JSW Energy Q2 FY27: Consolidated PAT Up 38% YoY to ₹1,142 Cr, NPM Expands to 17.1%

JSW Energy's consolidated PAT rose 38.5% YoY to ₹1,141.86 Cr (₹824.27 Cr in Q2 FY26) on revenue of ₹6,368.47 Cr, up 23.0% YoY (₹5,177.42 Cr). Neither period carried an exceptional item, so the adjusted and reported YoY growth are the same. NPM expanded to 17.14% from 15.38% a year ago, and basic EPS rose to ₹5.77 from ₹4.04. Standalone (parent-only) PAT of ₹261.21 Cr, +37.4% YoY on revenue of ₹922.26 Cr (+18.3% YoY), moves in the same direction, so there is no material basis divergence this quarter. QoQ, PAT more than doubled from ₹532.70 Cr and revenue rose 22.3% from ₹5,207.13 Cr — but Note 1 to the results explicitly flags the hydro business as seasonal, making the quarter not fully comparable with the preceding one, so this sequential jump is a seasonal artefact rather than an operating inflection. Operating EBITDA margin was flat-to-lower YoY at 56.79% versus 57.91%, so the NPM expansion came from below the operating line rather than from core margins: total expenses (which bundle fuel, employee costs, finance costs and D&A) fell to 79.7% of total income from 82.2% a year ago, even as finance costs rose 13.9% YoY to ₹1,614.75 Cr and depreciation rose 16.6% to ₹943.36 Cr, both tied to the ongoing capex programme. Combined tax expense also rose, to ₹216.84 Cr from ₹175.84 Cr. Management has issued no formal FY27 PAT or margin guidance — only capacity and leverage targets (3 GW/₹20,000 Cr capex, '36% achieved' as of the Q1 FY27 concall; sub-5x leverage by 2030; 30 GW by 2030 with 14 GW pipeline secured). Against those, debt-equity stood at 2.21x this quarter versus 2.34x a year ago, comfortably inside the leverage ceiling even as the Board approved raising up to ₹5,000 Cr via NCDs and sought shareholder approval for a further ₹6,000 Cr. Capacity reached 15.1 GW as of October 5, 2026 (+1.7 GW since April), consistent with the stated build-out pace. Our pre-result preview had flagged a narrower expectation band (revenue ~₹2,900–3,000 Cr, PAT ₹450–500 Cr); the actual print landed well above that, but the band looks stale against the already-public Q1 FY27 base of ₹5,207 Cr revenue, so this should be read as a gap in the preview rather than a clean street surprise. No standalone management press-release text was available to cross-check framing beyond the exchange filing; the GEPIL merger NCLT approval (October 1, 2026) and the TJPS stake increase to 20.7% (₹150 Cr, completed this quarter) are corporate actions the filing notes had no material P&L impact in the period.