Jsw Energy Limited · NSE:JSWENERGY
Jsw Energy — Q4 FY26 Earnings Presentation
40 slides from Jsw Energy's earnings presentation, May 11, 2026
Slide 1: Q4 FY26 Result Presentation
Q4 FY26 Result Presentation 11th May 2026
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: FY 2026 – Highlights of the Year
FY 2026 – Highlights of the Year 2.6 GW capacity added via disciplined organic execution and selective inorganic plays Strategic thermal growth anchored via Salboni 1,600 MW PPA; supply chain de-risked via partnerships & JVs Record EBITDA of ₹11,041 Cr (+81% YoY), driven by seamless KSK & O2 integra
Slide 4: Agenda
Agenda 01 02 03 Operational & Company Strategy 3.0: Financial Highlights Growth Blueprint Performance 04 05 Safety & Appendix Sustainability JSW Energy Q4 FY26 Results Presentation 4
Slide 5: Company Highlights
Company Highlights
Slide 6: Q4 FY26 - Quarterly Highlights (1/2)
Q4 FY26 - Quarterly Highlights (1/2) LT Thermal Generation (MUs) Operational performance Mahanadi + 970 • Power sales volume: Up by 48% YoY, from 7.9 BUs to 11.7 BUs Standalone (295) • RE generation rose 68% YoY from 1.7 BUs to 2.9 BUs Barmer (139) • Thermal generation increased by 43% YoY from 6.2
Slide 7: Q4 FY26 - Quarterly Highlights (2/2)
Q4 FY26 - Quarterly Highlights (2/2) Consolidated Financial Growth Projects Strategic Updates Performance • Q4FY26 EBITDA up 72% YoY to ₹2,602 • Completed the acquisition of Tidong • Acquired Raigarh Champa Rail Cr from ₹1,512 Cr Hydro Power (150 MW) from Infrastructure, securing full • Q4FY26 PAT i
Slide 8: Integrated Digital Command Centre Set up in Q4FY26
Integrated Digital Command Centre Set up in Q4FY26 Real-Time KPI Monitoring 01 Continuous KPI monitoring across energy portfolio and site levels - tracking generation, availability, and performance with instant alerts Daily Generation & Performance Reporting 02 Automated daily generation capture wit
Slide 9: Operations & Financial Highlights
Operations & Financial Highlights Sholtu Hydro Plant
Slide 10: Consolidated Performance
Consolidated Performance Operational Highlights Net Generation (MUs) Total Revenue (₹ Cr) Q4 FY26 Long-term Short-term FY2025 FY2026 58% 51,276 • Net Generation: +48% YoY from 7.9 BUs to 11.7 48% 57% 39% 11,726 19,878 BUs, driven by contribution from Mahanadi plant, 4,851 7,912 32,383 Utkal, and O2
Slide 11: Consolidated Financial Results
Consolidated Financial Results Total Revenue (FY26) EBITDA (FY26) EBITDA Margin (FY26) Cash PAT (FY26) Diluted EPS (FY26) ₹19,878 Cr +57% ₹11,041 Cr +81% 56% +8 pp ₹4,359 Cr +28% ₹12.74 +14% vs ₹12,639 Cr FY25 vs ₹6,115 Cr FY25 vs 48% FY25 vs ₹3,399 Cr FY25 vs ₹11.18 FY25 FY26 FY25 Particulars in ₹
Slide 12: EBITDA Bridge
EBITDA Bridge Q4 FY26 Particulars in ₹ Cr ₹ 794 Crore from Thermal 170 2,602 200 (75) 97 5 727 +72% YoY (35) 1,512 ₹ 370 Crore from Renewables EBITDA Mahanadi Utkal Long Term Sales Short Term Sales O2 Power Solar & Others EBITDA Q4 FY25 Wind Q4 FY26 Capacity led EBITDA growth of 72% YoY JSW Energy Q
Slide 13: Net Debt Movement Q4 FY26
Net Debt Movement Q4 FY26 Operational Net Debt (₹ Cr) CWIP Debt (₹ Cr) 9,035 758 57,779 -1,212 -11 -835 50,045 11,994 8,055 -3,939 Net Debt as on Net Addition Net Debt as on Net Debt as on New Debt Taken Forex restatement Repayment Movement in Change in Net Debt as on Dec 31,2025 Mar 31,2026 Dec 31,
Slide 14: Superior Financial Risk Profile
Superior Financial Risk Profile Net Debt (₹ Cr) Net Worth (₹ Cr)* & Cash Returns (%) 63,771 65,834 29,124 29,634 30,752 59,313 61,960 27,152 27,362 27,738 7,092 20% 7,221 20% 6,971 5,648 6,616 6,360 19% 43,962 16% 18% 26,448 16% 21,504 20,746 21,378 22,031 22,413 23,781 Dec-24 Mar-25 Jun-25 Sep-25 D
Slide 15: Healthy Trade Receivables
