Jsw Energy Limited · NSE:JSWENERGY
Jsw Energy — Investor Presentation (February 2026)
61 slides from Jsw Energy's investor presentation, February 2026
Slide 1: Responsible, Resilient & Resolute
BETTER EVERYDAY Responsible, Resilient & Resolute Corporate Presentation | Feb 2026 1
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 13.3 GW installed generation capacity ▪ India’s largest steel producer with capacity of 35.7 mtpa ▪ Targeting 30 GW generation + 40 GWh of storage capacity by ▪ Growing to 51.5 mtpa by FY31* 2030 ▪ Market Cap: ~US$ 33.6 Bn ▪ Market Cap: ~US$ 9.3 Bn Infrastructu
Slide 4: Mission 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
Slide 5: Agenda
Agenda Safety & Sustainability JSW Energy Overview JSW Energy Value Proposition Appendix JSW Energy Corporate Presentation Feb-26 5
Slide 6: Sustainability & Safety
Sustainability & Safety Vijayanagar Wind Project JSW Energy Corporate Presentation Feb-26 6
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 Independent Directors Mr. Sunil Goyal ▪ Committed to being carbon Enhance the renewable power No Net Loss fo
Slide 8: 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 9: Sustainability: Q3 FY26 Performance
Sustainability: Q3 FY26 Performance Key Highlights Performance Ash Utilization (%) ▪ Supply Chain Sustainability Assessment is under progress, as per SEBI’s requirement Selected Suppliers are being evaluated and certified on the basis of ESG Performance 100% 100% Climate Change ▪ TCFD (IFRS2) Risk A
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 JSW Energy Corporate Presentation Feb-26 11
Slide 12: JSW Energy – Presence Across the Value Chain
JSW Energy – Presence Across the Value Chain Progressing towards 30 GW of Generation and 40 GWh of Storage by 2030 Power Generation Energy Storage Energy Products & Services 7.1 GW, Hybrid+ 10.7 GW, 29.6 GWh of locked in capacity Green H2 and Equipment Manufacturing FDRE, 22% Thermal, 33% Green Hydr
Slide 13: Well Diversified Portfolio – Focused on Maximising Cash Returns
Well Diversified Portfolio – Focused on Maximising Cash Returns Locked-in Generation Capacity Breakup (MW) Capacity/Offtaker Profile for 13,336 MW Under Implementation 4,561 MW Installed 13,336 MW HR, 2% Others, 9% Thermal 5,658 MW TN, 4% 14% Wind 3,648 MW Open, 8% Solar 900 MW Solar 2,127 MW UP, 8%
Slide 14: Well diversified Portfolio across states – Installed Capacity 13,336 MW
Well diversified Portfolio across 14 states – Installed Capacity 13,336 MW Operational Capacity as of December 31, 2025 (13,336 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 Assam Hybrid 70 MW Gujarat
Slide 15: 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) 14,166 3,2
Slide 16: Operational & Financial Performance
Operational & Financial Performance Vijayanagar Floating Solar JSW Energy Corporate Presentation Feb-26 16
Slide 17: Healthy Operations and Financials
Healthy Operations and Financials Business model with steady cashflow generation 92% ~90% Net Generation (BUs) Capacity under LT PPA EBITDA contribution from LT 1 Total Income (₹ Crore) 39.6 15,027 11,941 12,639 11.1 BUs ₹ 4,471Cr 27.9 32.4 10,867 Net Generation TTM Cash PAT 2 21.9 Figures are for Q
Slide 18: Robust balance sheet to support growth
Robust balance sheet to support growth Robust balance sheet available to pursue growth 6.1x 2.2x Net Worth Net Debt Net Debt/Proforma EBITDA Net Debt/Equity $ Bn 2 7.1 5.1 8.68% 73 3.3 Wt. average cost of debt Receivable Days (incl unbilled revenue) 3.2 3.2 2.7 2.5 2.3 Figures as of Dec 31, 2025 Mar
Slide 19: 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 20: JSW Energy Value Proposition
JSW Energy Value Proposition - Our Core strategic pillars - Key Highlights Vijayanagar JSW EnergySolar Plant Presentation Feb-26 Corporate 20
Slide 21: Our Core strategic pillars
Our Core strategic pillars 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 Resilie
Slide 22: Our Core strategic pillars
Our Core strategic pillars 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 Resilie
Slide 23: Healthy power demand outlook driving sector opportunity
