Jsw Energy Limited · NSE:JSWENERGY
Jsw Energy — Investor Presentation (May 2026)
55 slides from Jsw Energy's investor presentation, May 20, 2026
Slide 1: Stock exchange covering letter for corporate presentation
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 SEC / JSWEL 20th May 2026 BSE Limited National Stock Exchange of India Limited Corporate Relations Department Listing
Slide 2: Responsible, Resilient & Resolute – Corporate Presentation May 2026
BETTER EVERYDAY Responsible, Resilient & Resolute Corporate Presentation | May 2026
Slide 3: Forward Looking and Cautionary Statement (1/2)
Forward Looking and Cautionary Statement (1/2) THIS PRESENTATION AND ITS CONTENTS ARE CONFIDENTIAL AND ARE NOT FOR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA. Important Notice This presentation and the accompanying slides (the “presenta
Slide 4: Forward Looking and Cautionary Statement (2/2)
Forward Looking and Cautionary Statement (2/2) The information contained in and the statements made in this presentation should be considered in the context of the circumstances prevailing at the time. There is no obligation to update, modify or amend such information or statements or to otherwise n
Slide 5: JSW Group Overview
JSW Energy Steel ▪ Power producer with 13.7* GW installed generation capacity ▪ India’s largest steel producer with capacity of 31.92 mtpa ▪ Targeting 30 GW generation + 40 GWh of storage capacity by ▪ Growing to 62.02 mtpa by FY32 2030 ▪ Market Cap: ~US$ 32.0 Bn ▪ Market Cap: ~US$ 9.5 Bn Infrastruc
Slide 6: Mission and Vision
JSW Energy : Transitioning towards green energy Mission Vision Providing Reliable, Affordable and To be a leading integrated power company Sustainable power with presence across value chain FY2030 To become a 30 GW company and 40 GWh energy storage FY2050 To become carbon neutral by 2050 Jaisalmer S
Slide 7: Agenda
Agenda Safety & Sustainability JSW Energy Overview Why JSW Energy ? Appendix JSW Thermal – at a Glance JSW NEO – at a Glance JSW Energy Corporate Presentation Nov-25 6
Slide 8: Sustainability & Safety
Sustainability & Safety Vijayanagar Wind Project
Slide 9: Sustainability: Framework and Policies
Sustainability: Framework and Policies 17 Focus Areas with 2030 Targets - from 2020 as Base Year Governance & Oversight by Sustainability Committee Climate Change Renewable Power Biodiversity Independent Directors Mr. Sunil Badriprasad Goyal ▪ Committed to being carbon Enhance the renewable power No
Slide 10: Sustainability: Targets and Strategy
Sustainability: Targets and Strategy Sustainability: Targets and Strategy FY20 Improvement FY30 SD Targets (FY20 to FY30) Strategic Initiatives and Approach Actuals Targets • Increased share of RE for de-carbonization - Total RE operational capacity • GHG Emissions 0.76 48% 0.39 increased from 5,217
Slide 11: Sustainability: FY26 Performance
Sustainability: FY26 Performance Key Highlights Performance ▪ Supply Chain Sustainability Assessment completed for FY26, as per SEBI’s requirement. Ash Utilisation (%) Critical Tier 1 Suppliers are being evaluated and certified on the basis of ESG Performance.. 96.3% 100% Climate Change ▪ Improvemen
Slide 12: Strong Board Oversight and Leadership
Strong Board Oversight and Leadership Audit Committee Compensation & nomination & Risk management Stakeholder’s relationship Corporate social Sustainability Committee remuneration Committee Committee Committee responsibility Committee Mr. Sajjan Jindal Mr. Parth Sajjan Jindal Mr. Sharad Mahendra Ms.
