However, revenue from operations jumped 41.04% YoY to Rs 4,498.58 crore for the quarter ended 31 March 2026.
Profit before tax was at Rs 187.80 crore in Q4 FY26, down 47.93% as against Rs 360.71 crore in Q4 FY25.
EBITDA increased 72% YoY to Rs 2,602 crore in Q4 FY26, primarily driven by contribution from Mahanadi and 02 Power, andorganic capacity additions.
Strategic acquisitions boosted EBITDA growth as Mahanadi plant contributed Rs 943 crore to consolidated EBITDA while 02 Power contributed Rs 263 crore, during the quarter.
During the quarter, power sales increased 48% year-on-year to 11.7 BUs from 7.9 BUs in the corresponding period last year.
Thermal generation rose 43% YoY to 8.8 BUs from 6.2 BUs, driven by higher output from the Mahanadi Plant and Utkal.
Renewable energy generation increased 68% YoY to 2.9 BUs from 1.7 BUs, supported by contributions from the 02 portfolio and organic capacity additions over the last twelve months.
Net long-term PPA sales grew 25% YoY to 8.6 BUs from 6.9 BUs. Short-term thermal sales surged 201% YoY to 3.1 BUs from 1.0 BUs, driven by monetisation of backdown long-term volumes at the Mahanadi Plant through short-term markets.
During the quarter, the company supplied its first BESS container from its 5 GWh battery assembly plant in Pune, further strengthening its vertical integration strategy.
The company acquired Raigarh Champa Rail Infrastructure under the Insolvency and Bankruptcy Code (IBC) for Rs 1,000.1 crore, securing full operational control over critical railway infrastructure for its 3,600 MW Mahanadi thermal power plant. This complements the earlier KSK Water acquisition and helps de-risk key input dependencies across the entire capacity.
The company completed the acquisition of Tidong Hydro Power from Statkraft, comprising a 150 MW under-construction hydro project in the Tidong Valley, Himachal Pradesh. Of this, 50 MW has already been commissioned on May 7, 2026, while the remaining two units are expected to be commissioned before June 2026.
Post quarter, the company inaugurated a Central Command Centre, enabling real-time visibility and action-oriented insights across its operational and under-construction projects.
The consolidated net worth as on 31 March 2026 stood at Rs 30,752 crore, while the net debt-to-equity ratio stood at 2.1x.
Sharad Mahendra, joint managing director and CEO of JSW Energy, said, 'FY26 has been a pivotal year as the company translated the ambitions of Strategy 3.0 into tangible business outcomes.
He said the company added 2.6 GW of capacity, strengthened organisational capabilities to become a fully integrated player, successfully integrated recent large acquisitions, and improved monitoring and efficiencies across projects.
He added that financial performance reflects this momentum, with strong growth in EBITDA and PAT, supported by operational scale-up. Overall, he said the company remains firmly on track to deliver Strategy 3.0 within defined timelines.'
The company has recommended a dividend of Rs 2 per equity share (20%) of face value Rs 10 each.
JSW Energy is a private sector power producer in India and part of JSW group. It has established its presence across the value chains of power sector with diversified assets in power generation and transmission.
The counter fell 2.43% to end at Rs 557.15 on the BSE.
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