Jsw Energy Limited · NSE:JSWENERGY
Jsw Energy — Q4 FY25 Earnings Presentation
55 slides from Jsw Energy's earnings presentation, May 15, 2025
Slide 1: Q4 and FY25 Results Presentation
Q4 and FY25 Results Presentation May 15, 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: Agenda
Agenda Power Sector Landscape Company Highlights Operational & Financial Performance Strategy 3.0 Segment Wise Performance Safety & Sustainability Business Environment Appendix Vijayanagar Solar Power Plant JSW Energy Q4 FY25 Results Presentation 3
Slide 4: India – Power Sector Landscape - FY2025
India – Power Sector Landscape - FY2025 Total Installed Capacity (GW) Power Demand (BUs) and % Growth Other RE, 17 FY2025 Wind, 50 8.2% 9.7% • Power Demand up 4.2% 7.4% 4.2% • Capacity Addition 33.2 GW 475 GW Thermal, Solar, 106 • RE Capacity addition 28.7 GW 247 1,276 -1.2% 1,380 1,513 1,626 1,694
Slide 5: India – Power Sector Landscape - Q4 FY25
India – Power Sector Landscape - Q4 FY25 Power Demand (BUs) and % Growth Merchant Market Price (₹/KWh) 12.4% 9.9% Q4 FY25 0.8% 7.2% 10.9% 2.6% 3.2% 9% 10% 0.1% 2% -9% • Power Demand up 3.2% -21% -24% -26% • Capacity Addition 13.1 GW -33% • RE Capacity addition 9.9 GW 5.17 5.89 5.00 4.89 5.26 4.49 3.
Slide 6: Company Highlights
Company Highlights Barmer TPP 1,080 MW
Slide 7: FY 2025 – Highlights of the Year
FY 2025 – Highlights of the Year 1.3 GW of Organic Wind Commissioned During the Year Commissioned 1.3 GW of organic wind capacity during the year (highest in sector), about one-third of India’s wind capacity addition of 4.2GW Advancing on Baseload Thermal Power Acquired 3.6 GW KSK Mahanadi Plant thr
Slide 8: Q4 FY25 - Quarterly Highlights (1/3)
Q4 FY25 - Quarterly Highlights (1/3) • Net Generation: Up by 24% YoY at 7.9 BUs driven by wind capacity additions, contribution from 1,800 MW KSK Mahanadi thermal power plant and Utkal power plant • RE generation is up by 32% YoY at 1.7 BUs driven by 67% YoY increase in wind generation Operational •
Slide 9: Q4 FY25 - Quarterly Highlights (2/3)
Q4 FY25 - Quarterly Highlights (2/3) • Reported EBITDA increased 17% YoY to ₹1,512 Cr, driven by renewable capacity additions and contribution from KSK Mahanadi Power Ltd • Reported PAT at ₹ 408 Cr grew by 16% YoY while Cash PAT at ₹ 744 Cr grew by 8% YoY Consolidated • Balance Sheet, well-positione
Slide 10: Q4 FY25 - Quarterly Highlights (3/3)
Q4 FY25 - Quarterly Highlights (3/3) Hetero Group RE Assets 125 MW – 10th Jan-2025 • Consummated the transaction for 125 MW wind assets • The enterprise value for the transaction stands at ~₹ 630 Cr KSK Mahanadi Power Company Ltd – 3,600 MW – 6th Mar-2025 • Completed acquisition of the largest Therm
Slide 11: Operational & Financial Performance
Operational & Financial Performance Sholtu Hydro Plant
Slide 12: Consolidated Performance
Consolidated Performance Operational Highlights Net Generation (MUs) Total Revenue (₹ Cr) Q4 FY25 16% 21% 6% 24% 32,383 • Net Generation: Up by 24% YoY at 7.9 BUs driven by 27,862 3,497 11,941 12,639 wind capacity additions, contribution from 1,800 MW 7,912 6,397 2,879 KSK Mahanadi thermal power pla
Slide 13: Consolidated Financial Results
Consolidated Financial Results FY25 FY24 Particulars in ₹ Crore Q4 FY25 Q4 FY24 12,639 11,941 Total Revenue 3,497 2,879 6,115 5,837 EBITDA 1,512 1,292 48% 49% EBITDA Margin(%) 43% 45% 1,655 1,633 Depreciation 482 427 2,269 2,053 Finance Cost 675 533 2,191 2,150 Profit Before Tax 355 332 1,951 1,723
Slide 14: EBITDA Bridge
EBITDA Bridge Q4 FY25 Particulars in ₹ Cr 115 24 1,512 194 34 79 1,292 (145) (81) +17% YoY ₹111 Crore impact of ST Thermal EBITDA Lower Long KSK Utkal Lower Short Solar & Treasury Others EBITDA Q4 FY24 Term Sales Mahanadi * Term Sales Wind Gains & Q4 FY25 Provisions JSW Energy Q4 FY25 Results Presen
