Jsw Energy Limited · NSE:JSWENERGY
Jsw Energy — Q2 FY26 Earnings Presentation
48 slides from Jsw Energy's earnings presentation, Oct 17, 2025
Slide 1: Q2 FY26 Results Presentation
BETTER EVERYDAY Q2 FY26 Results Presentation 17 October 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 Company Highlights Operational & Financial Performance Safety & Sustainability Appendix Segment Wise Performance Business Environment Vijayanagar Floating Solar JSW Energy Q2 FY26 Results Presentation 3
Slide 4: Company Highlights
Company Highlights
Slide 5: Q2 FY26 - Quarterly Highlights (1/2)
Q2 FY26 - Quarterly Highlights (1/2) • Net Generation: Up by 52% YoY, from 9.8 BUs to 14.9 BUs • RE generation is up by 42% YoY at 7.1 BUs driven by organic wind capacity addition and O2 power • Thermal generation is up by 62% YoY at 7.8 BUs, primarily driven by Mahanadi and Utkal Unit-II Operationa
Slide 6: Q2 FY26 - Quarterly Highlights (2/2)
Q2 FY26 - Quarterly Highlights (2/2) • Reported EBITDA increased 67% YoY to ₹ 3,180 Cr, primarily driven by organic renewable capacity additions and contribution from Mahanadi and O2 Power; H1 FY26 EBITDA grew by 79% YoY to ₹ 6,237 Cr • Q2 FY26 Reported PAT declined by 17% YoY to ₹ 705 Cr, while it
Slide 7: Operational & Financial Performance
Operational & Financial Performance Sholtu Hydro Plant
Slide 8: Consolidated Performance
Consolidated Performance Net Generation (MUs) Total Revenue (₹ Cr) Operational Highlights 60% 55% 66% Q2 FY26 52% 28,432 5,361 10,772 • Added 443 MW during the quarter, comprising of 240 14,938 MW Kutehr HEP and 203 MW organic RE capacity 17,721 Short Term 3,459 6,502 FY25 9,840 89% • Net Generation
Slide 9: Consolidated Financial Results
Consolidated Financial Results H1 FY26 H1 FY25 Particulars in ₹ Crore Q2 FY26 Q2 FY25 10,772 6,502 Total Revenue 5,361 3,459 6,237 3,488 EBITDA 3,180 1,907 58% 54% EBITDA Margin(%) 59% 55% 1,548 767 Depreciation 809 392 2,723 1,029 Finance Cost 1,418 518 1,966 1,691 Profit Before Tax 954 997 1,448 1
Slide 10: EBITDA Bridge
EBITDA Bridge Q2 FY26 Particulars in ₹ Cr 319 3,180 +67% YoY 267 (114) 807 55 (61) 1,907 ₹ 801 Crore from Thermal EBITDA Mahanadi Lower Long Higher Short O2 Power Solar & Others EBITDA Q2 FY25 Term Sales Term Sales Wind Q2 FY26 10 JSW Energy Q2 FY26 Results Presentation
Slide 11: 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) 49,493 10,267 4.8x Operational Projects 1,703 320 (1,266) 1,935 (45) 61,960 59,313 12,467 12,865 49,493 ND/EBITDA# 46,449 (exc
Slide 12: Superior Financial Risk Profile
Superior Financial Risk Profile Net Debt (₹ Cr) Net Worth (₹ Cr)* & Cash Returns (%) 59,313 61,960 29,124 26,929 27,970 27,152 27,362 27,738 43,962 19% 20% 26,636 24,875 26,448 16% 16% 23,339 20,972 16% 21,553 21,504 16% 20,746 21,378 22,031 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Mar-24 Jun-24 Se
Slide 13: Healthy Trade Receivables
Healthy Trade Receivables Trade Receivables* (₹ Cr ) Off-taker Profile Others, 8% TN, 4% HR, 2% UP, 9% Open, 8% 3,518 (1,087 MW) 2,571 Hydro, 12% C&I, 4% GJ, 1% Wind, 28% HP, 2% Group 13,211 MW Captive, 20% MH, 3% (2,697 MW) AP, 3% Solar, 17% KA, 1% Thermal, 43% Sep 30, 2024 Sep 30, 2025 TS, 3% Rece
