Jsw Energy Limited · NSE:JSWENERGY
Jsw Energy — Investor Presentation (May 2025)
62 slides from Jsw Energy's investor presentation, May 2025
Slide 1: Agility & Commitment Reinforced
Agility & Commitment Reinforced Supporting India in its Quest for Energy Security Corporate Presentation | May 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 12.2 GW installed generation capacity ▪ India’s largest steel producer with capacity of 35.7 mtpa ▪ Targeting 30 GW Generation + 40 GWh of Storage capacity ▪ Growing to 43.4 mtpa by Sep’27 and 51.5 mtpa by FY31 by 2030 ▪ Market Cap: ~US$ 29 Bn ▪ Market Cap: ~US
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 Vijayanagar
Slide 5: Agenda
Agenda Safety & Sustainability JSW Energy Overview Why JSW Energy ? Appendix JSW Thermal – at a Glance JSW NEO – at a Glance JSW Energy Corporate Presentation May-25 5
Slide 6: Sustainability & Safety
Sustainability & Safety 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 – Digital Platform for value chain partners developed to
Slide 9: Sustainability: FY25 Performance
Sustainability: 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 suppli
Slide 10: 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 11: 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 12: 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 13: JSW Energy Overview
JSW Energy Overview Sholtu Hydro Power Plant - Turbine
Slide 14: JSW Energy Milestones
JSW Energy Milestones 2020-21 2021-22 2022-23 • Raised $707 Million via • Commenced operations at 225 MW captive Strategy 1.0 – foray into RE solar plant green bonds 10 GW by 2025 and 20 GW • Acquired Mytrah 1.75 GW RE by 2030 • Acquired Ind-Barath 700 MW 2024-25 2023-24 • Announced Strategy 2009 20
Slide 15: Presence Across the Value Chain
JSW Energy – Presence Across the Value Chain Progressing towards 30 GW of generation capacity by 2030 Power Generation Energy Storage Energy Products & Services 9.1 GW, 6.8 GW, Hybrid+ Thermal, 29.3 GWh of locked in capacity Green H2 and Equipment Manufacturing FDRE, 23% 30% Green Hydrogen & Derivat
Slide 16: Well Diversified Portfolio – Focused on Maximising Cash Returns
Well Diversified Portfolio – Focused on Maximising Cash Returns Generation Capacity Breakup (MW) by 2030 Capacity Breakup (MW): 31st March 2025 Installed* 12,218 MW Pipeline 5,166 MW Others, 17% Thermal 5,658 MW Wind 250 MW Wind 3,416 MW Open Capacity, 9% Solar 900 MW 17% Solar 1,753 MW Hybrid 2,216
Slide 17: Operating Locations: Pan India presence
Operating Locations: Pan India presence Current Operational Capacity (12,218 MW) Punjab Himachal Pradesh Diversified Offtakers – 12.3 GW installed Wind 50 MW 1,391 MW Group Captive in Open capacity Solar 976 MW – 8% 21% Rajasthan Madhya Pradesh Thermal Others, 5% 258 MW 1,080 30 MW TN, 4% Open Capac
Slide 18: 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 19: 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 20: Operational & Financial Performance
Operational & Financial Performance Sholtu Hydro Plant
Slide 21: Healthy Operations and Financials: 10,875 MW
Healthy Operations and Financials : 10,875 MW Business model with steady cashflow generation 91% ~90% Net Generation (BUs) Total Income (₹ Crore) Capacity under LT PPA EBITDA contribution from LT 1 32.4 12,639 11,941 27.9 10,867 32.4 BUs ₹ 4,679Cr 20.8 21.9 8,736 Net Generation Proforma Cash PAT 2 F
Slide 22: 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 5.0x 1.6x $ Bn 2 Net Worth Net Debt Net Debt/Proforma EBITDA Net Debt/Equity 5.1 9.05% 76 2.3 2.3 2.7 2.5 3.2 3.2 Wt. average cost of debt Receivable Days (incl unbilled revenue) 0.
Slide 23: 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 24: Why JSW Energy?