Healthy Trade Receivables Trade Receivables* (₹ Cr ) Off-taker & Installed Capacity HR, 2% Others, 10% TN, 4% Open, 4% 3,240 2,901 (580 MW) UP, 8% Hybrid, Hydro, 451 C&I, 4% 1,631 Thermal, GJ, 1% 5,658 HP, 2% Group Captive, 20% (2,745 MW) MH, 3% Wind, 13,454 MW 3,656 AP, 3% Mar 31, 2025 Mar 31, 2026
Slide 16: Cash Returns on Adjusted Net Worth
Cash Returns on Adjusted Net Worth ₹ Cr (Unless mentioned otherwise) Quarter ended Jun-24 Sep-24 Dec-24 Mar-25 # Jun-25 # Sep-25 Dec-25 Mar-26 FY26 PAT to Shareholders 522 853 168 408 743 705 420 372 2,239 Add: Depreciation 375 392 406 482 739 809 829 809 3,185 Add/(less): Deferred Taxes 61 (4) (66)
Slide 17: Strategy 3.0: Growth Blueprint
Strategy 3.0: Growth Blueprint
Slide 18: Growth With Profitability
Growth With Profitability Healthy Capacity Addition Highest Ever EBITDA Highest ever PAT 13,454 MW ₹ 11,041 Cr ₹ 2,762 Cr 24% CAGR (FY21-26) 29% CAGR (FY21-26) 27% CAGR (FY21-26) 27% CAGR 29% CAGR 2,762 24% CAGR 11,041 13,454 4,559 3,144 823 FY10 FY15 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY10 FY15 FY2
Slide 19: Generation Capacity – 30 GW by 2030
Generation Capacity – 30 GW by 2030 Wind, 6,009MW, 19% Hydro, 1,781MW, 6% Generation (MW) FY 26 - 30: Triple the capacity to 30 GW Merchant, 32,062 655MW Solar, 6,505MW, 32.1 GW * Hybrid, 7,110MW, 4,561 Pipeline 20% 27,502 Locked-in Group 22% Captive/ C&J, 150 5,396MW 4,798 3,547 Utility Scale, 26,0
Slide 20: Under-Construction and Pipeline Projects
Under-Construction and Pipeline Projects Under Construction / PPA Signed: 14,048 MW Pipeline Projects: 4,561 MW Thermal Assets Wind Assets Solar Assets Project Installed (MW) Project Installed (MW) Project Installed (MW) Salboni 3,200 SECI IX 108 NTPC Solar III 400 Thermal- Wt. Tariff (₹5.6 / KWh) 3
Slide 21: Energy Storage – Target of 40 GWh by 2030
Energy Storage – Target of 40 GWh by 2030 BESS Projects PSP Projects BESPA BESS (GWh) Capacity Quoted Tariff SCOD Signed Tariff- PHESFA ₹ 4.41 Pumped Hydro Storage(GWh) Capacity Lakh/MW SCOD SECI (Kerala) Yes 0.5 Dec-2026 Signed Lakh/MW/Month / Annum Group Captive Yes 0.5 Various Sep-2026 MSEDCL Yes
Slide 22: Safety & Sustainability
Safety & Sustainability _ es. —
Slide 23: 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 Independent Directors Mr. Sunil Goyal ▪ Committed to being carbon Enhance the renewable power No Net Loss fo
Slide 24: Sustainability: Targets and Strategy
Sustainability: Targets and Strategy Sustainability: Targets and Strategy FY20 Improvement FY30 SD Targets (FY20 to FY30) Strategic Initiatives and Approach Actuals Targets • Increased share of RE for de-carbonization - Total RE operational capacity • GHG Emissions 0.76 48% 0.39 increased from 5,217
Slide 25: Sustainability: FY26 Performance
Sustainability: FY26 Performance Key Highlights Performance ▪ Supply Chain Sustainability Assessment completed for FY26, as per SEBI’s requirement. Ash Utilisation (%) Critical Tier 1 Suppliers are being evaluated and certified on the basis of ESG Performance.. 96.3% 100% Climate Change ▪ Improvemen
Slide 26: Continued Focus on Health & Safety Excellence
Continued Focus on Health Safety Excellence ContinuedFocuson Health&SafetyExcellence All Figures are for FY26 Safety Culture in Action Safety Performance Leadership Safety Training VR Safety Training Safety Week • LTIFR - 0.13 Contractor Safety Management • Contractor field safety audits have been i
Slide 27: Sustainability: Empowering Our Communities
Sustainability: Empowering Our Communities JSW Energy, Barmer JSW Energy Q3 FY26 Results Presentation 27
Slide 28: Sustainability: Empowering Our Communities
Sustainability: Empowering Our Communities Sustainability: Empowering Our Communities Health and Nutrition Skills and Livelihoods • Our doorstep healthcare initiative, through Mobile Health Units, • Skills and livelihood initiatives in Barmer covered 16 villages in Barmer, delivered over 15,500 cons
Slide 29: JSW Energy ESG Data Profile
