JSW Energy

“Definitely, third quarter is fully booked. And maybe I'll not comment on the pricing, but the pricing discovered may be either same or better than this, not lower than these for quarter 3.”

“the investment in Mahanadi expansion, doubling the capacity will be at least 25% to 30% lower cost per MW capex as compared to the industry average.”

“We have placed the boiler order for the entire Salboni project with the Durgapur facility, which sits in the same state as the project.”

“Our Halol wind blade facility has been producing blades for our wind projects since its commissioning in June, and the Chitradurga facility remains on track for completion in Q3 FY27.”

“the project work has started, as we have said that the first unit is expected to be commissioned in FY28 and balance two Units in FY29.”

“Now we are going to start the project work, wherein we will be setting a solar capacity for charging the batteries and only using our existing connectivity for solar, which we have got the sanction allocation for the evening discharge through the battery.”

“Meanwhile, our sizeable pumped storage pipeline of about 26.4 GWh remains on track.”

“So we are also working on, and we will be definitely commissioning at this BESS capacity, as you said, all this is over and above that 3.2 GWh.”

“Our Tidong plant, which was commissioned in Q1FY27 before the scheduled timeline of October 2026, gave us a healthy advantage of ongoing hydro season – the plant generated 199 MUs in Q2FY27 at a PLF of 61%.”

“On the remaining 1.6 GW, we are fully on track. Land and transmission connectivity are secured, equipment is either on site or in transit, and offtake is backed by long-term PPAs.”

“this is all is the ESA capacity, which are going to be under the ESA. And these are majorly in two states, which is Rajasthan and the state of Kerala.”

“Of the 6.2 GW of MoUs signed with Group companies in Q2FY24, 4.5 GW is yet to be tied up, and 2 GW of this is under advanced discussion.”

“we have signed 3.2 GW of Power purchase agreement with the state of West Bengal and setting up a greenfield plant in Salboni. Out of that, 30 GW contains only 800 MW of phase I, balance all 2.4 GW is beyond 30.”

“project execution is all under PPA, which is basically with utilities, with C&I customers and group captive.”

“But right now, it is all under a PPA, which is out of it 2 GW is under group captive which are under discussion and that is going to get closed now.”

“We are not investing anything or setting up any capacity till now for a merchant”

“Overall, driven by incremental generation from Kutehr and Tidong, our hydro generation was 3,421 million units, up 13% year-on-year.”

“Our consolidated thermal PLF was 75% in Q2, against the All-India thermal PLF of 67.8%.”

“Utkal had an exceptional quarter, now that it operates under long-term PPAs.”

“If the evening-peak trend continues, with demand rising the way it has been and the same growth drivers in play, we may also look at keeping part of the capacity open for merchant sales.”

“As you are aware, we had a robust plant performance and we are at about close to 82% of PLF this year this quarter. Wherein we had certain kind of operational issues, outages in the last quarter.”

“With JSW Steel planning to expand capacity to up to 80 MTPA, and other Group businesses scaling rapidly, the Group’s RTC power requirement is expected to more than double to around 7 GW by 2032.”

“These support our view of a 5–6% long-term CAGR in power demand, and the last two quarters suggest that view may prove conservative.”

“Power demand in Q2 FY27 grew about 11.1% year-on-year, building on 8.3% growth in Q1.”

“States awarded around 17 GW of long-term thermal capacity at tariffs of about ₹5.4 to ₹6.3 per unit in FY26, and a further 18 GW of thermal tenders are currently under bidding.”

“JSW Energy has long been the energy partner of choice for the JSW Group, meeting around 3 GW of round-the-clock thermal and renewable power demand across Group companies.”

“Our merchant realisation, however, stood around ₹6.9 per unit which was around 20% higher than the DAM average, driven by the strategic bilateral contracts we have entered into.”

“Despite this increase, our transition to domestic coal and the implementation of job-work arrangements at imported-coal plants, which shield us from fuel-price volatility, have enabled us to effectively mitigate the impact and maintain cost competitiveness.”

“depreciation rose 17% to ₹943 crore, and finance costs rose 14% to ₹1,615 crore, in line with the pace of capacity we are adding.”

“Recently acquired Maruti Thermal Plant is also fully domestically fuelled, through a long-term Fuel Supply Agreement with SECL and linkage under the SHAKTI scheme.”

“API4 benchmark coal prices averaged close to US$115 per tonne in Q2 FY27, up around 28% year-on-year from US$90 per tonne.”

“ICRA and India Ratings have affirmed JSW Energy's long-term credit rating at AA with a Stable outlook.”

“Close to a quarter of our term debt is at fixed rates, and nearly 90% of the floating portion is linked to lenders’ internal benchmarks like MCLR, rather than Repo or other market linked instruments like Treasury-bills etc.”

“we do not see any immediate rise in debt cost, and may be only a modest impact, in the medium term, if the interest rates hikes continues.”

“our Debt cost has come down significantly by about 51 bps to 8.28%, from about 8.79%, a year back.”

“Excluding debt tied to capital work-in-progress, our Net Debt to TTM EBITDA stands at about 4.94 times, down from about 5.2 times in FY26. We hold cash and cash equivalents of about ₹15,700 crore”

“the deleveraging we delivered through the ₹10,150 crore capital unlocking in this calendar year.”

“And as you are aware that we did a fundraising and some of the steel shares, which happened, both put together, so we added another ₹7,150 crores.”

“So these two put together is about close to ₹13,150 crores. So, our equity funding visibility is ample.”

“We completed the acquisition of Maruti Clean Coal & Power in August at an enterprise value of ₹1,410 crore. It is EBITDA and PAT accretive from day one and lowers our net leverage.”

“About 195 MW (net) is tied up under a long-term PPA with Rajasthan discoms with around 14 years of residual life, while about 64 MW gives us merchant exposure at a time of strong prices.”

“In Q2, this plant generated about ₹45 crore of EBITDA in just 55 days, from our acquisition on August 6th to the end of the quarter.”

“we raised our stake in Toshiba JSW Power Systems to 10.7% in July. The scheme to acquire GE Power India's boiler business, including its Durgapur manufacturing facility, received NCLT sanction on October 1st, and the transaction should close soon.”

“So, when studied, we found that there are many other more opportunities in the country, suited to our needs. So we are not participating in that.”

“Curtailment across our portfolio stood at about 4.8% of total generation in H1, below the national level curtailment of about 5.4%. In Q2, our curtailed units stood at ~225 MUs with a Revenue impact of Rupees 59 Crores.”

“Further, about 60% of our curtailed capacity currently on temporary GNA will move to permanent GNA by the end of Q3 FY27, which should reduce our exposure meaningfully.”

“So I think what we have planned, after evaluating what are the challenges which are coming in, our planning is insulated from any curtailment challenges.”

“For us, this curtailment is a very, very temporary phenomenon.”

“Coal stocks at power plants fell to multi-year lows, and in October around 96 plants were classified as critical, holding an average of 6–7 days of stock against the normative 19–20 days.”

“Net generation for Q2 FY27 increased by 17% year-on-year to 17.5 billion units, driven by robust capacity addition and healthy plant performance.”

“revenue for the quarter was ₹6,658 crore, up 24% year-on-year, and EBITDA was ₹3,907 crore, up 23%”

“Profit After Tax was ₹1,141 crore, up 38% year-on-year, and PAT attributable to shareholders was ₹1,056 crore, up 50% YoY.”

“our cash return on net worth, adjusted for our JSW Steel shareholding, stands at about 15%.”

“It is 1.1 BUs, which we have sold during the quarter, 1.1 BUs.”