Slide 15: Net Debt Movement
Net Debt Movement Particulars in ₹ Cr Leverage Net Debt (₹ Cr) EBITDA (TTM; ₹ Cr) ND/EBITDA (x) Operating 5,876 34,482 3.9x Acquisitions (Proforma) 2,982 Combined (Excl. CWIP) 8,858 Capital Work- in-Progress (CWIP) Operational Projects 18,199 318 347 715 43,962 9,480 26,448 10,199 Proforma ND/EBITDA
Slide 16: Superior Financial Risk Profile
Superior Financial Risk Profile Net Debt (₹ Cr) Net Worth (₹ Cr)* & Cash Returns (%) 43,962 27,970 27,152 27,362 27,362 20,832 26,929 23% 26,286 26,636 24,875 26,448 21% 16% 16% 16% 24,260 23,339 16% 20,972 21,553 21,504 20,746 20,746 15,501 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 FY25 (Proforma) Sep-23
Slide 17: Healthy Trade Receivables
Healthy Trade Receivables Trade Receivables* (₹ Cr ) Off-taker Profile Others, 17% Open Capacity, 9% GJ, 1% 2,901 C&I, 1% HP, 3% Hydro, 13% 1,828 Wind, 29% MH, 3% AP, 4% KA, 1% 10,875 MW Group Captive, 23% Solar, 6% TS, 4% Mar 31, 2024 Mar 31, 2025 Thermal, 52% PTC, 9% Receivable Days 68 76 RJ, 12%
Slide 18: 2021 Promise | Ten-Year Growth Road Map Delivered
Vijayanagar Solar Power Plant Company Overview 2021 Promise| Ten-Year Growth Road Map with 2025 interim target Delivered |Surpassed 'Strategy 2.0’ FY25 Target of 10 GW Charting the course ahead for 2030 STRATEGY 3.0 18
Slide 19: 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 20: Strategy 2.0 | Promises Delivered
Strategy 2.0 | Promises Delivered Installed capacity more than doubled in last 3 years 24% CAGR 10 GW Target Achieved Ten-year growth road-map 12,218 10 GW by 2025 | 20 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
Slide 21: Strategy 3.0
Charting the course ahead FY2026- FY2030 STRATEGY 3.0 JSW Energy Q4 FY25 Results Presentation 21
Slide 22: 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) 23% CAGR 30,000 EBITDA 30 GW by 30 • FY2030 run rate EBITDA to be Generation 2.7-3.0x of FY2025 proforma EBITDA 10 GW FY 30: Triple the capacity to 30 GW Target 10,875 Achieved 4,559 24% CAGR Capital Expenditure
Slide 23: Generation Capacity – 30 GW by 2030
Generation Capacity – 30 GW by 2030 Generation (MW) CAGR 23% 5,166 29,863 Capacity Breakup (MW) 4,538 Pipeline 5,166 MW Installed 12,218 MW Wind 250 MW Thermal 5,658 MW Solar 900 MW Wind 3,416 MW 17% Hybrid 2,216 MW Solar 1,753 MW 2,077 Thermal * 1,800 MW Hydro 1,391 MW 3,268 41% 30 GW 1,600 Under-c
Slide 24: Under-construction and pipeline projects
Under-construction and pipeline projects Under construction / PPA Signed - 12,479 MW Letter of Award/Intent Received – Pipeline 3,366 MW Under Construction Contracted Installed Pipeline Contracted Installed Salboni 1,600 1,600 NTPC Solar III 400 400 Thermal 1,600 1,600 SECI XV (Solar +ESS) 500 500 K
Slide 25: Energy Storage – Target of 40 GWh by 2030
Energy Storage – Target of 40 GWh by 2030 Locked-in Capacity of 29.3 GWh Project Details Battery Energy Storage Capacity (GWh) 40.0 SECI (Rajasthan) 1.0 SECI XV 0.5 SECI (Kerela) 0.5 26.4 29.3 Group Captive 0.3 RVUNL 0.5 FDRE 0.1 Total 2.9 Project Details Pumped Hydro Storage Capacity (GWh) 2.9 MSED
Slide 26: Segment Wise Performance | Thermal
Segment Wise Performance | Thermal Installed Capacity 5,658 MW
Slide 27: Thermal Assets | Q4 FY25 Highlights
Thermal Assets | Q4 FY25 Highlights Offtaker Profile Operational Assets 5,658 MW Others TANGENDO 1% Rajasthan 10% 19% MSDECL UPPCL 5,658 5% 19% MW Open Group Captive Ratnagiri Barmer Vijayanagar Utkal KSK 16% 30% Installed Capacity 1,200 MW 1,080 MW 860 MW 700 MW 1,800 MW PPA /Tied up 1,105MW 1,080
Slide 28: Thermal Assets | Q4 FY25 Highlights (2/2)
