Jsw Energy Limited · NSE:JSWENERGY
Jsw Energy — Investor Presentation (November 2025)
56 slides from Jsw Energy's investor presentation, November 2025
Slide 1: Responsible, Resilient & Resolute
BETTER EVERYDAY Responsible, Resilient & Resolute Corporate Presentation | Nov 2025
Slide 2: Forward Looking and Cautionary Statement
Forward Looking and Cautionary Statement This presentation has been prepared by JSW Energy Limited (the “Company”) based upon information available in the public domain solely for information purposes without regard to any specific objectives, financial situations or informational needs of any parti
Slide 3: JSW Group Overview
JSW Energy Steel ▪ Power producer with 13.21 GW installed generation capacity ▪ India’s largest steel producer with capacity of 35.72 mtpa ▪ Targeting 30 GW generation + 40 GWh of storage capacity by ▪ Growing to 44.4 mtpa by FY29 and 51.5 mtpa by FY31 2030 ▪ Market Cap: ~US$ 32.6 Bn ▪ Market Cap: ~
Slide 4: JSW Energy: Transitioning towards green energy
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 5: 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 5
Slide 6: Sustainability & Safety
Sustainability & Safety Vijayanagar Wind Project
Slide 7: 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 Mr. Sunil Badriprasad Goyal Independent Directors ▪ Committed to being carbon Enhance the renewable power No
Slide 8: Sustainability: Targets and Strategy
Sustainability: Targets and Strategy FY20 Improvement FY30 SD Targets Actuals (FY20 to FY30) Targets Strategic Initiatives and Approach ▪ Supply Chain Sustainability Assessment initiated for FY26, 93 suppliers selected as per ▪ GHG Emissions SEBI requirement Climate Change 0.76 48% 0.39 tCO2e / MWh
Slide 9: Sustainability: Q2 FY26 Performance
Sustainability: Q2 FY26 Performance Key Highlights Performance ▪ Increased share of RE for de-carbonization - Total RE operational capacity increased from Ash Utilisation (%) 4,218 MW in Q2 FY25 to 7,553 MW in Q2 FY26 100% 100% Climate Change ▪ TCFD Phase 2 Risk Assessment completed at Hydro Locatio
Slide 10: Strong Board Oversight and Leadership
Strong Board Oversight and Leadership Audit Committee Compensation & nomination & Risk management Stakeholder’s relationship Corporate social Sustainability Committee Permanent invitees to remuneration Committee Committee Committee responsibility Committee Sustainability Committee Mr. Sajjan Jindal
Slide 11: JSW Energy Overview
JSW Energy Overview Sholtu Hydro Power Plant - Turbine
Slide 12: 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 9.1 GW, 7.1 GW, Hybrid+ Thermal, 29.4 GWh of locked in capacity Green H2 and Equipment Manufacturing FDRE, 23% 30% Green Hydrogen & Derivat
Slide 13: 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 Q2 FY26 Under Implementation Installed 13,211 MW Others, 8% Thermal 5,658 MW TN, 4% HR, 2% 4,561 MW Solar 900 MW 15% Wind 3,709 MW Open, 8% Solar 2,213 MW UP, 9% H
Slide 14: Operating Locations: Pan India presence
Operating Locations: Pan India presence Current Operational Capacity as of September 30, 2025 (13,211 MW) * Himachal Pradesh Punjab 1,631 MW Wind 50 MW Uttar Pradesh Solar Rajasthan 50 MW Thermal 258 MW 1,080 MW Madhya Pradesh 30 MW Hydro 1,035 MW Assam Gujarat 70 MW 148 MW Chhattisgarh 1,800 MW Odi
Slide 15: Operational & Financial Performance
Operational & Financial Performance Vijayanagar Floating Solar
Slide 16: Healthy Operations and Financials
Healthy Operations and Financials Business model with steady cashflow generation 92% ~90% Net Generation (BUs) Total Income (₹ Crore) Capacity under LT PPA EBITDA contribution from LT 1 32.4 12,639 27.9 28.4 14.9 BUs ₹ 4,341Cr 21.9 11,941 Net Generation TTM Cash PAT 2 10,867 10,772 Figures are for Q
Slide 17: 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 6.0x 2.1x Net Worth Net Debt Net Debt/Proforma EBITDA Net Debt/Equity $ Bn 2 7.0 5.1 8.79% 64 3.3 Wt. average cost of debt Receivable Days (incl unbilled revenue) 3.2 3.2 2.7 2.5 2.
Slide 18: Net Debt Movement
Net Debt Movement Particulars in ₹ Cr Leverage Net Debt (₹ Cr) Proforma EBITDA (TTM; ₹ Cr) ND/EBITDA (x) Capital Work- in-Progress (CWIP) Combined (Excl. Under Construction) 49,493 10,267 4.8x Operational Projects 1,703 320 (1,266) 1,935 (45) 61,960 59,313 12,467 12,865 49,493 ND/EBITDA# 46,449 (exc
Slide 19: Why JSW Energy?