ESG Data Profile JSW Energy ESG Data Profile Investor Relations Contact: ir.jswenergy@jsw.in
Slide 30: Capacity and Off taker Details Installed + Under construction Portfolio
Capacity and Off taker Details Installed + Under construction Portfolio Capacity Addition Offtaker Profile (Installed + Under construction Portfolio) Capacity (MW) Total Thermal Renewable Wind Solar Hybrid Hydro WB, 12% Others, 7% Open, 2% HR, 1% Installed Capacity Group 13,454 5,658 7,796 3,656 2,0
Slide 31: Financial Results – Major Entities
Financial Results – Major Entities Entity-wise Revenue from Operations Particulars in ₹ Crore Q4 FY26 Q4 FY25 FY26 FY25 Standalone 639 945 3,029 3,939 JSW Energy (Barmer) 589 689 2,382 2,741 JSW Energy (Utkal) 484 317 1,912 1,092 Mahanadi 1,663 441 6,071 441 JSW Hydro Energy 135 181 1,028 1,145 O2 P
Slide 32: Segment Wise Performance | Thermal
Segment Wise Performance | Thermal Ratnagiri TPP, Maharashtra Barmer TPP, Rajasthan Vijayanagar TPP, Karnataka Utkal TPP, Odisha 5,658 MW 3,200 MW 1,800 MW 10,658 MW Installed Under-construction Pipeline Thermal Capacity JSW Energy Q4 FY26 Results Presentation 32
Slide 33: Thermal Assets | Q4 FY26 (1/2)
Thermal Assets | Q4 FY26 (1/2) Offtaker Profile Operational Assets (5,658* MW ) / Under-Construction (5,000 MW ) Others TANGEDCO 2% 9% Rajasthan 19% UPPCL 19% 5,658 MSDECL 5% MW Open Group Ratnagiri (1,200 MW) Barmer (1,080 MW) Vijayanagar (860 MW) Utkal (700 MW) Mahanadi (3,600 MW) Salboni (3,200 M
Slide 34: Thermal Assets | Q4 FY26 (2/2)
Thermal Assets| Q4 FY26 (2/2) Thermal : PLF – long term Operational Highlights Net Generation (MUs) Long-term Short-term Q4 FY25 Q4 FY26 FY25 FY26 • Total Net Generation up 43% YoY to 8.8 43% 92% 94% 93% 59% 33,060 84% 87% BUs, primarily driven by Mahanadi, Utkal 8,813 79% 66% Unit-II and LT tie-up
Slide 35: Operational Performance – Thermal
Operational Performance – Thermal Net Generation (MUs) PLF (%) Capacity Change Change Location (Current Capacity) Q4 FY26 Q4 FY25 FY26 FY25 Q4 FY26 Q4 FY25 FY26 FY25 (%) YoY YoY LT 92% 1,268 1,615 -21% 5,961 6,580 -9% 58 (*87) 75 (*87) 68 (*93) 75 (*88) Ratnagiri (1,200 MW) Total 100% 1,556 1,950 -2
Slide 36: Segment Wise Performance | Renewables
Segment Wise Performance | Renewables Tuticorin, TN Jaisalmer, Rajasthan Vijayanagar , Karnataka Kutehr, Himachal Pradesh 7,796 MW 10,848 MW 2,761 MW 21,405 MW Installed Under-construction Pipeline Renewable Capacity JSW Energy Q4 FY26 Results Presentation 36
Slide 37: Renewable Assets | Q4 FY26 (1/2)
Renewable Assets | Q4 FY26 (1/2) Off taker Profile Total Wind – 6,009 MW Hydro - 1,781 MW Solar – 5,605 MW Hybrid––5,242MW Hybrid 5,249 MW 18,643 MW Operational 3,656 MW Operational 1,631 MW Operational 2,058 MW Operational 451 MW HR Open Others 3% NHPC 3% 3% SECI 6% 21% NTPC 5% C&I 7% GJ 2% 7,796 M
Slide 38: Renewable Assets | Q4 FY26 (2/2)
Renewable Assets |Q4 FY26 (2/2) Capacity Addition Installed Green Capacity (MW) Net Generation (MUs) 57% • Added 2.6 GW of RE capacity in last 12 18,217 months and 118 MW in Q4 FY26 49% 7,796 68% 2,913 11,610 Operational Highlights Short Term 5,217 1,729 99% 18,023 Long Term • Net RE generation duri
Slide 39: Operational Performance – Renewables
Operational Performance – Renewables Net Generation (MUs) PLF/CUF (%) Capacity Change Change Location (Current Capacity) Q4 FY26 Q4 FY25 FY26 FY25 Q4 FY26 Q4 FY25 FY26 FY25 (%) YoY YoY LT 97% 485 365 33% 6,150 5,470 12% 15 13 47 48 * Hydro (1,631 MW) Total 100% 485 383 27% 6,344 5,862 8% 14 13 48 50
Slide 40: Hydro Assets | Q4 FY26
Hydro Assets| Q4 FY26 Net Generation (MUs) Hydro : PAF & PLF Operational Highlights Long-term Short-term 87% 86% • Net generation at Hydro Assets for Q4 8% 6,344 98% 96% 27% FY26 was up 27% YoY at 485 MUs, due 485 383 5,862 50% 48% to better hydrology 95% 100% 13% 14% • Plant Availability Factor rem