Why JSW Energy ? - Investment Story - Key Highlights
Slide 25: Investment Story
Investment Story Sustainable Growth Large addressable market. Strong execution track record Strong ESG Achieved sector leading ‘A’ Rating for ESG from globally acclaimed MSCI recognizing Efficient Capital Allocation our strong commitment to sustainable History of value accretive and responsible busi
Slide 26: Investment Story
Investment Story Sustainable Growth Large addressable market. Strong execution track record Strong ESG Achieved sector leading ‘A’ Rating for ESG from globally acclaimed MSCI recognizing Efficient Capital Allocation our strong commitment to sustainable History of value accretive and responsible busi
Slide 27: 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) FY25 (Actual) FYFY24 25 FY 32e 1,694 250 2,474 388 + 780 BU + 145 GW 1,694 243 5% CAGR 5% CAGR 523 78 Base Demand (BUs) Peak Power
Slide 28: Peak Demand of 458 GW by FY32
Peak Demand of 458 GW by FY32 FY2032 458 Peak Load vs Base Load (GW) 450 CAGR 2025-32 • Peak Power growth 6.5% 400 388 • Additional 70 GW for green hydrogen implying 9% CAGR 350 • Base Load addition 3.2% (61 GW Thermal) 300 250 GW Peak Demand in FY2025 309 250 Storage and RTC power Required • 79 GW
Slide 29: 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 30: 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 31: Generation Capacity – 30 GW by 2030
Generation Capacity – 30 GW by 2030 Generation (MW) 5,166 29,863 4,538 2,077 3,268 1,600 996 1,343 10,875 Under construction / PPA Signed Solar - 490 11,483 MW Wind - 266 Hydro - 240 FY2025 O2 Acquired Near Thermal Solar Wind Hybrid Pipeline^ Total Locked-in completion Installed capacity to grow at
Slide 32: 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 33: Investment Story
Investment Story Sustainable Growth Large addressable market. Strong execution track record Strong ESG Achieved sector leading ‘A’ Rating for ESG from globally acclaimed MSCI recognizing Efficient Capital Allocation our strong commitment to sustainable History of value accretive and responsible busi
Slide 34: 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% Rising power deficits, projects 16% Peak 4,000 with committed c
Slide 35: 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 & Wind – 1,753 MW Wind Assets – 45 MW Solar and Wind – 125 MW Thermal Plant – 700 MW Acquired
Slide 36: Value accretive Acquisitions – Recent Transactions
Value accretive Acquisitions – Recent Transactions O2 Power KSK Mahanadi Power Ltd Acquisition rationale • Build vs Buy RE Platform of 4.7 GW Thermal – 3,600 (1800 MW • Mid Teen Equity IRR operational) • Access to high quality talent pool Acquired on 9 th April -25; 1,343MW Operational Successful bi
Slide 37: Investment Story
Investment Story Sustainable Growth Large addressable market. Strong execution track record Strong ESG Achieved sector leading ‘A’ Rating for ESG from globally acclaimed MSCI recognizing Efficient Capital Allocation our strong commitment to sustainable History of value accretive and responsible busi
Slide 38: Robust Balance Sheet & Cashflows
Robust Balance Sheet & Cashflows Balance sheet Supportive of growth opportunities • Strong Financials Particulars As on March 2025 Networth ₹ 27,362 Cr Net Debt ₹ 43,962 Cr Net Debt/TTM Proforma EBITDA 5.0x Net Debt/TTM Proforma EBITDA 3.9x (excl. under construction projects) Net Debt/Equity 1.6x Wt
Slide 39: 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 40: Investment Story
Investment Story Sustainable Growth Large addressable market. Strong execution track record Strong ESG Achieved sector leading ‘A’ Rating for ESG from globally acclaimed MSCI recognizing Efficient Capital Allocation our strong commitment to sustainable History of value accretive and responsible busi
Slide 41: Energy Storage and Green Hydrogen
Energy Storage and Green Hydrogen India’s Storage Capacity Mix for FY 2031-32 Electrons to Molecules National Green Hydrogen Mission National Electricity Plan 2023 • India's National Green Hydrogen Mission, PSP BESS launched in January 2023, is a transformative Base Case Energy 27 GW 47.2 GW initiat