Why JSW Energy ? - Investment Story - Key Highlights Vijayanagar Solar Plant
Slide 20: 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 21: 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 22: Significant Market Opportunity: Power Demand Growth to be met by RE
Significant Market Opportunity: Power Demand Growth to be met by RE Historical Power Demand Growth Similar growth expected in power demand over next decade FY02 (Actual) FY25 (Actual) FYFY24 25 FY 32e 1,694 250 2,474 388 + 780 BU + 145 GW 1,694 243 5% CAGR 5% CAGR 523 78 Base Demand (BUs) Peak Power
Slide 23: Peak Demand of 458 GW by FY32
Peak Demand of 458 GW by FY32 FY2032 458 Peak Load vs Base Load (GW) 450 CAGR 2025-32 • Peak Power growth 6.5% 400 388 • Additional 70 GW for green hydrogen implying 9% CAGR 350 • Base Load addition 3.2% (61 GW Thermal) 300 250 GW Peak Demand in FY2025 309 250 Storage and RTC power Required • 79 GW
Slide 24: Growth Targets: Promise versus Delivery
Growth Targets: Promise versus Delivery Strategy 1.0 2021 Strategy 2.0 2023 Promises Delivered 10 GW Generation by 2025 and 20GW by 2030 20 GW Generation + 40 GWh of Storage by FY30 ~5x ~3.5-4x Installed Capacity ~2.5x Surpassed 10 GW by FY25 ₹3,000- 5,467 EBIDTA EBIDTA 3,200 Cr EBITDA FY23 normalis
Slide 25: 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 13,211 FY 30: Triple the capacity to 30 GW 10 GW before FY25 4,559 27% CAGR Capital Expe
Slide 26: Generation Capacity – 30 GW by 2030
Generation Capacity – 30 GW by 2030 Hybrid Generation (MW) Hydro 7,103 MW Generation 1,781 MW 23% 6% FY 26 - 30: Triple the capacity to 30 GW Wind 30.5 GW * 6,009 MW Locked-in 4,561 30,462 20% Thermal 9,058 MW 150 5,242 30% Solar 6,511 MW 3,398 21% 2,300 Installed 13,211 MW 1,600 Under-construction
Slide 27: Under-Construction, Under-Acquisition and Pipeline Projects
Under-Construction, Under-Acquisition and Pipeline Projects Under Construction / PPA Signed Under-Acquisition Under Construction Contracted (MW) Installed (MW) Tidong Hydro – 150 MW Salboni 1,600 1,600 Thermal 1,600 1,600 Letter of Award/Intent Received – Pipeline SECI IX 108 108 Contracted Installe
Slide 28: 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 29: 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 30: 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 31: Value accretive Acquisitions – Recent Transactions
Value accretive Acquisitions – Recent Transactions O2 Power KSK Mahanadi Power Ltd Acquisition rationale • Build vs Buy RE Platform of 4.7 GW Thermal – 3,600 (1800 MW operational) • Mid Teen Equity IRR Acquired on 9 th April -25; 1,343MW • Access to high quality talent pool Successful bidder under N
Slide 32: 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 33: Robust Balance Sheet & Cashflows
Robust Balance Sheet & Cashflows Balance sheet Supportive of growth opportunities • Strong Financials Particulars As on Sep 2025 Networth ₹ 29,124 Cr Net Debt ₹ 61,960 Cr Net Debt/TTM Proforma EBITDA 6.0x Net Debt/TTM Proforma EBITDA 4.8x (excl. under construction projects) Net Debt/Equity 2.1x Wtd.
