Interim report
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Energy Limited Regd. Office : JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051 CIN: L74999MH1994PLC077041 Phone: 022 – 4286 1000 Fax: 022 – 4286 3000 Website: www.jsw.in Part of O. P. Jindal Group SEC / JSWEL 28th October 2026 BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai - 400 001 National Stock Exchange of India Limited Exchange Plaza Bandra - Kurla Complex, Bandra (E) Mumbai - 400 051 Scrip Code: 533148 Symbol: JSWENERGY Sub: Outcome of the Board Meeting held on 28th October 2026 Ref: Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Madam / Sir, Pursuant to Regulation 30 of the Securities and E xchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), we hereby inform you that the Board of Directors at its meeting held today has, inter-alia, approved the following: 1. Unaudited Standalone an d Consolidated Financial Results of the Company for the quarter and half year ended 30th September 2026 A copy of the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter and half year ended 30 th September 2026, including disclosures required under Regulations 33, 52 and other provisions of the Listing Regulations, as applicable, together with the Limited Review Reports issued by Deloitte Haskins & Sells, LLP., Chartered Accountants, the Statutory Auditor of the Company, is enclosed. A press release in respect of the Financial Results is also attached. 2. Raising of Long Term Funds Raising of long term funds up to Rs. 5,000 crores through, inter -alia, the issuance of rated and listed Non -Convertible Debentures on a private placement basis , in one or more tranches and authorised the Finance Committee to decide on all matters relating to the issuance of the Debentures , from time to time, including finalization and approval of the detailed terms of issue.
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Energy Limited Regd. Office : JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051 CIN: L74999MH1994PLC077041 Phone: 022 – 4286 1000 Fax: 022 – 4286 3000 Website: www.jsw.in Part of O. P. Jindal Group 3. Extending the validity of existing approval from the Members of the Company for fund raise In continuation of the special resolution , approved by the Members of the Company at the Extra-Ordinary General Meeting of the Compa ny held on 3rd January 2026, for raising an amount not exceeding Rs. 10,000 cores, which is valid upto 2nd January 2027, the Board has approved the raising of funds not exceeding Rs. 6,000 crores, being the unutilised portion o f the aforesaid approved limit of Rs. 10,000 crores , in one or more tranches, through the issuance of eligible securities of the Company by way of private offerings and / or on preferential allotment basis and / or qualified institutions placement or any other method or combination thereof as may be permitted under the applicable laws, subject to such regu latory / statutory approvals, as may be required and authorised the Finance Committee to decide on all matters relating to the aforesaid fund raise. Approved seeking an enabling approval from the Members through postal ballot for raising funds not exceeding Rs. 6,000 crores, as and when required. 4. Appointment of Mr. Chandrasekaran Prabhakaran as an Additional and Whole -time Director designated as Director (Finance) Based on the recommendation of the Compensation and Nomination & Remuneration Committee, approved the appointment of Mr. Chandrasekaran Prabhakaran (DIN: 03573049) as an Additional Director as well as the appointment and remuneratio n as a Whole-time Director of the Company designated as Director - Finance with effect from 28th October 2026 for a term of 5 years, subject to the approval of the Members of the Company. Mr. Chandrasekaran Prabhakaran, Chief Financial Officer, has been elevated to the Board with effect from 28 th October 2026. Mr. Chandrasekaran, aged 51 years, a q ualified Chartered Accountant and Cost Accountant , is a seasoned finance leader with over 26 years of in-depth experience in corporate finance, accounting, and governance across large listed conglomerates. He has been associated with the JSW Group since November 2014. He brings strong expertise in Ind AS / IFRS financial reporting, statutory compliance, internal controls, audit management, and SEBI listing and disclosure requirements. Over the course of his career, he has successfully led complex M&A tran sactions, business restructuring initiatives, capital market activities, fund -raising programmes, tax optimization
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Energy Limited Regd. Office : JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051 CIN: L74999MH1994PLC077041 Phone: 022 – 4286 1000 Fax: 022 – 4286 3000 Website: www.jsw.in Part of O. P. Jindal Group strategies, and large -scale digitization of finance processes across manufacturing and natural resources sectors. Mr. Chandrasekaran has been the Chief Financial Officer and Key Managerial Person of the Company with effect from 1st January 2026. He will continue to be a Key Managerial Person of the Company in his present capacity as Director - Finance. Mr. Chandrasekaran is not related to any of the Directors of the Company. Further, this is to confirm that Mr. Chandrasekaran is not debarred from holding the office of director by virtue of any order passed by SEBI or any other such authority. In addition to the Joint Managing Director & Chief Executive Officer and the Company Secretary, Mr. Chandrasekaran would continue to be the Key Managerial Personnel authorized to determine the materiality of an event or information and for making disclosures to Stock Exchanges in terms of Regulatio n 30 (5) of the Listing Regulations and the Company’s Policy on Criteria for Determining Materiality for Disclosure of Events and Information. Mr. Chandrasekaran’s contact details also continue to remain unchanged, as under: Address: JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai – 400051 Phone: 022 – 42861000 E-mail: chandrasekaran.prabhakaran@jsw.in The details as required under Regulation 30 of the SEBI Listing Regulations read with t he SEBI Master Circular dated 30th January 2026, with respect to the appointment of a Director are annexed herewith as Annexure A. The Board Meeting commenced at 12:00 noon and concluded at 3:10 p.m. Yours faithfully, For JSW Energy Limited Monica Chopra Company Secretary
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Energy Limited Regd. Office : JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051 CIN: L74999MH1994PLC077041 Phone: 022 – 4286 1000 Fax: 022 – 4286 3000 Website: www.jsw.in Part of O. P. Jindal Group Annexure A Particulars Details 1 Reason for change Mr. Chandrasekaran Prabhakaran, Chief Financial Officer, has been elevated to the Board with effect from 28th October 2026. 2 Date of appointment and term of appointment Appointed as an Additional Director and also as a Whole -time Director designated as Director - Finance with effect from 28th October 2026 for a term of 5 years. 3 Brief Profile Please see the covering letter 4 Relationships between Directors None
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Deloitte Haskins & Sells LLP Chartered Accountants One Interna tional Center, Tower 3, 31st Floor, Senapati Bapat Marg Elphinsto ne Road (West) Mumbai - 400 013 Maharashtra, India Tel: +91 22 6185 6000 Fax: +91 22 6185 4101 INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED FINANCIAL RESULTS TO THE BOARD OF DIRECTORS OF JSW ENERGY LIMITED 1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of JSW Energy Limited ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), and its share of the net profit after tax and total comprehensive income of its associate and a joint venture for the quarter and six months ended September 30, 2026 ("the Statement") being submitted by the Parent pursuant to the requirement of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations") . 2. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 and Regulation 52 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review . 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" , issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of Parent's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion . We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable. 4. The Statement includes the results of the entities included in Appendix A. 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52 of the SEBI (Listing Obl igations and Disclosure Requirements) Regulations, 2015, as amended , including the manner in ,...,;~rG:i:it:±·l· be disclosed, or that it conta ins any material misstatement. Regd. Office: One Internationa l Center, Tower 3, 31st floor, Senapati Ba pat Marg, Elphinstone Road (West), Mumbai-400 013, Maharashtra, India. Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: AAB-8737
