Jsw Energy Limited · NSE:JSWENERGY
Jsw Energy — Q2 FY27 Earnings Presentation
42 slides from Jsw Energy's earnings presentation, October 2026
Slide 1: Q2 FY27 Results Presentation
Q2 FY27 Results Presentation October 2026
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: Agenda
Agenda 01 02 03 Financial Company Strategy 3.0: Performance Highlights Growth Blueprint 04 05 Safety & Appendix Sustainability 3
Slide 4: Company Highlights
Company Highlights Halol, Gujarat
Slide 5: Q2 FY27: Performance Snapshot
Q2 FY27: Performance Snapshot Growth Operations Operations Financials Balance sheet Capacity added in FY27 (till 5th Oct) Net generation EBITDA Op. net debt / TTM EBITDA 1,694 MW 17.5 BU +17% YoY ₹3,907 Cr +23% YoY 4.94x from 4.95x in Q1FY27 Installed Capacity (till 5th Oct) Thermal generation PBT N
Slide 6: Q2 FY27: Operational Highlights
Q2 FY27: Operational Highlights Power Sales Long-term PPA Sales Short-term PPA Sales 17.5 BUs ↑ 17% YoY 16.4 BUs ↑ 22% YoY 1.1 BUs ↓28% YoY 14.9 BUs in Q2 FY26 13.4 BUs in Q2 FY26 1.5 BUs in Q2 FY26 Led by 1,928 MW capacity addition & improved PLFs Driven by 20% YoY higher LT capacity addition Weigh
Slide 7: Q2 FY27 – Strategic Highlights
Q2 FY27 – Strategic Highlights Growth Updates Strategic Updates • Completed turbine-generator orders for the entire 3.2 GW (4 x 800 MW) Salboni Thermal Project in West • Installed Capacity Addition Bengal • Q2 FY27: +813 MW total, of which 513 MW is • NCLT sanction received for the Scheme of renewab
Slide 8: Pathway to GW Capacity Addition in FY27
Pathway to 3 GW Capacity Addition in FY27 3 GW 1.4 GW 1.6 GW ₹8,114 Cr * H1 organic capex · FY27 guidance on Commissioned in H1 FY27 Planned for H2, across 30 projects FY27 renewable capacity target track 46% of 3 GW 41% of ₹20,000 Cr Capacity by technology (MW) Balance 1.6 GW: project mix FY27 pipe
Slide 9: Financial Performance
Financial Performance Sholtu, Himachal Pradesh
Slide 10: Consolidated Performance
Consolidated Performance Net Generation (MUs) Total Revenue (₹ Cr) +17% +7% 17,504 +12% 30,371 +24% 14,938 28,432 9,840 6,658 12,094 17,721 10,772 94% 5,361 90% 89% 91% 87% 16,407 13,415 87% 25,167 27,649 3,459 6,502 8,605 15,385 Q2 FY25 Q2 FY26 Q2 FY27 H1 FY25 H1 FY26 H1 FY27 Q2 H1 +78% +92% +86% +
Slide 11: Consolidated Financial Results
Consolidated Financial Results Total Revenue (Q2 FY27) EBITDA (Q2 FY27) PBT (Q2 FY27) PAT (Q2 FY27) Cash PAT (Q2 FY27) ₹6,658 Cr +24% ₹3,907 Cr +23% ₹1,348Cr +41% ₹1,141 Cr +38% ₹2,099 Cr +39% vs ₹5,361 Cr Q2 FY26 vs ₹3,180 Cr Q2 FY26 vs ₹ 955 Q2 FY26 vs ₹ 824 Q2 FY26 vs ₹1,512 Cr Q2 FY26 H1 FY27 H1
Slide 12: EBITDA Bridge
EBITDA Bridge Q2 FY27 Particulars in ₹ Cr ₹ 120 Crore from Thermal ₹ 490 Crore from Renewables + 159 + 93 + 24 3,907 + 331 + 108 + 12 3,180 1,907 EBITDA EBITDA Thermal - LT Thermal - ST Solar & Wind Hydro Treasury Income Dividends & Others EBITDA Q2 FY25 Q2 FY26 Q2 FY27 EBITDA Grew at CAGR of 43% ov
Slide 13: PAT Bridge
