Independent power producer JSW Energy posted revenue of ₹48.51 billion (~$513.49 million) in the fourth quarter (Q4) of the financial year (FY) 2026, an increase of 38.7% year-over-year (YoY) from ₹34.97 billion (~$370.17 million).

Revenue growth was driven by renewable energy capacity additions and contributions from O2 Power and the Mahanadi thermal plant.

The company generated ₹11.42 billion (~$120.88 million) in revenue from renewables, up 34.8% YoY from ₹8.47 billion (~$89.66 million).

Renewable energy generation rose 68% YoY, from 1.7 BUs to 2.9 BUs, whereas thermal generation increased by 43% YoY from 6.2 BUs to 8.8 BUs. The company’s power sales volume increased 48% YoY, from 7.9 BUs to 11.7 BUs during the quarter.

Revenue from the hydro business declined by 8.8% to ₹1.65 billion (~$17.47 million) from ₹1.81 billion (~$19.16 million) the year before.

The company’s net profit increased 38.3% YoY to ₹5.74 billion (~$60.76 million) from ₹4.15 billion (~$43.93 million).

Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 72.1% YoY to ₹26.02 billion (~$275.43 million) from ₹15.12 billion (~$160.05 million).

Earnings per share (EPS) came in at ₹2.07 (~$0.0219), down 11.5% compared to ₹2.34 (~$0.0247) during the same period the previous year.

Financial Year 2026 

The company reported revenue of ₹198.78 billion (~$2.104 billion) in FY 2026, up 57.3% YoY from ₹126.39 billion (~$1.34 billion).

The company’s revenue from renewables increased to 57.3% YoY to ₹56.26 billion (~$595.53 million) from ₹35.77 billion (~$378.64 million).

Renewable energy generation increased 56.9% YoY to 18.22 BUs from 11,61 MUs, whereas thermal generation increased to 33.06 BUs, up 59.1% from 20.77 BUs the year before.

Revenue from the hydro business increased to ₹11.91 billion (~$126.07 million), up 4.3% YoY from ₹11.42 billion (~$120.88 million).

The company’s net profit increased 39.3% YoY to ₹27.62 billion (~$292.37 million) from ₹19.83 billion (~$209.91 million) in FY 2025.

EBITDA increased 80.6% YoY to ₹110.41 billion (~$1.17 billion) from ₹61.15 billion (~$647.29 million) in the previous year.

EPS for the year came in at ₹12.74 (~$0.135), down 14% YoY compared to ₹11.18 (~$0.118).

Operational Highlights

The company completed the acquisition of Tidong Hydro Power (150 MW) from Statkraft in May this year and added 118 MW of organic renewable capacity during the quarter.

During the quarter, it also supplied the first battery energy storage system container from the company’s 5 GWh Battery assembly plant in Pune.

JSW Energy currently has an installed power generation capacity of 13.45 GW, which it plans to expand to 32.062 GW by 2030. It also plans to achieve a battery energy storage capacity of 40 GWh by 2030.

Last November, JSW Energy commissioned 85 MW of renewable energy capacity. The added capacity comprises 74 MW of solar and 11 MW of wind projects.