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Deloitte Haskins & Sells LLP 6. We did not review the interim financial informat ion of 120 subs idiar ies included in the consolidated unaudited financial results , whose inter im financ ial information reflect total assets of Rs. 62,344.82 crore as at September 30, 2026, and, total revenues of Rs. 2,644.1 0 crore and Rs. 4,307.93 crore for the quarter and six months ended September 30, 2026, respectively, total net profit after tax of Rs. 548.28 crore and Rs. 757.42 crore for the quarter and six months ended September 30, 2026, respect ively and total comprehens ive income of Rs. 437.24 crore and Rs. 844.92 crore for the quarter and six months ended Septembe r 30, 2026, respectively and net cash outflows of Rs. 193.99 crore for the six months ended September 30, 2026, as considered in the Statement. These interim financial information have been reviewed by other auditors whose reports have been furnished to us by the Management and our conclusion on the Statement , in so far as it relates to the amounts and disclosures included in respect of these subs idiaries, is based solely on the reports of the other auditors and the procedu res performed by us as stated in paragraph 3 above . Our conclusion on the Statement is not modified in respect of the above matter with respect to our reliance of wo rk done and the reports of the other auditors. 7. The consolidated unaudited financial results includes the financial info rmat ion of 12 subsidiaries which have not been reviewed by their auditors , whose financial information reflect total assets of Rs. 239.72 crore as at September 30, 2026, and, total revenue of Rs. 12. 78 crore and Rs. 24.23 crore for the quarter and six months ended September 30, 2026, respectively, total loss afte r tax of Rs. 12.31 crore and Rs. 15.42 crore fo r the quarter and six months ended September 30, 2026, respectively and Total comprehens ive loss of Rs. 11 .45 crore and Rs. 11.89 crore for the quarter and six months ended September 30, 2026 respectively and net cash inflows of Rs. 9.02 crore for the six months ended September 30, 2026, as considered in the Statement . The consolidated unaudited financial results also includes the Group's share of profit/ (loss) after tax of Rs. (0.78) cro re and Rs. 1.36 crore for the qua rter and six months ended September 30, 2026, respectively and total comprehens ive income I (loss) of Rs. (0.78) crore and Rs. 1.36 crore for the quarter and six months ended September 30, 2026, respect ively, as considered in the Statement, in respect of an assoc iate and a joint venture, based on their financial information which have not been reviewed by their auditors . According to the information and explanations given to us by the Management, these financial informat ion are not material to the Group. Our Conclus ion on the Statement is not modified in respect of our reliance on the interim financial informat ion certified by the Management. Place: Mumbai Date : Octobe r 28, 2026 For Deloitte Haskins & Sells LLP Chartered Accountants Firm 's Registration No. 117366W/W-100018 Mohammed Bengali Partner Membership No. 105828 UDIN: .u, I O ssz~ u B p G-i/Y1 6-, 8'0 '14
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Deloitte Haskins & Sells LLP Appendi x A Parent JSW Energy Limited Subsidiaries 2 JSW Energy (Barmer) Limited 3 JSW Power Trading Company Limited 4 JSW Energy (Raigarh) Limited 5 JSW Neo Energy Limited 6 JSW Thermal Energy Limited (w.e.f . 21 .08.2024) 7 Jaigad PowerTransco Limited 8 JSW Energy (Utkal) Limited (name change w.e.f. 20.05.2024) 9 JSW Hydro Energy Limited 1 O JSW Energy (Kutehr) Limited 11 JSW Renewable Energy (Vijayanagar) Limited 12 JSW Renewable Energy (Amba River) Limited 13 JSW Renewable Energy (Cement) Limited 14 JSW Renewable Technologies Limited 15 JSW Renewable Energy (Dolvi) Limited 16 JSW Renewable Energy (Coated) Limited 17 JSW Renew Energy (Raj) Limited 18 JSW Renew Energy (Kar) Limited 19 JSW Renew Energy Limited 20 JSW Renew Energy Two Limited 21 JSW Renew Energy Three Limited 22 JSW Renew Energy Four Limited 23 JSW Renew Energy Five Limited 24 JSW Renew Energy Six Limited 25 JSW Renewable Energy (Salem) Limited 26 JSW Energy PSP One Limited 27 JSW Energy PSP Two Limited 28 JSW Energy PSP Three Limited 29 JSW Energy PSP Six Limited 30 JSW Energy PSP Seven Limited 31 JSW Green Hydrogen Limited 32 JSW FnArgy PSP Fieht I imitArl 33 JSW Energy PSP Nine Limited 34 JSW Energy PSP Ten Limited 35 JSW Energy PSP Eleven Limited 36 JSW Renewable Energy (Anjar) Limited 37 JSW Renew Energy Mater ials Trading Limited 38 JSW Renew C&I One Limited (w.e.f. 31 .01 .2024) 39 JSW Renew C&I Two Limited (w.e.f. 14.02.2024)
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Deloitte Haskins & Sells LLP 40 JSW Renew Energy Eight Limited (w.e.f. 09.02 .2024) 41 JSW Renew Energy Nine Lim ited (w.e.f. 07.02.2024) 42 JSW Renew Energy Ten Limited (w.e .f. 09.02.2024) 43 JSW Renew Energy Eleven Limited (w.e.f. 24.02.2024) 44 JSW Renewable Energy (Salav) Limited (w.e.f. 17.01.2024) 45 JSW Renewable Energy Dolvi Three Limited (w.e.f. 05.02.2024) 46 JSW Green Energy Two Limited (w.e.f. 04.04.2024) 47 JSW Renew Energy Twelve Limited (w.e.f. 09.04.2024) 48 JSW Renew Energy Thirteen Limited (w.e.f. 09.04.2024) 49 JSW Green Energy One Limited (w.e.f. 10.04.2024) 50 JSW Renew Energy Fourteen Limited (w.e.f. 19.04.2024) 51 JSW Green Energy Three Limited (w.e.f . 22.05.2024) 52 JSW Green Energy Four Limited (w.e.f . 22.05.2024) 53 JSW Renewable Energy Coated Two Limited (w.e.f. 30.05.2024) 54 JSW Green Energy Six Lim ited (w.e.f. 20.06 .2024) 55 JSW Green Energy Five Limited (w.e.f . 21.06.2024) 56 JSW Green Energy Seven Limited (w.e.f . 21.06 .2024) 57 JSW Renew Energy Fifteen Limited (w.e.f. 11 .06.2024) 58 JSW Renew Energy Sixteen Limited (w.e.f. 11 .06.2024) 59 JSW Renew Energy Seventeen Limited (w.e.f. 14.06.2024) 60 JSW Renew Energy Eighteen Limited (w.e.f. 04.07.2024) 61 JSW Renew Energy Nineteen Lim ited (w.e.f. 04.07 .2024) 62 JSW Renew Energy Twenty Limited (w.e.f. 04.07 .2024) 63 JSW Renew Energy Twenty One Limited (w.e.f . 04.07.2024) 64 JSW Renew Energy Twenty Two Limited (w.e .f. 04.07.2024) 65 JSW Renew Energy Twenty Three Limited (w.e.f. 08.08.2024) 66 JSW Renew Energy Twenty Four Limited (w.e.f . 08.08.2024) 67 JSW Renew Energy Twenty Five Limited (w.e.f. 08.08.2024) 68 JSW Renew Energy Twenty Six Lim ited (w.e.f. 08.08 .2024) 69 JSW Renew Energy Twenty Seven Limited (w.e.f. 08.08.2024) 70 JSW Renew Energy Twenty Eight Limited (w.e .f. 08.08.2024) 71 JSW Renew Energy Twenty Nine Limited (w.e.f. 08.08.2024) 72 JSW Renew Energy Thirty Limited (w.e.f. 08.08.2024) 73 JSW Renew Energy Thirty One Lim ited (w.e.f . 08.08.2024) 74 JSW Renew Energy Thirty Two Limited (w.e.f. 08.08.2024) 75 JSW Renew Energy Thirty Three Lim ited (w.e.f. 08.08.2024) 76 JSW Renew Energy Thirty Four Limited (w.e.f. 09.08.2024) 77 JSW Renew Energy Thirty Five Limited (w.e.f . 09.08.2024) 78 JSW Renew Energy Thirty Six Limited (w.e.f. 09.08.2024) 79 JSW Renewable Energy Cement Two Limited (w.e.f. 09.08.2024) 80 JSW Renewable Technologies Two Limited (w.e.f. 09.08 .2024) 81 JSW Green Energy Eight Limited (w.e.f . 18.10.2024) 82 JSW Green Energy Nine Limited (w.e.f . 18.10.2024) 8 :::::: nergyTen Limited (w.e.f. 18.10.2024)
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Deloitte Haskins & Sells LLP 84 JSW Green Energy Eleven Limited (w.e.f . 18.10.2024) 85 JSW Green Energy Twelve Limited (w.e.f . 18.10.2024) 86 JSW Renew Energy Forty Three Limited (w.e .f. 27.11.2024) 87 JSW Renew Energy Forty One Limited (w.e.f. 12.12.2024) 88 JSW Renew Energy Forty Six Limited (w.e.f . 12.12.2024) 89 JSW Renew Energy Forty Five Limited (w.e.f. ·18.12.2024) 90 JSW Renew Energy Forty Four Limited (w.e.f . 19.12.2024) 91 JSW Renew Energy Forty Two Limited (w.e.f . 23.12.2024) 92 JSW Renew Energy Thirty Nine Limited (w.e.f. 23.12.2024) 93 JSW Renew Energy Forty Limited (w.e.f . 24.12.2024) 94 JSW Renew Energy Thirty Seven Limited (w.e.f. 24.12.2024) 95 JSW Renew Energy Thirty Eight Limited (w.e.f . 24.12.2024) 96 Ti dong Power Generation Private Lim ited (w.e.f. 29.01.2026) 97 JSW Vayu (Pennc;lr) Private Limited (name change w.e.f 29.07.2025) 98 JSW Bindu Vayu Urja Private Limited (name change w.e.f 12.12.2025) 99 JSW Vayu (Krishna) Private Limited (name change w.e.f . 11 .12.2025) 100 Mytrah Vayu (Manjira) Private Limited 101 JSW Vayu Urja Private Limited (name change w.e.f. 16.02.2026) 102 JSWVayu (Godavar i) Private Limited (name change w.e.f. 14.10 .2024) 103 JSW Vayu (Som) Private Limited (name change w.e.f. 29.06.2024) 104 JSW Vayu (Sabarmati) Private Limited (name change w.e.f . 01 .08.2025) 105 JSW Aadhya Power Private Limited (Name change w.e.f. 18.12.2025) 106 JSW Aakash Power Private Lim ited (Name change w.e.f . 22.07.2025) 107 JSW Abhinav Power Private Limited (Name Change w.e.f. 28.07.2025) 108 JSW Adarsh Power Private Limited (name change w.e.f . 14.10.2024) 109 JSW Agriya Power Private Lim ited (name change w.e.f . 18.12.2025) 110 JSW Advaith Power Private Limited 111 JSW Akshaya Energy Private Limited (name change w.e.f . 30.07.2025) 112 Nidhi Wind Farms Private Limited 113 JSW Vayu (lndravati) Private Limited (name change w.e.f . 25.08 .2026) 114 JSW Vayu (Tungabhadra) Private Limited (name change w.e.f. 02.09 .2026) 115 JSWWind Power (lsapur) Limited (w.e.f 10.01 .2025 and name change w.e.f 17.04 .2025) 116 JSW Wind Power Limited (w.e.f 10.01.2025 and name change w.e .f 09.04.2025) 117 JSW Wind Power (Pennar) Private Limited (w.e .f 10.01.2025 and name change w.e.f 02.04.2025) 118 JSW Mahanadi Power Company Limited (name change w.e.f 03.12 .2025) 119 Raigarh Champa Rail Infrastructure Private Limited 120 Virya Intra power 1-'rlvate Limited (w.e.f ·12.03.2025) 121 JSWThermal Technolog ies Limited (w.e.f 19.08.2025) 122 JSW Green Energy Twenty Limited (w.e.f 11.08 .2025) 123 JSW Renew Energy Fifty Limited (we f 08.08 .2025) 124 JSW Green Energy Eighteen Limited (we f 06.08.2025) 125 JSW Green Energy Fifteen Limited (we f 06.08.2025) 126 JSW Green Energy Sixteen Lim ited (we f 18.12.2025) w Energy Forty Eight Limited (w.e.f 07.08.2025)