Slide 14: Cash Returns on Adjusted Net Worth
Cash Returns on Adjusted Net Worth ₹ Cr (Unless mentioned otherwise) Quarter ended Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 # Jun-25 # Sep-25 Sep-25 (TTM) ^ Reported PAT 231 351 522 853 168 408 743 705 1,939 Add: Depreciation 400 427 375 392 406 482 739 809 3,060 Add/(less): Deferred Taxes (4) (92)
Slide 15: Generation Capacity – 30 GW by 2030
Generation Capacity – 30 GW by 2030 Hybrid Generation (MW) Hydro 7,103 MW Generation 1,781 MW 23% 6% FY 26 - 30: Triple the capacity to 30 GW Wind 30.5 GW * 6,009 MW Locked-in 4,561 30,462 20% Thermal 9,058 MW 150 5,242 30% Solar 6,511 MW 3,398 21% 2,300 Installed 13,211 MW 1,600 Under-construction
Slide 16: 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 1,600 1,600 Thermal 1,600 1,600 Letter of Award/Intent Received – Pipeline SECI IX 108 108 Pipeline Contracted Installed
Slide 17: Energy Storage – Target of 40 GWh by 2030
Energy Storage – Target of 40 GWh by 2030 Locked-in Capacity of 29.4 GWh Project Details Battery Energy Storage BESPA Signed Capacity (GWh) 40.0 SECI (Rajasthan) * 1.0 SECI XV (Solar + BESS) 0.5 26.4 29.4 SECI (Kerala) ✓ 0.5 Group Captive 0.3 RVUNL ✓ 0.5 KREDL (Solar + BESS) ✓ 0.1 FDRE ✓ 0.1 Total 3
Slide 18: Safety & Sustainability
Safety & Sustainability JSW Energy, Barmer
Slide 19: Continued Focus on Health & Safety Excellence
Continued Focus on Health & Safety Excellence Health & Safety Updates Safety Performance LTIFR - 0.14 (H1 FY26) Contractor Safety Management ▪ A Comprehensive re-evaluation of contractor safety systems conducted using Pre-Qualification Assessment (PQA) scores ▪ Improvement in Contractor PQA scores w
Slide 20: 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 Independent Directors ▪ Committed to being carbon Enhance the renewable power No Net Loss fo
Slide 21: Sustainability: Targets and Strategy
Sustainability: Targets and Strategy FY20 Improvement FY30 SD Targets Actuals (FY20 to FY30) Targets Strategic Initiatives and Approach ▪ Supply Chain Sustainability Assessment initiated for FY26, 93 suppliers selected as per ▪ GHG Emissions SEBI requirement Climate Change 0.76 48% 0.39 tCO2e / MWh
Slide 22: Sustainability: Q2 FY26 Performance
Sustainability: Q2 FY26 Performance Key Highlights Performance ▪ Increased share of RE for de-carbonization - Total RE operational capacity increased from Ash Utilisation (%) 4,218 MW in Q2 FY25 to 7,553 MW in Q2 FY26 100% 100% Climate Change ▪ TCFD Phase 2 Risk Assessment completed at Hydro Locatio
Slide 23: Sustainability: Empowering Our Communities
Sustainability: Empowering Our Communities JSW Energy, Barmer JSW Energy Q2 FY26 Results Presentation 23
Slide 24: Sustainability: Empowering Our Communities
Sustainability: Empowering Our Communities Health and Nutrition Waste Management • Through large-scale public health initiatives and community outreach programs, we have • Empowering 17,597 lives in Himachal positively impacted 27,736 lives in regions Pradesh through our sustainable waste including
Slide 25: Investor Relations Contact
