Record capacity adds, but earnings still muted by capex burden
The verdict, the claims that held up, the sharpest analyst exchanges, and the risks — the earnings call, decoded from the transcript.
Hold
confidence 6/10
Grade B
Hitting capacity targets (36% FY27 achieved vs 3 GW guidance), but 'accelerating earnings' claim from prior call missed—Q1 PAT -36.3%. Capex-heavy model typical but undisclosed PAT/ROE path into 2027.
Optimistic
next 1–2 quarters
Optimistic
multi-year
Execution on capacity is real (36% of 3 GW achieved), but near-term earnings buried in capex depreciation (+20% YoY) and interest (+16% YoY). PAT down 36% despite revenue growth of 1.2%—structural problem, not transient. Long-term strategy (30 GW by 2030, storage, vertical integration) backed by funding, but requires sustained capacity ramp and demand to translate to PAT. Risk: regulatory (TGNA curtailment ₹15 Cr Q1), leverage still 4.95x.
₹5207.1 Cr
Revenue · +1.2% YoY₹532.7 Cr
Reported PAT · −36.3% YoYCompressing
Margins · vs guidance: MixedDid the claims hold up?
Landmark 873 MW quarter, highest in sector history, on track for 3 GW FY27
MET1.1 GW added YTD (36% of 3 GW target); organic 723 MW + Tidong M&A 150 MW; capacity on plan
Strong power demand, DAM prices firmed 16% YoY to ₹5.10/unit
OVERSTATEDDemand +8.5% Q1 YoY, July +12% MTD; DAM ₹5.10 vs ₹4.40 YoY; but company revenue only +1.2%
Balance sheet deleveraging, 4.95x leverage from 5.2x, ₹12,880 Cr cash cushion
METLeverage 4.95x (improved via ₹10,150 Cr capital raise, not organic); gross debt ₹74,000 Cr, cash ₹12,900 Cr
Prior guidance: FY27 year of accelerating earnings delivery
MISSQ1 PAT down 36.3%, revenue flat; earnings compression due to depreciation +20%, interest +16%
Thermal generation resilient despite 12-1pm solar dips; minimum load stable
PartialThermal generation down 6% YoY; Utkal shutdown planned for maintenance, Mahanadi 17-day evacuation outage (184 MU loss)
Earnings quality
What changed since the last call
Maruti Clean Coal acquisition signed
New300 MW subcritical thermal in Chhattisgarh (195 MW PPA, 64 MW merchant); opportunity to brownfield expand at low capex near coal mine
Battery storage: first ₹440 Cr external order received
Upgrade5 GWh plant commissioned Q4FY26, now monetizing; targeting ₹150 Cr annual EBITDA at $2.75-3/kWh margins; exploring backward integration into cell manufacturing
Wind blade facility commissioned (June 2026)
New450 blades/year capacity at Halol; supports 600 MW wind installations/annum; second facility (Chitradurga) expected FY27
Toshiba JV stake raised to 10.7% from 2.4%
UpgradeDe-risking equipment supply for thermal; combined with GE boiler acquisition (closing Q1FY27), fully secured turbine-generator-boiler supply chain
FY27 guidance reiterated; FY28 deferred
Neutral3 GW capacity + ₹20,000 Cr capex maintained on track (36% achieved); long-term 30 GW/2030 unchanged; withheld FY28 numbers pending 'major driving factors' confirmation
The Q&A
Analysts pressed hard on thermal PLF weakness (Ratnagiri, Utkal, Vijayanagar all lower YoY despite strong demand), solar 21% PLF, and TGNA curtailment risk. Management held firm, explaining shutdowns as planned maintenance and dismissing solar/backdown concerns—but tone was defensive rather than dismissive, acknowledging specific downtimes. No pushback on elevated capex drag or PAT outlook; assumed structural, accepted.
Thermal backdowns during solar peak — Sumit Kishore, Axis Capital
AnsweredUtkal minimum load stable at 60%, overall 85% PLF in July. We recover fixed costs via PPA and can sell merchant. Ratnagiri, Vijayanagar built to run below 50% already.
Thermal equipment sourcing & capacity — Sumit Kishore, Axis Capital
AnsweredMahanadi 4th unit from Chinese suppliers, already on dispatch. Salboni 2×800 MW via TJPS (turbine/generator); boiler from GE facility acquisition (1.1 GW nameplate, can scale to 1.6 GW with de-bottlenecking).