Thermal Assets| Q4 FY25 Highlights (2/2) Net Generation (MUs) Thermal : PLF – long term Operational Highlights 12% 22% 82% 84% 90% 92% 86% 87% • Total Net Generation up 22% YoY at 6.2 BUs, driven 76% 79% 6,183 20,773 by contribution from KSK Mahanadi, 5,088 18,526 commissioning of Utkal Unit-2 and h
Slide 29: Strategic Expansion – KSK Mahanadi Power Limited - 3.6 GW
Strategic Expansion – KSK Mahanadi Power Limited - 3.6 GW Overview - KSK Mahanadi Thermal Power Company • Acquired via NCLT proceedings on 6th Mar 25 • Total resolution amount paid is ₹16,084 crore • Secured financial creditors hold 26% stake • Plant Location - Janjgir-Champa district, Chhattisgarh
Slide 30: Segment Wise Performance | Renewables
Segment Wise Performance | Renewables Installed Capacity 5,217 MW
Slide 31: Renewable Assets | Q4 FY25 Highlights | 5,217 MW Operational
Renewable Assets | Q4 FY25 Highlights | 5,217 MW Operational Offtaker Profile Total Wind – 5,009 MW Hydro - 1,631 MW Solar – 3,589 MW Hybrid – 2,298 MW 13,707 MW Operational 3,146 MW Operational 1,391 MW Operational 680 MW Operational -Nil C&I Open Others KA 2% 2% 5% RJ 3% 5% SECI 26% HP 6% TS 5,217
Slide 32: Renewable Assets | Q4 FY25 Highlights
Renewable Assets |Q4 FY25 Highlights Installed Green Capacity (MW) Net Generation (MUs) 40% 24% 32% 5,217 11,610 Operational Highlights 3,737 1,729 9,336 • Net generation during Q4 FY25 increased 1,309 Short Term by 32% YoY and 24% YoY during FY25 97% 99% 99% Long Term driven by contribution from ac
Slide 33: Safety & Sustainability
Safety & Sustainability JSW Energy, Barmer
Slide 34: Continued Focus on Health & Safety Excellence
Continued Focus on Health & Safety Excellence All Figures are for FY25 Safety Culture Survey to benchmark with best Safety Performance organisations globally LTIFR - 0.36 Contractor Safety Management ▪ 129 Contractors evaluated by Pre-Qualification Assessment (PQA) at various project sites ▪ Continu
Slide 35: 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 36: 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 – Digital Platform for value chain partners developed to ▪
Slide 37: Sustainability: Q4 FY25 Performance
Sustainability: Q4 FY25 Performance Key Highlights Performance ▪ Supply Chain Sustainability Assessment – 34 critical tier I suppliers are certified for ESG Ash Utilisation (%) survey. Action plan for improvement in the ESG performance provided to all certified 100% 100% 101% 100% Climate Change sup
Slide 38: Sustainability: Empowering Our Communities
Sustainability: Empowering Our Communities JSW Energy, Barmer JSW Energy Q4 FY25 Results Presentation 38
Slide 39: Sustainability: Empowering Our Communities
Sustainability: Empowering Our Communities Health and Nutrition • 71,047 health consultations carried out through Mobile Health Units, special camps Sports Promotion • 17 general health camps at 10 sites in Tuljapur & Latur, touching 1935 people. • Over 2,500 players have benefitted through Water an
Slide 40: Investor Relations Contact
Investor Relations Contact: ir.jswenergy@jsw.in ESG Data Profile: Link JSW Energy, Barmer and Vijayanagar Solar 40
Slide 41: Business Environment
Business Environment JSW Hydro - Sholtu
Slide 42: Indian Economy
Indian Economy Real GDP Growth (%) • India continues to see resilient growth amid global 22.6 13.5 9.9 9.7 headwinds 9.3 9.5 8.4 5.5 6.0 6.9 6.5 5.6 6.2 4.5 4.8 o Real GDP growth for quarter Dec-24 stood at 6.2% YoY 1.8 3.3 o PMI: Manufacturing (Mar-25: 58.2) and Services (Mar-25: -5.8 58.7) o GST r
Slide 43: Power Demand Increased by 4.2% in FY25
Power Demand Increased by 4.2% in FY25 Power Demand in BUs Power Demand Growth (% YoY) 165 • India’s power demand during Q4 FY25 at 40% 155 414 BUs increased by 3.2% YoY, driven by 30% 145 135 20% a hotter-than-usual end to the quarter. 125 10% 115 For FY25 Demand increase by 4.2% YoY 105 0% to 1,69
