Jsw Energy Limited · NSE:JSWENERGY
Jsw Energy — Investor Presentation (August 2025)
61 slides from Jsw Energy's investor presentation, August 2025
Slide 1: Responsible, Resilient & Resolute
BETTER EVERYDAY Responsible, Resilient & Resolute Corporate Presentation | Aug 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 13 GW installed generation capacity ▪ India’s largest steel producer with capacity of 35.72 mtpa ▪ Targeting 30 GW Generation + 40 GWh of Storage capacity by ▪ Growing to 43.4 mtpa by Sep’27 and 51.5 mtpa by FY31 2030 ▪ Market Cap: ~US$ 29 Bn ▪ Market Cap: ~US$
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 FY2030 To become a 30 GW company and 40 GWh Energy Storage FY2050 To become carbon neutral by 2050 Vijayanagar
Slide 5: Promises Delivered
Promises Delivered Installed capacity surpasses 13 GW with share of RE at 57% 37% CAGR 10 GW Target Surpassed Ten-year growth road-map 13,020 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 Annual
Slide 6: 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 Aug-25 6
Slide 7: Sustainability & Safety
Sustainability & Safety JSW Energy, Barmer
Slide 8: 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 Indepen
Slide 9: 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 FY 26, in compliance with SEBI requirement ▪ GHG Emissions ▪ LCA (Life Cycle Assessment) and EPD (Environment
Slide 10: Sustainability: Q1 FY26 Performance
Sustainability: Q1 FY26 Performance Key Highlights Performance Ash Utilisation (%) ▪ Supply Chain Sustainability Assessment – 82 suppliers selected as per SEBI requirement, for FY 24-25. 100% 100% Climate Change ▪ Increased share of RE for de-carbonization - Total RE operational capacity increased f
Slide 11: Sustainability: Empowering Our Communities
Sustainability: Empowering Our Communities Health and Nutrition Sports Promotion • 27,475 lives in Vijayanagar, Ratnagiri, and Himachal Pradesh have benefitted from our • 113 players in Sholtu, Himachal Pradesh health interventions, including community have benefitted from JSW Shikhar program outrea
Slide 12: Continued Focus on Health & Safety Excellence
Continued Focus on Health & Safety Excellence All Figures are for Q1 FY26 Safety Culture Survey to benchmark with best Safety Performance organisations globally LTIFR - 0.095 Contractor Safety Management ▪ 179 Contractors re-evaluated by pre-qualification assessment (PQA) scoring at various wind pro
Slide 13: 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 14: JSW Energy Overview
JSW Energy Overview Sholtu Hydro Power Plant - Turbine
Slide 15: 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 G
Slide 16: 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, 7.1 GW, Hybrid+ Thermal, 29.4 GWh of locked in capacity Green H2 and Equipment Manufacturing FDRE, 23% 30% Green Hydrogen & Derivat
Slide 17: 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): 10th August 2025 Installed 13,020 MW Pipeline 4,561 MW Thermal 5,658 MW HR, 2% Others, 8% Solar 900 MW Wind 3,574 MW TN, 4% Hybrid 1,861 MW 15% Solar 2,157 MW Thermal** 1,8
Slide 18: Operating Locations: Pan India presence
Operating Locations: Pan India presence Current Operational Capacity (13,020 MW) Himachal Pradesh Punjab 1,631 MW Wind 50 MW Uttar Pradesh Solar Rajasthan 50 MW Thermal 258 MW 1,080 MW Madhya Pradesh 30 MW Hydro 1,035 MW Assam Gujarat 70 MW 148 MW Chhattisgarh 1,800 MW Odisha Maharashtra Operating P
Slide 19: Operational & Financial Performance
Operational & Financial Performance Sholtu Hydro Plant
Slide 20: Healthy Operations and Financials
Healthy Operations and Financials Business model with steady cashflow generation 92% ~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 13.5 BUs ₹ 4,858Cr 21.9 Net Generation Proforma TTM Cash PAT 2 13.5 5,411 Figures a
Slide 21: 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 5.95x 2.14x Net Worth Net Debt Net Debt/Proforma EBITDA Net Debt/Equity $ Bn 2 6.8 5.1 8.87% 58 Wt. average cost of debt Receivable Days (incl unbilled revenue) 3.2 3.2 3.2 2.3 2.7
Slide 22: Net Debt Movement
Net Debt Movement Particulars in ₹ Cr Leverage Net Debt (₹ Cr) Proforma EBITDA (TTM; ₹ Cr) ND/EBITDA (x) Operating (Excl. O2 Power) 41,860 9,193 4.6x Capital Work- in-Progress (CWIP) Operating O2 Power (at 1.8 GW Capacity) 4,589 775 5.9x Combined (Excl. Under Construction) 46,449 9,968 4.7x Operatio
Slide 23: Why JSW Energy?
