JSW Energy Q2 FY27 Results (NSE: JSWENERGY)
Signal: Growth reaccelerated
The read
The trajectory is a second consecutive quarter of YoY revenue growth deceleration—from +67.4% in Q3FY26, +41.1% in Q4FY26 and +1.2% in Q1FY27 to +23.0%—but profit growth reaccelerated to +38.4% as reported profit reached ₹1,141.04 crore; the key watchpoint is whether earnings can sustain this uplift while finance costs remain ₹943.36 crore and EPS growth trails PAT growth.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹6,368.47 Cr | +23.0% | +22.3% |
| Net profit | ₹1,141.04 Cr | +38.4% | |
| EPS | ₹5.17 | +28.0% | |
| EBIT margin | N/A |
P&L walk
Revenue increased to ₹6,368.47 crore, +23.0% YoY and +22.3% QoQ, while profit for the period rose to ₹1,141.04 crore, +38.4% YoY and +114.3% QoQ; higher other income supported the bottom line, but finance costs of ₹943.36 crore and depreciation of ₹716.26 crore remain major earnings charges.
Key positives
- Revenue from operations reached ₹6,368.47 crore, +23.0% YoY and +22.3% QoQ, reversing the near-flat +1.2% YoY growth reported in Q1FY27.
- Profit for the period increased to ₹1,141.04 crore, +38.4% YoY and +114.3% QoQ, substantially faster than revenue.
- Six-month revenue from operations reached ₹11,575.60 crore, +12.2% YoY, while six-month profit for the period was ₹1,673.74 crore.
Key concerns
- Finance costs of ₹943.36 crore rose 6.0% QoQ, while depreciation and amortisation increased 22.0% QoQ to ₹716.26 crore, keeping fixed charges high.
- Other income of ₹289.24 crore increased 57.5% YoY and 26.1% QoQ, so part of the profit acceleration came outside revenue from operations.
- EPS rose 28.0% YoY to ₹5.17, materially below the 38.4% growth in profit for the period.
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