Anand Rathi's research report on JSW Energy
The company reported revenue of ₹51,434 million for the quarter ended June 2025, marking an 78.6% year-on-year increase from ₹28,795 million in the same quarter last year, and a growth of 61.3% rise on a sequential basis. The company reported EBITDA of ₹27,887 million and Profit After Tax (PAT) of ₹8,359 million for the June 2025 quarter. While EBITDA grew by 96.7% year-onyear, PAT grew by 56.5% over the same period. The company reported an EBITDA margin (EBIDTAM) of 54.2% and a profit after tax margin (PATM) of 16.3% in Q1 FY26, up from 49.2% whereas PATM was down from 18.6% respectively in the same quarter last year. Net generation rose 71% year-on-year to 13.5 BUs, supported by organic renewable energy (RE) capacity additions, contributions from O2 Power and the Mahanadi plant, along with higher output from Vijayanagar following a long-term tie-up. RE generation grew 54% YoY to 5.0 BUs, led by organic wind capacity additions and O2 Power, while thermal generation surged 83% YoY to 8.5 BUs, driven by increased contributions from Vijayanagar, Mahanadi, and Utkal plants. Long-term PPA generation also improved, rising 73% YoY to 11.8 BUs. Installed capacity increased to 12.8 GW with an addition of 1.9 GW during the quarter, including 1.3 GW from the O2 Power acquisition. One 80 MW unit of the 240 MW (3 x 80 MW) Kutehr hydro power plant was synchronized with the grid, with phase-wise synchronization and commissioning of the full project expected soon. During the quarter, the company signed PPAs for 605 MW (250 MW wind and 355 MW hybrid), and post-quarter end, additional PPAs were signed for 350 MW FDRE and 100 MW solar with a 100 MWh battery energy storage system (BESS).
Outlook
The management has given a full year FY26 capex guidance of ₹1,50,000 – 1,80,000 million. They have added capacities in various sectors such renewable energy, solar, wind etc. The company is developing a 20 MW floating solar plant in Karnataka along with setting up wind blade manufacturing facilities in western and southern India to improve supply chain efficiency. We maintain a BUY rating on the stock with an unchanged target price of ₹650 per share.
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