Why JSW Energy ? - Investment Story - Key Highlights
Slide 24: 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 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: 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 27: 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 28: 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 29: 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) ~19% CAGR 30,000 EBITDA 30 GW by 30 • FY2030 run rate EBITDA to be Generation 2.7-3.0x of FY2025 proforma Surpassed EBITDA 12,768 FY 30: Triple the capacity to 30 GW 10 GW before FY25 4,559 27% CAGR Capital Expe
Slide 30: Current Generation Capacity – 30 GW by 2030
Current Generation Capacity – 30 GW by 2030 Hybrid Generation (MW) Hydro 7,103 MW Generation 1,631 MW 23% 5% FY 26 - 30: Triple the capacity to 30 GW Wind 30.3 GW 4,561 30,312 6,009 MW Locked-in 20% Thermal 5,242 9,058 MW 30% Solar 2,435 6,511 MW 3,454 22% 1,600 Installed 13,020 MW 13,020 Under-cons
Slide 31: Current Under-Construction and Pipeline Projects
Current Under-Construction and Pipeline Projects Under Construction / PPA Signed Letter of Award/Intent Received – Pipeline 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 SECI IX 108 10
Slide 32: 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 33: 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 34: 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 35: 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 operational) • Mid Teen Equity IRR Acquired on 9 th April -25; 1,343MW • Access to high quality talent pool Successful bidder under N
Slide 36: 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 37: Robust Balance Sheet & Cashflows
Robust Balance Sheet & Cashflows Balance sheet Supportive of growth opportunities • Strong Financials Particulars As on June 2025 Networth ₹ 27,738 Cr Net Debt ₹ 59,313 Cr Net Debt/TTM Proforma EBITDA 5.95x Net Debt/TTM Proforma EBITDA 4.66x (excl. under construction projects) Net Debt/Equity 2.14x
Slide 38: 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 # Jun-25 # Jun-25 (TTM) ^ Reported PAT 850 231 351 522 853 168 408 743 2,246 Add: Depreciation 409 400 427 375 392 406 482 739 2,989 Add/(less): Deferred Taxes 89 (4) (
Slide 39: 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 40: 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 41: 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) SECI (Rajasthan) 1.0 40.0 SECI XV (Solar + BESS) 0.5 SECI (Kerela) ✓ 0.5 26.4 29.4 Group Captive 0.3 RVUNL ✓ 0.5 KREDL (Solar + BESS) ✓ 0.1 FDRE ✓ 0.1 Total 3.0
Slide 42: 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 43: 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 44: Sustainability: Framework and Policies
Sustainability: Framework and Policies 17 Focus Areas with 2030 Targets - from 2020 as Base Year Governance & Oversight by Climate Change Renewable Power Biodiversity Sustainability Committee ▪ Committed to being carbon Enhance the renewable power No Net Loss for Biodiversity neutral by 2050 to 2/3r
Slide 45: 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 46: Investor Relations Contact
Investor Relations Contact: ir.jswenergy@jsw.in JSW Energy, Ratnagiri 46
Slide 47: Appendix
Appendix Acquired RE Portfolio Solar Plant (Hungund, Karnataka)
Slide 48: Consolidated Financial Results