Slide 13: JSW Energy Overview
JSW Energy Overview Sholtu Hydro Power Plant - Turbine
Slide 14: JSW Energy – Presence Across the Value Chain
JSW Energy – Presence Across the Value Chain Progressing towards 30 GW of generation capacity by 2030 Power Generation Energy Storage Energy Products & Services 29.6 GWh of locked in capacity Green H2 and Equipment Manufacturing 7.1 GW, Hybrid+ 10.7 GW, FDRE, 22% Thermal, Green Hydrogen 33% & Deriva
Slide 15: Well Diversified Portfolio – Focused on Maximising Cash Returns
Well Diversified Portfolio – Focused on Maximising Cash Returns Generation Capacity Breakup (MW) by 2030 Capacity/Offtaker Profile as of Q4 FY26 Pipeline 4,561 MW Installed 13,454 MW Thermal 5,658 MW HR, 2% Others, 10% Solar 900 MW Wind 3,656 MW TN, 4% Open, 4% Hybrid 1,861 MW (580 MW) Thermal* 1,80
Slide 16: Well diversified Portfolio across 14 states – Installed Capacity 13,454 MW
Well diversified Portfolio across 14 states – Installed Capacity 13,454 MW Operational Capacity as of March 31, 2026 (13,454 MW *) Punjab Himachal Pradesh 1,631 MW Wind 50 MW Uttar Pradesh Solar Rajasthan 50 MW Thermal 258 MW 1,080 MW Madhya Pradesh 30 MW Hydro 1,104 MW 52 MW Assam Hybrid 70 MW Guja
Slide 17: Operational & Financial Performance
Operational & Financial Performance Vijayanagar Floating Solar
Slide 18: Healthy Operations and Financials
Healthy Operations and Financials Business model with steady cashflow generation 96% ~88% Net Generation (BUs) Total Income (₹ Crore) Capacity under LT PPA Generation EBITDA contribution from LT 1 51.3 19,878 51.3 BUs ₹ 4,359Cr 32.4 Net Generation FY26 Cash PAT 2 27.9 11,941 12,639 Figures are for F
Slide 19: Robust balance sheet to support renewable-led growth
Robust balance sheet to support renewable-led growth Robust balance sheet & strong cashflow available to pursue growth 5.96x 2.15x Net Worth Net Debt Net Debt/EBITDA Net Debt/Equity $ Bn 1 7.0 8.36%^ 62 5.1 3.3 Wt. average cost of debt Receivable Days (incl unbilled revenue) 3.2 3.2 2.7 2.5 2.3 Figu
Slide 20: Net Debt Movement Q4 FY26
Net Debt Movement Q4 FY26 Operational Net Debt (₹ Cr) CWIP Debt (₹ Cr) 9,035 758 57,779 -1,212 -11 -835 50,045 11,994 8,055 -3,939 Net Debt as on Net Addition Net Debt as on Net Debt as on New Debt Taken Forex restatement Repayment Movement in Change in Net Debt as on Dec 31,2025 Mar 31,2026 Dec 31,
Slide 21: JSW Energy Value Proposition
JSW Energy Value Proposition - Investment Story - Key Highlights Vijayanagar Solar Plant
Slide 22: Investment Story
Investment Story Sustainable Growth Large addressable market. Strong operational track record Strong ESG Strong commitment to sustainable and responsible business practices Efficient Capital Allocation Strong inorganic growth history and turnaround capability Products and Services Resilient Business
Slide 23: Investment Story
Investment Story Sustainable Growth Large addressable market. Strong operational track record Strong ESG Strong commitment to sustainable and responsible business practices Efficient Capital Allocation Strong inorganic growth history and turnaround capability Products and Services Resilient Business
Slide 24: Healthy Demand & Policy Tailwinds Driving Sector Prospects
Healthy Demand & Policy Tailwinds Driving Sector Prospects Historical Power Demand Growth Robust growth expected in power demand 459 3,365 1,700 245 245 1,709 523 78 FY 02 FY 26e FY 02 FY 26e FY 26 FY36e FY 26 FY36e Base Demand (In BU) Peak Demand (In GW) Base Demand (BUs) Peak Demand (In GW) Demand
