JSW ENERGY LTD Q2 CONCALL: 3 GW RENEWABLE CAPACITY ADDITION TARGET IN FY27, 30 GW INSTALLED CAPACITY AMBITION BY FY30, ₹20,000 CR FY27 CAPEX & 1 GWH BATTERY STORAGE COMMISSIONING PLANNED

• MANAGEMENT REITERATED ITS TARGET OF 3 GW ORGANIC RENEWABLE CAPACITY ADDITIONS IN FY27, SUPPORTED BY A SUBSTANTIALLY SECURED PROJECT PIPELINE • MANAGEMENT EXPECTS TO COMMISSION APPROXIMATELY 1.6 GW OF ADDITIONAL RENEWABLE CAPACITY DURING THE REMAINDER OF FY27, FOLLOWING AROUND 1.4 GW ADDED SINCE APRIL 2026 • MANAGEMENT EXPECTS ANNUAL CAPACITY ADDITIONS OF APPROXIMATELY 2.5–3 GW FROM FY28 ONWARD, SUPPORTING LONG-TERM GENERATION PORTFOLIO EXPANSION • MANAGEMENT MAINTAINS ITS AMBITION TO REACH 30 GW OF INSTALLED GENERATION CAPACITY BY FY30, THROUGH RENEWABLE, THERMAL & OTHER POWER PROJECTS • MANAGEMENT INDICATED FY27-END OPERATIONAL CAPACITY COULD REACH APPROXIMATELY 16.7–16.8 GW, SUBJECT TO PROJECT COMMISSIONING TIMELINES • MANAGEMENT GUIDED FOR APPROXIMATELY ₹20,000 CR CAPITAL EXPENDITURE IN FY27, REFLECTING AGGRESSIVE INVESTMENTS IN GENERATION & STORAGE INFRASTRUCTURE • MANAGEMENT EXPECTS APPROXIMATELY ₹6,500 CR CASH ACCRUALS IN FY27, PROVIDING INTERNAL FUNDING SUPPORT FOR THE EXPANSION PROGRAMME • MANAGEMENT INDICATED FY27-END NET DEBT COULD REACH APPROXIMATELY ₹72,000 CR, REFLECTING THE FUNDING REQUIREMENTS OF ITS CAPACITY EXPANSION PIPELINE • MANAGEMENT EXPECTS TO COMMISSION APPROXIMATELY 1 GWH OF STANDALONE BATTERY ENERGY STORAGE CAPACITY IN FY27, INCLUDING PROJECTS LINKED TO RAJASTHAN & KERALA PPAS • MANAGEMENT AIMS TO EXPAND ITS COMMERCIAL & INDUSTRIAL POWER PORTFOLIO FROM APPROXIMATELY 3.7 GW TO MORE THAN 8.5 GW BY 2030 • MANAGEMENT EXPECTS GROWING ELECTRICITY DEMAND FROM JSW GROUP COMPANIES, INDUSTRIAL CUSTOMERS & DATA CENTERS TO SUPPORT LONG-TERM C&I CAPACITY EXPANSION • MANAGEMENT CONTINUES TO PRIORITIZE LONG-TERM POWER PURCHASE AGREEMENTS WHILE MAINTAINING SELECTIVE MERCHANT POWER EXPOSURE TO BENEFIT FROM ATTRACTIVE MARKET PRICES • MANAGEMENT CONFIRMED THAT Q3 FY27 MERCHANT POWER VOLUMES WERE FULLY BOOKED, WITH REALIZATIONS EXPECTED TO BE SIMILAR TO OR SLIGHTLY BETTER THAN Q2 • MANAGEMENT INDICATED Q4 FY27 MERCHANT POWER CONTRACT DISCUSSIONS WERE UNDERWAY, WITHOUT PROVIDING A COMMITTED PRICE OR VOLUME TARGET • MANAGEMENT EXPECTS APPROXIMATELY 60% OF RENEWABLE CAPACITY CURRENTLY OPERATING UNDER TEMPORARY GRID ACCESS TO RECEIVE PERMANENT ACCESS BY Q3 FY27-END • MANAGEMENT EXPECTS IMPROVED GRID CONNECTIVITY TO REDUCE RENEWABLE GENERATION CURTAILMENT, ALTHOUGH TRANSMISSION CONSTRAINTS REMAIN A KEY EXECUTION RISK • MANAGEMENT TARGETS COMMISSIONING OF KSK MAHANADI UNIT 4, WITH 600 MW CAPACITY, DURING FY28 • MANAGEMENT EXPECTS AN ADDITIONAL 1,200 MW OF KSK MAHANADI THERMAL CAPACITY TO BE COMMISSIONED DURING FY29 • MANAGEMENT INDICATED KSK MAHANADI EXPANSION CAPITAL COST PER MW COULD BE APPROXIMATELY 20–30% BELOW THE INDUSTRY AVERAGE DUE TO EXISTING SUPPORTING INFRASTRUCTURE • MANAGEMENT PLANS A 3,200 MW THERMAL POWER PROJECT AT SALBANI, WITH THE FIRST UNIT TARGETED FOR COMMISSIONING AROUND FY30 • MANAGEMENT EXPECTS MORE DETAILED COST & TIMELINE INFORMATION FOR THE PROPOSED 920 MW BHUTAN HYDRO PROJECT AFTER COMPLETION OF PROJECT STUDIES, TARGETED AROUND JUNE 2027 • MANAGEMENT CONTINUES TO EVALUATE NEW GENERATION PROJECTS USING A MINIMUM MID-TEEN INTERNAL RATE OF RETURN THRESHOLD • MANAGEMENT INDICATED THAT NEW PROJECT ECONOMICS ARE