Healthy power demand outlook driving sector opportunity Historical Power Demand Growth Similar growth expected in power demand FY02 (Actual) FY25 (Actual) FYFY24 25 FY 32e 1,694 250 2,474 388 ~6% CAGR ~6% CAGR 1,694 250 5% CAGR 5% CAGR 523 78 Base Demand (in BU) Peak Demand (in GW) Base Demand (BUs)
Slide 24: Rising peak demand unlocks a massive storage opportunity
Rising peak demand unlocks a massive storage opportunity Peak power demand to FY32- Structural rise with GH2 upside India’s Storage Capacity Mix for FY 2031-32 458 450 400 388 350 250 GW Peak NEP (Transmission) 2024 PSP BESS Demand in 300 FY2025 309 250 Base Case Energy Storage Capacity 35.6 GW 47.2
Slide 25: JSW Energy Milestones
JSW Energy Milestones 2022-23 • Commenced operations at 2023-24 225 MW captive solar plant • Achieved Leadership • Acquired Mytrah 1.75 GW RE Band (A-) in CDP 2021-22 • Acquired Ind-Barath 700 MW Climate Raised $707 Million via green bonds 2024-25 2025-26 • Acquisition of 4.7 • Announced Strategy GW
Slide 26: Promises Delivered
Promises Delivered Installed capacity surpasses 13 GW with share of RE at 57% 25% CAGR 10 GW Target Surpassed Ten-year growth road-map 13,336 10 GW by 2025 | 30 GW by 2030 10,875 6,564 7,245 4,531 4,541 4,559 4,559 4,559 1,730 FY10 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Current Highest ever Annual
Slide 27: 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 ~5x ~3.5-4x ~19,100-21,900 cr ~15,500 cr 2.7-3.0x ~2.5x ~24,000 - 26,600 3
Slide 28: 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 / 2030: Generation capacity at 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 25,258 M
Slide 29: Under-Construction and Pipeline Projects
Under-Construction and Pipeline Projects Under Construction / PPA Signed Letter of Award/Intent Received – Pipeline Under Construction (MW) Contracted Installed Pipeline Contracted Installed Salboni 3,200 3,200 NTPC Solar III 400 400 Thermal 3,200 3,200 SECI XV (Solar +ESS) 500 500 SECI IX 108 108 T
Slide 30: Strategy – Creating a fully integrated energy value chain
Strategy – Creating a fully integrated energy value chain Backward Integration for lower LCOE Forward integration for market expansion Boiler Manufacturing Business Green Hydrogen - Agreement to acquire GE boiler business to - Green Hydrogen production platform strengthen thermal equipment manufactu
Slide 31: Our Core strategic pillars
Our Core strategic pillars 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 Resilien
Slide 32: 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% Declining 4,500 power deficits, projects 16% Peak 4,000 with com
Slide 33: Efficient & Calibrated Capital Allocation Strategy
Efficient & Calibrated Capital Allocation Strategy Organic Growth Inorganic Growth Strategy Strategy Capacity expansion anchored in long-term visibility of demand, Capacity addition through acquisitions, significantly compressing backed by secured PPAs development timelines and Project Risk Vs green
Slide 34: Capacity Growth Aligned with Energy Transition
Capacity Growth Aligned with Energy Transition Installed Capacity by Energy Source Organic v/s Inorganic capacity trend (In MW) JSW Energy Capacity (In MW) FY22 FY23 FY24 FY25 Q3 FY26 JSW Energy Capacity (In MW) FY22 FY23 FY24 FY25 Q3 FY26 Thermal 3,158 3,158 3,508 5,658 5,658 Organic Addition - 303
Slide 35: 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 Q2 FY16 A
Slide 36: 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 37: Our Core strategic pillars
Our Core strategic pillars 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 Resilien
Slide 38: Diversified business model with strong balance sheet
Diversified business model with strong balance sheet Resilient Model with Diversified Portfolio & Balanced Off-Taker Mix Balance sheet Supportive of growth opportunities Particulars As on Dec 2025 HR, 2% Others, 9% TN, 4% Networth ₹ 29,634 Cr Open, 8% Net Debt ₹ 63,771 Cr UP, 8% (1,090 MW) Cash & Ca
Slide 39: Cash Returns on Adjusted Net Worth
Cash Returns on Adjusted Net Worth ₹ Cr (Unless mentioned otherwise) Quarter ended FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Dec-25 (TTM)^ Reported PAT 795 1,729 1,478 1,723 1,951 2,211 Add: Depreciation 1,167 1,131 1,169 1,633 1,655 3,127 Add/(less): Deferred Taxes 81 73 164 48 (156) (891) (Less): Di
Slide 40: Our Core strategic pillars