Slide 25: Growth Targets: Promise versus Delivery
Growth Targets: Promise versus Delivery Strategy 1.0 2021 Strategy 2.0 2023 Strategy 3.0 2025 10 GW Generation by 2025 and 20GW by 2030 20 GW Generation + 40 GWh of Storage by FY30 30 GW Generation + 40 GWh of Storage by 2030 ~3.5-4x ~5x 2.7-3.0x 3,000- ~2.5x EBIDTA 3,200 Cr EBIDTA 5,467 EBIDTA 8,85
Slide 26: Strategy 3.0 – Generation 30 GW | Energy Storage 40 GWh by 2030
Strategy 3.0 – Generation 30 GW | Energy Storage 40 GWh by 2030 Generation Capacity (MW) ~20% CAGR 30,000 EBITDA 30 GW by 30 • FY2030 run rate EBITDA to be Generation 2.7-3.0x of FY2025 proforma Surpassed EBITDA 13,454 FY 26-30: Triple the capacity to 30 GW 10 GW before FY25 4,559 24% CAGR Capital E
Slide 27: Generation Capacity – 30 GW by 2030
Generation Capacity – 30 GW by 2030 Hybrid Hydro 7,110 MW Generation (MW) 1,781 MW 22% 6% Generation 32,062 FY 26 - 30: Triple the capacity to 30 GW Wind 6,009 MW 32.1 GW 4,561 27,502 19% Locked-in 150 Thermal 4,798 10,658 MW 33% 3,547 Solar 6,505 MW 2,353 20% 3,200 13,454 27,502 Installed 13,454 MW
Slide 28: Under-Construction and Pipeline Projects
Under-Construction and Pipeline Projects Under Construction / PPA Signed: 14,048 MW Pipeline Projects: 4,561 MW Thermal Assets Wind Assets Solar Assets Project Installed (MW) Project Installed (MW) Project Installed (MW) Salboni 3,200 SECI IX 108 NTPC Solar III 400 Thermal- Wt. Tariff (₹5.6 / KWh) 3
Slide 29: Investment Story
Investment Story Sustainable Growth Large addressable market. Strong operational track record Strong ESG Strong commitment to sustainable and responsible business practices Efficient Capital Allocation Strong inorganic growth history and turnaround capability Products and Services Resilient Business
Slide 30: Proven project execution and operational excellence
Proven project execution and operational excellence… JSW Capacity Addition India Capacity Addition Peak Deficit (RHS) Prudent and consistent capital allocation strategy for growth over a 25 year history 5,000 Period of reducing peak 18% Rising power deficits, projects 16% Peak 4,000 with committed c
Slide 31: History of Inorganic Growth Driven by Focused Interventions
History of Inorganic Growth Driven by Focused Interventions Karcham Wangtoo & Baspa Mytrah RE Assets Vashpet Wind Assets Hetero RE Assets Utkal Thermal (Ind-Barath) Hydro Plant – 1,391 MW Solar & Wind – 1,753 MW Wind Assets – 45 MW Solar and Wind – 125 MW Thermal Plant – 700 MW Acquired in FY2023 Ac
Slide 32: Value accretive Acquisitions – Recent Transactions
Value accretive Acquisitions – Recent Transactions O2 Power KSK Mahanadi Power Ltd Tidong Power Generation Pvt Ltd RE Platform of 4.7 GW Thermal – 3,600 (1800 MW operational) Hydro – 150 MW Acquired on 9 th April -25; 1,343MW Successful bidder under NCLT process Acquired 100% equity shares on 29 th
Slide 33: Investment Story
Investment Story Sustainable Growth Large addressable market. Strong operational track record Strong ESG Strong commitment to sustainable and responsible business practices Efficient Capital Allocation Strong inorganic growth history and turnaround capability Products and Services Resilient Business
Slide 34: Robust Balance Sheet & Cashflows