Investor Relations Contact: ir.jswenergy@jsw.in ESG Data Profile: Link JSW Energy, Barmer and Vijayanagar Solar 25
Slide 26: Appendix
Appendix Agrivoltaics at Vijayanagar Sustainability in every action — harmonizing farming with clean energy generation Solar Power Plant, Vijayanagar
Slide 27: Segment Wise Performance | Thermal
Segment Wise Performance | Thermal 9,058 MW Thermal Capacity Installed Under-construction Pipeline 9,058 MW 5,658 MW 1,600 MW 1,800 MW
Slide 28: Thermal Assets | Q2 FY26 (1/2)
Thermal Assets | Q2 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 29: Thermal Assets | Q2 FY26 (2/2)
Thermal Assets| Q2 FY26 (2/2) Net Generation (MUs) Thermal : PLF – long term Capacity Addition 62% 72% • Added 2,150 MW of Capacity in last 12 months 86% 90% 83% 90% 7,845 76% 75% 16,349 67% 71% Operational Highlights 4,847 Short Term • Total Net Generation up 62% YoY to 7.8 BUs, 9,485 primarily dri
Slide 30: Segment Wise Performance | Renewables
Segment Wise Performance | Renewables 21,404 MW Renewable Capacity Installed Under-construction Pipeline Under-acquisition 21,404 MW 7,553 MW 10,940 MW 2,761 MW 150 MW
Slide 31: Renewable Assets | Q2 FY26 (1/2)
Renewable Assets | Q2 FY26 (1/2) Offtaker Profile Total Wind – 6,009 MW Hydro - 1,631 MW Solar – 5,611 MW Hybrid––5,242MW Hybrid 5,242 MW 18,493 MW Operational 3,709 MW Operational 1,631 MW Operational 2,213 MW Operational -Nil HR Open Others 3% NHPC 3% 3% SECI 5% 22% NTPC 5% C&I 7% GJ 2% 7,553 MW K
Slide 32: Renewable Assets | Q2 FY26 (2/2)
Renewable Assets |Q2 FY26 (2/2) Installed Green Capacity (MW) Net Generation (MUs) Capacity Addition 78% 42% 47% • Added ~3.3 GW of RE capacity in last 12 7,553 months and 443 MW in Q2 FY26, comprising 12,084 7,094 of 240 MW Kutehr, 148 MW of Wind and 56 8,236 MW of Solar 4,232 4,993 Short Term 99%
Slide 33: Kutehr HEP Updates
Kutehr HEP Updates Kutehr HEP Commissioned in Aug-25 • Located in Chamba District, Himachal Pradesh • One of India’s fastest-built greenfield HEPs – completed in under 6 years despite COVID-19 disruptions, lockdowns, and extreme weather • Backed by a 35-year Power Purchase Agreement with Haryana Pow
Slide 34: Operational Performance – Thermal
Operational Performance – Thermal Net Generation (MUs) PLF/CUF (%) Location (Current Capacity) Capacity (%) Q2 FY26 Q2 FY25 Change YoY H1 FY26 H1 FY25 Change YoY Q2 FY26 Q2 FY25 H1 FY26 H1 FY25 LT 92% 1,629 1,698 -4% 3,260 3,327 -2% 74 (*92) 77 (*88) 74 (*91) 75 (*87) Ratnagiri (1,200 MW) Total 100%
Slide 35: Operational Performance – Renewables
Operational Performance – Renewables Net Generation (MUs) PLF/CUF (%) Location (Current Capacity) Capacity (%) Q2 FY26 Q2 FY25 Change YoY H1 FY26 H1 FY25 Change YoY Q2 FY26 Q2 FY25 H1 FY26 H1 FY25 LT 97% 2,946 2,683 10% 4,745 4,422 7% 91 94 68 78 Hydro (1,631 MW) Total 100% 3,028 2,916 4% 4,939 4,75
Slide 36: Financial Results – Major Entities
Financial Results – Major Entities Entity-wise Revenue from Operations Particulars in ₹ Crore Q2 FY26 Q2 FY25 H1 FY26 H1 FY25 Standalone 780 967 1,696 2,017 JSW Energy (Barmer) 574 746 1,195 1,385 JSW Energy (Utkal) 406 266 1,010 530 Mahanadi 1,546 NA 3,103 NA JSW Hydro Energy 391 466 730 786 O2 Pow
