JSWENERGY

Powers Ahead with Renewables

has steadily transformed into a renewable-focused power producer, leveraging acquisitions, organic expansion, and strong operating cash flows. With most newly acquired assets now operational, the company is seeing meaningful contributions to revenues and cash generation. Supported by a robust project pipeline and a healthy balance sheet, JSW Energy is positioning itself for its next growth phase, targeting 30 GW of generation and 40 GWh of storage capacity by 2030. Operational Performance 9MFY26 revenues: up ~68% YoY; profits up ~42% YoY. Installed capacity: rose to 13.3 GW from 8.1 GW a year ago. Capacity additions: 5.2 GW added, of which 3.1 GW from renewables. Generation: up 65% YoY to 11.1 BU, reflecting higher capacity and improved utilisation. Recently acquired assets (O2 Power, KSK Mahanadi, Tidong Hydro) now contributing significantly. Growth Pipeline & Strategy Operational capacity: 13.3 GW; under-construction pipeline: ~14 GW. Ambitious target: 30 GW generation capacity and 40 GWh storage by 2030. Healthy cash balance of ₹7,159 crore provides flexibility for organic and inorganic growth. Key projects: Salboni and Utkal progressing well; renewable and hydro segments gaining traction. Long-term PPAs: secured 25-year PPA for 400 MW Utkal plant, reducing merchant exposure from 8% to 5%. Valuation & Outlook: Currently trades at ~24x FY28E earnings, reasonable given large pipeline and renewable shift. Diversified portfolio, rising share of long-term PPAs, and strong balance sheet enhance stability. Earnings momentum expected to continue, supported by capacity additions and reduced volatility from merchant sales. JSW Energy’s transformation into a renewable-heavy, diversified power company is well underway. With strong operational momentum, a robust pipeline, and disciplined financial management, the company offers long-term growth visibility and resilience against near-term market uncertainties.