Independent power producer JSW Energy has reported a revenue of ₹34.97 billion (~$408.93 million) in the fourth quarter (Q4) of the financial year (FY) 2024-25, a 21% year-over-year (YoY) growth from ₹28.79 billion (~$336.66 million).

The company attributed this growth to increasing revenue from renewables. In Q4 FY25, its revenue from renewables rose 49.36% to ₹8.47 billion (~$99.04 million) from ₹5.67 billion (~$66.3 million) in the same quarter of the previous year.

The profit after tax (PAT) increased 16% YoY to 4.08 billion (~$47.67 million) in Q4 FY 2025 from ₹3.51 billion (~$41.01 million).

The earnings before interest, taxes, depreciation, and amortization (EBITDA) were ₹15.12 billion (~$176.8 million), increasing 17% YoY from ₹12.92 billion (~$151.08 million).

JSW Energy’s earnings per share (EPS) came in at ₹2.34 (~$0.027) compared to an EPS of ₹2.13 (~$0.024) in the same period of the previous quarter.

Its net generation, including thermal power, rose 24% to 7.9 billion units (BU). Renewable energy generation increased by 32% YoY to 1.7 BUs.

Fiscal Year 2025 Results

JSW Energy reported a consolidated revenue of ₹126.39 billion (~$1.47 billion) in FY25, a 6% rise from ₹119.41 billion (~$1.39 billion) in the previous year.

Its PAT reached ₹19.51 billion (~$227.98 million), a 13% YoY increase from ₹17.23 billion (~$201.34 million).

EBITDA came in at ₹61.15 billion (~$715.08 million), rising 5% from ₹58.37 billion (~$682.57 million) the previous year.

EPS were at ₹11.18 (~$0.13) in FY25 compared to ₹10.47 (~$0.12) in FY24.

Net power generation, including thermal power generation, increased 16% YoY to 32.4 BUs. Renewable energy generation increased by 24% YoY to 11.6 BUs due to 1.3 GW wind capacity additions and 949 MU additions at hydropower projects.

Operational Highlights

JSW Energy has set a target of 40 GWh of energy storage.

Its installed capacity surged by 2.8 GW in Q4 FY25 due to greenfield wind additions of 478 MW and 2,150 MW of thermal capacity additions.

It is also constructing a 3,800 TPA green hydrogen project, which is expected to be commissioned by July 2025. Its energy storage capacity jumped to 13 GWh, bringing the total to 29.3 GWh.

In December last year, JSW Energy raised ₹50 billion (~$584 million) in growth capital through a qualified institutional placement from marquee institutional investors.

In FY25, JSW Energy acquired Hetero Group RE Assets at the cost of ₹6.3 billion (~$73.67 million).

It also acquired O2 Power, a 4.7 GW renewable energy platform, at the cost of ₹124.68 billion (~$1.45 billion). O2 Power’s installed capacity stands at 1,343 MW in FY 2025. JSW Energy plans to utilize the excess connectivity infrastructure for its projects.

Out of the acquired 1,343 MW capacity, wind comprises 271 MW, and the remaining is solar.  JSW Energy plans to add an additional 500 MW of solar capacity, taking the total capacity to 1.9 GW. The company said in its earnings call that it will operationalize 2.2 GW of solar power by June 2025.

It is also keeping its plan to add more module manufacturing capacity on hold due to an increase in manufacturing capacity to 100 GWin FY25. Additionally, it said that procuring modules at the right price is not currently a challenge due to increased manufacturing capacities in the country.

In March 2025, JSW Neo Energy, a wholly owned subsidiary of JSW Energy, acquired a 100% stake in Virya Infrapower for ₹75.4 million (~$866,000) in an all-cash transaction. The acquisition was completed on March 12, 2025, the same day the share purchase agreement was signed.

In Q3 FY25, JSW Energy reported a net profit of ₹1.68 billion (~$19.42 million), a decrease of 27% YoY from ₹2.31 billion (~$26.70 million) due to lower revenues from thermal and hydropower projects.