JSW Energy Q2 FY27 Results: Consolidated Net Profit ₹1,141 Crore on Total Income of ₹6,658 Crore
Earnings
Power generation
Blacklitt Research3 min read
Florean Fortescue, via Wikimedia Commons (CC0). Illustrative image.
JSW Energy (NSE: JSWENERGY) reported consolidated total income of ₹6,657.71 crore and net profit of ₹1,141.04 crore for the quarter ended 30 Sep 2026, and standalone total income of ₹1,177.60 crore and net profit of ₹261.21 crore, it said in a filing on 28 Oct 2026.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹6,657.71 crore, up 24.2% YoY and 22.5% QoQ
Net profit: ₹1,141.04 crore, up 38.4% YoY; ₹1,056.37 crore attributable to owners
EPS: ₹5.17 basic, up from ₹4.04 a year earlier; diluted ₹5.62
Finance costs: ₹1,614.75 crore, up 13.9% YoY and 6.3% QoQ
Standalone
The company on its own, without its subsidiaries
Total income: ₹1,177.60 crore, up 19.6% YoY and down 9.8% QoQ
Net profit: ₹261.21 crore, up 37.4% YoY and 38.9% QoQ
EPS: ₹1.43 basic, up from ₹1.09 a year earlier
Other income: ₹255.34 crore, 21.7% of total income
Summary
Consolidated ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
6,657.71
5,361.07
+24.2%
5,436.57
+22.5%
Revenue from operations
6,368.47
5,177.42
+23.0%
5,207.13
+22.3%
Other income
289.24
183.65
+57.5%
229.44
+26.1%
1,141.04
824.27
+38.4%
532.70
+114.2%
Profit before tax
1,347.86
955.49
+41.1%
695.81
+93.7%
Finance costs
1,614.75
1,417.56
+13.9%
1,519.28
+6.3%
Depreciation
943.36
809.02
+16.6%
889.64
+6.0%
Tax expense
216.84
131.21
+65.3%
-32.27
n/a
Net profit margin
17.14%
15.38%
+1.76 pp
9.80%
+7.34 pp
EPS, basic (₹)
5.17
4.04
+28.0%
2.64
+95.8%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Net profit grew faster than total income. Net profit rose 38.4% YoY to ₹1,141.04 crore while total income rose 24.2%, and profit before tax rose 41.1% to ₹1,347.86 crore. Net profit attributable to owners of the company was ₹1,056.37 crore.
Other income rose 57.5% YoY to ₹289.24 crore, faster than revenue from operations at 23.0%. Other income is 4.3% of total income and 21.5% of profit before tax. Finance costs of ₹1,614.75 crore are 24.3% of total income, up 13.9% YoY.
Depreciation rose 16.6% YoY to ₹943.36 crore. The press release says the increase reflects the commissioning of new capacities. Tax expense was ₹216.84 crore, 16.1% of profit before tax, against ₹131.21 crore a year earlier.
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
1,177.60
984.48
+19.6%
1,304.83
-9.8%
Revenue from operations
922.26
779.86
+18.3%
1,101.07
-16.2%
Other income
255.34
204.62
+24.8%
203.76
+25.3%
261.21
190.17
+37.4%
187.99
+38.9%
Profit before tax
177.75
192.84
-7.8%
193.48
-8.1%
Finance costs
234.56
213.78
+9.7%
244.89
-4.2%
Depreciation
63.85
56.85
+12.3%
61.51
+3.8%
Tax expense
-83.56
2.67
n/a
5.49
n/a
Net profit margin
22.18%
19.32%
+2.86 pp
14.41%
+7.77 pp
EPS, basic (₹)
1.43
1.09
+31.2%
1.05
+36.2%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit rose 37.4% YoY to ₹261.21 crore, while profit before tax fell 7.8% to ₹177.75 crore. The tax line is a credit of ₹83.56 crore, against a charge of ₹2.67 crore a year earlier; deferred tax was a credit of ₹97.39 crore and current tax a charge of ₹13.93 crore.
Revenue from operations rose 18.3% YoY to ₹922.26 crore, slower than other income at 24.8%. Other income is 21.7% of total income and 143.7% of profit before tax. Finance costs of ₹234.56 crore are 19.9% of total income.
Against the previous quarter, standalone total income fell 9.8% and revenue from operations fell 16.2%, while net profit rose 38.9%. The filing does not give a reason for the tax credit in this quarter.
Consolidated net profit of ₹1,141.04 crore is ₹879.83 crore higher than standalone net profit of ₹261.21 crore. Consolidated total income is ₹5,480.11 crore higher than standalone total income of ₹1,177.60 crore.
The company's notes say the Maruti Clean Coal & Power Limited subsidiary, acquired effective 6 Aug 2026, contributed revenue from operations of ₹128.92 crore and profit after tax of ₹11.13 crore in the quarter.
Inference
The Board approved raising long term funds of up to ₹5,000 crore through non-convertible debentures on a private placement basis, and funds not exceeding ₹6,000 crore through eligible securities, subject to Members' approval by postal ballot. The filing does not say whether either has been issued or when.
The company's press release gives consolidated net debt of about ₹65,576 crore and a net debt to equity ratio of 1.79x, and says it expects to reach its FY27 target of 3 GW of capacity additions. The filing does not say the timing or cost of the GE Power India scheme's effect on future results.
Dividends paid in the six months were ₹375.64 crore consolidated and ₹366.70 crore standalone.
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