Jsw Energy Limited · NSE:JSWENERGY
Jsw Energy — Q1 FY26 Earnings Presentation
50 slides from Jsw Energy's earnings presentation, Jul 31, 2025
Slide 1: Q1 FY26 Results Presentation
BETTER EVERYDAY Q1 FY26 Results Presentation 31 July 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 Segment Wise Performance Safety & Sustainability Business Environment Appendix Vijayanagar Solar Power Plant JSW Energy Q1 FY26 Results Presentation 3
Slide 4: Company Highlights
Company Highlights Barmer TPP 1,080 MW
Slide 5: Q1 FY26 - Quarterly Highlights (1/3)
Q1 FY26 - Quarterly Highlights (1/3) • Net Generation: Up by 71% YoY at 13.5 BUs driven by organic RE capacity additions, contribution from O2 Power and Mahanadi plant, and higher generation at Vijayanagar due to long-term tie-up • RE generation is up by 54% YoY at 5.0 BUs driven by organic wind cap
Slide 6: Q1 FY26 - Quarterly Highlights (2/3)
Q1 FY26 - Quarterly Highlights (2/3) • Reported EBITDA increased 93% YoY to ₹ 3,057 Cr, driven by organic renewable capacity additions and contribution from Mahanadi and O2 Power • Reported PAT increased by 42% YoY to ₹ 743 Cr while Cash PAT grew by 65% YoY to ₹ 1,579 Cr Consolidated • Healthy Balan
Slide 7: Q1 FY26 - Quarterly Highlights (3/3)
Q1 FY26 - Quarterly Highlights (3/3) • JSW Energy is the constituent of FTSE Russell’s FTSE4Good Index • Achieved sector leading ‘A’ Rating for ESG from MSCI ESG • Honorable Supreme Court ruled 18% free power to be supplied to Himachal Pradesh from the Karcham-Wangtoo hydro plant Litigation Thermal
Slide 8: Operational & Financial Performance
Operational & Financial Performance Sholtu Hydro Plant
Slide 9: Consolidated Performance
Consolidated Performance Operational Highlights Net Generation (MUs) Total Revenue (₹ Cr) 78% Q1 FY26 71% 13,494 5,411 • Net Generation: Up by 71% YoY at 13.5 BUs driven by organic RE capacity additions, contribution from O2 7,881 3,043 Power and Mahanadi plant and higher generation at Short Term 87
Slide 10: 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 10
Slide 11: EBITDA Bridge
EBITDA Bridge Q1 FY26 Particulars in ₹ Cr 260 53 3,057 219 +93% YoY 867 35 43 1,581 ₹ 945 Crore from Thermal EBITDA Mahanadi Higher Long Higher Short O2 Power Solar & Others EBITDA Q1 FY25 Term Sales Term Sales Wind Q1 FY26 11 JSW Energy Q1 FY26 Results Presentation
Slide 12: 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 13: Superior Financial Risk Profile
Superior Financial Risk Profile Net Debt (₹ Cr) Net Worth (₹ Cr)* & Cash Returns (%) 59,313 26,929 27,970 27,152 27,362 27,738 20,832 43,962 21% 19% 26,286 26,636 24,875 26,448 23,339 21,553 21,504 20,972 20,746 16% 21,378 15,501 16% 16% 16% Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Dec-23 Mar-24 Ju
Slide 14: Healthy Trade Receivables
Healthy Trade Receivables Trade Receivables* (₹ Cr ) Off-taker Profile TN, 4% Others, 8% 3,696 UP, 9% Open Capacity, 8% 2,266 C&I, 3% GJ, 1% Hydro, 11% Wind, 28% HP, 2% Group MH, 4% 12,768 MW Captive, 20% AP, 4% Solar, 17% KA, 1% Thermal, 44% Jun 30, 2024 Jun 30, 2025 TS, 3% Receivable Days 65 58 PT
Slide 15: 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 6,009 MW 4,561 30,312 Locked-in 20% Thermal 9,058 MW 5,242 240 30% Solar 6,511 MW 2,447 22% 3,454 Installed 12,768 MW 1,600 Under-constru
Slide 16: 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 Salboni 1,600 1,600 Pipeline Contracted Installed Thermal 1,600 1,600 NTPC Solar III 400 400 Kutehr 240 240 SECI XV (Solar +ESS) 500 500
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) 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 18: Segment Wise Performance | Thermal
Segment Wise Performance | Thermal Installed Capacity 5,658 MW
Slide 19: 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 20: Thermal Assets | Q1 FY26 Highlights (2/2)
Thermal Assets| Q1 FY26 Highlights (2/2) Operational Highlights Net Generation (MUs) Thermal : PLF – long term • Total Net Generation up 83% YoY to 8.5 BUs, driven 83% by contribution from Mahanadi, Utkal Unit-2 and 8,504 higher LT volumes at Vijayanagar. 100% 73% 79% 80% • Short Term generation dur
Slide 21: Segment Wise Performance | Renewables
Segment Wise Performance | Renewables Installed Capacity 7,110 MW
Slide 22: Renewable Assets | Q1 FY26 Highlights | 7,110 MW Operational
Renewable Assets | Q1 FY26 Highlights | 7,110 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 1,391 MW Operational 2,157 MW Operational -Nil KAOpen Others C&I RJ 3% 2% 2% 5% 5% SECI HP
Slide 23: Renewable Assets | Q1 FY26 Highlights
Renewable Assets |Q1 FY26 Highlights Operational Highlights Installed Green Capacity (MW) Net Generation (MUs) • Added more than 3 GW of RE capacity in last 77% 54% 12 months 7,110 • Net RE generation during Q1 FY26 increased by 4,990 54% YoY driven by contribution from acquired 4,028 and greenfield
Slide 24: Safety & Sustainability
Safety & Sustainability JSW Energy, Barmer
Slide 25: 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 26: 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 27: 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 28: 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 29: Sustainability: Empowering Our Communities
Sustainability: Empowering Our Communities JSW Energy, Barmer JSW Energy Q1 FY26 Results Presentation 29
Slide 30: 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 31: Investor Relations Contact
Investor Relations Contact: ir.jswenergy@jsw.in ESG Data Profile: Link JSW Energy, Barmer and Vijayanagar Solar 31
Slide 32: Business Environment
Business Environment JSW Hydro - Sholtu
Slide 33: Indian Economy
Indian Economy Real GDP Growth (%) 22.6 13.5 • India continues to see resilient growth amid global 9.9 9.7 9.3 9.5 headwinds 8.4 7.4 6.0 6.9 6.5 6.4 5.5 5.6 4.5 4.8 o Real GDP growth in Mar-25 stood at 7.4% YoY and is 1.8 3.3 expected to remain around 6.5% for FY26. o PMI: Manufacturing (Jun-25: 58.