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Deloitte Haskins & Sells LLP 128 JSW Renew Energy Forty Nine Limited (w.e.f 26.07.2025) 129 JSW Renew Energy Fifty One Limited (w.e.f 26.07.2025) 130 JSW Renew Energy Forty Seven Limited (w.e.f 25.07 .2025) 131 JSW Green Energy Twenty One Lim ited (w.e.f 26.07.2025) 132 JSW Green Energy Twenty Two Limited (w.e.f 18.08.2025) 133 JSWThermal Energy Two Limited (w.e.f. 26.07.2025) 134 JSW Green Energy Nineteen Limited (w.e.f 24.07.2025) 135 KSK Water Infrastructures Private Limited (w.e.f 04.08 .2025) 136 Sai Power Pte Limited 137 Arnav Sunsolar Urja Two LLP (w.e.f 11.03.2025) 138 Energevo Lights LLP (w.e.f 11.03 .2025) 139 Energevo Saurya MH Five LLP (w.e.f 11.03.2025) 140 Pyrite Buildtech LLP (w.e.f 11 .03.2025) 141 JSW Green Energy Thirteen Limited (w.e.f 25.08.2025) 142 JSW Green Energy Fourteen Lim ited (w.e.f 18.08.2025) 143 JSW Green Energy Seventeen Limited (w.e.f 18.08.2025) 144 JSW Energy Natural Resources Mauritius Limited 145 JSW Energy Natu ral Resources South Africa Lim ited 146 Royal Bafokeng Capital {PTY} Lim ited 147 Mainsail Trading 55 Proprietary Limited 148 South African Coal Min ing Holdings Limited 149 SACM (Breyten) Proprietary Limited 150 South African Coal Mining Operations (Pty) Limited 151 Umlabu Colliery Proprietary Lim ited 152 02 Power Mid Co Holdings Pte. Ltd (w.e .f 09.04.2025 ) 153 02 Power SG Pte. Ltd (w.e.f 09.04 .2025) 154 02 Power Private Limited 155 Glowsun Powergen Private Limited 156 Clean Solar Power (Bhainsada) Limited (w.e.f 09.04.2025) 157 XL Xergi Power Private Lim ited (w.e .f 09.04.2025) 158 Altra Xergi Power Private Limited (w.e.f 09.04.2025) 159 Teq Green Power XII Private Lim ited (w.e.f 09.04.2025) 160 Teq Green Power Private Limited (w.e.f 09.04 .2025) 161 Panama Wind Energy Godawari Private Limited (w.e.f 09.04.2025) 162 Panama Wind Energy Shivner i Private Limited (w.e.f 09.04 .2025) 163 Panama Wind Energy Private Limited (w.e.f 09.04.2025) 164 ES Sun Power Private Limited (w.e.f 09.04.2025) 165 ES Energy Private Lim ited (w.e.f 09.04.2025) 166 ES Solar Private Limited (w.e.f 09.04.2025) 167 Teq Green Power XVI Private Limited (w.e.f 09.04 .2025) 168 Solalite Power Private Limited (w.e.f 09.04.2025) 169 Teq Green Power XVII Private Limited (w.e.f09 .04.2025) Energizent Power Private Limited (w.e.f 09.04.2025) ower XVIII Private Limited (w.e.f 09.04.2025)
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Deloitte Haskins & Sells LLP 172 Teq Green Power IX Private Limited (w.e.f 09.04.2025) 173 Teq Green Power XIII Private Limited (w.e.f 09.04.2025) 174 Teq Green Power XIV Private Limited (w.e.f 09.04.2025) 175 Teq Green Power XXI Private Limited (w.e. f 09.04.2025) 176 Teq Green Power XV Private Limited (w.e .f 09.04.2025) 177 Teq Green Power XXIII Private Limited (w.e.f 09.04 .2025) 178 Teq Green Power XIX Private Limited (w.e.f 09.04.2025) 179 Teq Green Power XXII Private Limited (w.e.f 09.04.2025) 180 Teq Green Power XX Private Limited (w.e .f 09.04.2025) 181 Teq Green Power XXIV Private Limited (w.e.f 09.04.2025) 182 Teq Green (JP) Power XXXI Private Limited (w.e .f 09.04.2025) 183 Teq Green Power XI Private Limited (w.e.f 09.04.2025) 184 02 Renewable Energy VII Private Limited (w.e.f 09.04 .2025) 185 02 Renewable Energy IX Private Limited (w.e.f 09.04.2025) 186 02 Renewable Energy XVIII Private Limited (w.e.f09.04.2025) 187 02 Renewable Energy XIX Private Limited (w.e.f 09.04.2025) 188 02 Renewable Energy XX Private Limited (w.e .f 09.04.2025) 189 02 Renewable Energy Ill Private Limited (w.e.f 09.04.2025) 190 02 Renewable Energy XXXI Private Limited (w.e.f 09.04.2025) 191 02 Renewable Energy XXV Private Limited (w.e.f 09.04.2025) 192 02 Energy SG Pte. Ltd. (w.e.f 09.04.2025) 193 Cyclic Energy Power Private Limited (w.e .f 09.04.2025) 194 02 Renewable Energy I Private Limited (w.e.f 09.04.2025) 195 02 Renewable Energy II Private Limited (w.e.f09 .04.2025) 196 02 Renewable Energy IV Private Limited (w.e .f 09.04 .2025) 197 02 Renewable Energy V Private Limited (w.e.f 09.04.2025) 198 Prakratee Solar Energy Godawari Private Limited (w.e.f 09.04.2025) 199 ORES Energy Private Limited (w.e .f 09.04 .2025) 200 02 Renewable Energy VI Private Limited (w.e.f 09.04.2025) 201 02 Renewable Energy VIII Private Limited (w.e.f 09.04.2025) 202 02 Renewable Energy X Private Limited (w.e.f 09.04 .2025) 203 02 Renewable Energy XI Private Limited (w.e .f 09.04.2025) 204 02 Renewable Energy XII Private Limited (w.e.f 09.04.2025) 205 02 Renewable Energy XIII Private Limited (w.e.f 09.04.2025) 206 02 Renewable Energy XIV Private Limited (w.e.f 09.04.2025) 207 02 Renewable Energy XV Private Limited (w.e.f 09.04.2025) 208 02 Renewable Energy XVI Private Limited (w.e.f 09.04.2025) 209 02 Renewable Energy XVII Private Limited (w.e.f 09.04.2025) 21 O 02 Renewable Energy XXI Private Limited (w.e.f 09.04.2025) 211 02 Renewable Energy XXII Private Limited (w.e.f 09.04.2025) 212 02 Renewable Energy XXIII Private Limited (w.e.f 09.04.2025) 213 02 Renewable Energy XXIV Private Limited (w.e.f 09.04 .2025) 214 02 Renewable Energy XXVI Private Limited (w.e.f 09.04.2025) le Energy XXVII Private Limited (w.e.f 09.04.2025)
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Deloitte Haskins & Sells LLP 216 02 Renewable Energy XXVIII Private Limited (w.e.f 09.04.2025} 217 02 Renewable Energy XXIX Private Limited (w.e.f 09.04.2025) 218 02 Renewable Energy XXX Private Limited (w.e.f 09.04.2025) 219 02 Renewable Energy XXXII Private Limited (w.e.f 09.04 .2025) 220 02 Renewable Energy XXXIII Private Limited (w.e.f 09.04.2025) 221 02 Renewable Energy XXXIV Private Limited (w.e.f 09.04.2025) 222 02 Renewable Energy XXXV Private Limited (w.e.f 09.04.2025) 223 02 Renewable Energy XXXVI Private Limited (w.e.f 09.04.2025) 224 TEQ Green Power X Private Limited (w.e.f 09.04.2025) 225 Maruti Clean Coal and Power Limited Joint Venture 226 Barmer Lignite Mining Company Limited Associate 227 Toshiba JSW Power Systems Private Limited
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.,,ISK' ENERGY LIMITED Registered Office: JSW Centre, Sandra Kurla Complex, Sandra (East), Mumbai 400051 CIN: L74999MH1994PLC077041 Statement of Consolidated Financial Results for the Quarter and Six months Ended September 30, 2026 Sr. No. Income: a) Revenue from operations b) Other income Total income Particulars 2 Expenses: a) Fuel cost b) Cost of materials consumed c) Purchase of stock-in-trade d) Changes in inventories of finished goods, semi-finished goods, work-in-progress, stock-in-trade e) Employee benefits expense f) Finance costs g) Depreciation and amortisation expenses h) Other expenses Total expenses 3 Share of profit of a joint venture and an associate 4 Profit before exceptional items , tax and deferred tax adjustable in future tariff (1 - 2 + 3) 5 Exceptional items [Refer note 8] 6 Profit before tax and deferred tax adjustable in future tariff (4+5) 7 Tax expense - Current tax - Deferred tax 8 Deferred tax adjustable in future tariff 9 Profit for the period I year (6 - 7 - 8) 10 Other comprehensive income I (loss) A.(i) Items that will not be reclassified to profit or loss (ii) Income tax relating to items that will not be reclassified to profit or loss B.(i) Items that will be reclassified to profit or loss (ii) Income tax relating to items that will be reclassified to profit or loss (iii) Deferred tax adjustable in future tariff Total other comprehensive income I (loss) for the period I year 11 Total comprehensive income I (loss) for the period I year (9 + 10) Total comprehensive income / (loss) for the period / year attributable to : Owners of the Company Non controlling interests Profit for the period/ year attributable to : Owners of the Company Non controlling interests Other comprehensive income / (loss) for the period I year attributable to : Owners of the Company Non controlling interests 12 Paid-up equity share capital (net of treasury shares) (Face value of ~ 10 per share) 13 Other equity 14 Earnings per share (EPS) (not annualised for the quarter) - Basic EPS ( ~) - Diluted EPS ( t) 30.09.2026 Unauqjted 6,368.47 289.24 6,657.71 1,802.53 4.15 3.07 224.95 1,614.75 943.36 716.26 5,309.07 (0.78) 1,347.86 1,347 .86 75.79 141.05 (10.02) 1,141.04 122.79 (343.13) 50.61 (6.68) (27.97) (204.38) 936.66 851.93 84.73 1,056.37 84.67 (204.44) 0.06 1,833.01 5.17 5.62 Quarter Ended 30.06.2026 5,207.13 229.44 5,436.57 1,531.72 38.43 (39.55) 216.24 1,519.28 889.64 587.14 4,742 .90 2.14 695.81 695.81 60.19 105.85 (2.93) 532.70 790.92 (12.83) 160.84 (42.53) 49.94 946.34 1,479.04 1,418.07 60.97 470.97 61.73 947.10 (0.76) 1,832.44 2.64 2.57 30.09.2025 5,177.42 183.65 5,361.07 1,420.62 191.06 1,417.56 809.02 569.28 4,407 .54 1.96 955.49 955.49 113.68 62.16 (44.62) 824.27 855.21 (124.33) 166.21 (67.22) 28.08 857.95 1,682.22 1,564.33 117.89 704.68 119.59 858.51 (0.56) 1,746.50 4.04 4.04 Six Months Ended 30.09.2026 11 ,575.60 518.68 12,094.28 3,334.25 42.58 (36.48) 441 .19 3,134.03 1,833.00 1,303.40 10,051.97 1.36 2,043.67 2,043.67 135.98 246.90 (12.95) 1,673.74 913.71 (355.96) 211.45 (49.21) 21.97 741.96 2,415.70 2,270.00 145.70 1,527.34 146.40 742 .66 (0.70) 1,833.01 8.44 8.22 30.09.2025 10,320.79 451.52 10,772.31 3,000.38 33.27 349.80 2,723.08 1,547.61 1,152.22 8,806 .36 4.95 1,970.90 1,970.90 196.26 175.83 (61.32) 1,660 .13 554.29 (80.50) 24.60 (31 .26) 0.26 467.39 2,127.52 1,916 .35 211.17 1,447.80 212.33 468.55 (1.16) 1,746.50 8.30 8.29 ( f crore) Year Ended 31.03.2026 Audited 18,901.13 976.59 19,877.72 5,581.38 85.71 727.66 5,816.45 3,185.27 2,441.97 17,838 ,44 11.73 2,051.01 (65.19) 1,985.82 334.56 (945.98) (165.17) 2,762.41 437.29 (61.30) (27.48) (2.41) (46.84) 299.26 3,061 .67 2,535.99 525.68 2,239.31 523.10 296.68 2.58 1,756.18 28,995.33 12.82 12.74
