JSW Energy (JSW IN) – Q2FY27 Result Update – Strong execution; growth momentum intact – BUY
Published on 28 Oct 2026
JSW Energy (JSW IN) reported a strong Q2FY27, with EBITDA up 21% YoY to INR 36bn, 10% above both our and consensus estimates. Beat was led by better generation in group captive plants, Utkal’s shift to long-term PPAs. Growth remains on track, with ~1.7 GW commissioned YTD, including ~1.4 GW of organic renewables and the 300 MW Maruti acquisition (46% of FY27 target), with the balance ~1.6 GW fully de-risked for H2. Management also maintained its 2030 target of 30 GW (CAGR of 17% 2026-30), with a clear FY28–29 runway of 2.5–3 GW of annual renewable additions plus 1,800 MW of Mahanadi thermal expansion, and a growing C&I and group captive portfolio (~8.6 GW installed and under construction). The company reiterated its INR 200bn FY27 capex guidance (INR 95bn spent in H1 including Maruti), and the balance sheet remains comfortable, with operational net debt/EBITDA (excl. CWIP) at 4.94x (4.95x QoQ) and net debt/equity at 1.79x. Retain BUY with TP of INR 615 (at 14x 1HFY29 EV/EBITDA).
