JSW Energy Reports 50% Rise in Q2 Net Profit to ₹1,056 Crore, Announces Fund-Raising Plans

JSW Energy Ltd reported a 50 per cent year-on-year growth in consolidated net profit attributable to shareholders at ₹1,056 crore for the second quarter of FY27. The earnings growth was driven by higher power sales, capacity additions, and improved generation across both thermal and renewable energy segments.

Revenue from operations rose 23 per cent year-on-year to ₹6,368 crore during the quarter. This was aided by an 18 per cent increase in revenue from the thermal business and a 31 per cent rise in the renewables segment.

The company's power sales volume increased 17 per cent year-on-year to 17.5 billion units during the quarter. Thermal generation rose 13 per cent to 8.9 billion units, supported by higher output at its Mahanadi and Utkal plants, while renewable generation increased 21 per cent to 8.6 billion units. Specifically, wind and solar generation grew 25 per cent and 36 per cent respectively, aided by capacity additions and improved plant performance.

JSW Energy's installed capacity crossed the 15 GW milestone, reaching 15,147 MW as of October 5, following capacity additions of 1,686 MW in the first half of FY27. Renewable energy accounted for around 51 per cent of the installed portfolio. During the quarter, the company acquired the 300 MW Maruti thermal power plant in Chhattisgarh for an enterprise value of about ₹1,410 crore.

In addition to domestic expansion, JSW Energy signed an agreement with Bhutan’s Druk Green Power Corporation to jointly develop the 920 MW Punatsangchhu-III hydropower project, marking its first power generation venture outside India. The company also completed turbine-generator orders for the entire 3,200 MW Salboni thermal power project in West Bengal. Separately, the National Company Law Tribunal sanctioned the scheme for the demerger of GE Power India’s boiler business at Durgapur into JSW Energy.

The company stated it remains on track to achieve its FY27 capacity addition target of 3 GW, supported by projects under execution and the availability of land, transmission connectivity, and equipment supplies. Its longer-term strategy envisages expanding installed capacity to 30 GW by FY30.

As of September 30, 2026, JSW Energy's consolidated net worth stood at ₹36,710 crore, while cash and cash equivalents amounted to ₹15,698 crore. The net debt-to-equity ratio stood at 1.79 times, and the operational net debt-to-EBITDA ratio was 4.94 times.

Reflecting its capital requirements, the company’s board approved two separate fund-raising proposals. It cleared raising up to ₹5,000 crore through listed non-convertible debentures on a private placement basis. Separately, it approved raising up to ₹6,000 crore through eligible securities, subject to shareholder and regulatory approvals. The second proposal represents the unutilised portion of a ₹10,000 crore fund-raising limit approved by shareholders in January 2026, for which JSW Energy will seek approval through a postal ballot.

"JSW Energy's strong Q2 performance highlights the effectiveness of balanced growth across both thermal and renewable portfolios. Crossing the 15 GW milestone and expanding internationally into Bhutan demonstrate clear strategic execution. Furthermore, the board's approval to raise up to ₹11,000 crore through debentures and securities provides the necessary financial flexibility to support their capital-intensive capacity addition targets for FY27 and beyond." — Dr. Shishir Gupta, Founder & CEO, StartupLanes