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Consolidated Statem ent of Assets and Liab ilities (, crore) Sr. As at No. Particulars 30.09.2026 31.03 .2026 Unaudited Audited A ASSETS 1 Non-current assets: (a) Property, plant and equipment 71 ,107.46 61 ,806.07 (b) Capital worl<-in-progress 15,283.10 17,409.45 (c) Goodwill 659.18 659.18 (d) Other intangible assets 11 ,686.89 12,057.76 M l11la11ylllle assets under development 88.U1 bb.U~ (f) Investments in an associate and a joint venture 257.86 106.50 (g) Financial assets (i) Investments 5,765.41 8,007.57 (ii) Trade receivab les 257.50 266.74 (iii) Loans 567.64 567.64 (iv) Other financial assets 4,454.16 4,253.99 (h) Income tax assets (net) 361.96 319.29 (i) Deferred tax assets (net) 396.75 374.50 (j) Other non-current assets 3,626.72 2,891 .24 Total non • current assets 114,512 .64 108,775.02 2 Current assets: (a) Inventories 721.65 960.58 (b) Financial assets (i) Investments 3,449.54 3,264.86 (ii) Trade receivables 2,483.45 1,630.17 (iii) Unbilled revenue 1,887.09 1,343.09 (iv) Cash and cash equivalents 4,020.93 4,142.45 (v) Bank balances other than (iv) above 2,129.73 1,622.77 (vi) Receivable on redemption of Mutual Funds' 5,314.36 (vii) Loans 305.04 271 .70 (viii) Other financial assets 463.45 402.49 (c) Other current assets 1,805.13 1,768.56 Total current assets 22,580 .37 15,406.67 TOTAL ASSETS (1+2) 137,093.01 124 ,1 81 .69 B EQUITY AND LIABILITIES 1 Equity (a) Equity share capital 1,833.01 1,756.18 (b) Other equity 34,876.90 28,995.33 Equity attributable to owners of the Company 36,709 .91 30,751 .51 Non-controlling interests 3,085.06 2,825.85 Total equity 39,794.97 33,577.36 2 Liabilities I Non-current liabilities (a) Financial liabilities (i) Borrowings 69,094.50 64,875.02 (ii) Lease liabil ities 1,228.95 1,050.43 (iii) Other financial liabilities 167.14 177.37 (b) Provisions 232.30 204.96 (c) Deferred tax liabilities (net) 3,602.88 3,229.27 (d) Other non-current liabilities 827.82 837.26 Total non - current liabilities 75,153.59 70,374.31 II Current liabilities (a) Financial liabilities (i) Borrowings 12.179.13 10,971 .12 (ii) Lease liabilities 44.41 49.21 (iii) Trade payables • 1,603.85 1,423.31 (iv) Other financial liabilitie s 6,989.76 6,641 .71 (b) Other current liabilities 853.74 963.37 (c) Provisions 109.93 115.50 (d) Current tax liabilities (net) 363.63 65.80 Total current liabilities 22,144 .45 20,230.02 Total liabilities (1+11) 97,298 .04 90,604.33 TOTAL EQUITY AND LIABILITIES (1+2) 137,093.01 124,181.69 1 Represents amount receivable on redemption of mutual funds redeemed on 30:ti September 2026 and amount received on 01 ~ October 2026 • Includes acceptances
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Cons olidated State ment of Cash Flow s ( l' crore) Sr. Particulars For the six months ended For the six mon ths ended No. 30.09.2026 30.09.2025 Unaud ited Unaudit ed I. CASH FLOW FROM OPERATING ACTIVITIES Profit before tax and deferred tax adjust able in future ta riff 2,043.67 1,970.90 Adjusted for: Depreciation and amortisation expense 1.833.00 1,547.61 Finance costs 3,134.03 2,723.08 Interest income earned on financial assets that are not designated as (248.38) (184.86) fair value through profit or loss Dividend income from investments designated as fair value through (31.98) (19.61) other comprehensive income Share of profit of a joint venture (1 .36) (4.95) Net gain arising on financial instruments designated as fair value (29.20) (7.85) through profit or loss Writeback of liabilities no longer required (11 .03) (97.61) Share based payments 22,80 25.24 Loss I (Gain) on disposal of property, plant and equipment (net) 1.54 (1 .04) Impairment loss recognised on loans I trade receivables 1.28 2.82 Unrealised foreign exchange loss (net) 168.04 365.73 Property, plant and equipment written off 27.35 19.23 4,866.09 4,367.79 Operating profit before working capital changes 6,909.76 6,338.69 Adjus tments for moveme nt in work ing capital: (Increase) in trade receivables and unbilled revenue (1,347.15) (434.06) (Increase) I Decrease in inventories 305.94 (73.07) (Increase) I Decrease in current and non current assets (5,379.89) 286.82 Increase I (Decrease) in trade payables and other liabilities 233.15 (548.66) (6,187.95) (768.97) Cash flow from operations 721.79 5,569.72 Income taxes paid (net) (154.92) (231.34) NET CASH GENERATED FROM OPERATI NG ACTIVITIES 566.87 5,338.38 II. CASH FLOW FROM INVESTI NG ACTIVITIES Purchase of property, plant and equipments (induding capital work-in- (7,840.67) (4,771.11) progres s and capital advances) Proceeds from sale of property, plant and equipments (induding capital 47.32 17.97 work-in-progress) Loans given (33,34) (76.00) Loans repaid - 3,20 Interest received 239,59 115.66 Dividend received on investments designated as fair value through other 31.98 19.61 comprehensive income Investment in Associate (150.00) Proceeds from sale of equity shares 3,127.93 Proceeds from issue of share capital to non controlling interest 103.42 38.51 Proceeds from sale of commercial paper 50,25 Purchase of non controlling interest (26.81) Redemp tion I (Investment) in earmarked mutual funds, government 27.95 (51 .47) securities and commercial paper Proceeds from redemptio n of non convertible debentures 139.29 - Payments towards business acquisition (351.82) (6,800.10) Payments towards asset acquisition (962.00) Bank deposits not considered as cash & cash equivalents (net) (234,07) (456.32) NET CASH USED IN INVESTI NG ACTIVITIES (4,892.42) (12,898.61) Ill. CASH FLOW FROM FINANCING ACTIVITIES Proceeds from issue of equity shares through qualified institution 3,952.29 - placement (net of expenses) (Repayments) I Proceeds for treasury shares under ESOP Plan (1 .52) 1.90 Proceeds from non-current borrowings 7,399.73 8,830.51 Repayment of non-current borrowings (3,893.33) (2,471.05) Proceeds from current borrowings (net) 598.62 3, 141 .94 Payment of lease liabilities (86.83) (135.02) Infusion of funds in subsidiary by non controlling interest 20.28 78.67 Interest paid (3,132.88) (2,562.42) Dividend paid (375.64) (363,85) NET CASH GENERATED FROM FINANCING ACTIVITIES 4,480.72 6,520.68 NET INC REASE I (DECREASE) IN CASH AND CASH EQUIVALENTS 155.17 (1,039.55) (1+11+111 ) CASH AND CASH EQUIVALE NTS - AT THE BEGINNING OF THE 7,245.13 5,252.20 PERIOD Additions through business combination and asset acquisition 70.91 1,558.73 Fair value gain on liquid investments (25.92) 40,82 Effect of exchange rate changes on cash and cash equivalents 24.43 6.55 CASH AND CASH EQUIVALE NTS -AT THE END OF THE PERIOD 7,469.72 5,818.75 Cash and cash equ ivalents compris e of: 1) Balances with banks In current accounts 2,456.31 3,064.41 In deposit accounts maturity less than 3 months at inception 1,564.59 613.63 2) Cash on hand 0.03 0.07 3) Investment in liquid mutual funds 3,448.79 2,140.64 Tot al 7,469.72 5,818.75 @ ~~SV-.INS & J'~<'. ~ ef9Y~ 1~ !;::: cl' I ? MU~M Al~) Is ~ -- Cf) a. Cl f::? ~* % ~~ ~l.i ~ 'Ef?Eo ACC1J~ --- -
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Additional information pursuant to Regulation 52(4) of Securities and Exchange Board of India (Listing Obligati ons and Disclosure Requirements) Regulations , 2015, as amended: Sr. Particulars Quarter Ended Six Months Ended Year Ended No. 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 1 Debt-Equity Ratio (in times) 2.21 2.05 2.34 2.21 2.34 2.47 Total Borrowings (i.e. Non-current borrowings+ Current borrowings)/ Equity attributable to owners of the parent l UYUl 5Yl'Vle~ L.OV~IJ!j~ l-<AlI6 (ui hmes j (not annualised) 1.47 1.25 1.20 1.37 1.21 0.86 Debt Servi ce Coverage Ratio (in times ) (trailing twelve months ) 0.92 0.87 1.26 0.92 1.26 0.86 (Profit before tax+ exceptional items+ Depreciation and amortisation expenses+ interest on term loans and debenture)/ {Interest on debentures + Interest on term loans + Scheduled principal repayments of term loans and debentures (i.e. excluding prepayments and refinancing of debts) during the period/ year} 3 Interest Service Coverage Ratio (in times) (not annualised) 2.69 2.21 2.40 2.46 2.46 2.04 Interest Service Coverage Ratio (in times) (trailing twelve months) 2.06 1.98 2.46 2.06 2.46 2.04 (Profit before tax + exceptional items+ Depreciation and amortisation expenses + interest on term loans and debenture)/ {Interest on debentures+ Interest on term loans} 4 Current Ratio (in times) 1.02 1.02 0.77 1.02 0.77 0.76 Current Assets/ Current Liabilities 5 Long term debt to working capital (in times) 12.26 14.46 (303.60) 12.26 (303.60) 221.40 (Non-current borrowings + Current maturities of long-term borrowings)/ {Current assets - Current liabiliti es excluding current maturities of long- term borrowings} 6 Bad debts to Accounts receivable ratio (in limes) 0.01 0.01 0.01 0.01 0.01 0.01 Bad debts /Trade Receivables 7 Current liability ratio (in times) 0.23 0.21 0.22 0.23 0.22 0.22 Current liabilities/ Total liabilities 8 Total debts to total assets (in times) 0.59 0.57 0.60 0.59 0.60 0.61 Total Borrowings (i.e. Non-current borrowings+ Current borrowings)/ Total Assets 9 Debtors Turnover (no. of days) 63 65 64 62 57 59 {(Average Trade Receivables+ Average unbilled revenue) / Revenue from operations} • No of days in the reporting period / year 10 Inventory Turnover (no. of days) 43 57 61 45 55 58 (Average Inventory / {Fuel cost+ Purchase of stock-in-trade+ Stores and spares consumed+ Changes in inventories} * No of days in the reporting period / year) 11 Operating EBIDTA Margin(%) 56.79% 55.22% 57.91% 56.08% 56.10% 53.31% (Profit before tax+ exceptional items - Other income + Depreciation and amortisation expenses+ Finance costs)/ {Revenue from operations}• 100 12 Net Profit Margin( %) 17.14% 9.80% 15.38% 13.84% 15.41% 13.90% (Net profit after tax/ Total Income)• 100 13 Networth (As per sectio n 2(57) of Comp anies Act 2013) (~ crore) 31,430.91 30,901.82 21 ,554.88 31,430.91 21 ,554.88 23,501 .31
