JSW Energy Limited has filed its audited standalone and consolidated financial statements for the financial year ended 31st March, 2026, under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The financial statements were approved by the Board of Directors at its meeting held on 11th May, 2026, and have been audited by Deloitte Haskins & Sells LLP, Chartered Accountants, who issued an unmodified audit opinion on both the standalone and consolidated accounts. The statements remain subject to adoption by shareholders at the ensuing Annual General Meeting.

Standalone Financial Performance

On a standalone basis, JSW Energy reported revenue from operations of ₹3,029.40 crore for the year ended 31st March, 2026, compared to ₹3,939.31 crore in the previous year. Other income rose to ₹942.28 crore from ₹680.54 crore, resulting in total income of ₹3,971.68 crore against ₹4,619.85 crore in the prior year. The following table summarises key standalone financial metrics:

The standalone profit before tax declined to ₹824.08 crore from ₹1,278.82 crore, partly reflecting an exceptional item of ₹21.62 crore relating to past service cost impact arising from the implementation of Labour Codes for defined benefit obligations. Finance costs rose significantly to ₹885.83 crore from ₹365.05 crore, reflecting higher borrowings during the year. The company recognised a net tax credit of ₹34.94 crore for the year ended 31st March, 2026, compared to a tax expense of ₹57.82 crore in the prior year, partly due to a reversal of deferred tax liabilities of ₹114.01 crore consequent to the company's decision to opt for the new corporate tax rate of 25.17% effective from FY2026-27.

Consolidated Financial Performance

On a consolidated basis, JSW Energy reported a significant increase in revenue from operations to ₹18,901.13 crore for the year ended 31st March, 2026, from ₹11,745.39 crore in the previous year. This growth was substantially driven by the consolidation of JSW Mahanadi Power Company Limited (formerly KSK Mahanadi Power Company Limited) and the 02 Power group of entities acquired during the year. The following table presents key consolidated financial highlights:

The consolidated profit for the year increased to ₹2,762.41 crore from ₹1,982.88 crore. The exceptional item of ₹65.19 crore represents the past service cost impact arising from the implementation of Labour Codes. Total comprehensive income attributable to owners of the parent was ₹2,535.99 crore, while non-controlling interests accounted for ₹525.68 crore.

Key Business Developments and Acquisitions

Several strategic acquisitions were completed or consolidated during the year, significantly expanding the group's asset base and operational capacity:

• 02 Power Acquisition: JSW Neo Energy Limited, a wholly owned subsidiary, completed the acquisition of 02 Power Midco Holdings Pte. Limited and 02 Energy SG Pte. Limited and their subsidiaries on April 09, 2025, for a consideration of ₹6,800 crore. The transaction added a consolidated operational and under-construction renewable energy portfolio of 4.7 GW.
• JSW Mahanadi Power Company Limited: The acquisition of JSW Mahanadi Power Company Limited (formerly KSK Mahanadi Power Company Limited) was completed on March 06, 2025. The company holds 74% equity shares; the 3,600 MW (6 × 600 MW) thermal power plant includes 1,800 MW operational capacity and 1,800 MW under construction.
• Raigarh Champa Rail Infrastructure Private Limited (RCRIPL): Acquisition completed on March 4, 2026, for a total resolution amount of ₹700.10 crore, making RCRIPL a wholly-owned subsidiary.
• KSK Water Infrastructures Private Limited (KWIPL): Acquired on August 04, 2025, with a settlement amount of ₹962 crore paid to lenders.
• Tidong Power Generation Private Limited: Acquired on January 29, 2026, for ₹1,807.95 crore, adding a 150 MW under-construction hydro power project.

Capital Structure and Dividend

During the year ended 31st March, 2026, the company allotted 95,23,809 equity shares of face value ₹10 each to JTPM Metal Traders Limited at a price of ₹525 per share (including a securities premium of ₹515 per share), aggregating ₹500.00 crore. Additionally, 4,76,19,047 share warrants were allotted at an exercise price of ₹525 per share; the company received 25% upfront warrant application money aggregating ₹625.00 crore, with the remaining 75% aggregating ₹1,875.00 crore payable upon exercise within 18 months.

The Board of Directors, at its meeting held on 11th May, 2026, has recommended a dividend of 20% (₹2 per equity share of ₹10 each) for the year ended 31st March, 2026, subject to the approval of shareholders at the ensuing Annual General Meeting. The standalone other equity stood at ₹22,497.52 crore as at 31st March, 2026, compared to ₹20,490.62 crore as at 31st March, 2025.

Auditor's Report and Internal Controls

Deloitte Haskins & Sells LLP issued an unmodified opinion on both the standalone and consolidated financial statements, confirming that the statements give a true and fair view in conformity with Indian Accounting Standards (Ind AS). The auditors also expressed an unmodified opinion on the adequacy and operating effectiveness of the company's internal financial controls with reference to the standalone and consolidated financial statements as at 31st March, 2026. The key audit matter identified relates to tariff-related disputes with principal customers, which involve significant judgement in determining possible outcomes. The auditors noted, under the Companies (Auditor's Report) Order, 2020, that funds raised on a short-term basis aggregating ₹5,426.66 crores have been used for long-term purposes at the standalone level.

JSW Energy Limited announced the successful commissioning of approximately 250 MW of renewable energy capacity since April 2026. The newly commissioned capacity comprises 130 MW of Wind, 69.4 MW of Solar, and 50 MW from the Tidong Hydro Plant, bringing the company's total installed capacity to 13.7 GW. The company has also outlined ambitious long-term financial and operational targets, expecting its EBITDA to be 2.7-3.0 times FY2025 levels and Net Debt to EBITDA at 5 times by FY2030.

Commissioned Capacity Breakdown

The following table summarises the newly commissioned renewable energy capacity:

The Tidong Unit-I was commissioned post-acquisition in January 2026, in what the company described as a record turnaround time, reflecting its execution capabilities and ability to integrate acquired assets. The balance two units of the Tidong Hydro Plant are expected to be commissioned by June 2026.

Renewable Energy Mix

With this commissioning, renewables now constitute 59% of JSW Energy's overall installed capacity. The renewable portfolio includes wind and solar capacities (including hybrid components) as well as hydro capacity, as detailed below:

Locked-In Capacity and Energy Storage

JSW Energy's total locked-in generation capacity stands at 32.1 GW, comprising 13.7 GW operational and 13.8 GW under construction across thermal, hydro, and renewables, with a pipeline of 4.6 GW. The company also holds a locked-in energy storage capacity of 29.6 GWh, broken down as follows:

FY27 Targets and Long-Term Vision

For FY27, JSW Energy plans to add approximately 3 GW of renewable capacity and expects to incur a total capex of approximately ₹20,000 crores. The company has set long-term targets of reaching 30 GW of generation capacity and 40 GWh of energy storage capacity by 2030. On the financial front, the company expects its EBITDA to be 2.7-3.0 times FY2025 levels, with Net Debt to EBITDA at 5 times by FY2030, alongside an aim to achieve carbon neutrality by 2050.

The following table summarises JSW Energy's key long-term targets:

JSW Energy is part of the USD 23 billion JSW Group and has grown its power generation capacity from 260 MW at inception to 13.7 GW, with diversified assets spanning power generation and transmission across multiple geographies and fuel sources.