Consolidated Financial Results Particulars in ₹ Crore Q1 FY26 Q1 FY25 Total Revenue 5,411 3,043 EBITDA 3,057 1,581 EBITDA Margin(%) 56% 52% Depreciation 739 375 Finance Cost 1,306 511 Profit Before Tax 1,012 694 Profit After Tax 743 522 Cash Profit After Tax 1 1,579 958 Diluted EPS2 (₹) 4.25 3.00 48
Slide 49: Operational Performance – Thermal
Operational Performance – Thermal Net Generation (MUs) PLF/CUF (%) Location (Current Capacity) Capacity (%) Q1 FY26 Q1 FY25 Change YoY Q1 FY26 Q1 FY25 LT 91% 1,630 1,629 0% 74 (*91) 74 (*86) Ratnagiri (1,200 MW) Total 100% 2,061 2,117 -3% 86 (*100) 88 (*99) Barmer (1,080 MW) LT 100% 1,390 1,388 0% 7
Slide 50: Operational Performance – Renewables
Operational Performance – Renewables Net Generation (MUs) PLF/CUF (%) Location (Current Capacity) Capacity (%) Q1 FY26 Q1 FY25 Change YoY Q1 FY26 Q1 FY25 LT 97% 1,799 1,739 3% 64 62 * Hydro (1,345 MW) Total 100% 1,911 1,840 4% 66 63 Solar (2,157 MW) LT 100% 925 356 160% 21 24 Wind (3,562 MW) LT 100%
Slide 51: Financial Results – Major Entities
Financial Results – Major Entities Entity-wise Revenue from Operations Particulars in ₹ Crore Q1 FY26 Q1 FY25 Standalone 916 1,050 JSW Energy (Barmer) 621 639 JSW Energy (Utkal) 604 265 Mahanadi 1,557 NA JSW Hydro Energy 339 320 O2 Power 244 - Mytrah 473 432 JSW Renewable Energy (Vijayanagar) 124 63
Slide 52: JSW Energy Company Overview – Broad Corporate Structure
JSW Energy Company OverviewStructure – Broad Corporate Ratnagiri – 1,200 MW JSW Energy Limited Vijayanagar – 860 MW Hydro Entities Nandyal – 18 MW 30,312 MW Solar/Wind Entities Solar – 10MW Total – 2,088 MW Products & Services JSW Neo Energy KSK Mahanadi – 1,800 MW 21,254 MW JSWEBL – 1,080 MW Utkal
Slide 53: Segment Wise Performance | Thermal
Segment Wise Performance | Thermal Installed Capacity 5,658 MW
Slide 54: Thermal Assets | Q1 FY26 Highlights
Thermal Assets | Q1 FY26 Highlights Offtaker Profile Operational Assets 5,658* MW Others TANGEDCO 2% 9% Rajasthan 19% UPPCL 19% 5,658 MW MSDECL 5% Open 16% Group Captive Ratnagiri Barmer Vijayanagar Utkal KSK 30% Installed Capacity 1,200 MW 1,080 MW 860 MW 700 MW 1,800 MW PPA /Tied up 1,105 MW 1,080
Slide 55: Strategic Thermal Expansion – KSK Mahanadi Power Limited
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 56: Segment Wise Performance | Renewables
Segment Wise Performance | Renewables Installed Capacity 7,362 MW
Slide 57: 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 21,254 MW Major Entities: Energy Generation Portfolio * JSW Hydro Energy JSW Renewable Energy Acquired RE portfolio JSW Renew Energy JSW Renew Energy JSW Renew
Slide 58: JSW Neo Energy – At a Glance
Company JSW Neo Energy – At a Overview Glance Generation Energy Storage Energy Products 21.3 GW 29.4 GWh Electrons to Molecules • Received NoA for 6,500 TPA under SIGHT Program Renewable • Constructing 3,800 TPA Green Energy Storage Installed – 7,362 MW Hydrogen plant BESS – 3.0 GWh across six proje
Slide 59: Renewable Assets | 7,362 MW Operational
Renewable Assets | 7,362 MW Operational 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 3,562 MW Operational 1,631 MW Operational 2,157 MW Operational -Nil HR, 3% Open, 2% NHPC, 5% SECI, 23% NTPC, 6% C&I, 6% GJ, 2% 7,362
Slide 60: 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 29.4 GWh Under-Construction Green H2 Plant – 3,800 TPA Hydro Pumped Storage Battery Energy Storage System ▪ 25 MW RTC power | 3,8
Slide 61: 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