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B E T T E R E V E R Y D A Y Q2 FY26 Results Presentation 17 October 2025
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2 JSW Energy Q2 FY26 Results Presentation Forward Looking and Cautionary Statement This presentation has been prepared by JSW Energy Limited (the “Company”) based upon information available in the public domain solely for information purposes without regard to any specific objectives, financial situations or informational needs of any particular person. This presentation should not be construed as legal, tax, investment or other advice. This presentation is strictly confidential, being given solely for your information and for your use, and may not be copied, distributed or disseminated, directly or indirectly, in any manner. Furthermore, no person is authorized to give any information or make any representation which is not contained in, or is inconsistent with, this presentation. Any such extraneous or inconsistent information or representation, if given or made, should not be relied upon as having been authorized by or on behalf of the Company. This presentation contains statements that constitute forward-looking statements. These statements include descriptions regarding the intent, belief or current expectations of the Company or its directors and officers with respect to the results of operations and financial condition of the Company. These statements can be recognized by the use of words such as “expects,” “plans,” “will,” “estimates,” “projects,” or other words of similar meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those specified in such forward-looking statements as a result of various factors and assumptions. The risks and uncertainties relating to these statements include, but are not limited to, (i) fluctuations in earnings, (ii) the Company’s ability to manage growth, (iii) competition, (iv) government policies and regulations, and (v) political, economic, legal and social conditions in India. The Company does not undertake any obligation to revise or update any forward-looking statement that may be made from time to time by or on behalf of the Company. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. The information contained in this presentation is only current as of its date and has not been independently verified. The Company may alter, modify or otherwise change in any manner the contents of this presentation, without obligation to notify any person of such revision or changes. No representation, warranty, guarantee or undertaking, express or implied, is or will be made as to, and no reliance should be placed on, the accuracy, completeness, correctness or fairness of the information, estimates, projections and opinions contained in this presentation. None of the Company or any of its affiliates, advisers or representatives accept any liability whatsoever for any loss howsoever arising from any information presented or contained in this presentation. Please note that the past performance of the Company is not, and should not be considered as, indicative of future results. Potential investors must make their own assessment of the relevance, accuracy and adequacy of the information contained in this presentation and must make such independent investigation as they may consider necessary or appropriate for such purpose. Such information and opinions are in all events not current after the date of this presentation. The Potential investors shall be in compliance with the applicable Insider Trading Regulations, with respect to the Company in reference to the information provided under this presentation.
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3 JSW Energy Q2 FY26 Results Presentation Agenda Safety & Sustainability Operational & Financial Performance Appendix Business Environment Company Highlights Segment Wise Performance Vijayanagar Floating Solar
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Company Highlights
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5 JSW Energy Q2 FY26 Results Presentation 915 112 1,097 (24) 2,843 39 116 14,938 9,840 Q2 FY25 O2 Power Hydro Wind Solar Mahanadi ST Thermal LT Thermal Q2 FY26 Operational Performance • Net Generation: Up by 52% YoY , from 9.8 BUs to 14.9 BUs • RE generation is up by 42% YoY at 7.1 BUs driven by organic wind capacity addition and O2 power • Thermal generation is up by 62% YoY at 7.8 BUs, primarily driven by Mahanadi and Utkal Unit-II • Long Term PPA Generation: Up by 56% YoY , from 8.6 BUs to 13.4 BUs Q2 FY26 - Quarterly Highlights (1/2) Q2 FY26 | Net Generation (MUs) ThermalRenewables Generation up 42% YoY Capacity up 3,321 MW YoY Generation up 62% YoY Capacity up 2,150 MW YoY Generation Up 52% YoY from 9.8 BUs to 14.9 BUs Mahanadi represent 1800 MW Mahanadi Thermal Plant ST: Short Term; LT: Long Term Installed capacity 7,740 MW 5.5GW (~71% YoY) Capacity IncreaseInstalled capacity 13,211 MW 9,840 MUs 14,938 MUs
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6 JSW Energy Q2 FY26 Results Presentation Consolidated Financial Performance • Reported EBITDA increased 67% YoY to ₹ 3,180 Cr, primarily driven by organic renewable capacity additions and contribution from Mahanadi and O2 Power; H1 FY26 EBITDA grew by 79% YoY to ₹ 6,237 Cr • Q2 FY26 Reported PAT declined by 17% YoY to ₹ 705 Cr, while it grew by 5% YoY in H1 FY26 to ₹ 1,448 Cr • Cash PAT for the quarter increased by 27% YoY to ₹ 1,512 Cr and H1 FY26 Cash PAT grew by 44% YoY to 3,090 Cr • Healthy Balance Sheet to pursue growth: Net Debt to Equity at 2.1x, Net Debt to Proforma Steady-state EBITDA1 (excl. CWIP) at 4.8x • Receivables on DSO basis stood at 64 days; Cash & Cash Equivalents2 stood at ₹ 6,181 Cr • Credit rating affirmed at 'AA/Stable/A1+' by India Ratings and ICRA Growth Projects • Installed capacity at 13.2 GW; added 443 MW organic renewable capacity during the quarter o Kutehr 240 MW o Wind 148 MW o Solar 56 MW Strategic Updates • Completed the strategic acquisition of KSK Water Infrastructure, locking in the Mahanadi plant’s water resource security • Entered in a Scheme of arrangement with GE Power India to acquire its boiler manufacturing business, securing a critical part of equipment supply for growth in thermal segment • Signed definitive agreement with Statkraft to acquire 150 MW under-construction Tidong HEP , for Enterprise Valuation of ~₹1,728 crores, subject to closing adjustments Q2 FY26 - Quarterly Highlights (2/2) 1. Proforma TTM EBITDA including full year EBITDA of Mahanadi, Hetero RE Assets and O2 Power 2. Includes unencumbered bank b alances, FDs and liquid mutual funds
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Operational & Financial Performance Sholtu Hydro Plant
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8 JSW Energy Q2 FY26 Results Presentation Consolidated Performance * Computed as PAT+ Depreciation+ Deferred Taxes +/( -) Exceptional items for operational assets. Strong EBITDA and Cashflow generation from Long-term portfolio EBITDA (₹ Cr) and Margins (%) Cash Profit After Tax * (₹ Cr) Total Revenue (₹ Cr)Net Generation (MUs) Operational Highlights Q2 FY26 • Added 443 MW during the quarter, comprising of 240 MW Kutehr HEP and 203 MW organic RE capacity • Net Generation: Up by 52% YoY at 14.9 BUs primarily driven by organic wind capacity addition, contribution from O2 Power, Mahanadi plant and Utkal Unit-II • RE generation is up by 42% YoY at 7.1 BUs while Thermal generation is up by 62% YoY at 7.8 BUs • ST volumes increased 23% YoY to 1.5 BUs due to shift towards domestic coal based open capacity Financial Highlights Q2 FY26 • Total Revenue increased 55% YoY to ₹ 5,361 Cr while EBITDA at ₹ 3,180 Cr surged by 67% YoY primarily driven by organic renewable capacity additions and contribution from Mahanadi plant and O2 Power • Reported PAT at ₹ 705 Cr declined by 17% YoY while Cash PAT at ₹ 1,512 Cr grew by 27% YoY 1,190 1,512 Q2 2,148 3,090 HY FY25 FY26 1,907 3,180 Q2 3,488 6,237 HY FY25 FY26 6,502 10,772 HY FY25 FY26 3,459 5,361 Q2 55% 66% 87% 8,605 90% 13,415 9,840 14,938 Q2 FY25 Q2 FY26 87% 15,385 89% 25,167 17,721 28,432 H1 FY25 H1 FY26 Short Term Long Term 52% 67% 55% 59% 27% 60% 54% 58% 79% 44%
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9 JSW Energy Q2 FY26 Results Presentation Consolidated Financial Results 1 - Computed as PAT+ Depreciation+ Deferred Taxes+ Exceptional items; 2 - Not Annualized H1 FY26 H1 FY25 Particulars in ₹ Crore Q2 FY26 Q2 FY25 10,772 6,502 Total Revenue 5,361 3,459 6,237 3,488 EBITDA 3,180 1,907 58% 54% EBITDA Margin(%) 59% 55% 1,548 767 Depreciation 809 392 2,723 1,029 Finance Cost 1,418 518 1,966 1,691 Profit Before Tax 954 997 1,448 1,375 Profit After Tax 705 853 3,090 2,148 Cash Profit After Tax 1 1,512 1,190 8.29 7.88 Diluted EPS2 (₹) 4.04 4.89
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10 JSW Energy Q2 FY26 Results Presentation EBITDA Bridge 1,907 807 (61) 55 267 319 (114) 3,180 EBITDA Q2 FY25 Mahanadi Lower Long Term Sales Higher Short Term Sales O2 Power Solar & Wind Others EBITDA Q2 FY26 Particulars in ₹ Cr Q2 FY26 ₹ 801 Crore from Thermal +67% YoY
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11 JSW Energy Q2 FY26 Results Presentation Net Debt Movement * Includes unencumbered bank balances, FDs, and liquid mutual funds. Proforma EBITDA includes TTM EBITDA from Mahanadi plant of ₹ 2,922Cr, TTM EBITDA from Hetero Wind assets of ₹ 147 Cr and O2 P ower of ₹ 804 Cr Particulars in ₹ Cr Net Debt / EBITDA (excl. CWIP Debt) at 4.8x ND/EBITDA# (excl. CWIP) at 4.8x46,449 49,493 12,865 1,703 320 (1,266) 1,935 (45) 12,467 Net Debt as on Jun 30,2025 New Debt Taken (incl. business combinations) Forex restatement and other Repayment Movement in short term borrowings Change in Cash & Cash Eq.* Net Debt as on Sep 30,2025 61,960 59,313 Operational Projects Capital Work- in-Progress (CWIP) Leverage Net Debt (₹ Cr) Proforma EBITDA (TTM; ₹ Cr) ND/EBITDA (x) Combined (Excl. Under Construction) 49,493 10,267 4.8x
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12 JSW Energy Q2 FY26 Results Presentation Superior Financial Risk Profile * Net Worth is impacted by change in value of listed equity investments through Other Comprehensive Income ** Adjusted for va lue of investments (net of taxes) # ND/Proforma EBITDA excluding debt on under-construction projects Healthy balance sheet and returns metrics Net Debt (₹ Cr) Net Worth (₹ Cr)* & Cash Returns (%) Leverage Ratios Wt. Average Cost of Debt # 26,636 23,339 24,875 26,448 43,962 59,313 61,960 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 20,972 21,553 21,504 20,746 21,378 22,031 26,929 27,970 27,152 27,362 27,738 29,124 16% 16% 16% 16% 19% 20% Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Adjusted Net Worth (₹ Cr) ** Net Worth (₹ Cr) Cash Return on Adj. Net Worth (%) 3.8 4.1 4.5 5.0 6.0 6.0 2.2 2.2 2.8 3.9 4.7 4.8 0.9 0.9 1.0 1.6 2.1 2.1 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 ND/TTM Proforma EBITDA ND/EBITDA ND/Equity 8.75% 8.81% 8.87% 9.05% 8.87% 8.79% Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25
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13 JSW Energy Q2 FY26 Results Presentation 2,571 3,518 Sep 30, 2024 Sep 30, 2025 Healthy Trade Receivables *Includes Unbilled Revenue Receivables on a DSO terms stood at 64 days Receivable Days 70 64 Trade Receivables* (₹ Cr ) Off-taker Profile 13,211 MW Thermal, 43% Solar, 17% Wind, 28% Hydro, 12% Group Captive, 20% SECI, 13% RJ, 10% PTC, 8% TS, 3% KA, 1% AP, 3% MH, 3% HP, 2% GJ, 1% C&I, 4% UP, 9% TN, 4% HR, 2% Others, 8% Open, 8% (1,087 MW) (2,697 MW)
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14 JSW Energy Q2 FY26 Results Presentation Cash Returns on Adjusted Net Worth * Adjustment in net worth by excluding the value of shares of JSW Steel# Consolidates Mahanadi PAT from 6 th March 2025 and O2 power assets from 9 th April 2025 ^ Proforma TTM Quarter ended Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 # Jun-25 # Sep-25 Sep-25 (TTM) ^ Reported PAT 231 351 522 853 168 408 743 705 1,939 Add: Depreciation 400 427 375 392 406 482 739 809 3,060 Add/(less): Deferred Taxes (4) (92) 61 (4) (66) (146) 97 18 (262) (Less): Dividend Received - - - (51) - - - (20) (20) Add/(less): One-offs - - - - - - - - - Cash PAT 628 686 958 1,190 507 744 1,579 1,512 4,717 Cash PAT (TTM) 3,138 3,237 3,452 3,462 3,341 3,399 4,019 4,341 4,717 Adjusted Net Worth* 15,336 15,501 20,972 21,553 21,504 20,746 21,378 22,031 22,031 Cash Returns on Net Worth (%) 21% 21% 17% 16% 16% 16% 19% 20% 21% ₹ Cr (Unless mentioned otherwise) Strong Cash Generation of almost ₹4,700 Crore
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15 JSW Energy Q2 FY26 Results Presentation 1,600 2,300 3,398 5,242 150 4,561 30,462 13,211 Current Thermal Wind Solar Hybrid Hydro * Pipeline^ Total Locked-in * Includes 150 MW of under-acquisition Tidong hydro plant ^ Pipeline: Projects where LoA/LoI is received and PPA to be signed (Project details on next slide) Mahanadi thermal optionality of 1.800 MW included in pipeli ne Generation (MW) Generation Capacity – 30 GW by 2030 Installed capacity to grow at ~20% CAGR till 2030 Under construction / PPA Signed 12,540 MW Thermal 9,058 MW 30% Solar 6,511 MW 21% Wind 6,009 MW 20% Hydro 1,781 MW 6% Hybrid 7,103 MW 23% Generation FY 26 - 30: Triple the capacity to 30 GW 30.5 GW * Locked-in Under-construction 12,540 MW Thermal 1,600 MW Wind 2,300 MW Solar 3,398 MW Hybrid 5,242 MW 25.8 GW Installed + U/C Thermal 5,658 MW Hydro 1,631 MW Wind 3,709 MW Solar 2,213 MW Installed 13,211 MW
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16 JSW Energy Q2 FY26 Results Presentation Under-Construction, Under-Acquisition and Pipeline Projects ^ Pipeline: Projects where LoA/LoI is received and PPA to be signed; Mahanadi thermal optionality of 1.800 MW included in pipeline Under Construction / PPA Signed Letter of Award/Intent Received – Pipeline Pipeline Contracted Installed NTPC Solar III 400 400 SECI XV (Solar +ESS) 500 500 Total Solar 900 900 SECI (Hybrid VIII) 300 330 SJVN (Hybrid - II) 300 330 NTPC (Hybrid VI) 300 330 Group Captive 250 250 O2 Power 520 621 Total Hybrid 1,670 1,861 Mahanadi Thermal Growth Optionality 1,800 1,800 Total Pipeline 4,370 4,561 Current Installed 13,211 Under-Construction 12,540 Under-Acquisition 150 Pipeline ^ 4,561 Total Locked-in 30,462 Total Locked-in Capacity MW Under Construction Contracted Installed Salboni 1,600 1,600 Thermal 1,600 1,600 SECI IX 108 108 Group Captive 32 32 SECI XII 300 300 SECI XVI 1,025 1,025 C&I 182 182 Adani Energy - Wind I 250 250 O2 Power 403 403 Total Wind 2,300 2,300 SJVN (Tranche I) 700 700 SECI XIII 700 700 GUVNL (Khavda) 300 300 NTPC Solar II 700 700 Pavagada (Karnataka) 300 300 Group Captive Solar 78 78 C&I 130 130 KREDL (Solar + BESS) 100 100 O2 Power 390 390 Total Solar 3,398 3,398 Group Captive 965 1,285 GUVNL (Phase 2) 192 234 MSEDCL (Hybrid III &IV) 1,200 1,600 C&I 259 339 O2 Power 958 1,434 SECI FDRE IV 230 350 Total Hybrid 3,804 5,242 Total 11,102 12,540 Under-Acquisition Tidong Hydro – 150 MW
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17 JSW Energy Q2 FY26 Results Presentation Energy Storage – Target of 40 GWh by 2030 BESPA: Battery Energy Storage Purchase Agreement | PHESFA: Pumped Hydro Energy Storage Facility Agreement * The company has filed an appeal before the Hon’ble Supreme Court of India with regards to the non -adoption of tariff by CERC. Strategy 3.0 – Generation Capacity of 30 GW & Energy Storage of 40 GWh by 2030 3.0 26.4 29.4 40.0 BESS PSP Total Locked-in Target 2030 Locked-in Capacity of 29.4 GWh Project Details Battery Energy Storage BESPA Signed Capacity (GWh) SECI (Rajasthan) * 1.0 SECI XV (Solar + BESS) 0.5 SECI (Kerala) ✓ 0.5 Group Captive 0.3 RVUNL ✓ 0.5 KREDL (Solar + BESS) ✓ 0.1 FDRE ✓ 0.1 Total 3.0 Pumped Hydro Storage PHESFA Signed Capacity (GWh) MSEDCL ✓ 12.0 UPPCL ✓ 12.0 PCKL 2.4 Total 26.4 Project Details • Q2 FY26 | 680 MWh • H1 FY26 | 13.18 GWh Energy storage agreements signed
