Jsw Energy Limited · NSE:JSWENERGY
Jsw Energy — Investor Presentation (February 2025)
56 slides from Jsw Energy's investor presentation, February 2025
Slide 1: Agility & Commitment Reinforced
Agility & Commitment Reinforced Supporting India in its Quest for Energy Security Corporate Presentation | Feb 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 10 GW generation capacity by FY25 ▪ India’s largest steel producer with capacity of 35.7 mtpa ▪ Targeting 20 GW generation + 40 GWh of Storage capacity ▪ Growing to 43.5 mtpa by Sep’27 and 51.5 mtpa by FY31 significantly before FY30. ▪ Market Cap: ~US$ 26 Bn ▪
Slide 4: 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 BEFORE FY2030 To become a 20 GW company and 40GWh Energy Storage FY2050 To become carbon neutral by 2050 Vijay
Slide 5: Agenda
Agenda Safety & Sustainability JSW Energy Overview Why JSW Energy ? JSW NEO – at a Glance Appendix JSW Energy Corporate Presentation Feb-25 5
Slide 6: Safety & Sustainability
Safety & Sustainability JSW Energy, Barmer
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 Goyal ▪ Committed to being carbon Enhance the renewable power No Net Loss for Biodiversity Independe
Slide 8: Sustainability: Targets and Strategy
Sustainability: Targets and Strategy FY20 Improvement FY30 SD Targets Actuals (FY20 to FY30) Targets Strategic Initiatives and Approach ▪ TCFD – Identified associated short term , medium term and Long term risks ▪ Supply Chain Sustainability – development of Digital Platform for value chain partners
Slide 9: Sustainability: Q3 FY25 Performance
Sustainability: Q3 FY25 Performance Key Highlights Performance ▪ Supply chain sustainability assessment –ESG assessment of registered vendors in progress. Ash Utilisation (%) ▪ TCFD (physical risk assessment) for Hydro plants is in progress. 100% 100% 97% 100% Climate Change ▪ Addition of 377 MW (Q3
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 Well placed to achieve 20 GW of generation capacity ahead of stated timeline of 2030 Power Generation Energy Storage Energy Products & Services Hybrid+ FDRE, Thermal, 7.5 GW, 16.3 GWh of locked in capacity Solar Module & Green H2 7.4 GW, 26% 26% Green Hyd
Slide 13: Well Diversified Portfolio – Focused on Maximising Cash Returns
Well Diversified Portfolio – Focused on Maximising Cash Returns Generation – 28.3 GW Diversified Offtakers* Open Capacity, 7% Open capacity in 8.1 GW – 13% Others, 3% Organic Pipeline Installed 8,242 MW C&I, 2% 3,940 MW 14% Wind 2,668 MW GJ, 3% Wind 250 MW Solar 675 MW HP, 1% Group Captive, 19% 29%
Slide 14: Operating Locations: Pan India presence
Operating Locations: Pan India presence Current Operational Capacity (8,242 MW) Punjab Himachal Pradesh Wind 50 MW 1,391 MW Solar Rajasthan Madhya Pradesh Thermal 258 MW 1,080 MW 30 MW Hydro Gujarat Odisha 78 MW 350 MW Maharashtra Telangana 165 MW 1,200 MW 101 MW 327 MW Karnataka Andhra Pradesh 312
Slide 15: Healthy Operations and Financials
Healthy Operations and Financials Business model with steady cashflow generation despite sectoral headwinds 87% ~85% Net Generation (BUs) Total Income (₹ Crore) Capacity under LT PPA EBITDA contribution from LT 1 27.9 24.5 11,941 10,867 6.8BUs ₹ 3,341Cr 20.8 21.9 8,736 9,142 Net Generation Cash PAT
Slide 16: 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 4.5x 1.0x $ Bn 2 Net Worth Net Debt Net Debt/EBITDA Net Debt/Equity 3.2 3.2 3.1 2.7 2.3 2.3 2.5 8.87% 96 Wt. average cost of debt Receivable Days (incl unbilled revenue) 0.9 Figures
Slide 17: Net Debt Movement
Net Debt Movement Particulars in ₹ Cr Capital Work- in-Progress (CWIP) Operational Projects 889 99 425 237 774 26,448 24,875 10,199 11,706 16,250 ND/EBITDA# 13,169 (excl. CWIP) at 2.8x Net Debt as on New Debt Taken Forex Repayment Movement in Change in Cash Net Debt as on Sep 30,2024 restatement sho
Slide 18: Strategy 2.0 (2023-2030) – at glance
Strategy 2.0 (2023-2030) – at glance Forward integration 1 GW/ annum of RE generation 40 GWh/ 5GW ~3,800 TPA PV Module ENERGY STORAGE ELECTRONS TO 20 GW MOLECULES Solar Module GENERATION Pump Hydro Storage Green Hydrogen manufacturing CAPACITY Production, plant to be Battery Energy Storage (W-C-M) u
Slide 19: Why JSW Energy?