Battery storage margins & scale — Apoorva Bahadur, IIFL
Answered$2.75–$3/kWh; full-year capacity ≈ $15M revenue → ₹150 Cr+ EBITDA. Exploring backward integration into cell manufacturing with tech partners.
Renewable connectivity & curtailment — Apoorva Bahadur, IIFL
Partial1.1 GW added YTD; 300 MW under TGNA (curtailment), expected GNA conversion by Aug 31. Balance 1.9 GW: 530 MW group captive (off-grid), rest utilities + C&I. All 3 GW FY27 secured. FY28 to be confirmed later.
Pump storage projects capex & confidence — Satyadeep Jain, Ambit Capital
PartialNot giving project-specific capex; ~₹5 Cr/MW benchmark plausible. High-teen IRRs expected, significantly above mid-teen benchmark. Execution risk low (easier terrain vs Himalayan hydro).
Mahanadi 600 MW expansion capex — Satyadeep Jain, Ambit Capital
PartialSalboni greenfield benchmark known; Mahanadi will be 25–30% lower when doubling capacity, due to existing infrastructure reuse.
Merchant BESS opportunity — Nikhil Nigania, Bernstein
DodgedNot now, but exploring. Gap exists before thermal peak capacity available; solar + co-located storage attractive if DC-side economics work.
Thermal PLF weakness amid strong demand — Dhruv Muchhal, HDFC Asset Management
AnsweredUtkal: planned shutdown for annual maintenance (critical post-PPA). Ratnagiri: Group captive scheduling + monsoon demand dip. Mahanadi: 17-day evacuation (Force Majeure). All now normalized in July (91%+ availability).
Solar PLF stuck at 21% — Dhruv Muchhal, HDFC Asset Management
AnsweredQ1 historically weak (22%); Q3–Q4 post-monsoon reach 26–28%. 400 MW capacity under curtailment (TGNA); once normalized, full-year 25% achievable.
Maruti acquisition rationale — Rajesh Majumdar, 360 ONE Capital
AnsweredCost-efficient acquisition; close to coal mine. Opportunity: 64 MW merchant capacity upside; potential for brownfield doubling. EV/EBITDA multiple attractive vs industry norm.
Debt trajectory & capex funding — Rajesh Majumdar, 360 ONE Capital
AnsweredAlready raised ₹7,000 Cr; operating cash flow + fundraise ≈ ₹12–12.5k Cr available. Balance ₹7.5–8k Cr incremental debt expected.
PAT suppression & profitability recovery path — Atul Tiwari, JPMorgan
AnsweredTypical project economics: high interest during construction (capitalized), P&L hit post-commission. Asset stabilization over 4–5 years; then better EBITDA-to-PAT translation. Industry norm.
Fixed charge accounting & cash timing — Dishant Jain, Quasar Capital
Answered85% annual availability entitlement; once achieved, revenue recognized in that quarter. Cash collection expected next 2–3 quarters.
Guidance
FY27: ₹20,000 Cr capex; 3 GW capacity addition
High36% achieved Q1; 87% of FY26 full-year added; organizational machinery aligned; connectivity largely secured
No formal FY27 PAT/NPM target disclosed
LowManagement deferred specific margin recovery path; implied: 4–5 year cycle for new assets to normalize (capex drag to normalize in FY28+)
₹20,000 Cr FY27 (on track); similar scale FY28; organic + M&A mix
HighFunded via ₹12–12.5k Cr (capex raise + OCF); ₹7.5–8k Cr incremental debt acceptable; leverage targeting <5x by 2030
Risks the call surfaced
Regulatory & grid access
Medium300 MW under TGNA facing real curtailment (69 MU wind+solar Q1); Mahanadi 17-day evacuation outage (184 MU, though Force Majeure recovery expected). Repeat risk if grid upgrades lag capacity commissioning.
Execution capacity & supply chain
MediumMahanadi 4th unit relies on Chinese suppliers (regulatory window secured but renewal risk); Salboni TJPS turbine-generator on track but civil + boiler (GE acquisition closing) synchronized. Doubling thermal capacity while scaling RE.
Thermal asset obsolescence & stranded capacity risk
MediumMerchant 64 MW Maruti capacity competing directly against solar in 12–1pm window; Mahanadi merchant upside depends on coal tariffs remaining competitive. DAM prices volatile; coal import cost hedging limited.