Robust Balance Sheet & Cashflows Balance sheet Supportive of growth opportunities • Strong Financials Particulars As on Mar 2026 Networth ₹ 30,752 Cr Net Debt ₹ 65,834 Cr Net Debt/EBITDA 5.96x Net Debt((excl. CWIP)/ EBITDA 5.23x Net Debt/Equity 2.15x Wtd. Average Cost of Debt 8.36%^ Cash PAT (FY26)
Slide 35: Cash Returns on Adjusted Net Worth
Cash Returns on Adjusted Net Worth ₹ Cr (Unless mentioned otherwise) Quarter ended FY24 FY25 FY26 PAT to Shareholders 1,723 1,951 2,239 Add: Depreciation 1,633 1,655 3,185 Add/(less): Deferred Taxes 48 (156) (1,111) (Less): Dividend Received (24) (51) (20) Add/(less): One-offs (144) - 65 Cash PAT 3,
Slide 36: Investment Story
Investment Story Sustainable Growth Large addressable market. Strong operational track record Strong ESG Strong commitment to sustainable and responsible business practices Efficient Capital Allocation Strong inorganic growth history and turnaround capability Products and Services Resilient Business
Slide 37: Energy Storage: A Core Pillar of Next Growth Phase
Energy Storage: A Core Pillar of Next Growth Phase India’s Storage Capacity Mix for FY 36 Electrons to Molecules National Green Hydrogen Mission National Generation Adequacy plan- 2026 • The National Green Hydrogen Mission was PSP BESS approved by the government on January Base Case Energy 94 GW 80
Slide 38: Energy Storage – Target of 40 GWh by 2030
Energy Storage – Target of 40 GWh by 2030 Locked-in Capacity of 29.6 GWh Project Details Battery Energy Storage BESPA Signed Capacity (GWh) SECI (Rajasthan) * 1.0 40.0 SECI XV (Solar + BESS) 0.5 SECI (Kerala) ✓ 0.5 26.4 29.6 Group Captive ✓ 0.5 RVUNL ✓ 0.5 KREDL (Solar + BESS) ✓ 0.1 FDRE ✓ 0.1 Total
Slide 39: Energy Products
Energy Products Green Hydrogen Wind Turbine Blade Manufacturing Green Power 25 MW RTC power Commercial Secured land for plant Scale Plant Green H2 Surety of Offtake 3,800 TPA Green Hydrogen -3,800 TPA Cost plus Offtake Green Oxygen – 30,000 TPA Structure agreement with for both Power Transmission No
Slide 40: Derisking our Thermal Growth Plans
Derisking our Thermal Growth Plans GE power Boiler manufacturing plant JV with Toshiba for BTG Technology • Announced acquisition of Boiler Manufacturing facility from • JV with Toshiba Corporation to manufacture and market Super- GE Power on 18th Sep 25 critical steam turbines and Generators • JSW
Slide 41: Investment Story
Investment Story Sustainable Growth Large addressable market. Strong operational track record Strong ESG Strong commitment to sustainable and responsible business practices Efficient Capital Allocation Strong inorganic growth history and turnaround capability Products and Services Resilient Business
Slide 42: JSW Energy: Key Highlights
JSW Energy : Key Highlights ✓ Proven project execution skills Proven Execution ✓ Differentiated business strategy for growth to 30 GW generation capacity, focusing on both renewables and base load Excellence capacity ✓ Foraying in New Energy Platforms: Green Hydrogen, Floating Solar, Energy Storage,
Slide 43: Investor Relations Contact
Investor Relations Contact: ir.jswenergy@jsw.in JSW Energy, Ratnagiri 42
Slide 44: Appendix
Appendix Vijayanagar solar plant
Slide 45: Consolidated Financial Results
Consolidated Financial Results Total Revenue (FY26) EBITDA (FY26) EBITDA Margin (FY26) Cash PAT (FY26) Diluted EPS (FY26) ₹19,878 Cr +57% ₹11,041 Cr +81% 56% +8 pp ₹4,359 Cr +28% ₹12.74 +14% vs ₹12,639 Cr FY25 vs ₹6,115 Cr FY25 vs 48% FY25 vs ₹3,399 Cr FY25 vs ₹11.18 FY25 FY26 FY25 Particulars in ₹
Slide 46: Operational Performance – Thermal