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Consolid ated Segment Information : Sr Quarter Ended Six Months Ended Year Ended No Particulars 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 Unaud ited Unaudited Unaudited Unaudited Unaudited Audited 1 Segment revenue (Revenue from operations) (a) Thermal 3.814.82 3,453.46 3,240.83 7,268.28 6,862.61 13,212.23 (b) Renewables 2,532.17 1,740.48 1,925.58 4,272.65 3,417.40 5,625.75 (c) Unallocated 21.48 13.19 11.01 34.67 40.78 63.15 Total revenue from ooerations 6,368.47 5,207.13 5,177.42 11,575.60 10,320.79 18,901.13 2 Segment results (a) Thermal 1,105.93 1,066.26 1,020.43 2,172.19 2,288.88 4,366.68 (b) Renewables 1,666.24 998.22 1,259.51 2,664.46 2,195.80 3,055.08 (c) Unallocated (10.51) 4.51 (2.51 ) (6.00) 19.48 20.32 Total profit before tax, finance costs and unallocable income 2,761.66 2,068.99 2,277.43 4,830.65 4,504.16 7,442.08 Less:Finance costs (1,614.75) (1 ,519.28) (1 ,417.56) (3.134.03) (2,723.08) (5,816.45) Add:Other unallocable income 200.95 146.10 95.62 347.05 189.82 360.19 Total profit before tax 1,347.86 695.81 955.49 2,043.67 1,970.90 1,985.82 Segment assets (a) Thermal 40,636.87 37,422.85 35,847.33 40,636.87 35,847.33 36,090.80 (b) Renewables 76,821.41 74,661 .16 64,353.23 76,821.41 64,353.23 72,505.81 (c) Unallocated 19,634.73 17,115.38 13,486.47 19,634.73 13,486.47 15,585.08 Total seamen! assets 137,093,01 129,1 99,39 113,687.03 137,093.01 113,687.03 124,181.69 Segment Liabilities (a) Thermal 35.483.7 1 31 ,166.47 33,792.31 35.483.7 1 33,792.3 1 33,597.20 (b) Renewables 61 ,377.46 58,435.37 48,041.63 61,377.46 48,041.63 56,741.01 (c) Unallocated 436.87 483.88 250.92 436.87 250.92 266.12 Total segment liabiliti es 97,298.04 90,085.72 82,084.86 97,298.04 82,084.86 90,604.33
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Notes : The hydro power business of the Group is seasonal in nature, hence the results for the quarter and six months ended September 30, 2026 are, to such extent, not fully comparable with those for the preceding quarter. 2 Pursuant to the placement of equity shares to the qualified institutions, the Group has raised t 4,000 crore on May 25, 2026 by allotting 7,61,90,476 Equity Shares oH 10 each at an Issue price of t 525 per Equity Share at a discount of ~ 9.05 per Equity Share to the floor price of t 534.05 per Equity Share. 3 During the quarter ended June 30, 2026 the Group divested 2,50,00,000 equity shares of JSW Steel Limited (face value t 1 per share) through a bulk deal transaction executed on May 18, 2026, as part of a strategic liquidity release initiative. The transaction resulted in gross proceeds oft 3,150 crore. Following the aforesaid sale, the Group continues to hold 4,50,38,350 equity shares of JSW Steel Limited. The investment in JSW Steel Limited was classified and measured at Fair Value Through Other Comprehensive Income (FVTOCI) in accordance with Ind AS 109 - Financial Instruments. Accordingly, the cumulative gain amounting to t 2,666.82 crore (net off tax and expenses) arising on disposal of the shares has been accounted for within Other Comprehensive Income (QC!) and has been transferred to Retained Earnings. 4 During the quarter ended September 30, 2026, the Company completed the acquisition of 100% equity share capital of Maruti Clean Coal & Power Limited (MCCPL) from Kolahai lnfotech Private Limited and SF! Parcel Services Private Limited. MCCPL owns and operates a 300 MW thermal power plant in Korba, Chhattisgarh. Consequent to the completion of the transaction, MC CPL has become a wholly-owned subsidiary of the Company with effect from August 6, 2026. The Group has accounted for the above acquisitions in accordance with Ind AS 103- Business Combination, wherein purchase consideration has been allocated on a provisional basis pending final determination of fair value of acquired assets and liabilities. The above subsidiary contributed revenue from operations of t 128.92 crore and profit after tax oft 11.13 crore during the quarter and six months ended September 30, 2026. 5 During the quarter ended September 30, 2026, the Company completed the acquisition of an additional equity stake in Toshiba JSW Power Systems Private Limited (T JPS) (an associate of the group) from Toshiba Corporation, Japan, for a cash consideration of t 150 crore, pursuant to the definitive agreements entered into during the quarter ended June 30, 2026. Consequent to the completion of the transaction on July 21 , 2026, the Company's shareholding in T JPS has increased to 20.7% on a non diluted basis and to 10.7% on a fully diluted basis. 6 JSW Energy Limited (JSWEL) ("the Company") has entered into a Scheme of Arrangement between GE Power India Limited ("GEPIL" or "Demerged Company") and JSW Energy Limited ("Company" or "Resulting Company") and their respective shareholders under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 ("Scheme") for acquisition of business of manufacturing and supply of power boilers components, pressure vessels, piping, and coal mills for thermal power plants undertaken by the Demerged Company at its Durgapur (West Bengal) Facility (as defined in the Scheme) ("Demerged Business") from the Demerged Company to the Company in accordance with applicable laws. Upon the coming into effect of the Scheme and in consideration of the transfer and vesting of the Demerged Undertaking of the Demerged Company, the Company in terms of the Scheme is obliged to issue and allot equity shares, credited as fully paid-up to the Eligible Shareholders of the Demerged Company, or to their respective heirs, executors, administrators, other legal representatives or other successors, 10 fully paid up equity shares of ~10 each of the Resulting Company shall be issued and allotted for every 139 fully paid-up equity shares of t10 each held in the Demerged Company which shall be adjusted for any restructuring of share capital of the Demerged Company and/or the Resulting Company by way of share spliUconsolidationflssue of bonus shares, buyback/ capital reduction, preferential issue/ issue of shares on conversion of loans, debentures, preference shares, except issuance of shares on account of employee stock options during the pendency of the Scheme. Pursuant to the Shareholders and creditors meeting held on July 20, 2026 in accordance with NCL T order dated June 2, 2026, the company has received approval of Shareholders and Financial Creditors for the demerger scheme. The Hon'ble Tribunal, vide its order dated October 1, 2026, has sanctioned the Scheme. The appointed date of the scheme is July 1, 2025. The Scheme will become effective on fulfilment of the conditions precedent and on filing of the certified copy of the order with the Registrar of Companies. As the Scheme had not become effective as at September 30, 2026, no impact thereof has been recognised in the financial results for the quarter and six months ended September 30, 2026. 7 The Group has completed the acquisition of JSW Mahanadi Power Company Limited ("JSWMPCL") (formerly known as KSK Mahanadi Power Company Limited) on March 06, 2025 pursuant to National Company Law Tribunal ("NCL T") approval order dated February 13, 2025. Accordingly , the Company holds 74% equity shares of JSW Mahanadi Power Company Limited and the secured Financial Creditors ("FC") collectively hold the balance 26%, as per the terms of the Resolution Plan, wherein the FC have a put option and the Group has a call option for the 26% stake held by FC, excercisable from end of first year from acquisition date of JSWMPCL till end of 5 years. On April 09, 2026, Group has exercised its right for call option to acquire balance 26% equity shareholding of JSWMPCL from FC and the valuer has been appointed for determination of the exercise price of the aforesaid call option. 8 The Government of India had notified the Code on Social Security, 2020 ("Social Security Code"); the Occupational Safety, Health and Working Conditions Code, 2020; the Industrial Relations Code, 2020 and the Code on Wages , 2019 (collectively , the "Labour Codes") on November 21 , 2025. The Ministry of Labour & Employment published draft Central Rules and FAQs to enable assessment of the financial impact due to Labour Codes. In accordance with Ind AS 19 - Employee benefits, changes to employee benefit plans arising from legislative amendments are treated as plan amendments, requiring immediate recognition of past service cost in the Consolidated Statement of Profit and Loss. This approach is consistent with the guidance issued by the Institute of Chartered Accountants of India. The implementation of the Labour Codes resulted in an increase oft 65.19 crores in the provision for defined benefit obligations, which had been recognized as an expense and disclosed as an Exceptional Item in the consolidated financial results for year ended March 31 , 2026. 9 The consolidated financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on October 28, 2026. The Statutory Auditors of the Company have carried out a limited review of the results for the quarter and six months ended September 30, 2026. For and on behalf Place : Mumbai Date : October 28, 2026
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Deloitte Haskins & Sells LLP Chartered Accountants One International Center, Tower 3, 31st Floor, Senapati Bapat Marg Elphinstone Road (West) Mumbai - 400 013 Maharashtra, India Tel: +91 22 6185 6000 Fax: +91 22 6185 4101 INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE FINANCIAL RESULTS TO THE BOARD OF DIRECTORS OF JSW ENERGY LIMITED 1. We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of JSW Energy Limited ("the Company"), for the quarter and six months ended September 30, 2026 ("the Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations"). 2. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 and Regulation 52 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters, and applying analytical and other review procedures_ A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit_ Accordingly, we do not express an audit opinion. 4. Based on our review conducted (and procedures performed) as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement. Place: Mumbai Date: October 28, 2026 For Deloitte Haskins & Sells LLP Chartered Accountants Firm's Registration No. 117366W/W-100018 \Yv~o \j'¥~v __,- ~-- Mohammed Bengali Partner Membership No. 105828 UDIN: 2 6'/0i§<{ l'? UT F !< WF 6 45' 2- Regd. Office: One International Center, Tower 3, 31st floor, Senapati Ba pat Marg, Elphinstone Road (West), Mumbai-400 013, Maharashtra, India. Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: AAB-8737
