,615 crore, other expenses by ₹146.98 crore at ₹716.26 crore, depreciation by ₹134.34 crore at ₹943.36 crore, and employee cost by ₹33.89 crore at ₹224.95 crore.
Other income rose ₹105.59 crore to ₹289.24 crore from ₹183.65 crore in the year-ago quarter, while there was no exceptional item in either period. Tax expense was ₹206.82 crore, up ₹75.60 crore from ₹131.22 crore. The filing did not state reasons for the movement in any of these cost lines.
Profit after tax margin was 17.9% in Q2 FY27, 2.0 percentage points above the 15.9% recorded in Q2 FY26. Against Q1 FY27, other income was higher by ₹59.80 crore, total expenses by ₹566.17 crore, cost of materials by ₹236.53 crore, finance costs by ₹95.47 crore, other expenses by ₹129.12 crore, depreciation by ₹53.72 crore, employee cost by ₹8.71 crore, and tax by ₹43.71 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 1,807 | 1,421 | +386.06 | +27.2% |
| Employee cost | 224.95 | 191.06 | +33.89 | +17.7% |
| Finance costs | 1,615 | 1,418 | +197.19 | +13.9% |
| Depreciation | 943.36 | 809.02 | +134.34 | +16.6% |
| Other expenses | 716.26 | 569.28 | +146.98 | +25.8% |
| Total expenses | 5,309 | 4,408 | +901.53 | +20.5% |
| Other income | 289.24 | 183.65 | +105.59 | +57.5% |
| Tax | 206.82 | 131.22 | +75.60 | +57.6% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For the first half of FY27, JSW Energy reported consolidated revenue of ₹11,575.6 crore, up ₹1,254.81 crore or 12.2% from ₹10,320.79 crore in H1 FY26. Total income rose 12.3% to ₹12,094.28 crore from ₹10,772.31 crore.
Profit before tax for H1 FY27 was ₹2,042.31 crore, up ₹76.36 crore or 3.9% from ₹1,965.95 crore, while net profit was ₹1,673.74 crore, up ₹13.61 crore or 0.8% from ₹1,660.13 crore. Basic EPS for the half year was ₹8.44, compared with ₹8.3 in H1 FY26.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 11,576 | 10,321 | +12.2% |
| Profit before tax | 2,042 | 1,966 | +3.9% |
| Net profit | 1,674 | 1,660 | +0.8% |
| EPS (₹) | 8.44 | 8.30 | +1.7% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets rose to ₹137,093.01 crore at 30 September 2026 from ₹124,181.69 crore at 31 March 2026, and total equity was ₹39,794.97 crore against ₹33,577.36 crore. Borrowings increased to ₹81,273.63 crore from ₹75,846.14 crore, while cash fell to ₹4,020.93 crore from ₹4,142.45 crore.
Inventories were ₹721.65 crore compared with ₹960.58 crore at 31 March 2026. Trade receivables rose to ₹4,370.54 crore from ₹2,973.26 crore, and trade payables increased to ₹1,603.85 crore from ₹1,423.31 crore.
For H1 FY27, operating cash flow was ₹566.87 crore, compared with ₹5,338.38 crore in H1 FY26. Investing cash flow was negative ₹4,892.42 crore against negative ₹12,898.6 crore, financing cash flow was ₹4,480.72 crore against ₹6,520.68 crore, and capital expenditure was ₹7,840.67 crore against ₹4,771.11 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 1,37,093 | 1,24,182 |
| Total equity | 39,795 | 33,577 |
| Borrowings | 81,274 | 75,846 |
| Cash and equivalents | 4,021 | 4,142 |
| Inventories | 721.65 | 960.58 |
| Trade receivables | 4,371 | 2,973 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 566.87 | 5,338 |
| Cash from investing | −4,892 | −12,899 |
| Cash from financing | 4,481 | 6,521 |
| Capital expenditure | 7,841 | 4,771 |
Source: Company's results filing (XBRL).
How has JSW Energy done over the last 8 quarters?
Revenue has risen year on year in each of the last seven quarters. Over the eight quarters from Q3 FY25 to Q2 FY27, revenue was lowest at ₹2,438.88 crore in Q3 FY25 and highest at ₹6,368.47 crore in Q2 FY27, with Q1 FY26 standing at ₹5,143.37 crore before revenue dipped to ₹4,081.76 crore in Q3 FY26.
Net profit bottomed at ₹157.45 crore in Q3 FY25 and peaked at ₹1,141.04 crore in Q2 FY27, with an interim low of ₹528.75 crore in Q3 FY26. The EBITDA margin was 37.5% in Q3 FY25, reached 57.9% in Q2 FY26 and was 56.8% in Q2 FY27, after 49.7% in Q3 FY26 and 50.0% in Q4 FY26.
Which businesses drove the quarter?
Thermal revenue was ₹3,814.82 crore in Q2 FY27, up 17.7% from ₹3,240.83 crore in Q2 FY26, with segment EBIT of ₹1,105.93 crore against ₹1,020.43 crore. The segment's EBIT margin was 29.0%.
Renewables revenue rose 31.5% to ₹2,532.17 crore from ₹1,925.58 crore, and segment EBIT was ₹1,666.24 crore against ₹1,259.51 crore. The EBIT margin for renewables was 65.8%.
Unallocated revenue was ₹21.48 crore, up 95.1% from ₹11.01 crore, and unallocated EBIT was negative ₹10.51 crore against negative ₹2.51 crore a year earlier, with an EBIT margin of negative 48.9%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Thermal | 3,815 | +17.7% | 1,106 | 29.0% |
| Renewables | 2,532 | +31.5% | 1,666 | 65.8% |
| Unallocated | 21.48 | +95.1% | −10.51 | -48.9% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved raising long-term funds of up to ₹5,000 crore through rated and listed non-convertible debentures on a private placement basis, in one or more tranches, and authorised the Finance Committee to decide the terms. The board also approved raising funds not exceeding ₹6,000 crore, the unutilised portion of the ₹10,000 crore limit approved by members on 3 January 2026, and said it would seek members' approval through a postal ballot as and when required.