Leverage & refinancing risk
Medium4.95x leverage high for utility; tied to equity capital markets appetite (QIP, promoter allotment, asset sales). Equity dilution ongoing; cost of debt rising with RBI policy. Interest expense ₹1,519 Cr Q1 (16% YoY).
Earnings quality & PAT recovery path
HighQ1 PAT -36.3% despite revenue +1.2% and strong sector demand (+8.5%). Management states this is normal project economics (capex accounting), but no formal PAT growth target disclosed. Shareholders face 2–3 years of earnings suppression before normalization.
Management
Score 7/10. Transparent on near-term headwinds (Mahanadi outage, Utkal maintenance, hydro weakness, curtailment), but deferred specifics on FY28 capex/margins. Clear on strategy (3 GW, 30 GW by 2030, vertical integration), backed by capital deployment. Withheld formal PAT targets. Strong on capacity (36% of FY27 target YTD, 87% run-rate of FY26 full-year). Weak on earnings translation: PAT -36.3% Q1 despite capacity ramp. Prior 'accelerating earnings' guidance missed; structural capex accounting, not failure, but not communicated clearly upfront.
1 · Aug 2026
TGNA to GNA conversion of 300 MW (curtailment relief)
2 · Jul-Sep 2026
Monsoon ramp in hydro generation; July already at >100% PLF
3 · Q2 FY27
GE boiler acquisition close (supply chain de-risk), Salboni BTG delivery ramp
Risk: regulatory (TGNA curtailment ₹15 Cr Q1), leverage still 4.95x.
Capacity Execution Flawless, But Earnings Buried in Capex Drag
JSW Energy delivered 873 MW in Q1—part of a 1.1 GW run-rate on track for its 3 GW FY27 target. Yet profit crashed 36%, contradicting management's prior 'accelerating earnings' call. The gap is structural capex accounting, not operational failure—but it signals earnings suppression for another 2–3 years.
₹5,207 Cr
+1.2% YoY (muted)
₹533 Cr
-36.3% YoY (crushed)
55.2%
stable, offset by leverage
9.8%
compressed from prior cycle
JSW Energy added 1.1 GW of capacity in the first four months of FY27—a genuine execution landmark—yet delivered the quarter management is least equipped to defend: profit down 36%, revenue up 1.2%, guidance withdrawn. The disconnect between capacity adds and earnings is not a sign of operational failure. It is the brutal arithmetic of the capex phase: every new ₹1 of capacity added immediately charges depreciation and interest against the P&L before it generates meaningful cash. Once assets stabilize (4–5 years from commissioning), the P&L normalizes. But for now, and for the next 2–3 quarters, earnings are suppressed by design.
Where the Profit Went
EBITDA rose 2% YoY to ₹3,103 Cr—a respectable if uninspiring number given that 1.1 GW of new capacity came online. But EBITDA-to-PAT translation collapsed. Depreciation rose ₹180 Cr (+20% YoY) to ₹890 Cr as new renewable and hydro projects rolled into the books. Interest rose ₹240 Cr (+16% YoY) to ₹1,519 Cr, reflecting the debt financing of the capex program and the capitalization of construction-phase interest now flowing through the P&L as assets commissioned. The result: PAT ₹533 Cr, down ₹308 Cr (−36%) YoY, despite modest revenue growth.
Management framed this as "normal project economics"—and technically, it is. High interest and depreciation during the build phase are standard for asset-heavy utilities. What is not standard is promising "accelerating earnings delivery" on the prior call (FY26 Q4) and then delivering the opposite in Q1. Management has now retreated to a holding position: reiterated the 3 GW capacity + ₹20,000 Cr capex guidance for FY27 (already 36% achieved), but withheld all formal PAT or margin guidance. That withdrawal is the real message.
Claims vs. What Holds Up
Landmark 873 MW quarter; 3 GW FY27 target on track
1.1 GW added YTD (36% of 3 GW, 87% run-rate of FY26 full-year)
Supported
Strong power demand driving robust revenue
Revenue +1.2% YoY; sector demand +8.5% YoY. Disconnect reflects new capacity not yet ramped.
