JSW Energy Q1 FY27 results: Net profit slips 37% on higher finance costs; reports a 5% decline in power sales YoY

JSW Energy reported a decline of 37% in its consolidated net profit at ₹471 crore on Wednesday, July 22, in the first quarter of the current fiscal year (Q1 FY27), compared to ₹743 crore in the same period last year. The fall was primarily due to higher financing costs and depreciation.         

The Sajjan Jindal-led company’s revenue from operations grew 1.2% year-on-year (YoY) to ₹5,207 crore during the quarter under review, as against ₹5,143 crore in the June quarter of the 2025-26 fiscal year (Q1 FY26).

At an operational level, its EBITDA (earnings before interest, tax, depreciation, and amortisation), also known as operating profit, stood at ₹2,873 crore in Q1 FY27 as compared to ₹2,788 crore in the year-ago period, registering an increase of 3%.

The EBITDA margin expanded to 55.17% in the reporting quarter, in contrast to 54.21% in Q1 FY26.

In the reporting quarter, the firm’s depreciation increased to ₹890 crore in Q1 FY27 from ₹39 crore in Q1 FY26, reflecting the commissioning of new capacities. However, the finance costs during the quarter increased to ₹1,519 crore YoY due to incremental borrowings for funding the ongoing capacity. The weighted average cost of debt (including working capital) stands at 8.36%.

In Q1 FY27, the company raised ₹4,000 crore via Qualified Institutional Placement (QIP) to accelerate growth. Furthermore, JSW Energy also monetised part of its stake in JSW Steel on May 18 as part of a strategic liquidity release, realising gross proceeds of ₹3,150 crore.

“These fund raises, combined with the earlier preferential allotment to promoters of ₹3,000 crore, have further strengthened the Company's balance sheet, it added.

Capacity updates

Since April 2026, JSW Energy said it has added 1,081 MW of operational capacity, including 873 MW in Q1 FY27. Of the total addition, 931 MW was organic, comprising 442 MW of solar, 108 MW of wind, and 381 MW of hybrid capacity.

“Beyond this, the Company also fully commissioned it's acquired 150 MW Tidong Hydro project on June 12th, ahead of the original October 2026 schedule, underscoring its robust execution ability,” JSW Energy said.

Power generation updates

Furthermore, JSW Energy reported a 5% YoY decline in power sales to 12.9 billion units (BUs), compared to 13.5 BUs in the corresponding period last year. Thermal generation also slipped 6% YoY to 8.0 BUs from 8.5 BUs, mainly due to lower generation at the Mahanadi plant.

Renewable energy generation fell 3% to 4.8 BUs from 5.0 BUs on a YoY basis, primarily due to lower output from hydro plants amid weaker hydrology. The company’s net long-term PPA sales also decreased 4% YoY to 11.2 BUs, compared to 11.8 BUs in the year-ago period.

Following the earnings, JSW Energy shares were trading at ₹557.35 apiece on the National Stock Exchange, falling 1.56%.