Slide 42: 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 43: Energy Products
Energy Products Green Hydrogen Wind Turbine Blade Manufacturing Green Power 25 MW RTC power Commercial Secured land for plant Scale Plant Green H2 Surety of Offtake 3,800 TPA Green Hydrogen -3,800 TPA Cost plus Offtake Green Oxygen – 30,000 TPA Structure agreement with for both Power Transmission No
Slide 44: Investment Story
Investment Story Sustainable Growth Large addressable market. Strong execution track record Strong ESG Achieved sector leading ‘A’ Rating for ESG from globally acclaimed MSCI recognizing Efficient Capital Allocation our strong commitment to sustainable History of value accretive and responsible busi
Slide 45: Sustainability: Framework and Ratings
Sustainability: Framework and Ratings 17 Focus Areas with 2030 Targets from 2020 as Base Year Climate Change Renewable Power Biodiversity ▪ Committed to being carbon Enhance the renewable power No Net Loss for Biodiversity neutral by 2050 to 2/3rd of our Total Installed Governance & Oversight by ▪ R
Slide 46: 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 30 GW generation capacity, focusing on both renewables and base load Excellence capacity ✓ Foraying in New Energy Platforms: Green Hy
Slide 47: Investor Relations Contact
Investor Relations Contact: ir.jswenergy@jsw.in JSW Energy, Ratnagiri 47
Slide 48: Appendix
Appendix Acquired RE Portfolio Solar Plant (Hungund, Karnataka)
Slide 49: 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 50: 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 51: 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 52: 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 53: JSW Energy Company Overview – Broad Corporate Structure
– Broad Corporate JSW Energy Company OverviewStructure Ratnagiri – 1,200 MW JSW Energy Limited Vijayanagar – 860 MW Hydro Entities Nandyal – 18 MW 29,863 MW Solar/Wind Entities Solar – 10MW Total – 2,088 MW Products & Services JSW Neo Energy KSK Mahanadi – 1,800 MW 20,795 MW JSWEBL – 1,080 MW Utkal
Slide 54: Segment Wise Performance | Thermal
Segment Wise Performance | Thermal Installed Capacity 5,658 MW
Slide 55: 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 56: Strategic Thermal Expansion – KSK Mahanadi Power Limited - 3.6 GW
Strategic Thermal 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, Chhat
Slide 57: Segment Wise Performance | Renewables
Segment Wise Performance | Renewables Installed Capacity 5,217 MW
Slide 58: JSW Neo Energy Company Overview
Company JSW Neo Energy Overview | Housing all Renewable Energy Assets Hydro Entities Solar/Wind Entities JSW Neo Energy Products & Services 20,795 MW Major Entities: Energy Generation Portfolio * JSW Hydro Energy JSW Renewable Energy Acquired RE portfolio JSW Renew Energy JSW Renew Energy JSW Renew
Slide 59: JSW Neo Energy – Overview At a Glance
Company JSW Neo Energy – At a Overview Glance Generation Energy Storage Energy Products 20.8 GW 29.3 GWh Electrons to Molecules • Received NoA for 6,500 TPA under SIGHT Program Renewable • Constructing 3,800 TPA Green Energy Storage Installed – 6,550 MW Hydrogen plant BESS – 2.9 GWh across six proje
Slide 60: 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 61: Energy Storage and Products
Energy Storage and Products Energy Storage – Target of 40 GWh by 2030 Energy Products Green Hydrogen | Wind Blade Manufacturing Total Locked-in Energy Storage Capacity of 29.3 GWh Under-Construction Green H2 Plant – 3,800 TPA Hydro Pumped Storage Battery Energy Storage System ▪ 25 MW RTC power | 3,8
Slide 62: Strategic Expansion – O2 Power RE Platform – 4.7 GW
Strategic Expansion – O2 Power RE Platform – 4.7 GW Overview – O2 Power RE Portfolio Well diversified in multi technology and storage • Jointly established by EQT Infrastructure and Temasek in 2019 • Locked-in capacity stands at 4.7 GW across solar, Solar, 1,903 Hybrid/FDRE, 2,056 wind and complex s