Why JSW Energy ? - Investment Story - Key Highlights Committed to reaching Net Zero emissions by 2050
Slide 20: JSW Energy | Investment Story
JSW Energy | Investment Story 1 At the forefront of Energy Transition ▪ Scaling to 20 GW & 40GWH / 5GW of storage by 2030 ▪ Investing in New Energy Solutions including FDRE/ Hybrid Power plants, Energy storage (BESS & PSP) and Sustainable growth green hydrogen Resilient Business, Consistent Performa
Slide 21: JSW Energy | Investment Story
JSW Energy | Investment Story 1 At the forefront of Energy Transition ▪ Scaling to 20 GW & 40GWH / 5GW of storage by 2030 ▪ Investing in New Energy Solutions including FDRE/ Hybrid Power plants, Energy storage (BESS & PSP) and Sustainable growth green hydrogen Resilient Business, Consistent Performa
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) FY24 (Actual) FY 24 FY 32e 1,627 243 2474 366 + 653 BU + 123 GW 1627 243 5% CAGR 5% CAGR 523 78 Base Demand (BUs) Peak Power Deman
Slide 23: Strategy & Progress
Strategy & Progress Well placed to achieve 20 GW of generation capacity ahead of 2030 Strategy 1.0 : June 2021 Strategy 2.0 June 2023 Current Status 10 GW Generation by 2025 and 20GW by 2030 20 GW Generation + 40 GWh of Storage by FY30 Generation – Locked in 28.3GW ~5x ~3.5-4x Wind 2,668 MW Installe
Slide 24: Energy Storage critical in India's Energy Transition
Energy Storage critical in India’s Energy Transition Storage Capacity GWh* Peak Demand vs Supply from Conventional Sources (GW) 400 396 350 300 250 Peak Supply - Conventional 200 Increasing Peak Demand-Supply Gap to be plugged 150 Peak Demand by RE + Storage 100 FY 18 FY19 FY 20 FY 21 FY 22 FY 23 FY
Slide 25: Generation Capacity - Locked-in 28.3 GW
Generation Capacity - Locked-in 28.3 GW Generation (MW) 22 GW 14 GW 10 GW Under construction / PPA Signed To be operational by FY25 Transaction in progress 7,570 MW Strategy 2.0 – Generation Capacity 20 GW & Energy Storage of 40 GWh before 2030 JSW Energy Corporate Presentation Feb-25 ^ Pipeline: Pr
Slide 26: Under-construction and pipeline projects beyond 10 GW
Under-construction and pipeline projects beyond 10 GW PPA Signed - Under construction 7,570 MW Letter of Award/Intent Received – Pipeline 6,714 MW Project Contracted (MW) Installed (MW) Project Contracted (MW) Installed (MW) SJVN 700 700 SECI XV (Solar +ESS) 500 500 SECI XIII 700 700 Group Captive 6
Slide 27: Energy Storage - Locked in 16.3 GWh
Energy Storage - Locked in 16.3 GWh PSP for MSEDCL to BESS Plant be commissioned in 48 months from PPA 40 Target 40 GWh by 2030 Strategy 2.0 – Generation Capacity 20 GW & Energy Storage of 40 GWh before 2030 JSW Energy Corporate Presentation Feb-25 27
Slide 28: Battery Storage (BESS) and Hydro Pump Storage (HPSP)
Battery Storage (BESS) and Hydro Pump Storage (HPSP) India’s Storage Capacity Mix for FY 2031-32 JSW Energy Battery Energy Storage System (BESS) • Build Own Operate Transfer (BOOT) with tenure of 12 years National Electricity Plan 2023 • Battery Storage Purchase Agreement for 60% of the capacity wit
Slide 29: Electrons to Molecules: Green Hydrogen Potential
Electrons to Molecules: Green Hydrogen Potential Green Hydrogen: Low or zero-emission hydrogen produced using clean energy sources Main production route Characteristics JSW Energy Electrolysis using renewables Zero High • Contracted India’s largest Commercial CO2 Cost Scale Plant for production of G
Slide 30: JSW Energy | Investment Story
JSW Energy | Investment Story At the forefront of Energy Transition ▪ Scaling to 20 GW (85% renewable) by 2030 ▪ Being future-ready : New Energy Solutions including energy storage, green hydrogen, Sustainable growth ammonia and its derivatives Resilient Business, Consistent Performance and Strong fi
Slide 31: Proven project execution and operational excellence