PAT Bridge Q2 FY27 Particulars in ₹ Cr + 727 -134 -197 1,141 -76 -2 824 Q2 FY26 PAT Change in EBITDA Increase in D & A Increase in Interest Change in Tax Other JV adj. Q2 FY27 PAT PAT Grew 38% YoY JSW Energy Q2 FY27 Results Presentation 13
Slide 14: Net Debt Bridge
Net Debt Bridge Q2 FY27 Particulars in ₹ Cr Operational Net Debt (₹ Cr) CWIP Debt (₹ Cr) 729 7,166 4,719 185 1,862 58,410 54,885 6,437 -939 -2,302 Net Debt as on Debt Addition FX & Other Repayment Movement in ST Change in Net Debt as on Net Debt as on Net Addition Net Debt as on Jun 30,2026 borrowin
Slide 15: Superior Credit Profile
Superior Credit Profile Net Debt (₹ Cr) Net Worth (₹ Cr)* & Cash Returns (%) 63,771 65,834 65,576 36,161 36,710 61,960 61,322 29,124 29,634 59,313 30,752 27,738 20% 20% 19% 18% 31,336 31,957 21,378 22,031 22,413 23,781 14% 15% Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 Adjusted Net Worth (₹ Cr) ** Ne
Slide 16: Healthy Trade Receivables
Healthy Trade Receivables Trade Receivables* (₹ Cr ) Off-taker Profile: Installed Capacity MH, 3% HP, 2% Group Captive, 20% (3.0 GW) 4,628 HR, 2% AP, 3% TS, 3% 3,518 GJ, 3% Hybrid, 1,857 C&I incl. GC, TN, 4% 25%, 3,741 MW Hydro, 1,781 KA, 6% C&I, 5% 15,147 MW Thermal, 5,958 Open, 4% (0.6 GW) PTC, 8%
Slide 17: Cash Returns on Adjusted Net Worth
Cash Returns on Adjusted Net Worth ₹ Cr (Unless mentioned otherwise) Quarter ended Jun-24 Sep-24 Dec-24 Mar-25 # Jun-25 # Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 Sep-26 (TTM) PAT to Shareholders 522 853 168 408 743 705 420 372 471 1,056 2,320 Add: Depreciation 375 392 406 482 739 809 829 809 890 943 3,47
Slide 18: Strategy 3.0: Growth Blueprint
Strategy 3.0: Growth Blueprint Vijayanagar, Karnataka
Slide 19: Well Positioned to Deliver 30 GW by 2030
Well Positioned to Deliver 30 GW by 2030 Capacity Project (MW) High-Visibility PPA Signed Growth Runway 2,400 32,494 Installed 15,147 FY27 Estimated 16,753 2,685 30,094 Thermal UC 2,600 2,647 C&I incl. Group Captive Thermal C&I 3,700 (GC) 1,709 Portfolio Strategic & Selective 2,500 23,053 Growth 1,2
Slide 20: Under Construction | Pipeline Projects
Under Construction | Pipeline Projects Under Construction (PPA signed): 15,348 MW Pipeline* – (Excl. MoU): 2,761 MW Capacity Thermal Assets Wind Assets Project (MW) Total Tariff Capacity Project Capacity (MW) NTPC Solar III 400 Project ( ₹/Kwh) (MW) SECI XII 300 Solar SECI XV (Solar +ESS) 500 Salbon
Slide 21: Energy Storage | 40 GWh by 2030
Energy Storage | 40 GWh by 2030 29.6 GWh 26.4 GWh 3.2 GWh Locked-in Capacity Pumped Hydro BESS Projects Pumped Hydro Storage (PSP) Battery Energy Storage (BESS) Project / Offtaker Tariff Capacity SCOD Tariff (₹ lakh/MW/Annum) Project / Offtaker Capacity (₹ lakh/MW/Month) MSEDCL 84.6 12.0 GWh FY 2030
Slide 22: Safety & Sustainability
Safety & Sustainability Agrivoltaics at Vijayanagar Sustainability in every action — harmonizing farming with clean energy generation Solar Power Plant, Vijayanagar
