Jsw Energy Limited · NSE:JSWENERGY
Jsw Energy — Q3 FY26 Earnings Presentation
47 slides from Jsw Energy's earnings presentation, Jan 23, 2026
Slide 1: Cover letter to stock exchanges
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 23rd January, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Excha
Slide 2: Q3 FY26 Results Presentation
BETTER EVERYDAY Q3 FY26 Results Presentation 23rd January 2026
Slide 3: 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 4: Agenda
Agenda Company Highlights Operational & Financial Performance Safety & Sustainability Appendix Segment Wise Performance Business Environment Vijayanagar Floating Solar JSW Energy Q3 FY26 Results Presentation 3
Slide 5: Company Highlights
Company Highlights
Slide 6: Q3 FY26 - Quarterly Highlights
Q3 FY26 - Quarterly Highlights Key Metrics (YoY) Operational performance Power Sale 65% • Net Generation: Up by 65% YoY, from 6.8 BUs to 11.1 BUs Volumes (MUs) • RE generation is up by 96% YoY at 3.2 BUs driven by organic wind capacity addition and O2 power EBITDA 98% • Thermal generation is up by 5
Slide 7: Q3 FY26 - Quarterly Highlights (2/2)
Q3 FY26 - Quarterly Highlights (2/2) • Reported EBITDA increased 98% YoY to ₹ 2,202 Cr, primarily driven by contribution from acquired assets (Mahanadi thermal plant and O2 portfolio); 9M FY26 EBITDA grew by 83% YoY to ₹ 8,439 Cr • Q3 FY26 Reported PAT increased 150% YoY to ₹ 420 Cr, while it grew b
Slide 8: Operational & Financial Performance
Operational & Financial Performance Sholtu Hydro Plant
Slide 9: Consolidated Performance | Q3 FY26
Consolidated Performance | Q3 FY26 Net Generation (MUs) Total Revenue (₹ Cr) Capacity Addition 65% 62% 61% 64% • Added 5.2 GW in last 12 months and 125 MW in Q3 FY26 11,118 39,551 4,255 Operational Highlights 15,027 FY25 • Net Generation: Up by 65% YoY at 11.1 BUs, driven by 6,751 24,471 Short Term
Slide 10: Consolidated Financial Results
Consolidated Financial Results 9M FY26 9M FY25 Particulars in ₹ Crore Q3 FY26 Q3 FY25 15,027 9,142 Total Revenue 4,255 2,640 8,439 4,602 EBITDA 2,202 1,115 56% 50% EBITDA Margin(%) 52% 42% 2,376 1,173 Depreciation 829 406 4,208 1,594 Finance Cost 1,485 565 1,863 1,853 Profit Before Tax (108) 150 1,8
Slide 11: EBITDA Bridge
EBITDA Bridge Q3 FY26 Particulars in ₹ Cr ₹ 715 Crore from Thermal 170 2,202 278 (75) +98% YoY 726 15 (26) 1,115 EBITDA Mahanadi Lower Long Higher Short O2 Power Solar & Others EBITDA Q3 FY25 Term Sales Term Sales Wind Q3 FY26 Capacity led EBITDA growth of 98% YoY in Q3 FY26 10 JSW Energy Q3 FY26 Re
Slide 12: 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) 51,777 10,554 4.9 Operational Projects 4,209 129 (897) (649) (980) 61,960 63,771 11,994 12,467 49,493 51,777 ND/EBITDA# (excl.
Slide 13: Superior Financial Risk Profile
Superior Financial Risk Profile Net Debt (₹ Cr) Net Worth (₹ Cr)* & Cash Returns (%) 61,960 63,771 59,313 27,970 27,152 27,362 27,738 19% 29,124 20% 29,634 20% 43,962 16% 24,875 26,448 16% 16% 21,553 21,504 20,746 21,378 22,031 22,413 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Sep-24 Dec-24 Mar-25 Ju
Slide 14: Healthy Trade Receivables
Healthy Trade Receivables Trade Receivables* (₹ Cr ) Off-taker & Installed Capacity HR, 2% Others, 9% TN, 4% Open, 8% UP, 8% (1,090 MW) Hydro, 1,631 3,003 MW C&I, 4% Wind, 3,648 2,501 Hybrid, 272 GJ, 1% MW MW HP, 2% Group 13,336 MW Captive, 21% MH, 3% (2,734 MW) AP, 3% Thermal, 5,658 Solar, 2,127 MW
Slide 15: Cash Returns on Adjusted Net Worth
Cash Returns on Adjusted Net Worth ₹ Cr (Unless mentioned otherwise) Quarter ended Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 # Jun-25 # Sep-25 Dec-25 Dec-25 (TTM) ^ Reported PAT 351 522 853 168 408 743 705 420 2,211 Add: Depreciation 427 375 392 406 482 739 809 829 3,127 Add/(less): Deferred Taxes (92) 61
Slide 16: Generation Capacity – 30 GW by 2030
Generation Capacity – 30 GW by 2030 Hybrid Hydro 7,092 MW 1,781 MW Generation (MW) 22% 6% Merchant, 1,090 Generation MW Group Captive / FY 26 - 30: Triple the capacity to 30 GW C&I, 5,715 MW Wind 32,063 6,009 MW 32.1 GW * 19% Locked-in 4,561 Pipeline 4,958 150 27,502 Utility Scale, Thermal 27,502 25
