JSW Energy Gets CoC Nod for RCRIPL Resolution Plan; Awaits NCLT Approval

JSW Energy Ltd announced on November 20 that the Committee of Creditors has approved its resolution plan for Raigarh Champa Rail Infrastructure Private Ltd (RCRIPL), which is undergoing insolvency proceedings under the Insolvency and Bankruptcy Code, 2016. The company received a Letter of Intent from the Resolution Professional on November 19. The transaction will be completed after approval from the National Company Law Tribunal (NCLT).

Strategic Importance of RCRIPL Acquisition

RCRIPL provides rail infrastructure for coal transportation to KSK Mahanadi Power Company Ltd’s 1,800 MW operational thermal plant and another 1,800 MW unit under construction in Chhattisgarh. JSW Energy became the holding company of KSK Mahanadi Power earlier this year, strengthening its position in the thermal power segment. The acquisition of RCRIPL is expected to enhance fuel logistics and operational efficiency for these projects.

Financial Performance in Q2 FY26

JSW Energy reported a 17.4% year-on-year decline in standalone net profit for the second quarter, which stood at ₹705 crore compared to ₹853 crore last year. Revenue fell to ₹5,177.4 crore from ₹3,238 crore in the same period, while EBITDA dropped 77.8% to ₹2,996 crore. Despite this, EBITDA margin improved to 57.9% from 52% a year earlier, reflecting cost optimisation measures.

Consolidated Metrics and Liquidity Position

On a consolidated basis, EBITDA for Q2 FY26 rose 67% YoY to ₹3,180 crore, driven by renewable capacity additions and contributions from Mahanadi and O2 Power projects. Cash PAT generation (TTM) stood at ₹4,341 crore, with returns on adjusted net worth at 20%. Receivables remained healthy at 64 days, and cash and cash equivalents were around ₹6,181 crore, indicating strong liquidity.

Read More: IBBI Proposes Standardised Valuation Report Format for Insolvency Cases.

Conclusion

JSW Energy’s resolution plan for RCRIPL marks another strategic step following its acquisition of KSK Mahanadi Power. The deal is expected to strengthen coal logistics for its thermal projects in Chhattisgarh. While standalone performance faced headwinds in Q2, consolidated results and liquidity metrics remain robust. The company’s focus on renewables and operational efficiency continues to support its long-term growth outlook.

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