Overstated
Balance sheet deleveraging, 4.95x leverage, ₹12,880 Cr cash cushion
Leverage down via ₹10,150 Cr capital raise (QIP, JSW Steel stake sale, promoter allotment), not organic EBITDA growth
Supported (mechanical)
FY27 year of accelerating earnings delivery (prior call)
Q1 PAT −36.3%, no formal FY27 PAT guidance issued
Contradicted
Thermal generation resilient; minimum load stable despite solar dips
Thermal generation −6% YoY to 8 BU. Mahanadi 184 MU outage, Utkal maintenance. July recovered to 91%+.
Partial
What Changed on This Call
Four concrete moves emerged that were not on the prior-quarter radar:
Maruti Clean Coal & Power acquisition. 300 MW subcritical thermal plant in Chhattisgarh; 195 MW PPA (14-year life), 64 MW merchant capacity. Cost-efficient add near a coal mine; upside for brownfield expansion at low capex.
Battery storage monetization. First ₹440 Cr external order received for the 5 GWh plant commissioned in Q4 FY26. Targeting ₹150 Cr EBITDA annually at $2.75–3/kWh margins; exploring backward integration into cell manufacturing.
Wind blade facility operational. Halol production line (450 blades/year) now running; supports 600 MW wind installation capacity per annum. Second facility (Chitradurga) on the roadmap for FY27.
GE boiler acquisition closing. Durgapur facility purchase (1.1 GW nameplate, scalable to 1.6 GW) securing turbine-generator-boiler supply chain for Salboni (2×800 MW) and Mahanadi (4th unit 600 MW). Combined with Toshiba JV stake raise (2.4% → 10.7%), supply chain now fully de-risked.
None of these are guidance-moving moves for FY27 (all are beyond the 36%-achieved capacity base), but all signal management's push toward vertical integration and supply-chain control—a shift from pure-play renewable operator to integrated thermal-renewables-storage player. That is strategic, not tactical.
The Bull-Bear Ledger
Capacity execution is real. 1.1 GW YTD, 36% of target, at 87% run-rate vs. FY26 full-year. Track record credible.
Sector tailwind is structural. India power demand +8.5% Q1 YoY; DAM prices firmed ₹5.10 (+16% YoY). Merchant upside genuine.
Long-term strategy backed by capital. 30 GW by 2030, 14 GW pipeline secured. ₹10,150 Cr capital raise shows funding pathway visible.
Storage & thermal integration differentiator. Pump hydro (Bhavali, Kandhaura 1.5 GW each), battery (5 GWh), wind blade backward integration. Moat being built.
PAT recovery path is undisclosed. Management withheld FY27 and FY28 PAT/margin guidance. 4–5 year cycle means Q2–Q4 FY27 will remain suppressed.
Capex drag is bigger than prior market expected. Depreciation +20%, interest +16% YoY not a one-quarter thing—it persists as long as new capacity keeps coming online.
Leverage still high at 4.95x; refinancing risk if equity capital market closes. Gross debt ₹74,000 Cr requires ₹7.5–8k Cr incremental debt in FY27 alone.
Thermal merchant capacity price-sensitive. 64 MW Maruti + 600 MW Mahanadi 4th unit upside tied to DAM prices. If ₹5.10/unit reverts to ₹4/unit, economics pressure.
Renewable curtailment near-term friction. 300 MW under TGNA facing real restriction until GNA conversion (targeted Aug 31). Execution risk remains.
Risks, Ranked by Holder Concern
Earnings quality: 4–5 year capex-drag cycle
HighPAT will remain suppressed (−20% to −10% YoY range likely) through FY27–FY28 as new assets digest into P&L. ROE diluted. Dividend capacity constrained. Equity holders bear the full carry cost. Management's silent retreat on PAT guidance signals they know the path is painful.
Leverage persistence & equity capital-market refinancing risk
High4.95x leverage requires ₹7.5–8k Cr incremental debt FY27. If QIP, promoter allotment, or JSW Steel stake sale window closes (equity weakness, market correction), capex targets compressed. Leverage could spike to 5.2x+. Near-term leverage target <5x by 2030 may slip.
Thermal merchant price sensitivity
MediumMaruti 64 MW + Mahanadi 4th unit 600 MW (if merchant) are DAM-price-exposed. Q1 DAM ₹5.10 firm, but if reverts to ₹4.00–4.20/unit (below FY26 avg), merchant P&L target (₹150 Cr+ uplift) evaporates. No hedging disclosed.
Renewable curtailment (TGNA) execution
Medium300 MW under TGNA, losing 69 MU Q1 (₹15 Cr revenue impact). Management confident GNA conversion by Aug 31, but if delayed or partial, FY27 capacity ramp target miss. 1.9 GW balance connectivity also at risk if grid upgrades lag.