Slide 44: Overall Generation Increased by 5.0% YoY in FY25
Overall Generation Increased by 5.0% YoY in FY25 Power Generation in BUs Power Generation Growth (% YoY) 30% 175 155 20% • Overall generation during Q4 FY25 at 446 135 10% BUs increased by 3.8% YoY. For FY25 115 0% generation grew at 5.0% YoY. 95 -10% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Slide 45: India’s installed capacity stands at 475 GW as on Mar-25
India’s installed capacity stands at 475 GW as on Mar-25 Sector-wise Installed Capacity Segment-wise Installed Capacity Renewable Capacity Breakdown 172 48 8 17 22% 23% State Thermal 50 Other RES Nuclear 172 475 GW 475 GW Wind Private Hydro Solar Renewables 247 106 Central 54% Overall segment wise n
Slide 46: Merchant Power – Day Ahead Market
Merchant Power – Day Ahead Market Monthly Average Merchant Tariff (₹/unit) Linear Trend - Monthly Avg Price (₹/kwh) FY25 11.0 12 • Day Ahead Market (DAM) prices were down by 10 9.0 15% YoY as the average tariff recorded for 8 7.0 FY25 was ₹ 4.47/KWh vs ₹5.24/KWh in the 6 5.0 corresponding period las
Slide 47: Appendix
Appendix Mytrah Solar
Slide 48: Operational Performance – Thermal
Operational Performance – Thermal Net Generation (MUs) PLF/CUF (%) Capacity Change Change Location (Current Capacity) Q4 FY25 Q4 FY24 FY25 FY24 Q4 FY25 Q4 FY24 FY25 FY24 (%) YoY YoY LT 91% 1,615 1,668 -3% 6,580 6,491 1% 75 (*87) 76 (*90) 75 (*88) 74 (*93) Ratnagiri (1,200 MW) Total 100% 1,950 2,097
Slide 49: Operational Performance – Renewables
Operational Performance – Renewables Net Generation (MUs) PLF/CUF (%) Change Change Location (Current Capacity) Capacity (%) Q4 FY25 Q4 FY24 FY25 FY24 Q4 FY25 Q3 FY24 FY25 FY24 YoY YoY LT 97% 365 369 -1% 5,470 4,831 13% 13 13 48 43 * Hydro (1,345 MW) Total 100% 383 369 4% 5,862 4,913 19% 13 13 50 42
Slide 50: Financial Results – Major Entities
Financial Results – Major Entities Entity-wise Revenue from Operations Particulars in ₹ Crore Q4 FY25 Q4 FY24 FY25 FY24 Standalone 945 1,236 3,939 5,129 JSW Energy (Barmer) 689 809 2,741 2,880 JSW Energy (Utkal) 317 123 1,092 127 KSK Mahanadi 441 NA 441 NA JSW Hydro Energy 181 171 1,145 1,370 Acquir
Slide 51: Cash Returns on Adjusted Net Worth
Cash Returns on Adjusted Net Worth ₹ Cr (Unless mentioned otherwise) Quarter ended Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 # FY25 (Proforma) ## Reported PAT 850 231 351 522 853 168 408 2,378 Add: Depreciation 409 400 427 375 392 406 482 2,676 Add/(less): Deferred Taxes 89 (4) (92) 61 (4) (6
Slide 52: JSW Hydro – Q4 FY25 Highlights
JSW Hydro – Q4 FY25 Highlights Net Generation (MUs) Hydro : PAF and PLF 19% 4% 92% 87% Operational Highlights 5,862 101% 98% 4,913 • Net generation at Hydro Assets (Karcham 369 383 Short Term and Baspa) for 4Q FY25 was up 4% YoY 50% 93% Long 42% 100% 95% 98% and up 19% YoY for FY25 due to better 4,8
Slide 53: Under Construction Projects
Under Construction Projects JSW SECI X, Tuticorin JSW Energy Q4 FY25 Results Presentation 53
Slide 54: JSW Neo - Under construction Wind Power Projects – 1.1 GW
JSW Neo - Under construction Wind Power Projects – 1.1 GW JSW Group Captive - Sandur Wind Projects (SECI Projects and Group Captive) ▪ SECI X (454 MW) : Fully Commisioned ▪ SECI IX (810MW) : 670 MW Commisioned by end of FY25 ▪ Group Captive (737 MW) : 522 MW Commisioned by end of FY25 JSW Energy Q4
Slide 55: JSW Neo - Kutehr Hydro Power Plant – 240 MW
JSW Neo - Kutehr Hydro Power Plant – 240 MW Barrage & Intake Powerhouse works and Transmission line • Barrage reservoir filling successfully completed • Main control room works at final stage • All three units box-up completed • Transmission tower erection in progress Tunneling & Concreting • Concre