Proven project execution and operational excellence… Prudent and consistent capital allocation strategy for growth over a 25 year history Selective bidding to ensure mid teen returns Successful integration of inorganic capacities One of the lowest project execution cost in the industry Sound operati
Slide 32: History of Value Accretive Acquisitions Driven by Focused Interventions
History of Value Accretive Acquisitions 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 and Wind – 1,753 Wind Assets – 45 MW Solar and Wind – 1,753 Thermal Plant – 700 MW Acquired in
Slide 33: Value accretive Acquisitions – Transactions under Progress
Value accretive Acquisitions – Transactions under Progress O2 Power KSK Mahanadi Power Ltd Acquisition rationale • Build vs Buy Solar and Wind – 1,753 Thermal – 3,600 • Mid Teen Equity IRR Signed SPA in Q3FY25 • Access to high quality talent pool Successful bidder and received LoI • Resources for ac
Slide 34: JSW Energy | Investment Story
JSW Energy | Investment Story At the forefront of Energy Transition ▪ Scaling to 20 GW (85% renewable) by 2030 ▪ Being future-ready : New Energy Solutions including energy storage, green hydrogen, Sustainable growth ammonia and its derivatives Resilient Business, Consistent Performance and Strong fi
Slide 35: Robust Balance Sheet & Cashflows
Robust Balance Sheet & Cashflows Balance sheet headroom to pursue growth opportunities • Strong Financials Particulars As on Dec 31, 2024 Networth ₹ 27,152 Cr Net Debt ₹ 26,448 Cr Net Debt/TTM Proforma EBITDA 4.5x Net Debt/TTM Proforma EBITDA 2.8x (excl. under construction projects) Net Debt/Equity
Slide 36: Strong Cash Flow Generating
Strong Cash Flow Generating Net Generation (BUs) Total Income1 and EBITDA (₹ Cr) Cash PAT (₹ Cr) and Cash Returns 27.9 Steady operations and robust financial 24.5 11,941 21.9 10,867 3,237 3,341 • 87% of portfolio tied-up under Long 20.8 8,736 9,142 Term PPA; Remaining Avg. Life of 2,395 2,570 Assets
Slide 37: JSW Energy: Key Highlights
JSW Energy : Key Highlights ✓ Proven project execution skills: Projects set-up in lowest cost & time Proven Execution ✓ Differentiated business strategy for growth to 20 GW, driven by Renewable Excellence ✓ Foraying in New Energy Platforms: Green Hydrogen, Energy Storage, Energy Products & Services
Slide 38: Investor Relations Contact
Investor Relations Contact: ir.jswenergy@jsw.in JSW Energy, Ratnagiri 38
Slide 39: Appendix
Appendix Acquired RE Portfolio Solar Plant (Hungund, Karnataka)
Slide 40: Consolidated Financial Results
Consolidated Financial Results 9M FY25 9M FY24 Particulars in ₹ Crore Q3 FY25 Q3 FY24 9,142 9,062 Total Revenue 2,640 2,661 4,602 4,545 EBITDA 1,115 1,229 50% 50% EBITDA Margin(%) 42% 46% 1,173 1,207 Depreciation 406 400 1,594 1,520 Finance Cost 565 521 1,836 1,818 Profit Before Tax 145 309 1,543 1,
Slide 41: Operational Performance – Thermal
Operational Performance – Thermal Net Generation (MUs) PLF/CUF (%) Capacity Change Change Location (Current Capacity) Q3 FY25 Q3 FY24 9M FY25 9M FY24 Q3 FY25 Q3 FY24 9M FY25 9M FY24 (%) YoY YoY LT 91% 1,639 1,682 -3% 4,965 4,822 3% 74 (*90) 76 (*93) 75 (*88) 74 (*93) Ratnagiri (1,200 MW) Total 100%
Slide 42: Operational Performance – Renewables
Operational Performance – Renewables Net Generation (MUs) PLF/CUF (%) Change Change Location (Current Capacity) Capacity (%) Q3 FY25 Q3 FY24 9M FY25 9M FY24 Q3 FY25 Q3 FY24 9M FY25 9M FY24 YoY YoY LT 97% 682 634 8% 5,104 4,462 14% 24 22 60 52 * Hydro (1,345 MW) Total 100% 723 634 14% 5,479 4,544 21%
Slide 43: Financial Results – Major Entities
Financial Results – Major Entities Entity-wise Revenue from Operations Particulars in ₹ Crore Q3 FY25 Q3 FY24 9M FY25 9M FY24 Standalone 977 1,276 2,994 3,893 JSW Energy (Barmer) 667 705 2,052 2,071 JSW Energy Utkal 245 0 775 4 JSW Hydro Energy 179 211 964 1,199 Acquired RE Portfolio 206 254 1,197 1