Slide 23: 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 Mr. Sunil Goyal ▪ Committed to being Enhance the renewable No Net Loss for Biodiversity Director
Slide 24: Sustainability: Q2 FY27 Performance
Sustainability: Q2 FY27 Performance Key Highlights Performance ▪ GHG CO2 emission intensity maintained within FY27 target, supported by operational efficiency improvements Ash Utilisation (%) ▪ Addition of ~1.4 GW of RE capacity till YTD FY27 has further contributed in GHG emission 100% 100% Climate
Slide 25: Sustainability: Empowering Our Communities
Sustainability: Empowering Our Communities
Slide 26: Sustainability: Empowering Our Communities
Sustainability: Empowering Our Communities Sustainability: Empowering Our Communities Health and Nutrition Water and Sanitation Initiatives • Strengthening community healthcare access, the URJA Clinic in • JSW Barmer continued to supply piped Ratnagiri conducted 6,227 health consultations, while Mob
Slide 27: Business Environment
Business Environment Mytrah Solar
Slide 28: Indian Economy
Indian Economy Real GDP Growth (%) • Indian economy continues to grow amid global uncertainties 22.6 13.5 o Real GDP grew by 7.8% YoY in Q1 FY27 and is estimated to remain healthy at 7.1% for FY27 (RBI) 9.9 9.7 9.3 9.5 8.4 7.5 8.3 8.0 7.8 7.8 5.5 6.0 6.9 6.6 7.4 7.0 6.8 o PMI continues to remain rob
Slide 29: Power Demand Trends in Q2 FY27
Power Demand Trends in Q2 FY27 Power Demand in BUs Power Demand Growth (% YoY) FY 2027 FY 2026 FY 2025 FY 2027 FY 2026 162 11.3% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Peak Demand in GW Key Takeaways FY 2027 FY 2026 FY
Slide 30: Merchant Tariff and Market Prices
Indian Economy Monthly Average Merchant Tariff (₹/unit) Linear Trend - Monthly Avg Price (₹/kwh) FY 2027 FY 2026 11 Merchant Prices 7.30 9 • Day Ahead Market (DAM) prices 7 were up by 46% YoY compared to Q2 FY26 as the average tariff 5 recorded for Q2 FY27 stood at ₹ 5.7/KWh 3 • The Average Market c
Slide 31: ESG Data Profile / Investor Relations Contact
ESG Data Profile JSW Energy ESG Data Profile Investor Relations Contact: ir.jswenergy@jsw.in
Slide 32: Capacity and Off taker Details: Installed + Under construction Portfolio
Capacity and Off taker Details: Installed + Under construction Portfolio Total Thermal Renewables Capacity (MW) Wind Solar Hybrid Hydro (A + B) (A) (B) Installed Capacity 15,147 5,958 9,189 3,125 2,426 1,857 1,781 Percentage 100% 39% 61% 21% 16% 12% 12% Under Construction 17,348* 5,000 12,348* 2,545
Slide 33: Financial Results – Major Entities
Financial Results – Major Entities Entity-wise Revenue from Operations Particulars in ₹ Crore Q2 FY27 Q2 FY26 H1 FY27 H1 FY26 Standalone 922 780 2,023 1,696 JSW Energy (Barmer) 589 574 1,151 1,195 JSW Energy (Utkal) 694 406 1,211 1,010 Maruti 129 - 129 - Mahanadi 1,481 1,546 2,775 3,103 JSW Hydro En
Slide 34: Segment Wise Performance | Thermal