Execution on 3 GW/year repeatability
MediumFY27 on track (36% Q1, 87% full-year run-rate), but repeatability in FY28+ unproven at scale. Supply chain (BTG sourcing, land, workforce) bottlenecks rise as velocity increases. Slippage here impacts long-term 30 GW thesis.
Thermal generation PLF weakness amid demand growth
MediumThermal generation −6% YoY Q1 despite +8.5% sector demand. Ratnagiri, Vijayanagar lower YoY. Q1 noise (maintenance, backdown scheduling) but trend bears watching. If systemic, earnings upside capped.
How the Street Is Positioned
The market's reaction tells a different story than the headline numbers suggest. On day 1 post-result, the stock fell only 0.77%—a drop so shallow it reads as investor indifference to the −36% PAT print. By Jul 27 (5 days later), the stock sits at ₹549.7, down 10.95% from its all-time high of ₹617.3, but that drawdown predates the result; it is not the market's sudden panic to the earnings miss.
More telling is the ownership shift: FII ownership rose 1.57 percentage points QoQ (to 11.31%), and DII added 1.85pp (to 16.18%). Domestic and foreign institutions are adding on the dip, not trimming. Promoter stake fell 2.88pp (to 66.53%), but that is mechanical dilution from the planned ₹1,875 Cr promoter allotment (to close by Jun 2027), not insider selling at the highs. The tape is not screaming distress; it is saying: "We believe in the capex phase, but we're buying at lower entry."
The stock trades below its 20-day and 50-day SMAs but above the 200-day, with RSI at 52.9 (neutral). This is a downtrend in pause, not capitulation. The 52-week range is ₹427.75–₹617.3, so the current ₹549.7 sits in the middle of the year's travel—comfortable, not panicked. The day-1 muted reaction + institutional buying + the mid-range valuation all point to one consensus: the capex drag is temporary, and the street is positioning for FY28–FY29 earnings recovery.
The Debate
What to Watch Next
1 · Q2 FY27 earnings: EBITDA ramp & capacity delivery
If EBITDA accelerates and the capex-to-generation ratio improves (remaining 1.9 GW added without friction), the thesis holds. If EBITDA flattens or interest/depreciation spike further, the 4–5 year cycle extends and stock re-rates lower. Monitor operating cash flow separately; that is the true measure of sustainability.
2 · Monsoon hydro recovery (Jul–Sep)
Q1 hydro generation −26% YoY due to weak monsoon 2025–26. July hydro already at >100% PLF per management; if this sustains, Q2–Q3 will show 20–30% YoY recovery. That lifts capacity utilization and revenue without new capex. Critical to watch.
3 · TGNA to GNA conversion (by Aug 31)
300 MW of current build is under TGNA facing curtailment (69 MU Q1 loss). Management confident on Aug 31 conversion to GNA (relief). If delayed, FY27 capacity target at risk and TGNA curtailment becomes an ongoing drag. This is an Aug–Sep verdict.
4 · FY28 guidance (deferred to later call)
Management withheld FY28 capex/PAT numbers this call, saying they depend on "major driving factors." When (and what) they guide for FY28 is the moment the earnings recovery timeline becomes concrete. A silent FY28 guidance or a deferred-again stance signals further uncertainty.
The Single Number to Track
It is not revenue or even PAT. It is EBITDA growth and the capex-to-capacity ratio. JSW Energy is trapped in a capex-accounting hole that PAT cannot escape for 2–3 years. EBITDA, by contrast, is where the true cash-generation story hides. If EBITDA grows 5–8% per quarter as new capacity energizes, management's long-term thesis is intact even if PAT stays flat. When EBITDA starts accelerating and capex-per-MW drops (as brownfield Maruti and Mahanadi expansions come online at lower cost), the re-rating begins. Watch that, not the headline PAT. The stock is fairly valued here; it re-rates when EBITDA trajectory becomes unmistakable—probably Q2 or Q3 FY27 at the earliest. Until then, it is a hold for thesis believers and a pass for yield-seekers.
