Financials
JSW Energy reports resilient Q2 FY25 results amid economic challenges
Mumbai: In a year marked by economic challenges and shifting global energy priorities, JSW Energy continues its steady performance, navigating volatility with a balanced mix of innovation, sustainability, and expansion. The company’s Q2 FY25 results underscore a nuanced position: while overall revenue reflects a modest decline, strategic initiatives in renewable energy and infrastructure lay the groundwork for long-term growth.
In Q2 FY25, JSW Energy’s revenue from operations stood at Rs 3,237.66 crore, a slight decrease from the Rs 3,259.42 crore recorded during the same quarter last year. Although consolidated EBITDA dipped by 5 per cent YoY to Rs 1,907 crore, underlying EBITDA grew by 4 per cent, driven by increased energy generation across its thermal, wind, and hydro assets. Net Profit After Tax (PAT) grew to Rs 853 crore, marking a small but steady YoY increase, underpinned by an uptick in operational efficiency and an optimised debt position, with a net debt-to-equity ratio of 0.9x and net debt-to-EBITDA (excluding CWIP) at 2.2x.
The company’s energy generation surged by 14 per cent YoY to 9.8 billion units (BUs), a growth attributed to the commissioning of 204 MW in wind projects and enhanced generation from both its thermal and hydroelectric assets. Total renewable energy (RE) generation rose by 14 per cent, hitting 5 BUs. Notably, wind generation surged by 37 per cent YoY, while hydro saw a 5 per cent increase. Thermal energy, despite broader industry challenges, remained resilient, contributing an impressive 4.8 BUs—an increase of 14 per cent YoY.
JSW Energy’s commitment to environmental and social governance (ESG) is also noteworthy. The company received an ‘A’ rating from MSCI for its ESG practices and achieved a leadership score of “A-” for climate-related transparency from CDP. In addition, the company secured an all-time high score of 77/100 in S&P’s Global DJSI-ESG rating, underscoring its dedication to ethical and sustainable practices within the energy sector.
As JSW Energy transitions toward a low-carbon energy future, its strategic focus remains steadfast on renewable energy expansion. The company’s cumulative RE generation capacity now stands at 19.2 GW, supported by significant new PPA signings for RE projects totaling 3.8 GW in Q2 FY25. Key projects include the nearly commissioned 454 MW SECI X Wind Project and new infrastructure projects in green hydrogen and battery energy storage. By March 2025, a 3,800 TPA hydrogen plant is anticipated to be operational, supplementing JSW’s green hydrogen agreements with JSW Steel, while a 1.0 GWh BESS project is slated for completion by June 2025.
JSW Energy’s Q2 FY25 results present a complex yet promising outlook. Amid immediate financial challenges, the company’s strategic alignment with India’s renewable energy goals and commitment to ESG underscore a forward-thinking approach. With substantial growth in renewable capacity and promising new ventures, JSW Energy is positioning itself not only as a leader in India’s energy transition but as a globally responsible energy player.
MUMBAI: It’s time to brief the markets: Page Industries is showing that even when regulations tighten, it can still keep its footing in the innerwear business. The Bengaluru-based apparel major has reported its financials for the quarter ended 31 December 2025, delivering a performance that remains steady and well put together.
The company’s top line showed plenty of elasticity this quarter. Revenue from operations stretched to Rs 1,38,675.71 lakhs, a healthy jump from the Rs 1,29,085.82 lakhs reported in the preceding quarter. Compared to the same period last year, which stood at Rs 1,31,305.10 lakhs, it’s clear the brand’s grip on the market isn’t loosening. Total income for the quarter, including other finance gains, reached a comfortable Rs 1,39,919.03 lakhs.
However, it wasn’t all smooth silk. The Government of India’s new unified Labour Codes, covering everything from wages to social security, officially kicked in on 21 November 2025. This regulatory shift forced Page Industries to account for a one-time “exceptional item” cost of Rs 3,500.42 lakhs to cover incremental employee benefits and related obligations. Despite this Rs 35-crore legislative snag, the underlying business remained robust. Profit before tax stood at Rs 25,625.35 lakhs after the exceptional hit, and without that one-off cost, the figure would have been a more muscular Rs 29,125.77 lakhs. Net profit for the quarter came in at Rs 18,953.64 lakhs.
Total expenses rose to Rs 1,10,793.26 lakhs, driven largely by raw material consumption of Rs 30,162.65 lakhs and employee benefits of Rs 23,310.66 lakhs. Even so, the company’s operational strength ensured the bottom line remained firmly stitched together.
For shareholders, the news is particularly “fitting.” The Board has declared a third interim dividend for 2025-26 of Rs 125 per equity share. The record date has been set for 11 February 2026, with the payment scheduled on or before 6 March 2026. This follows two previous interim dividends of Rs 150 and Rs 125 declared earlier in the financial year, reinforcing the company’s commitment to sharing the spoils of its success.
Looking at the nine-month stretch ending December 2025, Page Industries has amassed total income of Rs 4,04,090.59 lakhs, with total comprehensive income of Rs 58,231.49 lakhs. While the basic earnings per share for the quarter dipped slightly to Rs 169.93, compared to Rs 183.48 in the same quarter last year, the year-to-date EPS remains a solid Rs 524.57.
Auditors at S.R. Batliboi & Associates LLP have given the results a “limited review” thumbs up, reporting no material misstatements. It seems that, as far as Page Industries is concerned, the business remains as well-constructed as its famous Jockey briefs.