Segment Wise Performance | Thermal Ratnagiri TPP, Maharashtra Barmer TPP, Rajasthan Vijayanagar TPP, Karnataka Utkal TPP, Odisha 5,958 MW 5,000 MW 10,958 MW Installed Under-construction Thermal Capacity JSW Energy Q2 FY27 Results Presentation 34
Slide 35: Thermal Assets | Q2 FY27 (1/2)
Thermal Assets | Q2 FY27 (1/2) Offtaker Profile Operational Assets (5,958* MW ) / Under-Construction (5,000 MW ) Others, 5% Open, 5% TN, 9% UP, 18% 5,958 MW MH, 5% Group KA, 7% Captive, 28% PTC, 4% RJ, 18% Maruti (300 MW) Ratnagiri (1,200 MW) Barmer (1,080 MW) Vijayanagar (860 MW) Utkal (700 MW) Mah
Slide 36: Thermal Assets | Q2 FY27 (2/2)
Thermal Assets| Q2 FY27 (2/2) Net Generation (MUs) Thermal : PLF – long term Operational Highlights +13% +3% 90% 90% 8,890 100% 90% • Total Net Generation up 13% YoY to 8.9 BUs, 16,918 71% 67% 7,845 16,349 67% 71% primarily driven by higher generation from Short Term Mahanadi and Utkal plants 82%, 8
Slide 37: Operational Performance – Thermal
Operational Performance – Thermal Net Generation (MUs) PLF (%) Location Capacity Change Change Q2 FY27 Q2 FY26 H1 FY27 H1 FY26 Q2 FY27 Q2 FY26 H1 FY27 H1 FY26 (Current Capacity) (%) YoY YoY LT 92% 1,481 1,629 -9% 2,962 3,260 -9% 67(*94) 74 (*92) 67(*93) 74 (*91) Ratnagiri (1,200 MW) Total 100% 1,831
Slide 38: Segment Wise Performance | Renewables
Segment Wise Performance | Renewables Tuticorin, TN Jaisalmer, Rajasthan Vijayanagar , Karnataka Kutehr, Himachal Pradesh 9,189 MW 10,359 MW 7,261 MW 26,809 MW Installed Under-construction Pipeline & MoU with Group Renewable Capacity Captive JSW Energy Q2 FY27 Results Presentation
Slide 39: Renewable Assets | Q2 FY27
Renewable Assets | Q2 FY27 Off taker Profile Total Wind – 5,370 MW Hydro - 1,781 MW Solar – 5,380 MW Hybrid––5,242MW Hybrid 6,113 MW 18,644 MW Operational 3,125 MW Operational 1,781 MW Operational 2,426 MW Operational 1,857 MW Others, Open, HR, 0% 4% 2% UP, 21% C&I, 0% GJ, 0% HP, 0% MH, 6% Group AP,
Slide 40: Renewable Assets | Q2 FY27 (2/2)
Renewable Assets |Q2 FY27 (2/2) Installed Green Capacity (MW) Net Generation (MUs) Capacity Addition +21% 9,181 +21% 8,614 +11% • Added 513 MW of RE capacity in 13,454 7,553 7,094 12,084 Q2FY27; 1,628 MW of RE capacity commissioned in the 12-months (99%), (99%), (98%) (99%) Short ending Sep’26 perio
Slide 41: Operational Performance – Renewables
Operational Performance – Renewables Net Generation (MUs) PLF/CUF (%) Location Capacity Q2 FY27 Q2 FY26 Change YoY H1 FY27 H1 FY26 Change YoY Q2 FY27 Q2 FY26 H1 FY27 H1 FY26 (Current Capacity) (%) LT 93% 3,327 2,946 13% 4,712 4,745 -1% 99 91 70 68 Hydro (1,781 MW) Total 100% 3,421 3,028 13% 4,844 4,
Slide 42: JSWHEL- Karcham Wangtoo & Baspa II | Q2 FY27
JSWHEL- Karcham Wangtoo & Baspa II | Q2 FY27 Net Generation (MUs) PAF & PLF Operational Highlights -1% -19% • JSW Hydro’s (Karcham wangtoo & Baspa II) 2,852 2,814 4,763 Short 100% generation was flattish (down 1 % YoY) in Q2 3,874 Term 86% 102% 107% FY27 97% 90% 66% 97% 100% 96% 63% 2,814 100% Long