Slide 17: Under-Construction, Under-Acquisition and Pipeline Projects
Under-Construction, Under-Acquisition and Pipeline Projects Under Construction / PPA Signed Under-Acquisition Under Construction Contracted Installed Tidong Hydro – 150 MW Salboni 3,200 3,200 Thermal 3,200 3,200 Letter of Award/Intent Received – Pipeline SECI IX 108 108 Pipeline Contracted Installed
Slide 18: 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 19: Safety & Sustainability
Safety & Sustainability JSW Energy, Barmer
Slide 20: Continued Focus on Health & Safety Excellence
Continued Focus on Health & Safety Excellence Health & Safety Updates Safety Performance LTIFR - 0.09 Contractor Safety Management ▪ Contractor Safety Management System has been implemented across the all Thermal and RE plants ▪ Over 50+ contractors have been assessed through PQA scoring under the e
Slide 21: 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 Goyal ▪ Committed to being carbon Enhance the renewable power No Net Loss fo
Slide 22: Sustainability: Targets and Strategy
Sustainability: Targets and Strategy FY20 Improvement FY30 SD Targets Actuals (FY20 to FY30) Targets Strategic Initiatives and Approach ▪ Increased share of RE for de-carbonization - Total RE operational capacity increased from 4,609 MW in Q3 FY25 to 7,678 MW in Q3 FY26 ▪ GHG Emissions Climate Chang
Slide 23: Sustainability: Q3 FY26 Performance
Sustainability: Q3 FY26 Performance Key Highlights Performance Ash Utilisation (%) ▪ Supply Chain Sustainability Assessment initiated for FY26, as per SEBI’s requirement. Selected Suppliers are being evaluated and certified on the basis of ESG Performance. 100% 100% Climate Change ▪ TCFD (IFRS2) Ris
Slide 24: Sustainability: Empowering Our Communities
Sustainability: Empowering Our Communities JSW Energy, Barmer JSW Energy Q3 FY26 Results Presentation 23
Slide 25: Sustainability: Empowering Our Communities
Sustainability: Empowering Our Communities Health and Nutrition Waste Management • Under our comprehensive health initiatives, 81,604 consultations were successfully conducted • Through our continued waste through community-based outreach and large- management support, 35,000 residents in scale publ
Slide 26: Investor Relations Contact
Investor Relations Contact: ir.jswenergy@jsw.in ESG Data Profile: Link JSW Energy, Barmer and Vijayanagar Solar 25
Slide 27: Appendix
Appendix Agrivoltaics at Vijayanagar Sustainability in every action — harmonizing farming with clean energy generation Solar Power Plant, Vijayanagar
Slide 28: Segment Wise Performance | Thermal
Segment Wise Performance | Thermal 10,658 MW Thermal Capacity Installed Under-construction Pipeline 10,658 MW 5,658 MW 3,200 MW 1,800 MW
Slide 29: Thermal Assets | Q3 FY26 (1/2)
Thermal Assets | Q3 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 30: Thermal Assets | Q3 FY26 (2/2)
Thermal Assets| Q3 FY26 (2/2) Net Generation (MUs) Thermal : PLF – long term Capacity Addition 55% 66% 90% 88% 90% • Added 2,150 MW of Capacity in last 12 months 80% 85% 77% 7,899 24,247 62% 68% Operational Highlights 5,105 Short Term • Total Net Generation up 55% YoY to 7.9 BUs, 14,590 primarily dr
Slide 31: Segment Wise Performance | Renewables
Segment Wise Performance | Renewables 21,405 MW Renewable Capacity Installed Under-construction Pipeline Under-acquisition 21,405 MW 7,678 MW 10,816 MW 2,761 MW 150 MW
Slide 32: Renewable Assets | Q3 FY26 (1/2)
Renewable Assets | Q3 FY26 (1/2) Offtaker Profile Total Wind – 6,009 MW Hydro - 1,631 MW Solar – 5,623 MW Hybrid––5,242MW Hybrid 5,231 MW 18,494 MW Operational 3,648 MW Operational 1,631 MW Operational 2,127 MW Operational 272 MW HR Open Others 3% NHPC 3% 3% SECI 6% 22% NTPC 5% C&I 7% GJ 2% 7,678 MW
Slide 33: Renewable Assets | Q3 FY26 (2/2)
Renewable Assets |Q3 FY26 (2/2) Installed Green Capacity (MW) Net Generation (MUs) 67% 55% 96% Capacity Addition 7,678 3,220 15,304 • Added ~3.0 GW of RE capacity in last 12 Short Term months and 125 MW in Q3 FY26 4,609 9,882 1,646 100% 99% Long Term Operational Highlights 3,220 96% 15,110 98% 1,606
Slide 34: Operational Performance – Thermal