Operational Performance – Thermal Net Generation (MUs) PLF (%) Capacity Change Change Location (Current Capacity) Q4 FY26 Q4 FY25 FY26 FY25 Q4 FY26 Q4 FY25 FY26 FY25 (%) YoY YoY LT 92% 1,268 1,615 -21% 5,961 6,580 -9% 58 (*87) 75 (*87) 68 (*93) 75 (*88) Ratnagiri (1,200 MW) Total 100% 1,556 1,950 -2
Slide 47: Operational Performance – Renewables
Operational Performance – Renewables Net Generation (MUs) PLF/CUF (%) Location (Current Capacity) Capacity (%) Q4 FY26 Q4 FY25 Change YoY FY26 FY25 Change YoY Q4 FY26 Q4 FY25 FY26 FY25 LT 97% 485 365 33% 6,150 5,470 12% 15 13 47 48 * Hydro (1,631 MW) Total 100% 485 383 27% 6,344 5,862 8% 14 13 48 50
Slide 48: Financial Results – Major Entities
Financial Results – Major Entities Entity-wise Revenue from Operations Particulars in ₹ Crore Q4 FY26 Q4 FY25 FY26 FY25 Standalone 639 945 3,029 3,939 JSW Energy (Barmer) 589 689 2,382 2,741 JSW Energy (Utkal) 484 317 1,912 1,092 Mahanadi 1,663 441 6,071 441 JSW Hydro Energy 135 181 1,028 1,145 O2 P
Slide 49: JSW Energy Company Overview – Broad Corporate Structure
JSW Energy Company OverviewStructure – Broad Corporate Ratnagiri – 1,200 MW JSW Energy Limited Vijayanagar – 860 MW Hydro Entities Nandyal – 18 MW 32,062 MW Solar/Wind Entities Solar – 10MW Total – 2,088 MW Products & Services JSW Neo Energy KSK Mahanadi – 1,800 MW 21,394 MW JSWEBL – 1,080 MW Utkal
Slide 50: Segment Wise Performance | Thermal
Segment Wise Performance | Thermal Ratnagiri TPP, Maharashtra Barmer TPP, Rajasthan Vijayanagar TPP, Karnataka Utkal TPP, Odisha 5,658 MW 3,200 MW 1,800 MW 10,658 MW Installed Under-construction Pipeline Thermal Capacity JSW Energy Corporate Presentation May-26 Installed and under construction capac
Slide 51: Thermal Assets | Q4 FY26
Thermal Assets | Q4 FY26 Offtaker Profile Operational Assets (5,658* MW ) / Under-Construction (5,000 MW ) Others TANGEDCO 2% 9% Rajasthan 19% UPPCL 19% 5,658 MSDECL 5% MW Open Group Ratnagiri (1,200 MW) Barmer (1,080 MW) Vijayanagar (860 MW) Utkal (700 MW) Mahanadi (3,600 MW) Salboni (3,200 MW)# 16
Slide 52: Segment Wise Performance | Renewables
Segment Wise Performance | Renewables Tuticorin, TN Jaisalmer, Rajasthan Vijayanagar , Karnataka Kutehr, Himachal Pradesh 7,796 MW 10,848 MW 2,761 MW 21,405 MW Installed Under-construction Pipeline Renewable Capacity JSW Energy Corporate Presentation May-26 Installed and under construction capacity
Slide 53: Renewable Assets | Q4 FY26
Renewable Assets | Q4 FY26 Off taker Profile Total Wind – 6,009 MW Hydro - 1,781 MW Solar – 5,605 MW Hybrid––5,242MW Hybrid 5,249 MW 18,643 MW Operational 3,656 MW Operational 1,631 MW Operational 2,058 MW Operational 451 MW HR Open Others 3% NHPC 3% 3% SECI 6% 21% NTPC 5% C&I 7% GJ 2% 7,796 MW KA 2
Slide 54: JSW Neo Energy Company Overview
Company JSW Neo Energy Overview | Housing all Renewable Energy Assets Hydro Entities Solar/Wind Entities JSW Neo Energy Products & Services 21,394 MW Major Entities: Energy Generation Portfolio * JSW Hydro Energy JSW Renewable Energy Acquired RE portfolio JSW Renew Energy JSW Renew Energy JSW Renew
Slide 55: JSW Neo Energy – At a Glance
Company JSW Neo Energy – At a Overview Glance Generation Energy Storage Energy Products 21.4 GW 29.6 GWh Electrons to Molecules • Received NoA for 6,500 TPA under SIGHT Program Renewable • Commissioned 3,800 TPA Green Energy Storage Installed – 7,796 MW Hydrogen plant BESS – 3.2 GWh across six proje