Our Core strategic pillars 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 Resilien
Slide 41: JSW Energy – Product & Services Overview
JSW Energy – Product & Services Overview Evolving from a pure generator to an integrated energy products & solutions provider across generation, storage and customer-tailored offerings Group Captive: Clean Power for C&I – Bespoke Energy Solution Firm & Dispatchable Renewable Key Value Preposition Ke
Slide 42: JSW Energy – Product & Services: Green Hydrogen
JSW Energy – Product & Services: Green Hydrogen Green Hydrogen Market - India JSW Energy: Green Hydrogen Key Demand Drivers Green Power Industrial Mobility & Energy 25 MW RTC power Commercial Decarbonization Storage Secured land for plant Scale Plant Green H2 Export Opportunity Renewable Integration
Slide 43: JSW Energy – Product & Services: Energy Storage
JSW Energy – Product & Services: Energy Storage India’s Storage Capacity Mix for FY 2031-32 JSW Energy: Locked-in Storage Capacity of 29.6 GWh Project Details Battery Energy Storage BESPA Signed Capacity (GWh) NEP (Transmission) 2024 PSP BESS SECI (Kerala) ✓ 0.5 35.6 GW 47.2 GW Group Captive ✓ 0.5 B
Slide 44: JSW Energy – SANY Wind Turbine Manufacturing Partnership
JSW Energy – SANY Wind Turbine Manufacturing Partnership Strategic Rational Transaction Snapshot • Technology licensing • Backward integration in Asset Highlights partnership wind equipment supply • Technology licensing chain agreement for manufacturing of wind • Local manufacturing of turbine gener
Slide 45: JSW Energy – Toshiba Partnership
JSW Energy – Toshiba Partnership • Joint Venture between • Advanced supercritical BTG • Localize BTG manufacturing Toshiba (95.36%) and JSW Transaction Snapshot Strategic Rational in India solutions (4.64%) Asset Highlights • Focus on BTG equipment – Boilers, Turbines & • Enable technology transfer
Slide 46: Our Core strategic pillars
Our Core strategic pillars 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 Resilien
Slide 47: Sustainability Strategy
Sustainability Strategy In line with SDG Goals ▪ Accelerating decarbonization pathway by scaling RE capacity and • Enhanced lime dozing efficiency to reduce Sox Air Climate Reducing carbon emission intensity Change Emissions • Improved ESP availability to control PM emissions ▪ TCFD Risk assessment
Slide 48: 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 49: JSW Energy Broad Corporate Structure
JSW Energy Broad Corporate Structure JSW Energy Corporate Presentation Feb-26 49
Slide 50: JSW Energy Limited: Corporate Structure
JSW Energy Limited: Corporate Structure JSW Energy Standalone Ratnagiri – 1,200 MW Vijayanagar – 860 MW JSW Energy Ltd Nandyal – 18 MW (32,063 MW) Solar – 10 MW Mahanadi Power JSW Thermal JSW Energy JSW Energy JSW Thermal JSW Power Jaigad Power JSW Neo Energy Co. Ltd Energy Two Ltd (Barmer) Ltd (21,
Slide 51: JSW Neo Energy Limited: Corporate Structure
JSW Neo Energy Limited: Corporate Structure JSW Neo Energy Ltd (Renewable Holding Co.) 21,395 MW Hydro SPVs Wind & Solar SPVs Product & Services SPVs • O2 Power SPVs (4,709 MW) • Mytrah SPVs (1,753 MW) • JSW Hydro Energy Ltd. (1,391 MW) • JSW Renew Energy Ltd (810 MW SECI-IX) • JSW Green Hydrogen Lt
Slide 52: 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 52
Slide 53: Thermal Assets | Q3 FY26
Thermal Assets | Q3 FY26 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 1,800 MW I
Slide 54: Segment Wise Performance | Renewables
Segment Wise Performance | Renewables 21,405 MW Renewable Capacity Installed Under-construction Pipeline 21,405 MW 7,678 MW 10,816 MW 2,761 MW 54
Slide 55: Renewable Assets | Q3 FY26
Renewable Assets | Q3 FY26 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 KA 2%
Slide 56: Investor Relations Contact
Investor Relations Contact: ir.jswenergy@jsw.in JSW JSWEnergy, EnergyRatnagiri Corporate Presentation Feb-26 56
Slide 57: Appendix
Appendix Vijayanagar solar plant 57 JSW Energy Corporate Presentation Feb-26
Slide 58: 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 59: 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 60: 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 61: 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