JSW Energy Confident Of Maintaining Ebitda Growth Momentum In FY26 After 93% Surge In Q1

JSW Energy expects to maintain its strong performance in Q1FY26 in the remaining quarters of the current financial year, according to its Joint MD and CEO, Sharad Mahendra. The company is confident of maintaining the significant rise in Q1 Ebitda and margins in the upcoming quarters of FY26.

The company reported a robust 93% year-on-year (YoY) surge in Ebitda for the first quarter of FY26. This was driven by significant contributions from its organic renewable capacity additions and strategic acquisitions.

“We maintain that there will be a similar kind of trend in terms of Ebitda and margins will continue. Based on our quarter one performance, it can be seen how the outlook is going to be in the coming quarters based on the previous trends,” he said during a conversation with NDTV Profit. 

The company reported Ebitda of Rs 3,057 crore in Q1FY26. This was driven by organic renewable capacity and contributions from its Mahanadi plant and subsidiary O2 Power. Operating Ebitda margin for the quarter stood at 54.28%, compared to 49.37% in the same period a year ago. Its consolidated profit after tax increased 42% YoY to Rs 743 crore. 

The company's current order pipeline includes 10 GW of power purchase agreement (PPA) projects.

Mahendra highlighted that last year's addition of wind capacity played a pivotal role in Q1FY26. “The majority of this capacity came online in the second half of last year, missing the peak wind season. This year, these assets have significantly boosted our Q1 performance as they operated during the peak wind season from April to October,” he explained.

Additionally, the commissioning of the 350 MW second thermal unit at the JSW Utkal plant in March, along with the acquisitions of KSK Mahanadi (1,800 MW) in March and O2 Power in April, contributed to the sharp rise in generation and Ebitda margins. 

“All these things, we are going to see the benefit in the full year.”

Mahendra noted that efficiency improvements implemented at KSK Mahanadi post-acquisition have already yielded results, with further enhancements planned throughout the year.

“These factors, combined with the strong performance of our hydro assets, have positioned us for sustained growth,” the CEO added.

JSW Energy's hydro portfolio has been a standout performer, with its remaining two 80 MW units slated to be operational within the next four to five days, adding a total of 240 MW during the peak monsoon season. “This will further strengthen our Ebitda and margins in Q2,” Mahendra said.

Watch the interview of JSW Energy Joint MD and CEO Sharad Mahendra: