Slides
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October 2026 Q2 FY27 Results Presentation
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2JSW Energy Q2 FY27 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 Company Highlights 01 02 Financial Performance 03 Strategy 3.0: Growth Blueprint 04 Safety & Sustainability Appendix 05 Agenda
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Company Highlights Halol, Gujarat
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5JSW Energy Q2 FY27 Results Presentation Q2 FY27: Performance Snapshot Operations Operations Net generation 17.5 BU +17% YoY Thermal generation 8.9 BU +13% YoY Renewable generation 8.6 BU +21% YoY Capacity under long-term PPA ~96% Financials EBITDA ₹3,907 Cr +23% YoY PBT ₹1,348 Cr Cash PAT ₹2,099 Cr Reported PAT ₹1,141 Cr +38% YoY Balance sheet Op. net debt / TTM EBITDA 4.94x from 4.95x in Q1FY27 Net debt / equity 1.79x From 1.70x in Q1FY27 Cash and equivalents ₹15,698 Cr Receivable days 63 from 65 in Q1FY27 Growth Capacity added in FY27 (till 5th Oct) 1,694 MW Installed Capacity (till 5th Oct) 15,147 MW Estimated H2 FY27 Capacity Target 1,606 MW H1 capex ₹9,517 Cr (Incl. Maruti Acquisition capex) From 12,881 Cr in Q1FY27+39% YoY +41% YoY
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6JSW Energy Q2 FY27 Results Presentation Q2 FY27: Operational Highlights Renewable Generation : 7.1 BUs→ 8.6 BUs ↑ 21% YoY Added 1,928 MW YoY; Generation Increased by 2,566 MUs Renewables (YoY) Thermal (YoY) Installed Capacity 13,211 MW Installed Capacity 15,139 MW 14.9 BUs in Q2 FY26 Power Sales ↑ 17% YoY17.5 BUs 13.4 BUs in Q2 FY26 Long-term PPA Sales ↑ 22% YoY16.4 BUs 1.1 BUs 1.5 BUs in Q2 FY26 Short-term PPA Sales ↓28% YoY Led by 1,928 MW capacity addition & improved PLFs Weighed down by 45% YoY decline in ST CapacityDriven by 20% YoY higher LT capacity addition Installed Capacity 13,211 MW Installed Capacity 15,139 MW Capacity : 7.6 GW → 9.2 GW ↑ 22% YoY Thermal Generation : 7.8→ 8.9 BUs ↑ 13% YoY Capacity : 5.7 GW→ 6.0 GW ↑ 5% YoY 9,840 14,938 393 802 325 -438 1,483 17,504 Q2 FY25 Q2 FY26 Hydro Wind Solar ST Thermal LT Thermal Q2 FY27 Installed capacity 13,211 MW Installed capacity 15,139 MW Installed capacity 7,740 MW Utkal lower by 708 MUs Utkal higher by 1,092 MUs Generation data in MUs Kutehr & Tidong added 431 MUs Delivered 40% Capacity CAGR Over the Past Two Years +1,520 MUs YoY +1,046 MUs YoY
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7JSW Energy Q2 FY27 Results Presentation Q2 FY27 – Strategic Highlights • Installed Capacity Addition • Q2 FY27: +813 MW total, of which 513 MW is renewable energy (organic) • H1 FY27: +1,686 MW total, of which 1,386 MW is renewable energy (organic) • Acquired 300 MW Maruti Thermal Plant at an Enterprise value of ₹1,410 Cr • The plant has LT PPA of 195 MW (net) with Rajasthan discoms, with residual life of 14 years. • Additionally, the plant also has 64 MW net merchant capacity Strategic UpdatesGrowth Updates • Completed turbine-generator orders for the entire 3.2 GW (4 x 800 MW) Salboni Thermal Project in West Bengal • NCLT sanction received for the Scheme of Arrangement with GE Power India Limited, following shareholder and creditor approvals • Strong visibility on C&I expansion to 8.6 GW • Additional 2.0 GW of Group Captive opportunities under advanced discussions • Additional 0.9 GW of third party C&I • Credit rating affirmed at 'AA/Stable/A1+' by India Ratings and ICRA, underscoring our robust credit risk profile Strategic & Differentiated Growth
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8 Pathway to 3 GW Capacity Addition in FY27 3 GW FY27 renewable capacity target 1.4 GW Commissioned in H1 FY27 46% of 3 GW 1.6 GW Planned for H2, across 30 projects ₹8,114 Cr* H1 organic capex · FY27 guidance on track 41% of ₹20,000 Cr Capacity by technology (MW) ■ Commissioned H1 ■ Planned H2 542 593 108 150 1,015 307 284 Hybrid Solar Wind Hydro Balance 1.6 GW: project mix ■ STU Connectivity ■ CTU Connectivity Captive 553 MW 50% 50% Utility 443 MW 34% 66% C&I 610 MW 53% 47% Diversified across 30 projects, reducing execution risk FY27 pipeline: 36 projects 6 12 18 6 Completed 12 Partially completed 18 Under active construction Favourable construction season ahead for H2 Land 100% Secured for entire balance 1.6 GW Connectivity 100% Grid connectivity and transmission approvals secured Long-term PPA 100% Balance capacity tied up under long-term PPAs Equipment On schedule All key equipment secured 1.4 GW commissioned in H1 FY27 | Balance 1.6 GW fully de-risked for H2 delivery * Total capex incurred including inorganic is ₹9,517 cr
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Financial Performance Sholtu, Himachal Pradesh
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10JSW Energy Q2 FY27 Results Presentation 87% 8,605 90% 13,415 94% 16,407 9,840 14,938 17,504 Q2 FY25 Q2 FY26 Q2 FY27 Long Term Short Term Total 87% 15,385 89% 25,167 91% 27,649 17,721 28,432 30,371 H1 FY25 H1 FY26 H1 FY27 Total Revenue (₹ Cr) 3,459 5,361 6,658 Q2 6,502 10,772 12,094 H1 FY25 FY26 FY27 +12% EBITDA (₹ Cr) 1,907 3,180 3,907 Q2 +23% 3,488 6,237 7,009 H1 FY25 FY26 FY27 +12% ▪ Generation increased 17% YoY in Q2 FY27, and 7% YoY in H1 FY27 ▪ LT generation increased by 22% YoY to 16,411 MUs, primarily driven by Utkal PPA tie up & capacity increase ▪ Revenue growth remained resilient at 24% YoY in Q2 FY27 and 12% YoY in H1 FY27 ▪ EBITDA increased 23% YoY in Q2FY27 supported by expanded operating base and better plant performance Consolidated Performance +78% +71% +92% +86% +105% +101% +17% +7% +24% Net Generation (MUs) Growth Investment Translating into EBITDA Growth
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11JSW Energy Q2 FY27 Results Presentation Consolidated Financial Results H1 FY27 H1 FY26 Particulars in ₹ Crore Q2 FY27 Q2 FY26 12,094 10,772 Total Revenue 6,658 5,361 7,009 6,237 EBITDA 3,907 3,180 58% 58% EBITDA Margin(%) 59% 59% 1,833 1,548 Depreciation 943 809 3,134 2,723 Finance Cost 1,615 1,418 2,044 1,971 Profit Before Tax 1,348 955 1,674 1,660 PAT 1,141 824 1,527 1,448 PAT to Shareholders 1,056 705 3,562 3,090 Cash Profit After Tax 2,099 1,512 8.22 8.29 Diluted EPS (₹) 5.62 4.04 Capacity Expansion and Enhanced Operating Performance Driving Earnings Growth EBITDA (Q2 FY27) ₹3,907 Cr vs ₹3,180 Cr Q2 FY26 +23% Total Revenue (Q2 FY27) ₹6,658 Cr vs ₹5,361 Cr Q2 FY26 +24% PBT (Q2 FY27) ₹1,348Cr vs ₹ 955 Q2 FY26 Cash PAT (Q2 FY27) ₹2,099 Cr vs ₹1,512 Cr Q2 FY26 +39%+41% PAT (Q2 FY27) ₹1,141 Cr vs ₹ 824 Q2 FY26 +38%
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12JSW Energy Q2 FY27 Results Presentation EBITDA Bridge Particulars in ₹ Cr Q2 FY27 ₹ 120 Crore from Thermal ₹ 490 Crore from Renewables 1,907 3,180 108 12 331 159 93 3,907 24 EBITDA Q2 FY25 EBITDA Q2 FY26 Thermal - LT Thermal - ST Solar & Wind Hydro Treasury Income Dividends & Others EBITDA Q2 FY27 EBITDA Grew at CAGR of 43% over two-years and 23% YoY + ++ + + +
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13JSW Energy Q2 FY27 Results Presentation PAT Bridge Particulars in ₹ Cr Q2 FY27 824 727 -134 -197 -76 -2 1,141 Q2 FY26 PAT Change in EBITDA Increase in D & A Increase in Interest Change in Tax Other JV adj. Q2 FY27 PAT PAT Grew 38% YoY +
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14JSW Energy Q2 FY27 Results Presentation Net Debt Bridge Particulars in ₹ Cr Q2 FY27 Net Debt: ₹ 65,576 Cr (TTM Net Leverage: 5.55x) Based on TTM EBITDA of ₹11,814 cr Operational Net Debt: ₹ 58,410 Cr CWIP Net Debt: ₹7,166 Cr= + CWIP Debt (₹ Cr)Operational Net Debt (₹ Cr) 6,437 729 7,166 Net Debt as on Jun 30,2026 Net Addition Net Debt as on Sep 30,2026 TTM Operational Net Leverage Declined to 4.94x TTM= Trailing Twelve Months 54,885 4,719 185 -939 1,862 -2,302 58,410 Net Debt as on Jun 30,2026 Debt Addition FX & Other Repayment Movement in ST borrowings Change in Cash Net Debt as on Sep 30,2026
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15JSW Energy Q2 FY27 Results Presentation Superior Credit Profile Net Debt (₹ Cr) Net Worth (₹ Cr)* & Cash Returns (%) Leverage Ratios Wt. Average Cost of Debt * 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) QIP leading to higher Networh; impacting Returns in Q1FY27 59,313 61,960 63,771 65,834 61,322 65,576 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 5.95 6.03 6.05 5.96 5.53 5.55 4.66 4.82 4.92 5.23 4.95 4.94 2.14 2.13 2.15 2.15 1.70 1.79 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 ND/EBITDA ND (Excl. CWIP)/EBITDA ND/Equity 8.87% 8.79% 8.57% 8.36% 8.36% 8.28% Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 21,378 22,031 22,413 23,781 31,336 31,957 27,738 29,124 29,634 30,752 36,161 36,710 19% 20% 20% 18% 14% 15% Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 Adjusted Net Worth (₹ Cr) ** Net Worth (₹ Cr) Cash Return on Adj. Net Worth (%)
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16JSW Energy Q2 FY27 Results Presentation Healthy Trade Receivables *Includes unbilled revenue Trade Receivables* (₹ Cr ) Off-taker Profile: Installed Capacity Receivable Days* 64 63 15,147 MW Receivables days is based on Q2 FY27 capacity of 15,139 MW Group Captive, 20% (3.0 GW) C&I, 5% Open, 4% (0.6 GW) SECI, 12% Others, 10%RJ, 9% UP, 8% PTC, 8% KA, 6% TN, 4% GJ, 3% TS, 3% AP, 3% MH, 3% HP, 2% HR, 2% Thermal, 5,958 Solar, 2,426 Wind, 3,125 Hydro, 1,781 Hybrid, 1,857 3,518 4,628 SEP 30, 2025 SEP 30, 2026 Improved trade receivables C&I incl. Group Captive customers account for ~25% of the installed capacity C&I incl. GC, 25%, 3,741 MW
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JSW Energy Q2 FY27 Results Presentation 17 Cash Returns on Adjusted Net Worth * Adjustment in net worth by excluding the value of shares of JSW Steel,# Consolidates Mahanadi PAT from 6th March 2025 and O2 power assets from 9th April 2025 Quarter ended Jun-24 Sep-24 Dec-24 Mar-25 # Jun-25 # Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 Sep-26 (TTM) PAT to Shareholders 522 853 168 408 743 705 420 372 471 1,056 2,320 Add: Depreciation 375 392 406 482 739 809 829 809 890 943 3,471 Add/(less): Deferred Taxes 61 (4) (66) (146) 97 18 (745) (481) 103 131 (992) (Less): Dividend Received - (51) - - - (20) - - - (32) (32) Add/(less): One-offs - - - - - - 65 - - - 65 Cash PAT 958 1,190 507 744 1,579 1,512 570 699 1,464 2,099 4,832 Cash PAT (TTM) 3,452 3,462 3,341 3,399 4,019 4,341 4,471 4,359 4,244 4,832 4,832 Adjusted Net Worth* 20,972 21,553 21,504 20,746 21,378 22,031 22,413 23,781 31,336 31,957 31,957 Cash Returns on Net Worth (%) 17% 16% 16% 16% 19% 20% 20% 18% 14% 15% 15% ₹ Cr (Unless mentioned otherwise) Recent QIP leading to higher Networth, impacting Returns in Q1FY27 & onwards Healthy Cash Returns at 15%
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Strategy 3.0: Growth Blueprint Vijayanagar, Karnataka
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19JSW Energy Q2 FY27 Results Presentation 1,709 2,647 2,685 2,400 32,494 15,147 16,753 1,800 800 1,200 2,500 30,094 Current FY27 E JMPCL^ Salboni I Unit C&I Group Captive^ Wind Solar Hybrid Salboni Well Positioned to Deliver 30 GW by 2030 Under-construction capacities shown above include 553 MW of Group Captive and 610 MW of Third-Party C&I projects slated for H2 FY27 commissioning Installed (RE) 2,057 C&I – Third Party (UC) 1,810 GC (UC)^ 3,053 Installed + Under Construction 6,920 Installed (Thermal) 1,683 Total C&I incl. Group Captive 8,603 C&I incl. Group Captive (GC) Installed 15,147 FY27 Estimated 16,753 Thermal UC 2,600 C&I incl. Group Captive (GC) 3,700 Strategic & Selective Growth 23,053 Under-construction RE 7,041 Portfolio by 2030 30,094 Portfolio Project Capacity (MW) Well-Diversified Growth Platform for 30 GW by 2030 High-Visibility PPA Signed Growth Runway Strategic & Differentiated Growth ^ PPA yet to be signed for JMPCL 1,800 MW and Group Captive 2,000 MW under active discussion Thermal C&I FY27 Est. Capacity Portfolio by 2030 Pipeline projects of 2,761 MW not included in the chart above, where LOA is signed but PPA is awaited
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20JSW Energy Q2 FY27 Results Presentation Under Construction (PPA signed): 15,348 MW Thermal Assets Wind Assets Project Total Tariff ( ₹/Kwh) Capacity (MW) Salboni Phase I 5.45 1,600 Salboni Phase II 5.81 1,600 Salboni- Wt. total fixed tariff (₹3.83 / KWh) JMPCL* - 1,800 Total Thermal - 5,000 Project Capacity (MW) SECI XII 300 SECI XVI 1,025 C&I 625 Adani Energy - Wind I 250 O2 Power 488 Total Wind- Wt.tariff (₹3.5 / KWh) 2,688 Hybrid Assets Solar Assets Project Capacity (MW) GUVNL (Phase 2) 218 MSEDCL (Hybrid III &IV) 1,600 C&I 177 FDRE IV 350 Group Captive 1,020 O2 Power 853 Total Hybrid- Wt. tariff (₹3.7 / KWh) 4,218 Project Capacity (MW) SJVN (Tranche I) 700 SECI XIII 700 NTPC Solar II 700 Pavagada (Karnataka) 23 C&I 618 KREDL (Solar + BESS) 100 Group Captive 72 O2 Power 529 Total Solar – Wt. Tariff (₹2.8 /KWh) 3,442 Pipeline* – (Excl. MoU): 2,761 MW NTPC Solar III 400 SECI XV (Solar +ESS) 500 Total Solar 900 Solar Assets SECI (Hybrid VIII) 330 SJVN (Hybrid - II) 330 NTPC (Hybrid VI) 330 O2 Power 621 Group Captive 250 Total Hybrid 1,861 Hybrid Assets Project Capacity (MW) * PPA yet to be signed GC Under Advanced Discussion^ 2,000 Balance GC MoU 2,500 Group Captive MoU 4,500 Group Captive MoU Under Construction | Pipeline Projects Large Contracted & Awarded Portfolio O2 platform also includes under construction C&I portfolio ^ classified as under-construction
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21JSW Energy Q2 FY27 Results Presentation Project / Offtaker Tariff (₹ lakh/MW/Annum) Capacity SCOD MSEDCL 84.6 12.0 GWh FY 2030 UPPCL 77.2 12.0 GWh FY 2031 PCKL (Pipeline) - 2.4 GWh TBD Total PSP Portfolio - 26.4 GWh Project / Offtaker Tariff (₹ lakh/MW/Month) Capacity SECI (Kerala) ^ 4.41 0.5 GWh Group Captive Various 0.5 GWh RVUNL ^ 2.24 0.5 GWh KREDL 4.31 0.1 GWh FDRE 4.98 0.1 GWh SECI XV & Rajasthan Pipeline - 1.5 GWh Total BESS Portfolio - 3.2 GWh Pumped Hydro Storage (PSP) Battery Energy Storage (BESS) • Additional PSP capacity expansion opportunity of 77.1 GWh - under MoU with various states • PSP PHESFA locks in cash flows for 40 years 29.6 GWh Locked-in Capacity 26.4 GWh Pumped Hydro 3.2 GWh BESS Projects ^ with VGF ESA yet to be signed for pipeline projects Energy Storage | 40 GWh by 2030 Targeting 1.0 GWh BESS by FY27
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Safety & Sustainability Agrivoltaics at Vijayanagar Sustainability in every action — harmonizing farming with clean energy generation Solar Power Plant, Vijayanagar
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23JSW Energy Q2 FY27 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 ~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 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 Annual Reports FY 26 Annual Report ESG Ratings – best amongst peers S & P Global (DJSI - ESG) : 82/100 TPI: Level 5 (highest rating) MSCI - “A” FTSE4Good Index constituent
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24JSW Energy Q2 FY27 Results Presentation Sustainability: Q2 FY27 Performance Key Highlights Performance Ash Utilisation (%) 100% 100% H1 FY27 FY27 Target CO2 intensity (tCO2e/MWh) PM Emissions (kg/MWh) 0.52 0.55 H1 FY27 FY27 Target 0.075 0.075 H1 FY27 FY27 Target SOx Emissions (kg/MWh) 1.57 1.60 H1 FY27 FY27 Target NOx Emissions (kg/MWh) 0.64 0.75 H1 FY27 FY27 Target Climate Change ▪ GHG CO2 emission intensity maintained within FY27 target, supported by operational efficiency improvements ▪ Addition of ~1.4 GW of RE capacity till YTD FY27 has further contributed in GHG emission intensity reduction • Continuous retrofit and upgradation of power plant equipment enabled energy efficiency gains, contributing to lower specific energy consumption and supporting ongoing reduction in GHG emissions across operations. Water Security • Continued deployment of water recycling, & reuse , ensuring pipeline integrity to minimise leakages, dry robotic solar panel cleaning systems, thus enhancing water- use efficiency and optimizing freshwater withdrawal • Water Neutrality Assessments are completed at major thermal power plants to identify opportunities for maximizing water conservation, reuse, and replenishment. Waste ▪ ZWTL Surveillance certification completed at major thermal Power plants ▪ Hazardous waste is managed through authorized recyclers in compliance with State Pollution Control Board requirements across all Thermal and Renewable Energy operations. ▪ Real-time monitoring of boiler performance and ESP modifications at major power plants resulted in improved ambient air quality and reduced fugitive emissions. ▪ Achieved 53% reduction in Particulate matters emissions from Apr 2020 baseline ▪ Achieved 38% reduction in NOx emissions from Apr 2020 baseline Air Emissions Biodiversity ▪ Approximately 20,000 saplings of diverse native species have been planted across JSW Energy locations, supporting habitat restoration, enhancing biodiversity, and strengthening ecosystem resilience. ▪ Environmental and Social Due Diligence (ESDD) and Environmental & Social Impact Assessment (ESIA) studies are underway across newly acquired renewable energy assets to strengthen environmental and social risk management.
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Sustainability: Empowering Our Communities
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JSW Energy Q2 FY27 Results Presentation 26 Sustainability: Empowering Our Communities Sustainability: Empowering Our Communities • Strengthening community healthcare access, the URJA Clinic in Ratnagiri conducted 6,227 health consultations, while Mobile Health Units (MHUs) served 2,310 patients in Barmer and 11,091 patients in Tuticorin • Eye care initiatives in 7 villages of Dharapuram benefited 719 individuals through vision screening, while 348 people received corrective eyewear • Supported 381 applique handicraft artisans in Barmer and enabled 40 women from Village Development Committees (VDCs) in Maniyachi, Tamil Nadu, to enhance their livelihoods through sustainable income-generating opportunities • The CHARKHA Stitching Training Centre in Sholtu continues to equip community members with professional stitching skills through structured training and expert mentorship Education • Promoted scientific learning among 10,979 students in Jharsuguda through the Mobile Science Exhibition • Enhanced English language proficiency for 2,050 students across 14 government schools in Tuticorin and 1521 students in Barmer through targeted learning interventions Our Core Principles Health & Nutrition Water, Environment & Sanitation Waste Management Agriculture and Allied Livelihoods Education Skills & Livelihoods Art, Culture & Heritage Sports Promotion Skills and Livelihoods Health and Nutrition Water and Sanitation Initiatives Sports Promotion • At our SHIKHAR Boxing Centres across Sangla, Nichar, Sholtu, and Urni in Himachal Pradesh, 90 aspiring boxers are undergoing regular boxing and fitness training Community Infra • Improved community amenities and public safety in Sholtu through village pathway construction, solar streetlight installation, crematorium development, and CCTV camera installations • JSW Barmer continued to supply piped drinking water which benefits about 4000 community members • 1950 habitants of 10 padas in Jharsuguda continued to get regular water for daily need Driving community well-being through focused efforts in health, livelihoods, water, sanitation, and infrastructure
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Mytrah Solar Business Environment
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28JSW Energy Q2 FY27 Results Presentation Indian Economy • Indian economy continues to grow amid global uncertainties o Real GDP grew by 7.8% YoY in Q1 FY27 and is estimated to remain healthy at 7.1% for FY27 (RBI) o PMI continues to remain robust at 55.2 for Services and 55.1 for manufacturing in Sep-26 o GST collection at ₹ 6.15 trillion in Q2FY27, indicating a 7.7% YoY growth • Inflation remains elevated o Sept-26 CPI inflation rose to 5.54% up from 4.83% in Aug driven by higher food prices along with elevated crude oil prices amid ongoing Middle East tensions and weaker monsoon-led supply concerns • Index of Industrial Production (IIP) grew 8% YoY in Aug-26 • Overall, India’s broader macro position holds firm amid external pressures; strong uptake of the RBI’s NRI deposit scheme has shored up FX reserves. GST Collection (₹ Lakh Cr) PMI – Manufacturing & Services Real GDP Growth (%) 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 Dec-25 Mar-26 Jun-26 Sep-26 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 Dec-25 Mar-26 Jun-26 Sep-26 PMI Manufacturing PMI Service 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 7.5 6.6 7.4 7.0 6.8 8.3 8.0 7.8 7.8 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 Sep-25 Dec-25 Mar-26 Jun-26 Strong growth momentum despite global headwinds
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29JSW Energy Q2 FY27 Results Presentation Power Demand Trends in Q2 FY27 Power Demand in BUs • All-India power demand grew 11.1% YoY to 499 BUs in Q2 FY27, driven by persistent heat conditions, below-normal rainfall, elevated humidity levels, and higher irrigation demand. Demand remained robust throughout the quarter, with September 2026 demand increasing 11.3% YoY to 162 BUs • Peak power demand remained robust during Q2 FY27, reaching 270 GW, while September 2026 peak demand stood at 269 GW, just shy of the all-time high of 271 GW recorded in May 2026 Source: Central Electricity Authority (CEA), Grid India 162 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Q1 Q2 Q3 Q4 FY 2027 FY 2026 FY 2025 Power Demand Growth (% YoY) 11.3% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Q1 Q2 Q3 Q4 FY 2027 FY 2026 Key Takeaways Power demand stayed robust through Q2 FY27, with October extending the strong growth trajectory Peak Demand in GW 269 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Q1 Q2 Q3 Q4 FY 2027 FY 2026 FY 2025
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30JSW Energy Q2 FY27 Results Presentation Indian Economy Source: Indian Energy Exchange (Day -Ahead Market); Total Cleared Volume includes DAM, TAM and RTM for conventional power Merchant Prices • Day Ahead Market (DAM) prices were up by 46% YoY compared to Q2 FY26 as the average tariff recorded for Q2 FY27 stood at ₹ 5.7/KWh • The Average Market clearing price in DAM stood at ₹ 7.3% during September 2026, increased 105% YoY. • Similarly, the average market clearing price in the Real Time Market stood at Rs 6.9/unit during September 2026, up 108% YoY Traded Volume • The cleared volume in DAM was 14.5 BUs, increasing by 2.2% YoY and total cleared volumes stood at 39.7 BUs, up 12.7% YoY in Q2 FY27 Monthly Average Merchant Tariff (₹/unit) 7.30 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY 2027 FY 2026 Linear Trend - Monthly Avg Price (₹/kwh) 1 3 5 7 9 11 Sep-10 Sep-12 Sep-14 Sep-16 Sep-18 Sep-20 Sep-22 Sep-24 Sep-26 DAM Market Cleared Volume (MUs) Total Cleared Volume (MUs) Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY 2027 FY 2026 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY 2027 FY 2026
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JSW Energy Investor Relations Contact: ir.jswenergy@jsw.in ESG Data Profile ESG Data Profile
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32JSW Energy Q2 FY27 Results Presentation Capacity and Off taker Details: Installed + Under construction Portfolio Capacity (MW) Total (A + B) Thermal (A) Renewables (B) Wind Solar Hybrid Hydro Installed Capacity 15,147 5,958 9,189 3,125 2,426 1,857 1,781 Percentage 100% 39% 61% 21% 16% 12% 12% Under Construction 17,348* 5,000 12,348* 2,545 3,254 4,549 - Percentage 100% 29% 71% 15% 19% 26% 0% Installed + Under Construction Portfolio 32,495 10,958 21,537 5,670 5,680 6,406 1,781 % 100% 34% 66% 17% 17% 20% 5% C&I (MW) Total (A + B) Thermal (A) Renewables (B) Wind Solar Hybrid Installed Capacity 3,741 1,683 2,057 230 237 1,591 Group Captive C&I 3,000 1,683 1,317 129 53 1,135 Third party C&I 741 - 741 101 184 456 Under Construction Capacity 4,863 0 2,902 732 579 1,591 Group Captive C&I 3,053* - 1,092 - 72 1,020 Third Party C&I 1,810 - 1,810 732 507 571 Installed + Under Construction C&I 8,604 1683 4,959 962 816 3,182 Group Captive C&I 6053* 2,409 125 2,155 Third Party C&I 2,551 2,551 833 691 1027 *2 GW GC is under advanced discussion
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33JSW Energy Q2 FY27 Results Presentation Financial Results – Major Entities *After inter-company adjustments and eliminations Entity-wise Revenue from Operations Particulars in ₹ Crore Q2 FY27 Q2 FY26 H1 FY27 H1 FY26 Standalone 922 780 2,023 1,696 JSW Energy (Barmer) 589 574 1,151 1,195 JSW Energy (Utkal) 694 406 1,211 1,010 Maruti 129 - 129 - Mahanadi 1,481 1,546 2,775 3,103 JSW Hydro Energy 332 391 582 730 Tidong 104 - 130 - Kutehr 215 78 408 78 O2 Power 442 309 923 554 Mytrah 597 545 1,028 1,018 JSW Renewable Energy (Vijayanagar) 305 185 494 309 JSW Renew Energy (SECI IX) 260 219 398 354 JSW Renew Energy Two (SECI X) 135 121 211 200 JPTL 11 11 22 22 Consolidated* 6,368 5,177 11,576 10,321 Entity-wise EBITDA (Including Other Income) Particulars in ₹ Crore Q2 FY27 Q2 FY26 H1 FY27 H1 FY26 Standalone 476 463 976 906 JSW Energy (Barmer) 173 158 344 327 JSW Energy (Utkal) 368 107 595 370 Maruti 45 - 45 - Mahanadi 655 807 1,383 1,674 JSW Hydro Energy 319 377 554 692 Tidong 91 - 112 - Kutehr 206 75 391 75 O2 Power 336 267 646 485 Mytrah 544 502 931 1,021 JSW Renewable Energy (Vijayanagar) 290 180 466 298 JSW Renew Energy (SECI IX) 251 207 384 329 JSW Renew Energy Two (SECI X) 126 114 197 189 JPTL 11 12 21 23 Consolidated* 3,907 3,180 7,009 6,237
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34JSW Energy Q2 FY27 Results Presentation Segment Wise Performance | Thermal Thermal Capacity 10,958 MW Installed 5,958 MW Under-construction 5,000 MW Barmer TPP, Rajasthan Vijayanagar TPP, Karnataka Utkal TPP, OdishaRatnagiri TPP, Maharashtra
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35JSW Energy Q2 FY27 Results Presentation Operational Assets (5,958* MW ) / Under-Construction (5,000 MW ) Ratnagiri (1,200 MW) Barmer (1,080 MW) Vijayanagar (860 MW) Utkal (700 MW) Mahanadi (3,600 MW) 1,200 MW 1,080 MW 860 MW 1,800 MW700 MW Thermal Assets | Q2 FY27 (1/2) 5,958 MW Installed Capacity Offtaker Profile *Including 18 MW TPP at Nandyal ;^Factoring in 7.5% Auxiliary Consumption & power at Variable cost to state 1,105 MW Imported Coal 1,481 MUs (-9% YoY) 1,831 MUs (+4% YoY) 67%/(94%) 75% 1,080 MW Lignite 1,400 MUs (+3% YoY) 1,400 MUs (+3% YoY) 67%/(76%) 67% 860 MW Imported Coal 727 MUs (-24% YoY) 836 MUs (-22% YoY) 43%/(89%) 48% 639 MW^ Domestic Coal 1,092 MUs 1,177 MUs (+48% YoY) 88%/(88%) 82% 1,712 MW ^ Domestic Coal 3,310 MUs (+16% YoY) 90% 2,937 MUs (+20% YoY) 84%/(97%) PPA /Tied up Fuel Type Net Generation 0f 8,890 MUs LT Total PLF/(Deemed PLF) LT Total Under-Construction - - - - 1,800 MW Maruti (300 MW) Group Captive, 28% RJ, 18%PTC, 4% KA, 7% MH, 5% UP, 18% TN, 9% Others, 5% Open, 5% 300 MW - 236 MW ^ Domestic Coal 239 MUs 321 MUs 85%/(94%) 90% Under-construction Greenfield includes 3,600 MW Salboni
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36JSW Energy Q2 FY27 Results Presentation Thermal Assets| Q2 FY27 (2/2) Operational Highlights • Total Net Generation up 13% YoY to 8.9 BUs, primarily driven by higher generation from Mahanadi and Utkal plants • Short Term generation de-grew 31% YoY to 1 BUs, primarily driven by shift to LT tie-up in Utkal • Driven by Utkal LT PPA tie-up and Mahanadi incremental generation, Long Term generation increased 23% YoY in the quarter Financial Highlights • Total operating thermal revenue at ₹ 3,815 Cr, up 18% YoY • EBITDA excluding other income improved 9% YoY to ₹ 1,439 Cr Net Generation (MUs) Thermal : PLF – long term Segmental Revenue from Operations (₹ Cr) EBITDA excl. Other Income (₹ Cr) 3,241 3,815 Q2 FY26 Q2 FY27 +18% 6,863 7,268 H1 FY26 H1 FY27 1,320 1,439 Q2 FY26 Q2 FY27 +9% 2,889 2,831 H1 FY26 H1 FY27 -2% 82%, 6,403 89%, 7,891 7,845 8,890 Q2 FY26 Q2 FY27 +13% 81% 13,277 85% 14,332 16,349 16,918 H1 FY26 H1 FY27 Short Term Long Term +3% 67% 100% 71% 90% PLF Deemed PLF Q2 FY26 Q2 FY27 71% 90% 67% 90% PLF Deemed PLF H1 FY26 H1 FY27 Thermal EBITDA improved 9% YoY, primarily driven by robust Utkal performance +6%
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37JSW Energy Q2 FY27 Results Presentation Operational Performance – Thermal LT : Long Term; ST: Short Term, NM : Not meaningful, * denotes Deemed PLF Figures rounded off to nearest units digit ; Nandyal Total includes 4 MUs sold in short term market in Q2FY27 Net Generation (MUs) PLF (%) Location (Current Capacity) Capacity (%) Q2 FY27 Q2 FY26 Change YoY H1 FY27 H1 FY26 Change YoY Q2 FY27 Q2 FY26 H1 FY27 H1 FY26 Ratnagiri (1,200 MW) LT 92% 1,481 1,629 -9% 2,962 3,260 -9% 67(*94) 74 (*92) 67(*93) 74 (*91) Total 100% 1,831 1,762 4% 3,741 3,823 -2% 75 73 77 79 Barmer (1,080 MW) LT 100% 1,400 1,357 3% 2,712 2,746 -1% 67(*76) 66 (*78) 65(*77) 67 (*78) Vijayanagar (860 MW) LT 100% 727 955 -24% 1,626 2,295 -29% 43(*89) 100 (*85) 48%(*99) 71 (*85) Total 100% 836 1,069 -22% 2,199 2,498 -12% 48 61 63 72 Mahanadi (1,800 MW) LT 95% 2,937 2,442 20% 4,861 4,930 -1% 84(*97) 70 (*99) 70(*88) 71 (*99) Total 100% 3,310 2,843 16% 5,869 5,586 5% 90 77 80 76 Utkal (700 MW) LT 100% 1,092 - NA 1,897 - NA 88(*88) NA 95(*76) 58 (*58) Total 100% 1,177 793 48% 2,041 1,648 24% 82 56 (*56) 71 66 Maruti (300 MW) LT 79% 239 - NA 239 - NA 85(*94) NA 85(*94) NA Total 100% 321 - NA 321 - NA 90 NA 90 NA Nandyal (18 MW) Total 100% 14 21 -33% 35 46 -25% 40(*98) 61 (*100) 50(*99) 66(*100) Total Thermal (5,958 MW) LT 85% 7,887 6,403 23% 14,328 13,277 8% 71 67 67 71 Total 100% 8,890 7,845 13% 16,918 16,349 3% 75 69 73 72
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JSW Energy Q2 FY27 Results Presentation 38 Segment Wise Performance | Renewables Renewable Capacity 26,809 MW Installed 9,189 MW Under-construction 10,359 MW Pipeline & MoU with Group Captive 7,261 MW Tuticorin, TN Jaisalmer, Rajasthan Vijayanagar , Karnataka Kutehr, Himachal Pradesh
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39JSW Energy Q2 FY27 Results Presentation Group Captive, 33% SECI, 0% RJ, 21% PTC, 4%TS, 0% KA, 9% AP, 0% MH, 6% HP, 0%GJ, 0% C&I, 0% UP, 21% HR, 0%Others, 4% Open, 2% Renewable Assets | Q2 FY27 Wind – 5,370 MW Solar– 5,380 MWHydro - 1,781 MW Hybrid– 5,242MWOff taker Profile Total Capacity | Operational Acquired Wind 2,251 | 1,762 SECI X 454 | 454 SECI IX 810 | 810 Group Captive 99 | 99 Total Capacity | Under construction Acquired Wind 2,251 | 488 SECI Projects 2,589 | 1,325 Adani Energy 250 | 250 C&I 625 | 625 3,963 MUs (25% YoY) 3,963 MUs (25% YoY) Total Capacity | Operational Karcham Wangtoo 1,091 | 1,091 Baspa 300 | 300 Kutehr 240 | 240 Tidong 150 | 150 3,327 MUs (+13% YoY) 3,421 MUs (+13% YoY) Total Capacity | Operational Acquired Solar 2,325 | 1,796 Barmer Group Captive 5 | 5 Vijayanagar Floating 20 | 20 Others 28 | 28 GUVNL 300 | 300 Pavagada 300 | 277 Total Capacity | Under construction Acquired Solar 2,325| 529 SJVN 700 | 700 SECI XIII 700 | 700 NTPC 700 | 700 Pavagada 300 | 23 KREDL (Solar + BESS) 100 | 100 Group Captive/C&I 690 | 690 1,230 MUs (36% YoY) 1,230 MUs (36% YoY) 46% 99% 19% 46% 90% 19% LT Tota lLT Total Net Generation PLF (%) Total Capacity | Operational Acquired Hybrid 1,435 | 582 Group Captive 2,155 | 1,135 C&I 339|124 GUVNL 234 | 16 Total Capacity | Under construction Group Captive 1,926 | 1,020 MSEDCL 1,600 | 1,600 Acquired Hybrid 1,435 | 853 FDRE IV 350 | 350 C&I 339 | 215 GUVNL 208 | 192 Under Construction 10,359 MW Total 18,644 MW Operational 3,125 MW Operational 1,781 MW Operational 2,426 MW Operational 1,857 MW Operational * 9,189 MW 9,189 MW Hybrid– 6,113 MW Group Captive: 1,275 MW (14%) Included in wind & solar * As on 5th October All under construction projects are tied-up under long-term PPA
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40JSW Energy Q2 FY27 Results Presentation Renewable Assets |Q2 FY27 (2/2) 1 Includes consolidation adjustments Capacity Addition • Added 513 MW of RE capacity in Q2FY27; 1,628 MW of RE capacity commissioned in the 12-months ending Sep’26 period, translating into 22% YoY capacity addition Operational Highlights • Net RE generation during Q2 FY27 increased by 21% YoY due to capacity addition and better plant performance Financial Highlights • Total operating RE revenue increased 32% YoY to ₹ 2,532 Cr driven by contribution from both organic capacity additions and better plant performance • Operating EBITDA in Q2 FY27 was up 31% YoY to ₹ 2,195 Cr Installed Green Capacity (MW) Net Generation (MUs) Segmental Revenue from Operations1 (₹ Cr) EBITDA excl. Other Income1 (₹ Cr) 1,926 2,532 Q2 FY26 Q2 FY27 +32% 3,417 4,273 H1 FY26 H1 FY27 +25% 1,678 2,195 Q2 FY26 Q2 FY27 +31% 2,890 3,681 H1 FY26 H1 FY27 +27% (99%), 7,012 (99%), 8,520 7,094 8,614 Q2 FY26 Q2 FY27 +21% (98%) 11,890 (99%) 13,322 12,084 13,454 H1 FY26 H1 FY27 Short Term Long Term +11% RE Capacity Expansion Drive EBITDA Growth 7,553 9,181 Q2 FY26 Q2 FY27 +21%
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JSW Energy Q2 FY27 Results Presentation 41 Operational Performance – Renewables LT : Long Term; ST: Short Term, Figures rounded off to nearest units digit. *Includes generation from hybrid capacities Net Generation (MUs) PLF/CUF (%) Location (Current Capacity) Capacity (%) Q2 FY27 Q2 FY26 Change YoY H1 FY27 H1 FY26 Change YoY Q2 FY27 Q2 FY26 H1 FY27 H1 FY26 Hydro (1,781 MW) LT 93% 3,327 2,946 13% 4,712 4,745 -1% 99 91 70 68 Total 100% 3,421 3,028 13% 4,844 4,939 -2% 90 91 66 69 Solar (3,165 MW) * LT 100% 1,230 905 36% 2,427 1,830 33% 19 19 20 20 Wind (4,235 MW) * LT 100% 3,963 3,161 25% 6,183 5,315 16% 46 41 37 35 Total Renewables (9,181 MW) LT 99% 8,520 7,012 22% 13,322 11,890 12% NA NA NA NA Total 100% 8,614 7,094 21% 13,454 12,084 11% NA NA NA NA
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JSW Energy Q2 FY27 Results Presentation 42 JSWHEL- Karcham Wangtoo & Baspa II | Q2 FY27 Net Generation (MUs) PAF & PLF Revenue (₹ Cr) EBITDA (₹ Cr) 391 332 Q2 FY26 Q2 FY27 -15% 730 582 H1 FY26 H1 FY27 -20% 377 319 Q2 FY26 Q2 FY27 -15% 692 554 H1 FY26 H1 FY27 -20% Operational Highlights • JSW Hydro’s (Karcham wangtoo & Baspa II) generation was flattish (down 1 % YoY) in Q2 FY27 • Plant Availability maintained at 107% during Q2 FY27 Regulatory Framework • Fixed-charge recovery linked to achieving normative plant availability Financial Highlights • JSW Hydro’s revenue and EBITDA declined each by 15% YoY to ₹332 Cr and ₹319 Cr, respectively, driven by weaker hydrology, which impacted generation and sales volumes • Hydrology impact to be viewed as transient; Capacity charge remain secure 102% 97%107% 90% PAF PLF Q2 FY26 Q2 FY27 86% 63% 100% 66% PAF PLF H1 FY26 H1 FY27 97% 2,770 100% 2,814 2,852 2,814 Q2 FY26 Q2 FY27 96% 4,570 100% 3,874 4,763 3,874 H1 FY26 H1 FY27 Short Term Long Term Asset Availability Remained Strong ensuring fixed charge recovery -1% -19%