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) 13,211 5,658 7,553 3,709 2,213 - 1,631 construction Portfolio Percentage 100% 43% 57% 28% 17% - 12% Under Construction (B) 12,540 1,600
Slide 38: Under Construction Projects
Under Construction Projects Vijayanagar Floating solar
Slide 39: Green Hydrogen – 3,800 TPA
Green Hydrogen – 3,800 TPA 3,800 TPA Green Hydrogen Plant, Vijayanagar Project Status ▪ Trial runs under progress for 3,800 TPA Plant ▪ Green Hydrogen and Oxygen supply expected to commence soon 39 JSW Energy Q2 FY26 Results Presentation
Slide 40: 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 in Q3 FY26 40 JSW Energy Q2 FY26 Results Presentation
Slide 41: JSW Neo - Under construction Solar Power Projects
JSW Neo - Under construction Solar Power Projects Pavagada Solar Project, Karnataka O2 Power Plant, Jaisalmer Solar Projects ▪ Sizeable ~3.4 GW of Solar projects under construction at various stages, across locations ▪ Key projects include SECI XIII, SJVN Tranche I, NTPC Solar II etc 41 JSW Energy Q
Slide 42: JSW Neo - Under construction Wind Power Projects
JSW Neo - Under construction Wind Power Projects SECI Wind Project, Dharapuram Group Captive Project, Vijayanagar Wind Projects (Various under-construction Projects across locations) ▪ About ~2.3 GW of Wind projects under construction across various locations ▪ Key projects include SECI XVI, SECI XI
Slide 43: Business Environment
Business Environment Mytrah Solar
Slide 44: 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 FY26 and is 9.9 9.7 9.3 9.5 estimated to remain healthy at 6.8% for FY26, as per 8.4 7.8 5.5 6.0 6.9 6.5 5.6 6.4 7.4 RBI 4.8 4.5 1.8 o PMI continues to remain r
Slide 45: Power Demand grew by 3.3% in Q2 FY26
Power Demand grew by 3.3% in Q2 FY26 Power Demand in BUs Power Demand Growth (% YoY) 165 20% 155 • All-India demand in Q2 FY26 grew by 145 10% 3.3% YoY to 449 Bus despite an 135 0% extended monsoon, driven by a healthy 125 pickup in industrial activity, and was 115 -10% Apr May Jun Jul Aug Sep Oct N
Slide 46: Overall Generation increased by 3.4% in Q2 FY26
Overall Generation increased by 3.4% in Q2 FY26 Power Generation in BUs Power Generation Growth (% YoY) 20% 175 165 • Overall generation during Q2 FY26 grew 10% 155 by 3.4% YoY to 483 BUs, in line with the 145 0% demand growth 135 125 -10% • Share of thermal in overall generation Apr May Jun Jul Aug
Slide 47: India's installed capacity stands at 501 GW as on Sep-25
India’s installed capacity stands at 501 GW as on Sep-25 Sector-wise Installed Capacity Segment-wise Installed Capacity Renewable Capacity Breakdown 197 23% 22% 50 State 9 17 Thermal 53 197 Other RES Private 501 GW Nuclear Wind 501 GW Hydro Solar Central 127 54% Renewables 245 Overall segment wise n
Slide 48: Merchant Power – Day Ahead Market
Merchant Power – Day Ahead Market Monthly Average Merchant Tariff (₹/unit) Linear Trend - Monthly Avg Price (₹/kwh) 8.00 11 9 6.00 Merchant Price 7 4.00 5 DAM prices were down 12.5% YoY in Q2 2.00 3 FY26 at ₹3.92/kWh due to strong 1 exchange volumes, primarily driven by 0.00 Sep-23 Sep-09 Sep-11 Sep