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Safety & Sustainability JSW Energy, Barmer
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19 JSW Energy Q2 FY26 Results Presentation Continued Focus on Health & Safety Excellence Health & Safety Updates Safety Performance LTIFR - 0.14 (H1 FY26) Contractor Safety Management ▪ A Comprehensive re-evaluation of contractor safety systems conducted using Pre-Qualification Assessment (PQA) scores ▪ Improvement in Contractor PQA scores with focused support and enhanced safety measures and systems Comprehensive Worker Training Programs at Project Sites ▪ Subject Matter Expert training on 5 critical safety standards conducted at Vijayanagar and Mahanadi plant for safety improvements covering 200+ employees ▪ GWO training, First aid, and Firefighting training conducted across all Renewable sites ▪ Regular Safety training conducted throughout Thermal plants Emergency Response and Preparedness ▪ Mock drills for Fall from height, Fire drill, Electrocution, Snake bite response, Medical emergency, Chlorine Leak, Corex gas leak being conducted at various sites ▪ National Electrical Week awareness training was conducted including AED, Safe string Monitoring, Permit to work etc ▪ Lead the Change: "Safety as a Value" training conducted at the Ratnagiri plant
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20 JSW Energy Q2 FY26 Results Presentation Sustainability: Framework and Policies 17 Focus Areas with 2030 Targets - from 2020 as Base Year Climate Change ▪ Committed to being carbon neutral by 2050 ▪ Reduce our carbon emissions by more than ~50% Biodiversity No Net Loss for Biodiversity Renewable Power Enhance the renewable power to 2/3rd of our Total Installed Capacity Water Resources Reduce our water consumption per unit of energy produced Waste 100% Ash (Waste) utilization Waste Water Zero Liquid Discharge Aligned to National & International Frameworks Governance & Oversight by Sustainability Committee ESG Ratings – best amongst peers S & P Global (DJSI - ESG) : 76/100 TPI: Level 5 (highest rating) Executive Director Mr. Sharad Mahendra Independent Directors Mr. Sunil Goyal Ms. Rupa Devi Singh Carbon Neutrality by 2050 Committed to keep global warming to 1.5°C in line with Paris Agreement - UN Climate Change Conference Integrated Reporting since FY19 ESG Data book ESG Data book Supply Chain Sustainability Employee Wellbeing Air Emissions Business Ethics Cultural Heritage Energy Operational Health & Safety Resources Social Sustainability Local Considerations Indigenous People Human Rights MSCI : A FTSE4Good Index constituent Annual Reports FY 25 Annual Report NSE Sustainability rating : 64
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21 JSW Energy Q2 FY26 Results Presentation Sustainability: Targets and Strategy SD Targets Strategic Initiatives and Approach FY20 Actuals Improvement (FY20 to FY30) FY30 Targets Climate Change ▪ GHG Emissions tCO2e / MWh ▪ Supply Chain Sustainability Assessment initiated for FY26, 93 suppliers selected as per SEBI requirement ▪ LCA (Life Cycle Assessment) and EPD (Environmental Product Declaration) completed for dry fly ash for Ratnagiri Plant, to enable exports in USA and EU Region 0.76 48% 0.39 Water Security ▪ Specific freshwater intake (m3/MWh) ▪ Reservoir built at Ratnagiri Plant to mitigate water crisis and operational disruption ▪ Water optimization initiatives are currently underway, aimed at achieving higher Cycles of Concentration (COC), thereby reducing dependence on freshwater resources 1.10 38% 0.68 Waste ▪ Specific Waste (Ash) Generation (t/MWh) ▪ Waste Recycled – Ash (%) ▪ Utilisation of low ash coal in Ratnagiri and Vijayanagar- leading to lower ash generation ▪ Re-utilisation of fly ash and bottom ash for re-circulation in Boilers ▪ Sustainable waste management as per State Control Pollution Board guidelines 0.070 40% 0.042 100 - 100 Air Emissions ▪ PM ▪ SOx ▪ NOx ▪ Ensuring ESP (Electrostatic Precipitator) Fields availability for lower PM emissions ▪ Optimizing lime dozing system efficiency to reduce SOx emission ▪ Installation of Low NOx Burners is under progress to optimize NOx emissions 0.064 0.75 0.46 60% 58% 54% 0.16 1.78 1.01 Specific process emissions(Kg/MWh) Biodiversity ▪ Biodiversity at our operating sites ▪ Increased green cover across all operational plants through regular plantation drives, to achieve “no net loss” of biodiversity by FY30 ▪ Monitoring of bird and bat mortality around wind plants, butterfly garden at Ratnagiri under construction ▪ Implementation of Biodiversity Management plan at Barmer ,Ratnagiri and Utkal Plant Achieve ‘no net loss’ of biodiversity -
