Q3 2026 JSW Energy Ltd Earnings Call Transcript

Jan 23, 2026 / 01:30PM GMT

Release Date Price: ₹478.55 (-2.78%)

Transcript

Key Points

Positve

JSW Energy Ltd (BOM:533148) reported a strong 65% year-on-year growth in power sales for Q3 FY26, increasing from 6.8 billion units to 11.1 billion units.
The company achieved a 98% year-on-year increase in EBITDA, reaching INR 2,202 crores for the quarter.
JSW Energy Ltd (BOM:533148) successfully commissioned India's largest green hydrogen plant at Vijayanagar, marking a significant milestone in its decarbonization journey.
The company has secured long-term power purchase agreements (PPAs) for 95% of its capacity, ensuring stable and healthy returns.
JSW Energy Ltd (BOM:533148) added 5.2 gigawatts of capacity over the past 12 months, contributing to its year-on-year EBITDA growth.

Negative

The third quarter witnessed a flattish power demand growth due to an unusually long and intense monsoon season.
Merchant power market remained soft, with day-ahead prices on exchanges declining both sequentially and year-on-year.
The company faced a 30% drop in standalone revenues due to extreme weather conditions and reserve shutdowns.
JSW Energy Ltd (BOM:533148) reported increased interest and depreciation costs, impacting profit after tax despite strong revenue growth.
The company is facing challenges in converting Letters of Award (LOA) into PPAs, with some pending for quite some time.

Operator

JSW Energy Q3 FY26 earnings conference call hosted by Investec Capital Services. Please note that this conference is being recorded. (Operator Instructions) I now hand the conference over to Mr. Anuj Upadhyay, Investec Capital Services. Thank you and over to you, sir.

Anuj Upadhyay

Investec Capital Services - Research Analyst

Good evening, everybody. On behalf of Investec Capital, I welcome you all to the conference call of JSW Energy to discuss the Q3 FY26 results. We have with us the leadership team of the company led by Mr. Sharad Mahendra, the Joint MD and CEO; Mr. Chandrasekaran Prabhakaran, CFO; Mr. Bikash Chowdhury, Head IR and ERM.

And with this, I would now like to hand over the call to Mr. Sharad sir for his opening remark and taking the call forward. Over to you, sir.

Sharad Mahendra

JSW Energy Ltd - Chief Executive Officer, Joint Managing Director - Designate, Whole-Time Director

Good evening, everyone, and thank you for joining us today for JSW Energy's quarter three FY26 earnings call.

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