Slide 34: Cash Returns on Adjusted Net Worth
Cash Returns on Adjusted Net Worth ₹ Cr (Unless mentioned otherwise) Quarter ended FY 2023 FY 2024 FY 2025 Sep-25 (TTM) Reported PAT 1,478 1,723 1,951 2,024 Add: Depreciation 1,169 1,633 1,655 2,435 Add/(less): Deferred Taxes 164 48 (156) (98) (Less): Dividend Received (122) (24) (51) (20) Add/(less
Slide 35: 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 36: Energy Storage and Green Hydrogen
Energy Storage and Green Hydrogen India’s Storage Capacity Mix for FY 2031-32 Electrons to Molecules National Green Hydrogen Mission National Electricity Plan 2023 • The National Green Hydrogen Mission was PSP BESS approved by the government on January 4, Base Case Energy 27 GW 47.2 GW 2022. The mis
Slide 37: Energy Storage – Target of 40 GWh by 2030
Energy Storage – Target of 40 GWh by 2030 Locked-in Capacity of 29.4 GWh Project Details Battery Energy Storage BESPA Signed Capacity (GWh) 40.0 SECI (Rajasthan) * 1.0 SECI XV (Solar + BESS) 0.5 26.4 29.4 SECI (Kerala) ✓ 0.5 Group Captive 0.3 RVUNL ✓ 0.5 KREDL (Solar + BESS) ✓ 0.1 FDRE ✓ 0.1 Total 3
Slide 38: 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 39: 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 40: 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 41: 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 Mr. Sunil Badriprasad Goyal Independent Directors ▪ Committed to being carbon Enhance the renewable power No
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, Energy Storage, Energy Products
Slide 43: Investor Relations Contact
Investor Relations Contact: ir.jswenergy@jsw.in JSW Energy, Ratnagiri 43
Slide 44: Appendix
Appendix Vijayanagar solar plant
Slide 45: Consolidated Financial Results
Consolidated Financial Results H1 FY26 H1 FY25 Particulars in ₹ Crore Q2 FY26 Q2 FY25 10,772 6,502 Total Revenue 5,361 3,459 6,237 3,488 EBITDA 3,180 1,907 58% 54% EBITDA Margin(%) 59% 55% 1,548 767 Depreciation 809 392 2,723 1,029 Finance Cost 1,418 518 1,966 1,691 Profit Before Tax 954 997 1,448 1
Slide 46: Operational Performance – Thermal
Operational Performance – Thermal Net Generation (MUs) PLF/CUF (%) Location (Current Capacity) Capacity (%) Q2 FY26 Q2 FY25 Change YoY H1 FY26 H1 FY25 Change YoY Q2 FY26 Q2 FY25 H1 FY26 H1 FY25 LT 92% 1,629 1,698 -4% 3,260 3,327 -2% 74 (*92) 77 (*88) 74 (*91) 75 (*87) Ratnagiri (1,200 MW) Total 100%
Slide 47: Operational Performance – Renewables
Operational Performance – Renewables Net Generation (MUs) PLF/CUF (%) Location (Current Capacity) Capacity (%) Q2 FY26 Q2 FY25 Change YoY H1 FY26 H1 FY25 Change YoY Q2 FY26 Q2 FY25 H1 FY26 H1 FY25 LT 97% 2,946 2,683 10% 4,745 4,422 7% 91 94 68 78 Hydro (1,631 MW) Total 100% 3,028 2,916 4% 4,939 4,75
Slide 48: Financial Results – Major Entities
Financial Results – Major Entities Entity-wise Revenue from Operations Particulars in ₹ Crore Q2 FY26 Q2 FY25 H1 FY26 H1 FY25 Standalone 780 967 1,696 2,017 JSW Energy (Barmer) 574 746 1,195 1,385 JSW Energy (Utkal) 406 266 1,010 530 Mahanadi 1,546 NA 3,103 NA JSW Hydro Energy 391 466 730 786 O2 Pow
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 30,462 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 9,058 MW Thermal Capacity Installed Under-construction Pipeline 9,058 MW 5,658 MW 1,600 MW 1,800 MW
Slide 51: Thermal Assets | Q2 FY26
Thermal Assets | Q2 FY26 (1/2) Offtaker Profile Operational Assets 5,658* MW Others TANGEDCO 2% 9% Rajasthan 19% UPPCL 19% 5,658 MSDECL 5% MW Open Group 16% Ratnagiri (1,200 MW) Barmer (1,080 MW) Vijayanagar (860 MW) Utkal (700 MW) Mahanadi (3,600 MW) Captive 30% 1,200 MW 1,080 MW 860 MW 700 MW 1,80
Slide 52: Segment Wise Performance | Renewables
Segment Wise Performance | Renewables 21,404 MW Renewable Capacity Installed Under-construction Pipeline Under-acquisition 21,404 MW 7,553 MW 10,940 MW 2,761 MW 150 MW
Slide 53: Company Overview JSW Neo Energy
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 54: JSW Neo Energy – At a Glance
Company JSW Neo Energy – At a Overview Glance Generation Energy Storage Energy Products 21.4 GW 29.4 GWh Electrons to Molecules • Received NoA for 6,500 TPA under SIGHT Program Renewable • Constructing 3,800 TPA Green Energy Storage Installed – 7,543 MW Hydrogen plant BESS – 3.0 GWh across six proje
Slide 55: Renewable Assets | Q2 FY26
Renewable Assets | Q2 FY26 Offtaker Profile Total Wind – 6,009 MW Hydro - 1,631 MW Solar – 5,611 MW Hybrid––5,242MW Hybrid 5,242 MW 18,493 MW Operational 3,709 MW Operational 1,631 MW Operational 2,213 MW Operational -Nil HR Open Others 3% NHPC 3% 3% SECI 5% 22% NTPC 5% C&I 7% GJ 2% 7,553 MW KA 2% O
Slide 56: Energy Storage and Products
Energy Storage and Products Energy Storage – Target of 40 GWh by 2030 Energy Products Green Hydrogen | Wind Blade Manufacturing Total Locked-in Energy Storage Capacity of 29.4 GWh Under-Construction Green H2 Plant – 3,800 TPA Hydro Pumped Storage Battery Energy Storage System ▪ 25 MW RTC power | 3,8