JSW Energy Limited Earnings Summary — Q4 FY2026
JSW Energy Reports Significant Revenue Expansion Amid Massive Renewable Transition
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue has increased for 3 consecutive quarters.
- Revenue of ₹5,207 Cr is 1.2% higher year-on-year.
- Revenue has compounded at 32.7% annualised over the last 10 quarters.
- Revenue is at its highest level in 10 quarters.
- Net profit of ₹471 Cr is 36.6% below the same quarter last year.
- Profit growth is trailing revenue growth this quarter.
- Net profit has compounded at 13.9% annualised across the period.
- Operating margin stands at 55.2% in Q1 FY2027.
- Operating margin expanded by 96 bps year-on-year.
- Over the last two years operating margin has expanded by 594 bps.
- PBT margin is 13.4%.
- Expense growth of -0.9% remained below revenue growth of 1.2%.
- Operating profit of ₹2,873 Cr is 3.0% higher year-on-year.
- Operating leverage continues to improve.
- 6 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 68/100 (Healthy) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Improving | 5,207 | 4,499 | 4,082 | 5,177 | 5,143 | 3,189 | 2,439 | 3,238 | 2,879 | 2,756 |
| Expenses | Improving | 2,334 | 2,249 | 2,052 | 2,181 | 2,355 | 1,985 | 1,525 | 1,553 | 1,462 | 1,587 |
| Operating Profit | Volatile | 2,873 | 2,250 | 2,030 | 2,996 | 2,789 | 1,204 | 914 | 1,685 | 1,418 | 1,169 |
| Operating Margin | Improving | 55.2% | 50.0% | 49.7% | 57.9% | 54.2% | 37.8% | 37.5% | 52.0% | 49.2% | 42.4% |
| Other Income | Volatile | 232 | 356 | 111 | 186 | 271 | 313 | 206 | 230 | 167 | 130 |
| Interest | Strong Uptrend | 1,519 | 1,608 | 1,485 | 1,418 | 1,306 | 675 | 565 | 518 | 511 | 533 |
| Depreciation | Improving | 890 | 809 | 829 | 809 | 739 | 482 | 406 | 392 | 375 | 427 |
| Profit Before Tax | Accelerating | 696 | 188 | -173 | 955 | 1,015 | 361 | 150 | 1,005 | 698 | 339 |
| Tax | Volatile | 163 | -386 | -702 | 131 | 180 | -54 | -7 | 128 | 164 | -6 |
| Net Profit | Volatile | 471 | 372 | 420 | 705 | 743 | 408 | 168 | 853 | 522 | 351 |
| Net Margin | Improving | 9.0% | 8.3% | 10.3% | 13.6% | 14.4% | 12.8% | 6.9% | 26.4% | 18.1% | 12.8% |
Key Takeaways
- Revenue surged 41% year-on-year to ₹4,498.58 crore, driven by capacity expansion and increased energy demand.
- Net profit for the quarter rose to ₹573.53 crore, representing a 38% increase compared to the same quarter last year.
- Finance costs spiked significantly to ₹1,608.49 crore for the quarter, up from ₹675.28 crore YoY, reflecting massive debt drawdowns for greenfield projects.
- The board recommended a dividend of ₹2 per equity share for FY2025-26, maintaining shareholder returns despite high capital expenditure.
- The company successfully completed the acquisition of multiple renewable energy subsidiaries during the quarter, including Tidong Power Generation.
- Promoter holding has seen a structural decline from 75% to roughly 66.5% over recent years, partially due to strategic QIPs to fund expansion.
- The transition towards an 80% green energy mix is accelerating, though current ROE remains constrained at sub-10% levels.
Management Guidance
Management is focused on achieving a 20 GW capacity target by 2030, pivoting from a thermal-heavy utility to a renewable energy leader. Significant emphasis is placed on commissioning wind and solar assets and completing backward integration via wind blade manufacturing.
Sentiment Shift
Improving
Operational scale is rapidly increasing with large revenue jumps, though bottom-line growth is being partially offset by soaring interest costs from the massive debt burden.
Outlook
The company is in a high-growth but high-risk phase, characterized by negative free cash flows and a debt-to-equity profile ballooning to fund long-term green assets. Success depends on the timely commissioning of new capacity to service rising interest costs.
From the Annual Report (Key Quotes)
“Strategic execution in commissioning wind and solar assets is now the critical delta for shareholder value.”
“Part of O. P. Jindal Group... recommended a dividend of Rs. 2 /- (20%) per Equity Share.”
“The Group’s share of net profit after tax... for the quarter and year ended March 31, 2026, gives a true and fair view.”
Official Quarterly Documents
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This summary is AI-generated from JSW Energy Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.