Slide 34: Power Demand declined by 1.5% in Q1 FY26
Power Demand declined by 1.5% in Q1 FY26 Power Demand in BUs Power Demand Growth (% YoY) • All India demand during Q1 FY26 at 446 165 20% BUs declined by 1.5% YoY on high base of 155 10% previous year and an early onset of 145 monsoon. 135 0% 125 115 -10% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb
Slide 35: Overall Generation declined by 2.0% in Q1 FY26
Overall Generation declined by 2.0% in Q1 FY26 Power Generation in BUs Power Generation Growth (% YoY) • Overall generation during Q1 FY26 20% 175 stood at 476 BUs declined by 2.0% YoY 165 10% in line with the decline in demand 155 during the quarter. 145 0% 135 • Share of thermal in overall generat
Slide 36: India's installed capacity stands at 485 GW as on Jun-25
India’s installed capacity stands at 485 GW as on Jun-25 Sector-wise Installed Capacity Segment-wise Installed Capacity Renewable Capacity Breakdown 185 49 17 22% 23% 9 State 52 Thermal Other RES 185 485 GW Nuclear Private 485 GW Wind Hydro Solar Central 116 Renewables 242 55% Overall segment wise n
Slide 37: 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 Q1 FY26 7 4.00 DAM prices were down 16% YoY as the average 5 3 tariff recorded for Q1 FY26 stood at ₹4.41/KWh 2.00 1 vs ₹5.26/KWh in corresponding period last 0.00 Jun-0
Slide 38: Appendix
Appendix Mytrah Solar
Slide 39: O2 Power Acquisition – 4.7 GW Renewable Platform
O2 Power Acquisition – 4.7 GW Renewable Platform Acquisition Completed in Q1FY26 O2 Net Leverage to improve with seasoning of assets Acquisition Updates – Completed on 9th April 25 Net Leverage 5.9x 5.6x* ~5.0x* • As of June 30, 2025, O2 Power’s installed capacity stood at 1.8 GW, with additional ~0
Slide 40: 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 41: 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 42: 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 43: 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 44: JSW Hydro – Q1 FY26 Highlights
JSW Hydro – Q1 FY26 Highlights Net Generation (MUs) Hydro : PAF and PLF Operational Highlights • Net generation at Hydro Assets (Karcham 4% and Baspa) increased 4% YoY 102% 102% 1,840 1,911 • Plant Availability Factor remains high at 63% 66% Short Term 102% and PLF stood at 66% in Q1 FY26 95%, 94%,
Slide 45: Strategic Expansion – Mahanadi Thermal Plant
Strategic Expansion – Mahanadi Thermal Plant Overview • Acquired on 6th Mar 25 for a resolution amount of ₹ 16,084 Cr • Secured financial creditors hold 26% stake • Plant Location - Janjgir-Champa district, Chhattisgarh • Technology – Sub-critical forced circulation technology • 1,800 MW operational
Slide 46: Capacity and Offtaker details
Capacity and Offtaker details Capacity Overview Offtaker for Installed + Under construction Portfolio Capacity (MW) Total Thermal Renewable Wind Solar Hybrid Hydro Installed Capacity (A) 12,768 5,658 7,110 3,562 2,157 - 1,391 Open Capacity, 4% Percentage 100% 44% 56% 28% 17% - 11% Others, 7% Under C
Slide 47: Under Construction Projects
Under Construction Projects JSW SECI X, Tuticorin JSW Energy Q1 FY26 Results Presentation 47
Slide 48: JSW Neo - Under construction Wind Power Projects
JSW Neo - Under construction Wind Power Projects SECI IX - Dharapuram JSW Group Captive - Dolvi JSW Group Captive - Sandur Wind Projects (SECI Projects and Group Captive) ▪ SECI X (454 MW) : Fully Commisioned ▪ SECI IX (810MW) : 702 MW Commisioned by end of Q1 FY26 ▪ Group Captive (737 MW) : 586 MW
Slide 49: JSW Neo - Kutehr Hydro Power Plant – 240 MW
JSW Neo - Kutehr Hydro Power Plant – 240 MW One of India’s fastest-executed large hydro • All Civil, Hydro-Mechanical, Electro-Mechanical, and Transmission Line works completed • Filling of Water conductor system (HRT) completed • Synchronisation of one 80 MW Unit completed 49 JSW Energy Q1 FY26 Res
Slide 50: Green Hydrogen – 3,800 TPA
Green Hydrogen – 3,800 TPA Project Status ▪ Trial runs under progress for 3,800 TPA Plant ▪ Green Hydrogen and Oxygen supply expected to commence soon 50 JSW Energy Q1 FY26 Results Presentation