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22 JSW Energy Q2 FY26 Results Presentation Sustainability: Q2 FY26 Performance Key Highlights Performance Ash Utilisation (%) 100% 100% H1 FY26 FY30 Target CO2 intensity (tCO2e/MWh) PM Emissions (kg/MWh) 0.55 0.59 H1 FY26 FY26 Target 0.07 0.099 H1 FY26 FY26 Target SOx Emissions (kg/MWh) 1.77 2.40 H1 FY26 FY26 Target NOx Emissions (kg/MWh) 0.77 1.03 H1 FY26 FY26 Target Climate Change ▪ Increased share of RE for de-carbonization - Total RE operational capacity increased from 4,218 MW in Q2 FY25 to 7,553 MW in Q2 FY26 ▪ TCFD Phase 2 Risk Assessment completed at Hydro Locations ▪ Boiler modification completed at one Thermal Power Plant, enabling reduced reliance on coal-based fossil fuels contributing to lower greenhouse gas emissions Water Security ▪ Water Neutrality Assessment completed for a major Thermal plant; action plan under implementation ▪ Dry robot wet cleaning used in most of the Solar Plant (saving almost 2000 m3 water daily) Waste ▪ Zero waste to Landfill certification completed for operational thermal power Plants. All plants certified under Platinum category ▪ More than 99% of waste being responsibly disposed off by means of recycle and reuse. ▪ Re-utilization of fly ash & bottom ash for re-circulation in Boilers ▪ Ensuring ESP (Electrostatic Precipitator) Fields availability to lower PM emissions ▪ Boiler air and stack emissions monitoring in place to optimize efficiency Air Emissions Biodiversity ▪ Increased green cover across all operational plants through regular plantation ▪ Biodiversity plan under implementation at Ratnagiri, Barmer and Utkal plant ▪ Monitoring of Birds and Bat mortality across all wind plants ▪ Around 12,800 plantation of different species completed
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23 JSW Energy Q2 FY26 Results Presentation Sustainability: Empowering Our Communities JSW Energy, Barmer
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24 JSW Energy Q2 FY26 Results Presentation Sustainability: Empowering Our Communities Health & Nutrition Water, Environment & Sanitation Waste Management Waste Management Agriculture and Allied Livelihoods Education Skills & Livelihoods Art, Culture & Heritage Sports Promotion Waste Management • Through our initiatives in Barmer and Himachal Pradesh, 8,756 people have been empowered with new skills and livelihood opportunities • Our education programs in Barmer, Ratnagiri, and Tuticorin have benefited 3,475 students • Through large-scale public health initiatives and community outreach programs, we have positively impacted 27,736 lives in regions including Tamil Nadu, Odisha, Himachal Pradesh, and Maharashtra • Empowering 17,597 lives in Himachal Pradesh through our sustainable waste management solutions • 113 players in Sholtu, Himachal Pradesh have benefitted from JSW Shikhar program Skills and Livelihoods & Education Health and Nutrition Water and Sanitation Initiatives Sports Promotion Agriculture • More than 1,500 farmers in Ratnagiri have benefited from our agricultural initiatives • Our programs in Barmer have enabled 4,500 individuals to gain reliable access to safe drinking water and sanitation
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25 Investor Relations Contact: ir.jswenergy@jsw.in ESG Data Profile: Link JSW Energy, Barmer and Vijayanagar Solar
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Appendix Solar Power Plant, Vijayanagar Agrivoltaics at Vijayanagar Sustainability in every action — harmonizing farming with clean energy generation
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Segment Wise Performance | Thermal Under-construction 1,600 MW Installed 5,658 MW Pipeline 1,800 MW Thermal Capacity 9,058 MW 9,058 MW
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28 JSW Energy Q2 FY26 Results Presentation Operational Assets 5,658* MW Ratnagiri (1,200 MW) Barmer (1,080 MW) Vijayanagar (860 MW) Utkal (700 MW) Mahanadi (3,600 MW) 1,105 MW Imported Coal 1,200 MW 1,629 MUs (-4% YoY) 1,762 MUs (-4% YoY) 74%/(92%) 73%/(91%) 1,080 MW Lignite 1,080 MW 1,357 MUs (-13% YoY) 1,357 MUs (-13% YoY) 66%/(78%) 66%/(78%) 860 MW Imported Coal 860 MW 955 MUs (68% YoY) 1,069 MUs (10% YoY) 100%/(85%) 61%/(89%) Untied Domestic Coal 700 MW - 793 MUs (70% YoY) - 56%/(56%) 1,712 MW ^ Domestic Coal 1,800 MW 2,843 MUs 77%/(99%) 2,442 MUs 70%/(99%) Thermal Assets | Q2 FY26 (1/2) 5,658 MW PPA /Tied up Fuel Type Rajasthan 19% MSDECL 5% Group Captive 30% Open 16% UPPCL 19% TANGEDCO 9% Others 2% Installed Capacity Net Generation Of 7,845 MUs LT Total PLF/(Deemed PLF) LT Total 84% of Current Installed Thermal Capacity is tied-up under Long-Term PPA - | Under Construction 1,600 MW Salboni Thermal Power Plant Offtaker Profile *Including 18 MW TPP at Nandyal ^ Factoring in 7.5% Auxiliary Consumption
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29 JSW Energy Q2 FY26 Results Presentation Thermal Assets| Q2 FY26 (2/2) Net Generation (MUs) EBITDA Excl. Other Income (₹ Cr) and Margins (%)Segmental Revenue from Operations (₹ Cr) Thermal : PLF – long term 1,917 3,241 Q2 FY25 Q2 FY26 3,831 6,863 H1 FY25 H1 FY26 69% 79% 155% 517 1,320 Q2 FY25 Q2 FY26 1,142 2,889 H1 FY25 H1 FY26 153% 27% 41% 30% 42% 62% 72% 75% 83% 71% 90% PLF Deemed PLF H1 FY25 H1 FY26 76% 86% 67% 90% PLF Deemed PLF Q2 FY25 Q2 FY26 79%, 3,845 82%, 6,403 4,847 7,845 Q2 FY25 Q2 FY26 79% 7,484 81% 13,277 9,485 16,349 H1 FY25 H1 FY26 Short Term Long Term Capacity Addition • Added 2,150 MW of Capacity in last 12 months Operational Highlights • Total Net Generation up 62% YoY to 7.8 BUs, primarily driven by contribution from Mahanadi, and Utkal Unit-II • Short Term generation increased 44% YoY at 1,441 MUs driven by generation from Utkal Unit-II & incremental open capacity at Mahanadi plant • Long Term generation was up 67% YoY in the quarter supported by healthy LT deemed PLF of 90% Financial Highlights • Total operating thermal revenue at ₹ 3,241 Cr up 69% YoY due to contribution from Mahanadi and Utkal plants • EBITDA excl other income increased 155% to ₹ 1,320 Cr
