JSW Energy's resolution plan for Raigarh Champa Rail approved by Committee of Creditors

Billionaire Sajjan Jindal's JSW Energy Ltd on Thursday (November 20) said the Committee of Creditors has approved its resolution plan for Raigarh Champa Rail Infrastructure Private Ltd (RCRIPL), which is undergoing corporate insolvency resolution under the Insolvency and Bankruptcy Code, 2016.

The company received a Letter of Intent from the Resolution Professional on November 19, 2025. This follows JSW Energy’s earlier update on March 6, 2025, where it announced the successful implementation and acquisition of KSK Mahanadi Power Company Ltd (KMPCL).

With that acquisition, JSW Energy became the holding company of KSK Mahanadi Power Company Ltd and gained significant indirect ownership in Raigarh Champa Rail Infrastructure Private Ltd.

Also Read: JSW Energy on track to meet 2030 capacity and storage targets

Raigarh Champa Rail Infrastructure Private provides the rail infrastructure required for coal transportation to KMPCL’s 1,800 MW operational thermal power plant and another 1,800 MW under-construction unit in Chhattisgarh. JSW Energy said the completion of the RCRIPL transaction will depend on approval from the National Company Law Tribunal.

Second Quarter Results

JSW Energy reported a 17.4% year-on-year decline in net profit for the second quarter, which stood at ₹705 crore, down from ₹853 crore in the same period last year. The company’s revenue fell 60% to ₹5,177.4 crore compared with ₹3,238 crore in Q2 of the previous year.

Operating performance also showed a sharp decline, with EBITDA down 77.8% to ₹2,996 crore from ₹1,684.8 crore a year earlier. EBITDA margin expanded to 57.9% from 52% in the corresponding period last year.

Also Read: JSW Energy shares in focus after news of multiple acquisitions

On the consolidated financial front, EBITDA for Q2 FY26 rose 67% YoY to ₹3,180 crore, driven by organic renewable capacity additions and contributions from the Mahanadi and O2 Power projects.

Robust annual cash PAT generation (TTM) stood at approximately ₹4,341 crore, with cash returns on adjusted net worth at 20%. Receivables on a DSO basis remained healthy at 64 days, while cash and cash equivalents were around ₹6,181 crore.

Shares of JSW Energy Ltd ended at ₹504.95, down by ₹8.60, or 1.67%, on the BSE.Read about our editorial guidelines and ethics policy