JSWENERGY · Power
JSW Energy Ltd. reported revenue of ₹5,143 cr for April to June 2025, +78.6% on the year and +61.3% on the quarter. It is the highest quarterly revenue in the last 9 quarters on record. Over the last four quarters revenue comes to ₹14,009 cr, +22.5% on the four before.
Operating profit (EBITDA) was ₹2,789 cr, a margin of 54.2%, +498 bps on the year and +1,647 bps on the quarter. Over the last 8 quarters the margin has ranged from 37.5% to 57.7%, averaging 46.8%. Operating costs grew +61.1% against revenue growth of +78.6%, so more of each rupee of sales reached operating profit.
Net profit was ₹836 cr, +56.6% on the year and +101.4% on the quarter, with earnings per share of ₹4.25. Profit before other income, one-offs and tax grew 40.1%, so 16 points of the headline growth came from outside the core business. The tax rate was 18% against an average of 23% over the previous 5 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹2,285 cr, +16.1% on the four before.
Most power earnings are regulated returns on equity, with fuel costs passed through, so revenue can swing with fuel prices while profit moves far less. The quarterly statements do not carry plant load factor, capacity added and regulated equity; those come with the filing read.
On earnings per share of ₹12.42 over the last four quarters, the stock at ₹523.15 trades at 42.1 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Source: Quarterly statements
Headline profit grew much faster than core profit. What made up the difference?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,543 cr | ₹2,756 cr | ₹2,879 cr | ₹3,238 cr | ₹2,439 cr | ₹3,189 cr | ₹5,143 cr | ₹5,177 cr | ₹4,082 cr | ₹4,499 cr | ₹5,207 cr | ₹6,368 cr |
| YoY | — | — | −2% | −1% | −4% | +16% | +79% | +60% | +67% | +41% | +1% | +23% |
| EBITDA margin | 43.7% | 42.4% | 49.3% | 52.0% | 37.5% | 37.8% | 54.2% | 57.9% | 49.7% | 50.0% | 55.2% | 56.8% |
| Other income, % of PBT | 39% | 38% | 24% | 23% | 137% | 87% | 27% | 19% | — | 189% | 33% | 21% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | −2% | 24% | 13% | −5% | −15% | 18% | 14% | — | — | 23% | 15% |
| Net profit | ₹232 cr | ₹345 cr | ₹534 cr | ₹877 cr | ₹157 cr | ₹415 cr | ₹836 cr | ₹824 cr | ₹529 cr | ₹574 cr | ₹533 cr | ₹1,141 cr |
| YoY | — | — | +84% | +2% | −32% | +20% | +57% | −6% | +237% | +38% | −36% | +38% |
| Core profit YoY | — | — | +57% | −19% | −129% | −77% | +40% | −1% | — | −450% | −38% | +38% |
| EPS | ₹1.41 | ₹2.14 | ₹2.99 | ₹4.88 | ₹0.96 | ₹2.33 | ₹4.25 | ₹4.03 | ₹2.40 | ₹2.11 | ₹2.57 | ₹5.76 |
| Flags | 1 | 2 | 1 | 3 | 3 | 4 | 2 | 1 | 1 | 3 | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
JSW Energy Ltd. reported revenue of ₹5,143 cr (+78.6% on the year) and net profit of ₹836 cr (+56.6% on the year) for April to June 2025.
Profit before other income, exceptional items and tax moved +40.1% on the year, against +56.6% for reported profit.
2 checks raised a question: Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
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