JSW Energy Q1: consolidated PAT down 36% YoY to ₹533 Cr as depreciation, finance costs bite
PAT -36.27% YoY · revenue +1.24% · margins compressing
₹5,207.13 Cr
+1.24% YoY
₹532.7 Cr
-36.27% YoY
9.8%
-5.6pp YoY
₹2.64
JSW Energy's consolidated Q1 FY27 (quarter ended June 30, 2026) print was operationally steady but hit hard below the EBITDA line. Revenue from operations was near-flat at ₹5,207 Cr (+1.2% YoY, +15.7% QoQ off a seasonally soft Q4) and operating EBITDA rose 2% YoY to ₹3,103 Cr with margin actually expanding to 55.2% from 54.3%. Yet consolidated PAT fell 36% YoY to ₹533 Cr (₹836 Cr in Q1 FY26) and slipped 7% QoQ, with PAT attributable to owners down 37% to ₹471 Cr. Net profit margin collapsed to 9.8% from 15.5% a year ago — the entire squeeze sits below EBITDA, not in the operating business.
Q1 FY-2027 vs prior quarters
The bridge is depreciation (₹890 Cr, up ~20% from ₹739 Cr) and finance costs (₹1,519 Cr, up ~16% from ₹1,306 Cr), both direct consequences of newly commissioned, debt-funded capacity coming onto the books ahead of its full revenue contribution. Power sales volumes fell 5% YoY (12.9 BU vs 13.5 BU) on weak hydrology (Hydro PLF 42% vs 64%) and lower Mahanadi thermal generation. Importantly, the ₹2,816.80 Cr gain from part-monetising the JSW Steel stake was routed through Other Comprehensive Income to retained earnings — it does NOT flow through PAT — and there were no exceptional items in the Q1 P&L on either side, so raw and adjusted YoY PAT are the same (~−36%); the reported profit is clean, not flattered by a one-off.
The stock went into the print at ₹565.4, down 2.9% over the past month of trading.
For context: revenue is at a 6-quarter high.
What the summary numbers don't show
Standalone PAT ₹188 Cr on revenue ₹1,101 Cr (+20% YoY) — standalone EPS ₹1.05, consolidated basic EPS ₹2.64.
Management expects FY27 to be a year of accelerating earnings delivery, driven by the full-year contribution of newly commissioned assets and strong power demand. The company plans to add approximately 3 GW of renewable capacity in FY27 with a capex of ₹20,000 crores, funded through internal accruals. JSW Energy reaffi
— This quarter: met
Against management's own guidance the story splits: the FY27 3 GW capacity-add target is firmly on track — 1,081 MW added till July 8 (931 MW organic, one of the largest-ever Q1 organic additions), taking total capacity to 14,535 MW — but the 'accelerating earnings delivery' the last concall promised is not yet visible in the bottom line, being back-ended behind these upfront depreciation and interest costs. The balance sheet was materially strengthened this quarter via a ₹4,000 Cr QIP and ₹3,150 Cr of JSW Steel monetisation, cutting the debt-equity ratio to 1.70x and leaving ₹12,881 Cr of cash. Corporate activity was heavy and on-strategy: the 300 MW Maruti thermal acquisition (EV ~₹1,410 Cr) was signed, the TJPS JV stake was raised to 20.7%, the GE Power boiler demerger won shareholder/creditor approval, and a first external ₹443.74 Cr BESS order was booked. On street positioning, no firm rupee consensus for the quarter surfaced, but FY27 EPS estimates had been cut sharply into the print.
W1
Whether new-capacity revenue outpaces rising depreciation (₹890 Cr/qtr) and finance costs (₹1,519 Cr/qtr) to revive PAT growth — the promised earnings acceleration is back-ended.
W2
Execution of the remaining ~2 GW of the FY27 3 GW capacity-add target (₹20,000 Cr capex funded by internal accruals).
W3
Hydro recovery next quarter — Hydro PLF fell to 42% from 64% YoY; monsoon-driven generation is the swing factor on volumes (−5% YoY this quarter).
Clean digital PDF. Consol PAT ₹532.70 Cr is total (owners ₹470.97 Cr + NCI ₹61.73 Cr); DB comparison uses total, so consistent. ₹2,816.80 Cr gain on part-sale of JSW Steel stake routed through OCI to retained earnings, NOT P&L. No exceptional items in Q1 P&L either period (prior-year ₹65.19 Cr exceptional was FY26 full-year only). Consol tax ₹163.11 Cr = current 60.19 + deferred 105.85 − deferred tax adjustable in future tariff 2.93. PBT includes ₹2.14 Cr JV/associate share.