Operational Performance – Thermal Net Generation (MUs) PLF/CUF (%) Capacity Change Change Location (Current Capacity) Q3 FY26 Q3 FY25 9M FY26 9M FY25 Q3 FY26 Q3 FY25 9M FY26 9M FY25 (%) YoY YoY LT 92% 1,433 1,639 -13% 4,693 4,965 -5% 65 (*96) 74 (*90) 71 (*93) 75 (*88) Ratnagiri (1,200 MW) Total 100
Slide 35: Operational Performance – Renewables
Operational Performance – Renewables Net Generation (MUs) PLF/CUF (%) Location (Current Capacity) Capacity (%) Q3 FY26 Q3 FY25 Change YoY 9M FY26 9M FY25 Change YoY Q3 FY26 Q3 FY25 9M FY26 9M FY25 LT 97% 920 682 35% 5,665 5,104 11% 27 24 59 60 * Hydro (1,631 MW) Total 100% 920 723 27% 5,859 5,479 7%
Slide 36: Financial Results – Major Entities
Financial Results – Major Entities Entity-wise Revenue from Operations Particulars in ₹ Crore Q3 FY26 Q3 FY25 9M FY26 9M FY25 Standalone 695 977 2,390 2,994 JSW Energy (Barmer) 598 667 1,792 2,052 JSW Energy (Utkal) 418 245 1,428 775 Mahanadi 1,305 - 4,408 - JSW Hydro Energy 163 179 892 964 O2 Power
Slide 37: Capacity and Offtaker Details
Capacity and Offtaker Details Capacity Overview Capacity (MW) Total Thermal Renewable Wind Solar Hybrid Hydro Offtaker for Installed + Under Installed Capacity (A) 13,336 5,658 7,678 3,648 2,127 272 1,631 construction Portfolio Percentage 100% 42% 58% 27% 16% 2% 12% Under Construction (B) 14,016 3,2
Slide 38: Under Construction Projects
Under Construction Projects Pavagada Solar Power Plant
Slide 39: Battery Assembly Plant – 5 GWh
Battery Assembly Plant – 5 GWh Battery Plant, Pune BESS Project Status ▪ All equipments received at site; Installation and trial run progressing ▪ Line setup and commissioning expected soon 38 JSW Energy Q3 FY26 Results Presentation
Slide 40: JSW Neo - Under construction Solar Power Projects
JSW Neo - Under construction Solar Power Projects Karnataka O2 Power Plant, Jaisalmer Solar Projects ▪ Sizeable ~3.5 GW of Solar projects under construction at various stages, across locations ▪ Key projects include SECI XIII, SJVN Tranche I, NTPC Solar II etc 39 JSW Energy Q3 FY26 Results Presentat
Slide 41: JSW Neo - Under construction Wind Power Projects
JSW Neo - Under construction Wind Power Projects SECI Wind Project, Tuticorin Group Captive Project, Vijayanagar Wind Projects (Various under-construction Projects across locations) ▪ About ~2.4 GW of Wind projects under construction across various locations ▪ Key projects include SECI XVI and vario
Slide 42: Business Environment
Business Environment Mytrah Solar
Slide 43: Indian Economy
Indian Economy Real GDP Growth (%) • Indian economy continues to grow amid global uncertainties 22.6 13.5 o Real GDP grew by 8.2% YoY in Q2 FY26 and is 9.9 9.7 9.3 9.5 estimated to remain healthy at 6.8% for FY26, as per 8.4 7.4 7.8 8.2 5.5 6.0 6.9 6.5 5.6 6.4 RBI 4.8 4.5 1.8 o PMI continues to rema
Slide 44: Power Demand Trends
Power Demand Trends Power Demand in BUs Power Demand Growth (% YoY) 40% • All-India demand in Q3 FY26 declined 165 30% 155 by 0.1% YoY to 392 BUs, driven by 20% 145 extended monsoon and cooler 10% 135 temperature. Nevertheless, demand 0% 125 growth was robust in December 2025 at 115 -10% Apr May Jun
Slide 45: Power Generation Trends
Power Generation Trends Power Generation in BUs Power Generation Growth (% YoY) 175 20% • Overall generation during Q3 FY26 was 155 10% down by 1.2% YoY to 422 BUs, due to 135 subdued thermal generation during the 115 0% quarter 95 -10% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul
Slide 46: India’s installed capacity stands at 514 GW as on Dec-25
India’s installed capacity stands at 514 GW as on Dec-25 Sector-wise Installed Capacity Segment-wise Installed Capacity Renewable Capacity Breakdown 207 51 23% 22% 9 17 State Thermal 55 207 Other RES Private 514 GW Nuclear 514 GW Wind Hydro Solar Central 136 55% Renewables 247 Overall segment wise n
Slide 47: Merchant Market Updates
Merchant Market Updates Monthly Average Merchant Tariff (₹/unit) Linear Trend - Monthly Avg Price (₹/kwh) 11 8.00 9 6.00 Merchant Prices 3.22 7 4.00 5 DAM prices were down 13.2% YoY in Q3 2.00 3 FY26 at ₹3.22/kWh due to robust 0.00 1 renewable energy generation and Dec-09 Dec-11 Dec-13 Dec-15 Dec-17