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Segment Wise Performance | Renewables 21,404 MW Under-construction 10,940 MW Installed 7,553 MW Pipeline 2,761 MW Renewable Capacity 21,404 MW Under-acquisition 150 MW
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31 JSW Energy Q2 FY26 Results Presentation Renewable Assets | Q2 FY26 (1/2) Wind – 6,009 MW Solar – 5,611 MWHydro - 1,631 MW Hybrid – 5,242MWOfftaker Profile Total Capacity | Operational Acquired Wind 2,251 | 1,848 SECI X 454 | 454 SECI IX 810 | 702 Captive JSW Steel 738 | 706 Total Capacity | Under construction Acquired Wind 2,251 | 403 SECI Projects 2,135 | 1,433 Captive JSW Steel 738 | 32 Adani Energy 250 | 250 C&I 182 | 182 3,161 MUs (75% YoY) 3,161 MUs (75% YoY) Total Capacity | Operational Karcham Wangtoo 1,091 | 1,091 Baspa 300 | 300 Kutehr 240 | 240 2,946 MUs (10% YoY) 3,028 MUs (4% YoY) Total Capacity | Operational Vijayanagar Captive 225 | 225 Acquired Solar 2,325 | 1,935 Barmer Group Captive 5 | 5 Vijayanagar Floating 20 | 20 Others 28 | 28 Total Capacity | Under construction Acquired Solar 2,325| 390 SJVN 700 | 700 SECI XIII 700 | 700 NTPC 700 | 700 GUVNL 300 | 300 Pavagada 300 | 300 KREDL (Solar + BESS) 100 | 100 Group Captive/C&I 208 | 208 905 MUs (229% YoY) 905 MUs (229% YoY) 40% 91% 19% 40% 91% 19% LT Total LT Total Net Generation of 7,094 MUs PLF (%) NA Total Capacity | Under construction Group Captive 1,285 | 1,285 MSEDCL 1,600 | 1,600 Acquired Hybrid 1,434 | 1,434 FDRE IV 350 | 350 C&I 339 | 339 GUVNL 234 | 234 Under Construction 10,940 MW Total 18,493 MW Operational 3,709 MW Operational 1,631 MW Operational 2,213 MW Operational -Nil Operational 7,553 MW 7,553 MW All under construction projects are tied-up under long term PPA Hybrid – 5,242 MW Group Captive: 1,014 MW (13%) - Solar : 278 MW - Wind : 736 MW SECI 22% PTC 13% Group Captive 13%AP 6%TS 6% HP 4% RJ 3% MH 2% KA 2% GJ 2% C&I 7% NTPC 5% NHPC 5% HR 3% Open 3% Others 3%
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32 JSW Energy Q2 FY26 Results Presentation Renewable Assets |Q2 FY26 (2/2) 1 Includes consolidation adjustments For additional details refer appendix section Installed Green Capacity (MW) EBITDA Excl. Other Income1 (₹ Cr)Segmental Revenue from Operations1 (₹ Cr) Net Generation (MUs) 4,232 7,553 Q2 FY25 Q2 FY26 95% 4,760 99% 7,012 4,993 7,094 Q2 FY25 Q2 FY26 96% 7,901 98% 11,890 8,236 12,084 H1 FY25 H1 FY26 Short Term Long Term 50% 78% 46% 42% 47% 1,147 1,678 Q2 FY25 Q2 FY26 1,922 2,890 H1 FY25 H1 FY26 1,281 1,926 Q2 FY25 Q2 FY26 2,191 3,417 H1 FY25 H1 FY26 56% 50% Capacity Addition • Added ~3.3 GW of RE capacity in last 12 months and 443 MW in Q2 FY26, comprising of 240 MW Kutehr, 148 MW of Wind and 56 MW of Solar • 240 MW greenfield Kutehr HEP has achieved COD in Aug-25, making it one of the fastest executed HEPs in India Operational Highlights • Net RE generation during Q2 FY26 increased by 42% YoY driven by organic wind capacity additions and O2 power Financial Highlights • Total operating RE revenue increased 50% YoY to ₹ 1,926 Cr driven by contribution from both organic capacity additions and O2 Power RE portfolio • Operating EBITDA at ₹ 1,678 Cr, up 46% YoY
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33 JSW Energy Q2 FY26 Results Presentation Kutehr HEP Updates Kutehr HEP Commissioned in Aug-25 • Located in Chamba District, Himachal Pradesh • One of India’s fastest-built greenfield HEPs – completed in under 6 years despite COVID-19 disruptions, lockdowns, and extreme weather • Backed by a 35-year Power Purchase Agreement with Haryana Power Purchase Centre for the full 240 MW at a levelized ceiling tariff of ₹4.50/kWh • Commissioned at an opportune time, enabling capitalization of the high-generation season in Q2 • Achieved 58% Plant Load Factor for operational days in Q2FY26 Kutehr HEP, Himachal Pradesh
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34 JSW Energy Q2 FY26 Results Presentation Operational Performance – Thermal LT : Long Term; ST: Short Term, NM : Not meaningful, * denotes Deemed PLF Figures rounded off to nearest units digit Net Generation (MUs) PLF/CUF (%) Location (Current Capacity) Capacity (%) Q2 FY26 Q2 FY25 Change YoY H1 FY26 H1 FY25 Change YoY Q2 FY26 Q2 FY25 H1 FY26 H1 FY25 Ratnagiri (1,200 MW) LT 92% 1,629 1,698 -4% 3,260 3,327 -2% 74 (*92) 77 (*88) 74 (*91) 75 (*87) Total 100% 1,762 1,829 -4% 3,823 3,946 -3% 73 (*91) 75 (*88) 79 (*96) 82 (*93) Barmer (1,080 MW) LT 100% 1,357 1,562 -13% 2,746 2,951 -7% 66 (*78) 73 (*81) 67 (*78) 70 (*74) Vijayanagar (860 MW) LT 98% 955 569 68% 2,295 1,169 96% 100 (*85) 88 (*94) 71 (*85) 91 (*95) Total 100% 1,069 972 10% 2,498 1,718 45% 61 (*89) 55 (*58) 72 (*84) 49 (*51) Mahanadi (1,800 MW) LT 95% 2,442 NA NA 4,930 NA NA 70 (*99) NA 71 (*99) NA Total 100% 2,843 NA NA 5,586 NA NA 77 (*99) NA 76 (*99) NA Utkal (700 MW) Total 100% 793 467 70% 1,648 833 98% 56 (*56) 66 (*66) 58 (*58) 59 (*59) Nandyal (18 MW) LT 100% 21 15 38% 46 38 24% 61 (*100) 44 (*100) 66 (*100) 54 (*100) Total Thermal (5,658 MW) LT 85% 6,403 3,845 67% 13,277 7,484 77% 67 (*90) 76 (*86) 71 (*90) 75 (*83) Total 100% 7,845 4,847 62% 16,349 9,485 72% 69 (*86) 69 (*76) 72 (*87) 68 (*74)
