Monitoring Agency Report

Energy Limited Regd. Office: JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, CIN: L74999MH1994PLC077041 Phone: 022-4286 1000 Fax: 022-4286 3000 Website: www.jsw.in SEC / JSWEL 23rd July 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza Dalal Street Bandra-Kurla Complex, Bandra (E) Mumbai - 400 001 Mumbai - 400 051 Scrip Code: 533148 Symbol: JSWENERGY - EQ Sub: Reports issued by the Monitoring Agencies for the quarter ended 30th June 2026 Ref: Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Regulations 162A and 173A of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 Dear Madam / Sir, Pursuant to Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulations 162A and 173A of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find enclosed for the quarter ended 30th June 2026, the report issued by India Ratings & Research Private Limited in respect of the utilisation of proceeds raised through a preferential issue of equity shares and convertible warrants on private placement basis and by Care Ratings Limited (Monitoring Agencies) in respect of the utilisation of proceeds raised through a Qualified Institutional Placement by the Company,. The reports are available on the Company’s website i.e. https://www.jswenergy.in/investors/energy Yours faithfully, For JSW Energy Limited Monica Chopra Company Secretary Part of O.P. Jindal Group Date: 22nd July 2026 JSW Energy Limited. JSW Centre, Near MMRDA Ground, Bandra Kurla Complex, Bandra East, Mumbai – 400051. Subject: Monitoring Agency Report for the quarter ended 30th June 2026 in relation to Preferential Issue of Equity Shares and Warrants. Dear Sir, Pursuant to Regulation 162A (2) of SEBI (lssue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) and Monitoring Agency Agreement dated 9th December 2025, please find enclosed herewith the Monitoring Agency Report, as per Schedule XI of the SEBI ICDR Regulations towards utilization of proceeds of Preferential Issue for the quarter ended June 30, 2026. Request you to kindly take the same on records. Thanking You, For and on behalf of India Ratings & Research Private Limited Name: Shrikant Dev Designation: Company Secretary India Ratings & Research Private Limited A Fitch Group Company Wockhardt Towers, Level 4, West Wing, Bandra Kurla Complex, Bandra (East), Mumbai 400 051 Tel: +91 22 4000 1700 Fax: +91 22 4000 1701 CIN/LLPIN: U67100MH1995FTC140049 www.indiaratings.co.in Report of the Monitoring Agency (MA) Name of the issuer: JSW Energy Limited For quarter ended: 30th June 2026 Name of the Monitoring Agency: India Ratings & Research Private Limited (a) Deviation from the objects: No Deviation from the objects. Based on the Management undertaking and as per the Statutory Auditor Certificate dated 22nd July 2026 issued by DELOITTE HASKINS & SELLS LLP, Chartered Accountants (FRN – 117366W/W-100018) having UDIN 26105828BWJSKI9664* and other documents provided to us, no deviation from the objects has been observed. *The reference to the Statutory Auditor Certificate anywhere in the MA report refers to the said Certificate. (b) Range of Deviation: Not Applicable Declaration: We declare that this report provides an objective view of the utilization of the issue proceeds in relation to the objects of the issue based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. The MA does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives. This Report is not intended to create any legally binding obligations on the MA which accepts no responsibility, whatsoever, for loss or damage from the use of the said information. The views and opinions expressed herein do not constitute the opinion of MA to deal in any security of the Issuer in any manner whatsoever. Nothing mentioned in this report is intended to or should be construed as creating a fiduciary relationship between the MA and any issuer or between the agency and any user of this report. The MA and its affiliates also do not act as an expert as defined under Section 2(38) of the Companies Act, 2013. The MA or its affiliates may have credit rating or other commercial transactions with the entity to which the report pertains and may receive separate compensation for its ratings and certain credit-related analyses. We confirm that there is no conflict of interest in such relationship/interest while monitoring and reporting the utilization of the issue proceeds by the issuer, or while undertaking credit rating or other commercial transactions with the entity. We have submitted the report herewith in line with the format prescribed by SEBI, capturing our comments, where applicable. There are certain sections of the report under the title “Comments of the Board of Directors”, that shall be captured by the Issuer’s Management / Audit Committee of the Board of Directors subsequent to the MA submitting their report to the issuer and before dissemination of the report through stock exchanges. These sections have not been reviewed by the MA, and the MA takes no responsibility for such comments of the issuer’s Management/Board. Signature: Name and designation of the Authorized Signatory: Shrikant Dev (Company Secretary) Date: 22nd July 2026. Page 1 of 9 1) Issuer Details: Name of the issuer: JSW Energy Limited Names of the promoters:  Sajjan Jindal  Sangita Jindal  Prithavi Raj Jindal  JSW Investment Private Limited Industry/sector to which it belongs: Power 2) Issue Details: Issue Period: 20th January 2026 to 21st January 2026 Type of issue (public/rights): Preferential Issue Type of specified securities: i) 95,23,809 Equity Shares of FV ₹ 10 each @ ₹ 525 per Equity Share. ii) 4,76,19,047 Convertible Warrants (each convertible into one equity shares of face value ₹ 10/- each) @ ₹ 525 per/convertible warrant. IPO Grading, if any: Not Applicable Issue size: INR 3,000.00 Crores* * It is the total issue size. The actual subscription of Equity Shares and Convertible warrants and the amount received by the company as on 30th June 2026 is as below: Issue subscribed Issue proceeds received as on 30th Jun’26 Value Value (INR Security No. Rate (INR No. Rate Crores) Crores) Equity Shares 95,23,809 525.00 500.00 95,23,809 525.00 500.00 Convertible 4,76,19,047 525.00 2,500.00 4,76,19,047 131.25^ 625.00 Warrants Total 3,000.00 1,125.00 ^The company has received 25% of the value of the convertible warrants i.e. INR 131.25/warrant, as upfront consideration/subscription amount. Balance 75% (INR 393.75/warrant) will be received as and when the conversion option is exercised by the warrant holder to convert warrants into equity shares during the tenure of 18 months of the warrant. Page 2 of 9 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / Comments certifications considered by Comments of the of the Particulars Reply Monitoring Agency for Monitoring Agency Board of preparation of report Directors Management undertaking, Statutory Auditor Certificate, Whether all utilization is as per Notice to Shareholders for NIL utilization during No the disclosures in the Offer NA EGM along with corrigendum the quarter Comments Document? and clarifications, Relevant Bank Statements Whether shareholder approval has been obtained in case of material deviations from NA Management undertaking No Comments Comments expenditures disclosed in the Offer Document? Whether the means of finance for the disclosed objects of the No Management undertaking No Comments Comments issue [Showing first 8,000 characters — download PDF for full document]