ASSESSED USING A CONSERVATIVE FINANCING COST ASSUMPTION OF APPROXIMATELY 9% • MANAGEMENT EXPECTS BORROWING COSTS TO REMAIN AROUND 8.5% OR LOWER UNDER ITS DISCUSSED INTEREST-RATE SCENARIO, SUPPORTED BY REFINANCING OPPORTUNITIES • MANAGEMENT DID NOT PROVIDE SPECIFIC CONSOLIDATED FY27 REVENUE, EBITDA OR PAT GUIDANCE • Q2 FY27 REVENUE INCREASED 24% YOY TO ₹6,658 CR, SUPPORTED BY HIGHER POWER GENERATION, NEW CAPACITY ADDITIONS & IMPROVED THERMAL OPERATIONS • Q2 EBITDA INCREASED 23% YOY TO ₹3,907 CR, WITH A CALCULATED EBITDA MARGIN OF APPROXIMATELY 58.7% • Q2 PAT INCREASED 38% YOY TO ₹1,141 CR, WHILE PAT ATTRIBUTABLE TO SHAREHOLDERS STOOD AT ₹1,056 CR • Q2 NET POWER GENERATION INCREASED 17% YOY TO 17.5 BILLION UNITS, REFLECTING HIGHER CONTRIBUTIONS FROM THERMAL, HYDRO, WIND & SOLAR ASSETS • THERMAL POWER GENERATION INCREASED 13% YOY TO 8.9 BILLION UNITS, WITH THERMAL PLANT LOAD FACTOR REACHING APPROXIMATELY 75% • HYDRO GENERATION GREW 13% YOY TO 3,421 MILLION UNITS, SUPPORTED BY NEWER ASSETS INCLUDING KUTTEHAR & TIDONG • WIND GENERATION INCREASED 25% YOY, WHILE SOLAR GENERATION GREW 36%, REFLECTING RENEWABLE CAPACITY ADDITIONS & OPERATING PERFORMANCE • WIND PLANT LOAD FACTOR STOOD AT APPROXIMATELY 46%, WHILE SOLAR PLANT LOAD FACTOR WAS AROUND 19% • INSTALLED GENERATION CAPACITY EXCEEDED 15.1 GW, WITH RENEWABLE ASSETS ACCOUNTING FOR APPROXIMATELY 61% OF THE PORTFOLIO • TOTAL CAPACITY ADDITIONS SINCE APRIL 2026 REACHED APPROXIMATELY 1.7 GW, INCLUDING 1.4 GW ORGANIC RENEWABLE CAPACITY & THE 300 MW MARUTI THERMAL ACQUISITION • MANAGEMENT INDICATED LAND, TRANSMISSION ACCESS, EQUIPMENT & PPAS WERE SUBSTANTIALLY SECURED FOR THE REMAINING FY27 RENEWABLE COMMISSIONING PIPELINE • Q2 MERCHANT POWER SALES STOOD AT APPROXIMATELY 1.1 BILLION UNITS, REPRESENTING AROUND 7% OF TOTAL ENERGY SALES • Q2 MERCHANT POWER REALIZATION REACHED APPROXIMATELY ₹6.90 PER UNIT, ABOVE THE DAY-AHEAD MARKET AVERAGE OF ₹5.70 PER UNIT • MANAGEMENT ATTRIBUTED STRONGER MERCHANT REALIZATIONS PARTLY TO BILATERAL CONTRACTS & DEMAND DURING HIGH-VALUE POWER CONSUMPTION PERIODS • MARUTI THERMAL ASSETS CONTRIBUTED APPROXIMATELY ₹45 CR EBITDA DURING THEIR FIRST 55 DAYS UNDER JSW ENERGY OWNERSHIP • MANAGEMENT HIGHLIGHTED IMPROVED UTKAL PLANT PROFITABILITY, SUPPORTED BY BETTER AVAILABILITY & LONG-TERM POWER PURCHASE AGREEMENTS • RENEWABLE CURTAILMENT STOOD AT APPROXIMATELY 4.8% FOR H1 FY27, HIGHLIGHTING TRANSMISSION & GRID CONNECTIVITY CHALLENGES • Q2 CURTAILED RENEWABLE GENERATION REACHED APPROXIMATELY 225 MILLION UNITS, WITH AN ESTIMATED REVENUE IMPACT OF ₹59 CR • Q2 DEPRECIATION STOOD AT ₹943 CR, WHILE FINANCE COST REACHED ₹1,615 CR, REFLECTING THE CAPITAL-INTENSIVE EXPANSION PROGRAMME • AVERAGE COST OF DEBT DECLINED TO APPROXIMATELY 8.28% FROM 8.79% A YEAR EARLIER • CASH & CASH EQUIVALENTS STOOD AT APPROXIMATELY ₹15,700 CR, PROVIDING LIQUIDITY SUPPORT FOR ONGOING PROJECT EXECUTION • KEY RISKS INCLUDE RISING NET DEBT, HIGH CAPITAL EXPENDITURE, RENEWABLE CURTAILMENT, PROJECT COMMISSIONING DELAYS, MERCHANT POWER PRICE VOLATILITY & REFINANCING UNCERTAINTY • OVERALL OUTLOOK REMAINS POSITIVE, WITH KEY MONITORABLES INCLUDING 3 GW FY27 RENEWABLE COMMISSIONING, 1 GWH BATTERY STORAGE DEPLOYMENT, 30 GW FY30 CAPACITY AMBITION, KSK THERMAL EXPANSION, C&I CONTRACT CONVERSION & FY27-END NET DEBT AROUND ₹72,000 CR

JSW ENERGY LIMITED

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