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35 JSW Energy Q2 FY26 Results Presentation Operational Performance – Renewables LT : Long Term; ST: Short Term, Figures rounded off to nearest units digit Net Generation (MUs) PLF/CUF (%) Location (Current Capacity) Capacity (%) Q2 FY26 Q2 FY25 Change YoY H1 FY26 H1 FY25 Change YoY Q2 FY26 Q2 FY25 H1 FY26 H1 FY25 Hydro (1,631 MW) LT 97% 2,946 2,683 10% 4,745 4,422 7% 91 94 68 78 Total 100% 3,028 2,916 4% 4,939 4,756 4% 91 99 69 81 Solar (2,213 MW) LT 100% 905 275 229% 1,830 630 190% 19 24 20 21 Wind (3,709 MW) LT 100% 3,161 1,803 75% 5,315 2,849 87% 41 26 35 35 Total Renewables (7,553 MW) LT 99% 7,012 4,760 47% 11,890 7,901 50% NA NA NA NA Total 100% 7,094 4,993 42% 12,084 8,236 47% NA NA NA NA
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36 JSW Energy Q2 FY26 Results Presentation Financial Results – Major Entities *After inter-company adjustments and eliminations Entity-wise Revenue from Operations Particulars in ₹ Crore Q2 FY26 Q2 FY25 H1 FY26 H1 FY25 Standalone 780 967 1,696 2,017 JSW Energy (Barmer) 574 746 1,195 1,385 JSW Energy (Utkal) 406 266 1,010 530 Mahanadi 1,546 NA 3,103 NA JSW Hydro Energy 391 466 730 786 O2 Power 309 NA 554 NA Mytrah 545 559 1,018 991 JSW Renewable Energy (Vijayanagar) 185 77 309 140 JSW Renew Energy (SECI IX) 219 63 354 93 JSW Renew Energy Two (SECI X) 121 95 200 148 Kutehr 78 NA 78 NA JPTL 11 17 22 33 Consolidated* 5,177 3,238 10,321 6,117 Entity-wise EBITDA (Including Other Income) Particulars in ₹ Crore Q2 FY26 Q2 FY25 H1 FY26 H1 FY25 Standalone 463 428 906 919 JSW Energy (Barmer) 158 259 327 445 JSW Energy (Utkal) 107 37 370 145 Mahanadi 807 NA 1,674 NA JSW Hydro Energy 377 448 692 755 O2 Power 267 NA 485 NA Mytrah 502 507 1,021 892 JSW Renewable Energy (Vijayanagar) 180 72 298 131 JSW Renew Energy (SECI IX) 207 58 329 89 JSW Renew Energy Two (SECI X) 114 94 189 145 Kutehr 75 NA 75 NA JPTL 12 16 23 33 Consolidated* 3,180 1,907 6,237 3,488
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37 JSW Energy Q2 FY26 Results Presentation Capacity and Offtaker Details Capacity Overview Offtaker for Installed + Under construction Portfolio 25.8 GW Capacity (MW) Total Thermal Renewable Wind Solar Hybrid Hydro Installed Capacity (A) 13,211 5,658 7,553 3,709 2,213 - 1,631 Percentage 100% 43% 57% 28% 17% - 12% Under Construction (B) 12,540 1,600 10,940 2,300 3,398 5,242 - Percentage 100% 13% 87% 18% 27% 42% - A+B 25,751 7,258 18,493 6,009 5,611 5,242 1,631 % 100% 28% 72% 23% 22% 20% 6% Under-Acquisition & Pipeline (C) 4,711 1,800 2,911 - 900 1,861 150 Percentage 100% 38% 62% - 19% 40% 3% Total Capacity (A + B + C) 30,462 9,058 21,404 6,009 6,511 7,103 1,781 Percentage 100% 30% 70% 20% 21% 23% 6% Merchant Capacity (MW) Installed 1,087 883 205 114 - - 91 Under- Construction All under-construction capacity under LT PPA Group Captive, 16% SECI, 17% RJ 5%PTC 4% SJVN 6% NTPC 4% TS 2% KA, 2% AP, 2% MH, 8% HP, 1% GJ, 3% C&I, 5% UP, 4% TN, 2% HR, 1% WB, 6% Others, 7% Open, 4% (1.1 GW) (4.1 GW) Group Captive (MW) Total Thermal Renewable Wind Solar Hybrid Hydro Installed Capacity (A) 2,697 1,683 1,014 736 278 - - Percentage 100% 62% 38% 27% 10% - - Under Construction (B) 1,395 - 1,395 32 78 1,285 - Percentage 100% - 100% 2% 6% 92% - A+B 4,092 1,683 2,409 768 356 1,285 - % 100% 41% 59% 19% 9% 31% -
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Under Construction Projects Vijayanagar Floating solar
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39 JSW Energy Q2 FY26 Results Presentation Green Hydrogen – 3,800 TPA ▪ Trial runs under progress for 3,800 TPA Plant ▪ Green Hydrogen and Oxygen supply expected to commence soon Project Status 3,800 TPA Green Hydrogen Plant, Vijayanagar
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40 JSW Energy Q2 FY26 Results Presentation Battery Assembly Plant – 5 GWh BESS Project Status ▪ All equipments received at site; Installation and trial run progressing ▪ Line setup and commissioning expected in Q3 FY26 Battery Plant, Pune
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41 JSW Energy Q2 FY26 Results Presentation JSW Neo - Under construction Solar Power Projects Pavagada Solar Project, Karnataka O2 Power Plant, Jaisalmer ▪ Sizeable ~3.4 GW of Solar projects under construction at various stages, across locations ▪ Key projects include SECI XIII, SJVN Tranche I, NTPC Solar II etc Solar Projects
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42 JSW Energy Q2 FY26 Results Presentation JSW Neo - Under construction Wind Power Projects ▪ About ~2.3 GW of Wind projects under construction across various locations ▪ Key projects include SECI XVI, SECI XII, and various C&I projects Wind Projects (Various under-construction Projects across locations) SECI Wind Project, Dharapuram Group Captive Project, Vijayanagar
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Mytrah Solar Business Environment
