JSW Energy Ltd

- The Company currently has sufficient cash flow and promoter equity infusion to support capital expenditure, with no urgent need for new fundraising. - The promoters have infused ₹3,000 crore (₹500 crore equity + ₹2,500 crore warrants convertible to equity within 18 months). - The Company has shareholder approval for a potential Qualified Institutional Placement (QIP) up to ₹10,000 crore. - Management indicated that as capacity addition plans are finalized, any future fundraises will be considered during the year if needed. - There is no immediate plan to raise new debt or equity, but the Company is comfortable and prepared for fundraise if required. - Promoter stake increase is viewed positively by markets and rating agencies, potentially supporting credit rating improvements.

- JSW Energy is actively adding capacities with significant capex plans as part of ongoing execution over the next 2-3 years, targeting 30 GW capacity by 2030. - Salboni project: Phase 1 involves ₹16,000 crore investment for 2 x 800 MW units, with supply chain secured by acquisition of GE boiler plant in Durgapur for captive boiler manufacturing. - Started capex for additional 1.8 GW at KSK Mahanadi, including completing units acquired partly built, expecting commissioning over ~3 years. - BESS (Battery Energy Storage System) containerization and cell assembly plant is about to be commissioned. - Promoter equity infusion underway, supporting capital needs and potential for rating upgrades. - Capex plans will be communicated as finalized, with discussions ongoing on connectivity and land availability to stay on track for commissioning within PPA timelines. - Overall strategy emphasizes efficient capital allocation and exploring thermal and renewable opportunities selectively.

- Power sales grew sharply by 65% YoY in Q3 FY26, reaching 11.1 billion units; 9-month generation up 62% YoY to 39.6 billion units. - Capacity additions of 5.2 GW in the past 12 months (3.1 GW renewables, 2.1 GW thermal) are driving growth. - Total installed capacity increased to 13.3 GW, a 64% YoY rise. - Long-term PPAs cover 82% of sales, supporting stable revenue with a high blended average tariff of over ₹3.65/unit for renewables. - Contracted capacity and signed PPAs total 12.6 GW, with a 4.5 GW pipeline expected to convert, aiming for 30 GW by 2030. - Thermal bid pipeline and government targets suggest fresh capacity addition over the next 1-2 years, supporting future growth. - Merchant power market exposure is low (~8%, reducing to 5%), limiting revenue volatility. - Ongoing capex and commissioning plans (e.g., 1.5 GW in H2 FY26) will further boost volumes and revenue.

- JSW Energy's capacity additions are robust, with 5.2 GW added in the last 12 months and a target to exceed 30 GW by 2030. - Revenue and EBITDA show strong growth: Q3 FY26 revenue up 61% YoY; EBITDA up 98% YoY. - Cash profits improved by 12% YoY to about ₹570 crores in Q3 FY26. - Operating profits (PBT) currently under pressure due to higher depreciation and interest from capex; expected to improve as new capacities stabilize and interest/depreciation reduce over next 2-3 years. - Full-year profitability expected to recover as renewable and thermal assets ramp up, with certain quarters (e.g., Q3) seasonally weak due to lower PLF. - Deferred tax asset recognition supports PAT growth (up 150% in Q3). - Management optimistic on growth and returns with focus on operational efficiencies and project execution. - Reported ROEs likely to improve beyond current suppressed levels post ramp-up phase.

- JSW Energy's current operational capacity plus projects under construction stands at 27.5 GW. - There is an additional pipeline of 4.5 GW of capacity with Letters of Award (LOA) pending conversion to Power Purchase Agreements (PPAs). - Total signed and contracted capacity in renewable energy is about 12.6 GW. - The company expects to achieve its target of 30 GW capacity by 2030 with this pipeline and ongoing projects. - Plans for future bids and capacity additions are contingent on connectivity and land availability, but the company is insulated from major connectivity challenges for the next 1-2 years. - The Salboni thermal project is underway with a 3,200 MW capacity, with Phase 1 requiring around ₹16,000 crores of investment. - JSW Energy has secured capacity through acquisitions and ongoing projects like the 1.8 GW addition at KSK Mahanadi.