JSW Energy Ltd.PAT up 38%, 1.4 GW added, merchant at ₹6.9 a unit

JSW Energy's Q2 FY27 call, held on 28 October 2026, reported revenue of ₹6,658 crore, up 24%, EBITDA of ₹3,907 crore, up 23%, and profit after tax of ₹1,141 crore, up 38%.

Net generation rose 17% to 17.5 billion units, and installed capacity passed 15.1 GW, about 61% of it renewable, after 1.4 GW of organic renewables since April and the 300 MW Maruti thermal acquisition. Merchant sales earned ₹6.9 a unit, about 20% above the day-ahead average, and the third quarter is fully booked at the same price or better. Utkal's EBITDA more than tripled to ₹368 crore on long-term power purchase agreements.

Debt cost fell 51 basis points to 8.28% and net debt to EBITDA was 4.94 times; management expects at most 8.50% even if rates rise another 75 basis points. Management reaffirmed the 3 GW FY27 commissioning target on capex of about ₹20,000 crore, 2.5 to 3 GW a year after that, and the 30 GW goal for 2030. Curtailment was 4.8% of generation against 5.4% nationally. No run-rate EBITDA guidance was given.