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44 JSW Energy Q2 FY26 Results Presentation Indian Economy Source: Reserve Bank of India (RBI) , Monetary Policy Committee (MPC), IMF, Press Information Bureau India • Indian economy continues to grow amid global uncertainties o Real GDP grew by 7.8% YoY in Q1 FY26 and is estimated to remain healthy at 6.8% for FY26, as per RBI o PMI continues to remain robust at 60.9 for Services and 57.7 for manufacturing o GST collection at ₹ 1.89 trillion in Sep-25, indicating a ~9.1% YoY growth • GST Rationalisation o The recent GST reduction by the Government of India is expected to increase consumption, thereby boosting overall economic activity o In the power sector, the rationalization measures are likely to reduce capital costs, which in turn optimizing the affordability of the power • Inflation o Sep-25 inflation remains benign at 1.54%, well below the RBI’s target range GST Collection (₹ Lakh Cr) PMI – Manufacturing & Services Real GDP Growth (%) 45 50 55 60 65 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 PMI Manufacturing PMI Service 0.8 1.3 1.8 2.3 2.8 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 1.8 3.3 22.6 9.9 5.5 4.5 13.5 6.0 4.8 6.9 9.7 9.3 9.5 8.4 6.5 5.6 6.4 7.4 7.8 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25
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45 JSW Energy Q2 FY26 Results Presentation Source: Central Electricity Authority (CEA) 115 125 135 145 155 165 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Q1 Q2 Q3 Q4 Power Demand in BUs FY 2026 FY 2025 FY 2024 Power Demand grew by 3.3% in Q2 FY26 • All-India demand in Q2 FY26 grew by 3.3% YoY to 449 Bus despite an extended monsoon, driven by a healthy pickup in industrial activity, and was further supported by a lower base last year • Demand in West & South India increased by 7.4% YoY and 2.6% YoY respectively, while demand in North India saw a marginal decline of 0.5% YoY • Peak demand stood at 230 GW in Q2 FY26 -10% 0% 10% 20% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Q1 Q2 Q3 Q4 Power Demand Growth (% YoY) FY 2026 FY 2025 India Power Demand by Region in BU 155 175 195 215 235 255 275 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Q1 Q2 Q3 Q4 Peak Demand in GW 4 year range FY 2026 FY 2025 FY 2024 293 288 259 268 212 213 123 125 887 894 YTD 2025 YTD 2026 150 150 120 129 103 106 61 64 435 449 Q2 FY2025 Q2 FY2026 East & NE South West North India
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46 JSW Energy Q2 FY26 Results Presentation Source: Central Electricity Authority (CEA), National Power Portal Overall Generation increased by 3.4% in Q2 FY26 Power Generation by Source in BU 125 135 145 155 165 175 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Q1 Q2 Q3 Q4 Power Generation in BUs FY 2026 FY 2025 FY 2024 -10% 0% 10% 20% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Q1 Q2 Q3 Q4 Power Generation Growth (% YoY) FY 2026 FY 2025 • Overall generation during Q2 FY26 grew by 3.4% YoY to 483 BUs, in line with the demand growth • Share of thermal in overall generation decreased to 65% in Q2 FY26 Vs 68% in Q2 FY25 • Generation from RE (excluding large hydro) increased by 20% YoY in Q2 FY26; Wind and solar grew by 22.6% YoY and 17.9% YoY , respectively in Q2 FY26 • Hydro generation grew by 13% YoY during Q2 FY26 72% 68% 10% 11% 14% 17% 952 961 YTD 2025 YTD 2026 68% 65% 13% 14% 15% 18% 467 483 Q2 FY2025 Q2 FY2026 Others Renewables Hydro Thermal India India
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47 JSW Energy Q2 FY26 Results Presentation 127 53 17 197 Other RES Wind Solar India’s installed capacity stands at 501 GW as on Sep-25 Sector-wise Installed Capacity Segment-wise Installed Capacity Renewable Capacity Breakdown 245 9 50 197 Thermal Nuclear Hydro Renewables 501 GW Overall segment wise net capacity additions (GW) Renewable Capacity Additions (excl. Hydro) GW 1.5 3.1 8.9 21.710.9 24.8 YTD 2025 YTD 2026 Wind Solar Other RES Total RES 0.7 1.4 5.3 11.1 6.4 12.6 Q2 FY2025 Q2 FY2026 -0.2 5.1 10.9 24.8 2.4 0.7 10.7 33.0 YTD 2025 YTD 2026 Thermal Renewables Hydro Nuclear Total 2.8 6.4 12.6 0.7 6.5 16.1 Q2 FY2025 Q2 FY2026 22% 54% 23% State Private Central 501 GW
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48 JSW Energy Q2 FY26 Results Presentation Merchant Power – Day Ahead Market Source: Indian Energy Exchange (Day-Ahead Market); *Cleared Total Volume includes DAM, TAM and RTM for conventional power 2500 3500 4500 5500 6500 7500 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar DAM Market Cleared Volume (MUs) FY 2026 FY 2025 FY 2024 5500 6500 7500 8500 9500 10500 11500 12500 13500 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Total Cleared Volume (MUs) FY 2026 FY 2025 FY 2024 Merchant Price DAM prices were down 12.5% YoY in Q2 FY26 at ₹3.92/kWh due to strong exchange volumes, primarily driven by robust RE generation Traded Volume The cleared volume in DAM was 14.5 BUs, up by 1.4% YoY and total cleared volumes stood at 35.2 BUs, up 16.1% YoY in Q2 FY26 0.00 2.00 4.00 6.00 8.00 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Monthly Average Merchant Tariff (₹/unit) FY 2026 FY 2025 FY 2024 1 3 5 7 9 11 Sep-09 Sep-11 Sep-13 Sep-15 Sep-17 Sep-19 Sep-21 Sep-23 Sep-25 Linear Trend - Monthly Avg Price (₹/kwh)