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Sr. No. 1 2 3 4 5 6 7 8 A B 9 10 11 12 ~ ENERGY LIMITED Registered Off ice : JSW Centre, Sandra Kurla Comp lex, Sandra (East), Mumbai-400051 CIN : L74999MH1994PLC077041 Stat ement of Stand alone Financial Result s for the Quarter and Six Months Ended September 30, 2026 Quarter Ended Six Month s Ended Particulars 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 Unaudited Unaudited Unaudited Unaudited Income: a) Revenue from operations 922.26 1,101.07 779.86 2,023.33 1,695.55 b) Other income 255.34 203.76 204.62 459.1 0 344.17 Total income 1,177.60 1,304.83 984.48 2,482.43 2,039.72 Expenses: a) Fuel cost 477.14 593.83 303.62 1,070.97 735.96 b) Power purchase 0.21 21.33 0.21 21.33 c) Purchase of stock-in-trade - d) Employee benefits expense 97.03 99.80 79.95 196.83 142.98 e) Finance costs 234.56 244.89 213.78 479.45 415.35 f) Depreciation and amortisation expenses 63.85 61.51 56.85 125.36 113.45 g) Other expenses 127.27 111.11 116.11 238.38 233.12 Total expenses 999.85 1,111.35 791 .64 2,111.20 1,662.19 Profit before tax before exceptional item (1-2) 177.75 193.48 192.84 371.23 377.53 Exceptional item [Refer note 6) - - Profit before tax (3+4) 177.75 193.48 192.84 371.23 377.53 Tax expense: - Current tax 13.93 14.85 34.40 28.78 67.36 - Deferred tax (97.39) (9.36) (31.73) (106.75) (41.86) Profit for the period / year (5-6) 261.21 187.99 190.17 449.20 352.03 Other comprehensive income / (loss) (i) Items that will not be reclassified to profit or loss 122.76 790.78 855.49 913.54 556.04 (ii) Income tax relating to items that will not be reclassified to profit or loss (343.12) (12.82) (124.55) (355.94) (80.94) (i) Items that will be reclassified to profit or loss (ii) Income tax relating to items that will be reclassified to profit or loss - - - - Total other comprehensive income/ (loss) for the period/ year (220.36) 777.96 730.94 557.60 475.1 0 Total comprehensive income for the period/ year (7+8) 40.85 965.95 921.11 1,006.80 827.13 Paid-up equity share capital (net of treasury shares) (Face value of ~ 10 per share) 1,833.01 1,832.44 1,746.50 1,833.01 1,746.50 Other equity Earnings per share (EPS) (not annualised for the quarter) - Basic EPS ( ~ ) 1.43 1.05 1.09 2.48 2.02 - Diluted EPS ( t ) 1.39 1.02 1.09 2.42 2.02 (t crore Year Ended 31.03.2026 Audited 3,029.40 942.28 3,971.68 1,148.79 41.12 48.14 298.33 885.83 225.32 478.45 3,125.98 845.70 (21.62) 824.08 146.68 (181.62) 859.02 419.92 (61 .27) 358.65 1,217.67 1,756.18 22,497.52 4.92 4.89
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Standalone Statement of Assets and Liabilities A. ASSETS 1. Non•currant a1a 1aat&: (a) Property, plant and equipment (b) Capital work-in-progress (c) Other Intangible assets Particulars (d) Other Intangible assets under development (e) Investments in subsidiaries and an associate (f) Financial assets (i) Investments (ii) Trade receivables (iii) Loans (iv) Other financial assets (g) Income tax assets (net) (h) Other non-current assets 2. Current assets: (a) Inventories (b) Financial assets (i) Investments (ii) Trade receivables (iii) Unbilled revenue (iv) Cash and cash equivalents (v) Bank Balances other than (iv) above (vi) Receivable on redemption of Mutual Funds' (vii) Loans (viii) Other financial assets (c) Other current assets B. EQUITY AND LIABILITIES 1. Equity (a) Equity share capital (b) Other equity 2. Liabilities I. Non-current liabilities (a) Financial liabilities (i) Borrowings (ii) Lease liabilities (iii) Other financial liabilities (b) Provisions (c) Deferred tax liabilities (net) (d) Other non-current liabilities II. Current liabilities (a) Financial liabilities (i) Borrowings (ii) Lease liabilities (iii) Trade payables a) Total outstanding dues of micro and small enterprises Total non - current assets Total current assets TOTAL ASSETS (1+2) Total equity Total non - current liabilities b) Total outstanding dues of creditors other than micro and small enterprises· (iv) Other financial liabilities (b) Other current liabilities (c) Provisions (d) Current tax liabilities (net) Total current liabilities Total liabilities (1+11) If Crore' As at 30.09.2026 31.03 .2026 Unaudited Audited 3,146.29 3,231.07 364.88 216.1 3 10.22 4.38 88.0 1 55.09 23,643 .32 21 ,293.37 5,659.01 7,875.4 1 59.19 59.19 5,771 .07 5,112.25 963.32 1,063.94 137.62 118.37 206.47 135.71 40,049.40 39 ,164 .91 204.00 324.28 264.98 85.81 473.94 449.98 275.05 181.41 159.32 282.37 48.75 114.07 4,544.25 275.04 241.70 139.15 104.16 129.45 150.38 6,513 .93 1,934.1 6 46 ,563 ,33 41 ,099 .07 1,833.01 1,756.18 27,022.26 22.497.52 28,855 .27 24,253 .70 7,217.51 7,204.32 45.57 50.58 10.09 13.81 45.24 44.94 1,107.14 1,163.34 5.22 5.29 8,430.77 8,482 ,28 7,798 .22 7,686.40 14.02 17.41 17.92 16.38 389.95 299.51 654.30 128.58 67.36 137.15 20,74 23.42 314.78 54.24 9,277.29 8,363.09 17,708 .06 16,845 ,37 46 ,563 .33 41 ,099 .07 TOTAL EQUITY AND LIABILITIES (1+2)1==~==a!=======l •Represents amount receivable on redemption of mutual funds redeemed on 30"' September 2026 and amount received on 1"' October 2026 "Includes acceptanc es
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Standalone Stat ement of Cash Flows For the six months ended Particulars 30.09.2026 30.09.2025 Unaudited Unaudited A CASH FLOW FROM OPERATING ACTIVITIES Profit before tax 371.23 377.53 Adjusted for: Depreciation and amortisation expense 125.36 113.45 Interest income earned on financial assets that are not designated as fair value through profit or (318.09) (237.93) loss Finance costs 479.45 415.35 Share based payments 10.70 11.23 Dividend income from Investment in subsidiary (25.44) (40.70) Dividend income from investments designated as fair value through other comprehensive (31.98) (19.61) income Loss/ (Gain) on sale / discard of property, plant and equipment (net) 0.04 (0.04) Provision no longer required written back (4.20) (7.52) Loss allowance on loans / trade receivab les I interest receivables 9.08 11.16 Commission on corporate guarantees (11.19) Net gain / (loss) arising on financial instruments designated as fair value through profit or loss (42.49) 3.65 Unrealised foreign exchange loss (net) 0.41 191.65 1.82 250.86 Operating profit before working capital changes 562.88 628.39 Adjustment for movement in working capital: (Increase) in trade receivables and unbilled revenue (117.59) (10.22) Decrease/ (increase) in inventories 120.29 (100.70) (Increase) in current and non-current assets (4,530.66) (55.10) Increase in trade oavables and other liabilities 271.61 (4,256.35) 71 .1 0 (94.92) Cash generated from operations (3,693.47) 533.47 Income taxes oaid (netl (92.89) (134.39) Net cash generated from operating activities {A) (3,786.36) 399.08 B CASH FLOW FROM INVESTING ACTIVITIES Purchase of property, plant and equipment (218.60) (108.42) (including capital work-in progress and capital advances) Proceeds from sale of property , plant and equipment 0.06 9.16 (including capital work-in-progress) Interest received 83.91 40.20 Dividend income from investment in subsidiary 25.44 40.70 Dividend income from investments designated as fair value through other comprehensive 31 .98 19.61 income Loans given (1,058.68) (1,038.00) Loans repaid 404.34 3.20 Investment in equity shares of a subsidiary (351.82) Investment in associate (150.00) - Proceeds from sale of Investments 3, 127.93 - Investment in unsecured perpetua l securities of subsidiaries (1,648.41) (3,733.23) Redemption of commercial paper and non convertible debentures 49.97 Bank deoosits not considered as cash and cash eauivalents (net) 151.07 216.08 Net cash generated I (used in) investing activities (B) 397.22 (4,500.73) C CASH FLOW FROM FINANCING ACTIVITIES Payment for lease liabilities (10.74) (5.02) (Repayment) / proceeds from treasury shares under ESOP plan (1.52) 1.90 Proceeds from issue of euity share through qualified institutional placement (net of expenses) 3,952.29 - Proceeds from non-current borrowings 666.86 1,250.00 Repayment of non-current borrowings (972.77) (598.15) Proceeds of current borrowings (net) 427.04 3,428 .39 Interest paid (291.69) (284.02) Dividend paid (366.70) (349.55) Net cash generated from financing activities (C) 3,402.77 3,443.55 Net increase / (decrease) in cash and cash equivalents (A+B+C) 13.63 (658.10) Cash and cash equivalents - at the beginning of the period 367.43 1,152.20 Fair value gain / (loss) on liquid investments 42.49 (3.65) Cash and cash equivalents - at the end of the period 423.55 490.45 Cash and cash equivalen ts comprise of: a) Balances with banks In current accounts 159.32 380.39 In deposit accounts maturity less than 3 months at inception 0.00 0.01 b) Cash on hand - 0.02 c) Investment in mutual funds 264.23 110.03 Total 423.55 490.45
