Highlights

• JSW Energy received a Letter of Intent on 19 November 2025 for its approved resolution plan for RCRIPL under the corporate insolvency resolution process.
• Q2 FY26 net generation increased 52% YoY to 14.9 BUs, supported by higher renewable and thermal output.
• Q2 FY26 reported EBITDA rose 67% YoY to ₹3,180 crore, aided by renewable additions and contributions from Mahanadi and O2 Power.

JSW Energy Limited (NSE:JSWENERGY) has confirmed that its resolution plan for Raigarh Champa Rail Infrastructure Private Limited (RCRIPL) has been approved by the Committee of Creditors. A Letter of Intent was issued by the Resolution Professional on 19 November 2025. The completion of the transaction will be subject to approval from the National Company Law Tribunal.

This update follows JSW Energy’s earlier announcement on 6 March 2025 regarding the successful implementation and acquisition of KSK Mahanadi Power Company Limited (KMPCL). With this acquisition, the company became the holding entity for KMPCL and obtained significant indirect ownership in RCRIPL. RCRIPL is the exclusive provider of rail infrastructure that enables coal transportation to KMPCL’s thermal power facilities in Chhattisgarh, comprising 1,800 MW operational capacity and 1,800 MW under construction.

Operational Highlights in Q2 FY26

JSW Energy recorded an increase in overall net generation during the quarter. Net generation rose 52% YoY, moving from 9.8 BUs to 14.9 BUs. Renewable energy output increased 42% YoY to 7.1 BUs, driven by organic wind capacity additions and contributions from O2 Power. Thermal generation increased 62% YoY to 7.8 BUs, supported by higher output from Mahanadi and Utkal Unit-II.
Long-term PPA generation rose 56% YoY, reaching 13.4 BUs, compared with 8.6 BUs in the same period last year.

Financial Performance Summary

Reported EBITDA for Q2 FY26 stood at ₹3,180 crore, marking a 67% YoY increase. For H1 FY26, EBITDA reached ₹6,237 crore, up 79% YoY.
Reported PAT for Q2 FY26 was ₹705 crore, a 17% YoY decline, while H1 FY26 PAT increased 5% YoY to ₹1,448 crore.
Cash PAT for the quarter reached ₹1,512 crore, up 27% YoY, with H1 FY26 Cash PAT at ₹3,090 crore, a 44% YoY increase.

The company reported a Net Debt-to-Equity ratio of 2.1x and Net Debt to Proforma Steady-State EBITDA (excluding CWIP) of 4.8x. Receivables stood at 64 days, while cash and cash equivalents totalled ₹6,181 crore. Credit ratings were affirmed at AA/Stable/A1+ by India Ratings and ICRA.

Capacity Expansion and Growth Projects

Installed capacity reached 13.2 GW in Q2 FY26, with 443 MW of organic renewable additions. The additions included 240 MW from Kutehr, 148 MW of wind capacity, and 56 MW of solar capacity.

JSW Energy shares were trading neraly 3% lower at ₹489.55 per share during trading session on 21 November 2025.

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