Slide 44: Cash Returns on Adjusted Net Worth
Cash Returns on Adjusted Net Worth ₹ Cr (Unless mentioned otherwise) Quarter ended Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Reported PAT 272 290 850 231 351 522 853 168 Add: Depreciation 291 398 409 400 427 375 392 406 Add/(less): Deferred Taxes 24 55 89 (4) (92) 61 (4) (66) (Less): D
Slide 45: Asset Overview
Company Overview Asset Overview 45 Acquired RE Portfolio Solar Plant- Raibag, Karnataka
Slide 46: JSW Energy Broad Corporate Structure
– Broad Corporate JSW Energy Company OverviewStructure Ratnagiri – 1,200 MW JSW Energy Limited Vijayanagar – 860 MW Hydro Entities Nandyal – 18 MW 28,308 MW Solar/Wind Entities Solar – 10MW Total – 2,088 MW Products & Services JSW Neo Energy JSWEBL – 1,080 MW 20,840 MW Utkal – 700 MW Major Entities:
Slide 47: Thermal Assets
Thermal Assets Utkal 700 MW Barmer 1,080 MW Ratnagiri 1,200 MW Vijayanagar 860 MW JSW Energy Corporate Presentation Feb-25 47
Slide 48: Thermal Assets | Q3 FY25 Highlights
Thermal Assets | Q3 FY25 Highlights Offtaker Profile Operational Assets Open, Rajasthan, 34% 28% 3,858 MW* Group MSDECL, Captive, 8% 30% Ratnagiri Barmer Vijayanagar Utkal Excludes KSK Mahanadi (3.6 GW) 700 MW Installed Capacity 1,200 MW 1,080 MW 860 MW Unit 1 operational & Unit 2 synchronized PPA t
Slide 49: Renewable Assets – 20.8 GW
Renewable Assets – 20.8 GW
Slide 50: JSW NEO Energy – At a Glance
Company JSW NEO Energy Overview (housing all Renewable assets) – At a Glance Generation Energy Storage Energy Products 20.8 GW 16.3 GWh Backward Integration Allotted 1 GW of solar wafer, cell and module (W-C-M) capacity under PLI Renewable Energy Storage scheme. Installed – 4,724 MW BESS – SECI 500M
Slide 51: Energy Storage – Unique Value Proposition as an Early Mover
Energy Storage – Unique Value Proposition as an Early Mover Battery Energy Storage System (BESS) Hydro Pump Storage (PSP) • Signed PPA for 12.0GWh (1.5 GW x 8 hours) PSP from MSEDL LoA received for 500MW/1000 MWh SECI project BESPA signed for 250MW/500 MWh with SECI in Mar-24 • Target commissioning
Slide 52: Contracted Commercial Scale Green Hydrogen Project
Contracted Commercial Scale Green Hydrogen Project Produce Green Hydrogen for Production of Green Steel Commercial Scale Plant Green H2 H2 & O2 Green Power 3,800 TPA 25 MW RTC power Surety of Offtake Secured land for plant Cost plus Offtake Green Hydrogen Structure agreement Green Oxygen with for bo
Slide 53: Equipment Manufacturing – Supply Chain De-risking
Equipment Manufacturing – Supply Chain De-risking Wafer- Cell – Module Manufacturing Licensing Agreement with SANY Renewable Allocated 1 GW of capacity under PLI for W-C-M Signed licensing agreement for manufacturing 3X WTG in India Supply Chain Derisking - strategic intent to utilize solar modules
Slide 54: JSW Neo Growth Framework
JSW Neo Growth Framework Value Accretive Business Implementation Execution Efficiency Model De-risking Prudent selection of growth opportunities Life cycle approach Group’s project execution excellence • Bidding based on P90 generation assumption • Land acquisition, De- scoped project • Fast executi
Slide 55: Growth Framework leading to industry-leading returns
Growth Framework leading to industry-leading returns Single digit to lower Mid-teen High-teen teen IRR% IRR % Returns Realized Equity Pre-Bid Project Execution JSW Energy Potential Upside Realized IRRs Preparation Target Returns Levers Post COD Returns Current market returns ▪ Bidding with ▪ No Turn
Slide 56: Ensuring Consistent Value Creation
Ensuring Consistent Value Creation Protecting Returns Enhancing IRRs Further Growth Opportunities Value Accretive Business Model De-scoped Project Execution Green Energy Needs of JSW Group and C&I customers • No Turn key EPC contracts: instead creating • Bidding based on P90 generation assumption va