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Addition al inform ation pursuant to Regulation 52(4) of Secur ities and Exchange Board of India (Listing Obligation s and Disclosure Requirements) Regul ations , 2015, as amended · Sr. No. Particulars I U~Ul- e tjUllY l\~lltl lilt lllrl~~J Total Borrowings (i.e. Non-current borrowings+ Current borrowings) I Total Equity 2 Debt Service Coverage Ratio (in times) Debt Service Coverage Ratio (trail ing twelve months) (in times) (Profit before lax and exceptional item + Depreciation and amortisation expenses + interest on term loans and debenture) / {Interest on term loans and debenture + Scheduled principal repayments of term loans and debenlures (i.e. excluding prepayments and refinancing of debts) during the period / year} 3 Interest Serv ice Coverage Ratio (in times} Interest Serv ice Coverage Ratio (trailing twelve month s) (in times) (Profit before tax and exceptional item + Depreciation and amortisation expenses + interest on term loans and debenture) / {Interest on debentures+ Interest on term loans} 4 Current Ratio (in times) Current Assets / Current Liabilities 5 Long term debt lo working capital (in times) (Non-current borrowings + Current maturities of long-term borrowings) / {Current assets - Current liabilities excluding current maturities of long-term borrowings} 6 Current liability ratio (in times} Current liabilities / Total liabilities 7 Total debts to total assets (in times) Total Borrowings (i.e. Non-current borrowings + Current borrowings) / Total Assets 8 Debtors Turnover (no. of days} {(Average Trade Receivables + Average unbilled revenue) / Revenue from operations} • No of days in the reporting period / year 9 Inventory Turnover (no. of days) (Average Inventory / {Fuel cost + Purchase of stock-in-trade + Stores and spares consumed} • No of days in the reporting period / year) 10 Operating EBIDTA Marg in(%) (Profit before tax and exceptional item - Other income + Depreciation and amortisation expenses+ Finance costs) / {Revenue from operations}• 100 11 Net Profit Margin (%) (Net profit after tax / Total Income) • 100 12 Networth {As oer section 2157) of Comoanies Act , 201 3) ff crore) 30.09.2026 Unaudited 0.52 1.35 1.01 3.04 3.08 0,70 (4.10) 0.52 0.32 74 44 23.94% 22.18% 23,895.76 Quarter Ended 30.06.2026 Unaudited U.45 1.09 0.87 2.96 3.05 0.74 (6.36) Six Months Ended 30.09.2025 30.09.2026 30.09.2025 Unaud ited Unaudited Unaudited U.61 0.71 1.42 2.95 4.16 0.24 (1 .37) 0.52 1.20 1.01 3.00 3.08 0.70 (4.1 0) 0.61 0.88 1.42 2.92 4.16 0.24 (1.37) 0.49 0.54 0.52 0.54 0.29 0.36 0.32 0.36 56 85 68 72 44 85 44 65 26.89% 33.19% 25.55% 33.16% 14.41% 19.32% 18.10% 17.26% 24,144.49 15,602.18 23,895.76 15,602.18 Year Ended 31 .03.2026 Audited 0.61 0.88 0.88 3.04 3.04 0.23 (1 .57) 0.50 0.36 82 80 33.49% 21.63% 17,250.18
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Notes : The Company has disclosed the segment information in the consolidated financial results and therefore no separate disclosure on segment information is given in the standalone financial results for the quarter and six months ended September 30, 2026. 2 Pursuant to the placement of equity shares to the qualified institutions, the Company has raised f 4,000 crore on May 25, 2026 by allotting 7,61,90,476 Equity Shares off 10 each at an Issue price oft 525 per Equity Share at a discount of t 9.05 per Equity Share to the floor price off 534.05 per Equity Share. 3 During the quarter ended June 30, 2026, The Company divested 2,50,00,000 equity shares of JSW Steel Limited (face value f 1 per share) through a bulk deal transaction executed on May 18, 2026, as part of a strategic liquidity release initiative.The transaction resulted in gross proceeds of f3. 150 crore. Following the aforesaid sale, the Company continues to hold 4,50,38,350 equity shares of JSW Steel Limited. The investment in JSW Steel Limited was classified and measured at Fair Value Through Other Comprehensive Income (FVTOCI) in accordance with Ind AS 109 - Financial Instruments. Accordingly, the cumulative gain amounting to { 2,666.82 crore (net off tax and expenses) arising on disposal of the shares has been accounted for within Other Comprehensive Income (OCI) and has been transferred to Retained Earnings. 4 During the quarter ended September 30, 2026, the Company completed the acquisition of 100% equity share capital of Maruti Clean Coal & Power Limited (MCCPL) from Kolahai lnfotech Private Limited and SFI Parcel Services Private Limited. MCCPL owns and operates a 300 MW thermal power plant in Korba, Chhattisgarh. Consequent to the completion of the transaction, MCCPL has become a wholly-owned subsidiary of the Company with effect from August 6, 2026. 5 During the quarter ended September 30. 2026, the Company completed the acquisition of an additional equity stake in Toshiba JSW Power Systems Private Limited (T JPS) from Toshiba Corporation, Japan, for a cash consideration of f150 crore, pursuant to the definitive agreements entered into during the quarter ended June 30, 2026. Consequent to the completion of the transaction on July 21 , 2026, the Company's shareholding in T JPS has increased to 20.7% on a non-diluted basis and to 10.7% on a fully diluted basis. 6 The Government of India had notified the Code on Social Security, 2020 ("Social Security Code"); the Occupational Safety, Health and Working Conditions Code, 2020; the Industrial Relations Code, 2020 and the Code on Wages, 2019 (collectively, the "Labour Codes") on November 21 , 2025. The Ministry of Labour & Employment published draft Central Rules and FAQs to enable assessment of the financial impact due to Labour Codes. In accordance with Ind AS 19 - Employee benefits, changes to employee benefit plans arising from legislative amendments are treated as plan amendments, requiring immediate recognition of past service cost in the Standalone Statement of Profit and Loss. This approach is consistent with the guidance issued by the Institute of Chartered Accountants of India. The implementation of the Labour Codes had resulted in an increase off 21.62 crores in the provision for defined benefit obligations, which had been recognized as an expense and disclosed as an Exceptional Item in the standalone financial results for year ended March 31 , 2026. 7 JSW Energy Limited (JSWEL) ("the Company") has entered into a Scheme of Arrangement between GE Power India Limited ("GEPIL" or ·'Demerged Company") and JSW Energy Limited ("Company" or "Resulting Company") and their respective shareholders under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 ("Scheme") for acquisition of business of manufacturing and supply of power boilers components, pressure vessels, piping, and coal mills for thermal power plants undertaken by the Demerged Company at its Durgapur (West Bengal) Facility (as defined in the Scheme) ("Demerged Business") from the Demerged Company to the Company in accordance with applicable laws. Upon the coming into effect of the Scheme and in consideration of the transfer and vesting of the Demerged Undertaking of the Demerged Company. the Company in terms of the Scheme is obliged to issue and allot equity shares, credited as fully paid-up to the Eligible Shareholders of the Demerged Company, or to their respective heirs, executors, administrators, other legal representatives or other successors, 10 fully paid up equity shares of { 10 each of the Resulting Company shall be issued and allotted for every 139 fully paid-up equity shares of { 10 each held in the Demerged Company which shall be adjusted for any restructuring of share capital of the Demerged Company and/or the Resulting Company by way of share splil/consolidation/issue of bonus shares, buyback/ capital reduction, preferential issue/ issue of shares on conversion of loans. debentures, preference shares, except issuance of shares on account of employee stock options during the pendency of the Scheme. Pursuant to the Shareholders and creditors meeting held on July 20, 2026 in accordance with NCL T order dated June 2, 2026, the company has received approval of Shareholders and Financial Creditors for the demerger scheme. The Hon'ble Tribunal, vide its order dated October 1, 2026, has sanctioned the Scheme. The appointed date of the scheme is July 1, 2025. The Scheme will become effective on fulfilment of the conditions precedent and on filing of the certified copy of the order with the Registrar of Companies. As the Scheme had not become effective as at September 30, 2026, no impact thereof has been recognised in the financial results for the quarter and six months ended September 30, 2026. 8 The Company has completed the acquisition of JSW Mahanadi Power Company Limited ("JSWMPCL") (formerly known as KSK Mahanadi Power Company Limited) on March 06, 2025 pursuant to National Company Law Tribunal ("NCL T") approval order dated February 13, 2025. Accordingly, the Company holds 74% equity shares of JSW Mahanadi Power Company Limited and the secured Financial Creditors ("FC") collectively hold the balance 26%, as per the terms of the Resolution Plan, wherein the FC have a put option and the Company has a call option for the 26% stake held by FC, excercisable from end of first year from acquisition date of JSWMPCL till end of 5 years. On April 09, 2026, Company has exercised its right for call option to acquire balance 26% equity shareholding of JSWMPCL from FC and the valuer has been appointed for determination of the exercise price of the aforesaid call option. 9 The Standalone financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on October 28, 2026. The Statutory Auditors of the Company have carried out a limited review of the results for the quarter and six months ended September 30, 2026. Place : Mumbai Date : October 28, 2026 Sharad Mahendra Jt. Managing Director & CEO [DIN:012100401]
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Media Release October 28, 2026 JSW Energy Reports its Highest-Ever Quarterly EBITDA and PAT; Installed Capacity Crosses 15 GW milestone Mumbai, India: JSW Energy Limited ("JSW Energy" or the "Company") reported its operational and financial performance for the quarter ("Q2 FY27" or the "Quarter") ended September 30, 2026. Q2 FY27 YoY Highlights +1.9 GW ! 17% ! 41% EBITDA PBT YoY Capacity Added Power Sales Volume (MUs) '' ! 38% PAT Cash PAT ! 26% Net worth ~15,698 Cr Cash & Equivalents (Vs"; 6,181 Cr in Q2FY26) Q2 FY27 marks JSW Energy's highest-ever quarterly EB/TOA and PAT, as the capacity we have been building steadily translates into earnings. In Hl FY27, we added 1.7 GW, including 1.4 GW of renewab/es, among the highest capacity additions in the sector, and crossed the 15 GW milestone . With land, transmission connectivity and equipment supply secured for the remaining projects, and the stronger construction season now underway , we are confident of achieving our FY27 target of 3 GW. Our robust balance sheet and the execution discipline of Strategy 3.0 give us clear visibility towards 30 GW by FY30. ''
