The company posted a pre-tax loss exceptional items of Rs 107.69 crore in Q3 FY26, as against a profit before tax of Rs 150.04 crore in Q3 FY25. The company reported an exceptional loss of Rs 65.19 crore during the quarter.

EBITDA increased 97.48% YoY to Rs 2,202 crore in Q3 FY26, primarily driven by contributions from acquired assets, including the Mahanadi thermal plant and the O2 Power portfolio.

Strategic acquisitions boosted EBITDA growth, with the Mahanadi plant contributing approximately Rs 726 crore and O2 Power contributing Rs 278 crore of EBITDA during the quarter.

During the quarter, total power sale volumes rose 65% YoY to 11,118 MUs, while power sales under long-term PPAs increased 63% YoY to 9,151 MUs. Growth was driven by organic renewable energy capacity additions, contributions from the Mahanadi plant and O2 Power, and higher generation at the Utkal and Vijayanagar thermal plants. Short-term thermal sales increased 80% YoY to 1,968 MUs, supported by a shift towards domestic coal-based capacity at Utkal and Mahanadi.

Cash and cash equivalents stood at Rs 6,181 crore as of 30 September 2025. Liquidity remained ample, with total cash balances of Rs 7,159 crore as of 31 December 2025.

The company’s consolidated net worth and net debt as of 31 December 2025 stood at Rs 29,634 crore and Rs 63,771 crore, respectively, resulting in a net debt-to-equity ratio of 2.2x. Net debt to pro-forma steady-state EBITDA (excluding CWIP debt) stood at 4.9x. Receivables, measured in DSO terms, improved to 73 days, compared with 96 days a year ago.

Sharad Mahendra, joint managing director and CEO of JSW Energy, said, "We delivered a strong quarterly performance, driven by sizeable capacity additions leading to record-high power sales and robust EB/TOA growth. The quarter was a milestone for us with the commissioning of India's largest green hydrogen plant at Vijayanagar, with a capacity of 3,800 TPA. Our acquisitions of 02 Power and KSK have been fully integrated and are now contributing meaningfully to earnings. We remain firmly committed to our 2030 goals of 30 GW of generation capacity and 40 GWh of storage"

JSW Energy is a private sector power producer in India and part of JSW group. It has established its presence across the value chains of power sector with diversified assets in power generation and transmission.

The counter fell 7.35% to Rs 442.50 on the BSE.