The board appointed Chandrasekaran Prabhakaran as an Additional Director and Whole-time Director designated as Director (Finance), effective from 28 October 2026, for a term of 5 years, subject to members' approval. The filing said he had been Chief Financial Officer and a Key Managerial Person since 1 January 2026. The results presentation was filed alongside the results, and the board meeting ran from 12:00 noon to 3:10 p.m.
What did JSW Energy's management say?
Management maintained FY27 guidance for 3 GW of organic renewable commissioning and said 1.4 GW had been completed since April, with 1.6 GW remaining on track. It also guided to about 1 GWh of standalone BESS commissioning in FY27 and planned capex of about ₹20,000 crore. Management said the 30 GW installed capacity target for 2030 remained supported by C&I, thermal, storage and 26.4 GWh of pumped hydro.
Management expected Q3 merchant pricing at or above ₹6.9/unit and said Q3 volumes were fully booked. It also expected C&I capacity to rise from 3.7 GW to above 8.5 GW by 2030, and indicated 2.5-3 GW of annual renewable additions from FY28 onward. The CFO indicated debt cost should remain at no more than about 8.50% under the rate scenario discussed.
Management said H1 curtailment was 4.8%, with a Q2 revenue impact of 225 MUs and ₹59 crore, and that most temporary GNA should become permanent by Q3. On risks, management cited imported coal prices averaging US$115 per tonne, the commissioning schedule for KSK in FY28-FY29 and Salboni's 2030 first-unit schedule, and dependence on evening-peak demand and bilateral contracting conditions for merchant revenue.
Joint MD and CEO Sharad Mahendra said the pipeline was substantially de-risked and the company was confident of meeting the 3 GW commissioning target for FY27. He also said the locked-in pipeline gave clear line of sight to the 30 GW target for 2030, and that selling capacity would not be a problem because of low fuel cost close to the mine.
How did JSW Energy shares react?
JSW Energy shares were up 0.3% five minutes after the filing appeared. By the close of the first session that could trade on the news, the stock was up 2.8% from its pre-results close, and by the next day's close it was up 9.0% from that close, with the five-session gain at 8.8%.
The Power Generation industry's other stocks recorded a median move of 0.1% on the reaction day, 1.8% by the next day's close and 3.3% over five sessions. JSW Energy's corresponding excess moves were 2.8 percentage points, 7.2 percentage points and 5.5 percentage points. The Nifty Midcap 150 was up 0.3% on the reaction day and 1.2% by the next day's close.
On earlier results days, the reaction-day move was negative 0.9% on 22 July 2026, negative 6.7% on 11 May 2026, negative 2.9% on 17 October 2025 and negative 0.5% on 31 July 2025. It was negative 6.0% on 28 January 2025, positive 0.2% on 24 October 2024, positive 0.8% on 19 July 2024 and negative 3.5% on 7 May 2024.
| After the filing | Stock | Power Generation median |
|---|---|---|
| 5 minutes | +0.3% | |
| Reaction day | +2.8% | +0.1% |
| Next day | +9.0% | +1.8% |
| 5 days | +8.8% | +3.3% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 22 July 2026 | −0.9% |
| 11 May 2026 | −6.7% |
| 17 October 2025 | −2.9% |
| 31 July 2025 | −0.5% |
| 28 January 2025 | −6.0% |
| 24 October 2024 | +0.2% |
| 19 July 2024 | +0.8% |
| 7 May 2024 | −3.5% |
Source: MarketPing price-reaction measurement.
How did other Power Generation companies do?
Thirteen other Power Generation companies that have filed this quarter had a median revenue growth of 13.3%. Of the peers whose revenue growth could be compared, 9 grew slower than JSW Energy and 4 grew faster than the company.
Among the peers for which profit was compared, 10 recorded higher profit. The peer comparison covers 14 companies on profit, based on filings available as of 4 November 2026, while JSW Energy's own Q2 FY27 revenue growth was 23.0%.
| JSW Energy revenue growth (YoY) | +23.0% |
|---|---|
| Median of 13 other Power Generation companies | +13.3% |
| Companies with slower revenue growth than JSW Energy | 9 of 13 |
| Companies with faster revenue growth than JSW Energy | 4 of 13 |
| Companies whose net profit rose | 10 of 14 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was JSW Energy's revenue in Q2 FY27?
Revenue from operations was ₹6,368 crore, up 23.0% from ₹5,177 crore in Q2 FY26 (consolidated).
Did JSW Energy make a profit in Q2 FY27?
Yes. Net profit was ₹1,141 crore, against a net profit of ₹824.27 crore in Q2 FY26.
What was JSW Energy's EPS in Q2 FY27?
Basic earnings per share were ₹5.77, against ₹4.04 in Q2 FY26.
How did JSW Energy shares react to the Q2 FY27 results?
On the reaction day the stock moved +2.8% from the previous close; the median Power Generation stock moved +0.1%.
When did JSW Energy announce its Q2 FY27 results?
On 28 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Pursuant To Regulation 29(1) Of The SEBI (LODR) Regulations, 2015, This Is To Inform You That, A Meeting Of The Board Of Directors Of The Company Will Be Held On Wednesday, 28Th October 2026 (BSE, 22 October 2026) · PDF
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation (BSE, 22 October 2026) · PDF
- Outcome Of The Board Meeting Held On 28Th October 2026 (BSE, 28 October 2026) · PDF
- The earnings call (2 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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