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Q2 FY27 Consolidated Operational & Financial Performance Key Highlights • Total Installed capacity up 1,686 MW in Hl FY27 {+813 MW in Q2FY27), including 1,386 MW of RE (+513 MW in Q2FY27); Current installed capacity stands at 15,147 MW (as on October 5th). • Acquired 300 MW Maruti Thermal Plant (fully operational) on August 6, 2026 for an Enterprise value of :fl,410 Cr. • Completed turbine-generator orders for the entire 3.2 GW (4 x 800 MW) Salboni Thermal Project in West Bengal, from Toshiba JSW Power Systems. • Signed a Shareholders' Agreement with Druk Green Power Corporation (DGPC), to jointly develop the 920 MW Punatsangchhu-111 Hydroelectric Project in Bhutan (JSW Neo Energy 49%, DGPC 51%), marking the Company's first power generation venture outside India; DPR preparation under way. • NCLT sanction received for the Scheme of Arrangement with GE Power India Limited, following shareholder and creditor approvals. • Credit rating affirmed at 'AA/Stable/Al+ ' by India Ratings and ICRA, underscoring our robust credit risk profile. • Q2FY27 EB/TOA up 23% YoY to :f3,907 Cr from :f3,180 Cr. • Q2FY27 PAT stood at :{1,141 Cr vis-a-vis :{824 Cr in Q2FY26. • Cash PAT for the quarter stood at :f2,099 Cr, up 39%. • Net Debt to Equity at 1. 79x, Operational Net Debt to EB/TOA at 4.94x. • Robust liquidity buffer with Cash & Cash Equivalents at :flS,698 Cr. • Debtor days stood at 63 Days. Capacity Addition and Growth Updates • Capacity Addition: Since April'26, the Company added 1,694 MW of operational capacity Mode-wise break-up of quarter-wise capacity addition as below: Mode-Wise Capacity Added (MW) Ql FY27 Q2 FY27 Hl FY27 Wind +108 +108 Solar +292 +301 +593 Hybrid +323 +212 +535 Hydro +150 - +150 Total RE (A) +873 +513 +1,386 Thermal (B) - +300 +300 1 Total (A+B) +873 +813 +1,686 *Further, 8 MW of Hybrid capacity added in first 5 days of October, taking total YTD capacity addition to 1,694 MW I
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• Portfolio Mix: The Company's current installed capacity stands at 15,147 MW, of which renewables account tor Y,18Y MW, or 51%. The renewable porttolio comprises 3,125 MW of wind, 2,426 MW of solar, 1,857 MW of hybrid and 1,781 MW of hydro capacity, complemented by 5,958 MW of thermal capacity. Organic Growth: o The Company signed a Shareholders' Agreement with Druk Green Power Corporation Limited (DGPC), a wholly owned subsidiary of Druk Holding & Investments - the commercial arm of the Royal Government of Bhutan, to jointly develop the 920 MW Punatsangchhu-III Hydroelectric Project; JV to be held 51:49 by DGPC and JSW Neo Energy. This is the Company's first power generation venture outs ide India. Inorganic Growth: Acquired Maruti Clean Coal & Power Limited on August 6th, which operates a 300 MW thermal plant at Chattisgarh, at an Enterprise Value of approximately 'U,410 crore. The plant has a long-term Power Purchase Agreement of 195 MW (net) with Rajasthan disco ms, with a residual PPA life of ~14 years. Strategic & Other Updates NCLT sanctioned the Scheme of Arrangement with GE Power India Limited (GEPIL) on October l5t, 2026, for the demerge r of GEPIL's boiler business at Durgapur into JSW Energy. GEPIL shareholders will receive 10 JSW Energy shares for every 139 GEPIL shares held. The in-house manufacturing capability reduces reliance on third-party suppliers and strengthens execution across the Company's thermal pipeline Placed an order with Toshiba JSW Power Systems for two 800 MW turbine generators (TG) for Phase 2 of the Salboni Thermal Project, West Bengal, completing TG orders for the entire 3,200 MW (4 x 800 MW) project . Sourcing through an associate secures supply in line with the construction schedule and mitigates industry-wide equipment shortages. Operational Performance Power sales up by 17% YoY from 14.9 BUs to 17.5 BUs. o Thermal generat ion increased by 13% YoY from 7.8 BUs to 8.9 BUs, primarily driven by higher generation at Mahanadi (+16% YoY) and Utkal (+48% YoY) plants . Renewable generation rose 21% YoY to 8.6 BUs (from 7.1 BUs), driven by 1.6 GW of capacity addition and higher PLFs. Wind and solar generation grew 25% and 36% YoY
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respectively, supported by new capacity and healthy plant performance, while hydro generation increased 13% YoY, partly aided by the early commissioning of the Tidong HEP. • Net long-term PPA sales increased by 22% YoY from 13.4 BUs to 16.4 BUs. • Short-term sales declined 28% YoY to 1.1 BUs from 1.5 BUs, primarily due to Utkal capacity moving under a long-term PPA. Total Net Generation at various locations/plants is as follows: (Figures in Million units) Location/ Plant Q2 FY27 Q2 FY26 YoYChange % Thermal Vijayan agar 836 1,069 -22% Ratnagiri 1,831 1,762 4% Barmer 1,400 1,357 3% Mahanadi 3,310 2,843 16% Utkal 1,177 793 48% Maruti 321 - NM Nandyal 14 21 -33% Renewable Hydro* 3,421 3,028 13% Solar 1,230 905 36% Wind 3,963 3,161 25% Total 17,504 14,938 17% *Includes Tidong in Q2FY27 PLFs: PLFs achieved during Q2 FY27 at various locations/plants are as follows: Thermal Remarks Vijayanagar Average PLF of 48% (89%1) in Q2 FY27 vis-a-vis 61% (89%1) in Q2 FY26 Ratnagiri Average PLF of 75% (94%1) in Q2 FY27 vis-a-vis 73% (91%1) in Q2 FY26 Barmer Average PLF of 67% (76%1) in Q2 FY27 vis-a-vis 66% (78%1) in Q2 FY26 Mahanadi Average PLF of 90% (97%1) in Q2 FY27 vis-a-vis 77% (99%1) in Q2 FY26 Utkal Average PLF of 82% (88%1) in Q2 FY27 vis-a-vis 56% in Q2 FY26 Maruti Average PLF of 90% (94%1) in Q2 FY27 Renewables Hydro Average long term PLF of 99% in Q2 FY27 vis-a-vis 91% in Q2 FY26 Solar Average CUF of 19% in Q2 FY27 vis-a-vis 19% achieved in Q2 FY26 Wind Average CUF of 46% in Q2 FY27 vis-a-vis 41% in Q2 FY26 I Deemed PLF 1
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Consolidated Financial Performance • Total Revenue up 24% YoY at~ 6,658 Crore, primarily driven by capacity growth and better plant pcrformance3; In line, CDITDA increa.5ed by 2J% to~ J,907 Crore. Depreciation increased to ~943 Crore in Q2 FY27 from ~809 Crore in Q2 FY26, reflecting the commissioning of new capacities. • Finance costs during the quarter increased to~ 1,615 Crore vis-a-vis~ 1,418 Crore in Q2 FY26 due to incremental borrowings for funding the ongoing capacity expansion . Weighted average cost of debt (including working capital) stands at 8.28% (~8 bps reduction QoQ). PBT for Q2 FY27 at~ 1,348 Cr increased by 41% YoY. PAT for Q2 FY27 at~ 1,141 Cr increased by 38% YoY; PAT to shareholders for Q2 FY27 at ~ 1,056 Cr increased by 50% YoY. Cash PAT to shareholders stood at~ 2,099 Cr, up by 39% YoY. Further, Return on adjusted net worth stands healthy at 15%. • Net Debt increased to ~ 65,576 Crore as on September 30, 2026; Excluding CWIP debt, Net Debt to EBITDA stood at 4.94x. • The Consolidated Net Worth as on September 30, 2026 stood at~ 36,710 Crore; Net Debt to Equity ratio stood at l.79x. Receivables stood at 63 days of sales outstanding (DSO). Liquidity remains ample with sizeable Cash balances of ~15,698 Crores as of September 30, 2026.
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ABOUT JSW ENERGY JSW Energy Ltd is one of the leading Private sector power producers in India and part of the USD 25 billion JSW Group which has significant presence in sectors such as steel, energy, infrastructure, cement, sports among others. JSW Energy Ltd has established its presence across the value chains of power sector with diversified assets in power generation, and transmission . With strong operations , robust corporate governance and prudent capital allocation strategies, JSW Energy continues to deliver sustainable growth , and create value for all stakeholders. JSW Energy began commercial operations in 2000, with the commissioning of its first 2xl30 MW thermal power plants at Vijayanagar, Karnataka. Since then, the company has steadily enhanced its power generation capacity from 260 MW to 15.1 GW, ensuring diversity in geographic presence, fuel sources and power off-take arrangements . The Company is presently constructing various power projects to the tune of 15.3 GW, with a vision to achieve a total power generation capacity and energy storage capacity of 30 GW and 40 GWh, respectively, by 2030. Forward Looking and Cautionary Statements Certain statements in this release concerning our future growth prospects are forward looking statements , which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements . The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition within Power Industry including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price , fixed time frame contracts , client concentration, restrictions on immigration, our ability to manage our internal operations , reduced demand for Power, our ability to successfully complete and integrate potential acquisitions, liabilsssity for damages on our service contracts, the success of the companies in which JSW Energy has made strategic investments , withdrawal of fiscal governmental incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our industry . The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company . For more information/ queries : Investor Relations Team ir.jswenergy@jsw.in