Analysts/Institutional Investor Meet/Con. Call Updates

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 2nd November 2026 SEC / JSWEL BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza Dalal Street Bandra - Kurla Complex, Bandra (East) Mumbai - 400 001 Mumbai - 400 051 Scrip Code: 533148 Symbol: JSWENERGY- EQ Sub: Transcript of the Results Conference Call held on Wednesday, 28th October 2026 Ref: Regulations 30 and 46 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) Dear Madam / Sir, Further to our letter dated 22nd October 2026 informing about the Results Conference Call scheduled on Wednesday, 28th October 2026, at 4.30 p.m. (IST), to discuss the Company’s unaudited Standalone and Consolidated Financial Results for the quarter ended 30th September 2026, we wish to inform that pursuant to Regulation 30(6) read with Part A of Schedule III of the Listing Regulations, the transcript of the said Results Conference Call is enclosed. Further, pursuant to Regulation 46 of the Listing Regulations, the transcript is available on the website of the Company at https://www.jswenergy.in/investors/stock-exchange-releases. The audio recording is also available on the website of the Company at https://www.jswenergy.in/investors/quarterly-results/. Yours faithfully, For JSW Energy Limited Monica Chopra Company Secretary Part of O. P. Jindal Group “JSW Energy Limited Q2 FY27 Earnings Conference Call” October 28, 2026 MANAGEMENT: MR. SHARAD MAHENDRA – JOINT MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER MR. CHANDRASEKARAN PRABHAKARAN – CHIEF FINANCIAL OFFICER MR. BIKASH CHOWDHURY– HEAD INVESTOR RELATIONS AND ENTERPRISE RISK MANAGEMENT MODERATOR: MR. ISHAN VERMA – ANTIQUE STOCK BROKING LIMITED Page 1 of 16 JSW Energy Limited October 28, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Q2 FY27 Earnings Call of JSW Energy hosted by Antique Stock Broking Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and then zero on your touchtone phone. I now hand the conference over to Mr. Ishan Verma from Antique Stock Broking Limited. Thank you, and over to you. Ishan Verma: Thank you, Nisha. Good afternoon, everyone. On behalf of Antique Stock Broking, I welcome you all to the Q2 FY27 Results Conference Call of JSW Energy Limited. We have with us today from the management, Mr. Sharad Mahendra, Joint MD and CEO; Mr. Chandrasekaran Prabhakaran, CFO; and Mr. Bikash Choudhury, Head of Investor Relations and ERM. We will begin with the brief opening remarks from the management, followed by the Q&A session. Thank you, and over to you, Sharad, sir. Sharad Mahendra: Thank you, Ishan. Good evening, everyone, and thank you for joining us for JSW Energy's Q2 FY27 earnings call. I hope you and your families are keeping well. At the outset, let me start with the fact, that the fundamentals of our sector have never looked this stronger. If I were to sum up this quarter in one line, it would be this: the market is moving towards exactly what we have been building. Three themes defined the sector over the last three months. Demand kept beating expectations on the back of a strong economy, energy security moved to the centre of the national agenda, and procurement shifted decisively towards firm, reliable power. Let me take each of these in turn, and then show you how JSW Energy is positioned on each. The first is demand, and it rests on a resilient economy. India continues to be among the fastest- growing major economies in the world. Real GDP grew 7.8% year-on-year in Q1 FY27, and the RBI expects growth to remain robust at about 7.1% for FY27. High-frequency indicators point to sustained momentum: the Index of Industrial Production grew 8% year-on-year in August, PMIs rebounded in September to 55.1 for manufacturing and 55.2 for services, well within expansion territory, and GST collections rose about 7.7% year-on-year to ₹6.15 trillion in Q2 FY27. This economic momentum is translating directly into electricity consumption. Power demand in Q2 FY27 grew about 11.1% year-on-year, building on 8.3% growth in Q1. September alone grew about 11.3%, with peak demand touching 270 GW in Q2FY27. The momentum strengthened further into October, with month-to-date demand growth of 21.2%. Part of this is weather, as monsoon was about 13% below normal in Q2FY27 and cooling demand stayed high well into the evening. But the larger drivers are structural and, in our view, durable: industrialisation, urbanisation, rising per capita consumption, and new sources of load such as data centres and electric mobility. These support our view of a 5–6% long-term CAGR in power demand, and the last two quarters suggest that view may prove conservative. Page 2 of 16 JSW Energy Limited October 28, 2026 The second theme is energy security. The ongoing conflict in the Middle East has disrupted LNG and crude flows through the Strait of Hormuz, tightened global energy markets and pushed utilities across Asia back towards coal. For India, the priority is clear: secure, domestically sourced, dispatchable power, backed by a domestic manufacturing base, is no longer optional. It is a strategic necessity. The sharp rise in imported coal prices has significantly impacted fuel costs across the sector. API4 benchmark coal prices averaged close to US$115 per tonne in Q2 FY27, up around 28% year-on-year from US$90 per tonne. Despite this increase, our transition to domestic coal and the implementation of job-work arrangements at imported-coal plants, which shield us from fuel-price volatility, have enabled us to effectively mitigate the impact and maintain cost competitiveness. Domestic supply has also tightened. Coal stocks at power plants fell to multi-year lows, and in October around 96 plants were classified as critical, holding an average of 6–7 days of stock against the normative 19–20 days. Tight fuel supply, coupled with robust demand, flowed directly through to the power exchanges. Day-Ahead Market prices averaged ₹5.7 per unit in Q2 FY27. Our merchant realisation, however, stood around ₹6.9 per unit which was around 20% higher than the DAM average, driven by the strategic bilateral contracts we have entered into. The third theme is the shift towards firm power. On the supply side, capacity addition continues at a record pace. India added about 23.9 GW of renewables in the first half of FY27, including 20.8 GW of solar, taking non-fossil capacity past 300 GW. On the thermal side, about 3.3 GW was net commissioned in H1, with about 39 GW under construction. But the more telling signal is in the bidding. Renewables still dominate new capacity additions, yet procurement is shifting decisively towards firm and dispatchable capacity: FDRE, solar- plus-storage, standalone batteries and, notably, long-term thermal. States awarded around 17 GW of long-term thermal capacity at tariffs of about ₹5.4 to ₹6.3 per unit in FY26, and a further 18 GW of thermal tenders are currently under bidding. To us, the conclusion is simple. Renewables and thermal are not competing; they are complementary. Renewables deliver the cheapest energy, while thermal and storage keep the lights on through the evening peak. Let me now connect each of these three themes, demand, energy security and firm power, to what we executed this quarter. Since April, we have commissioned 1.4 GW of organic renewable capacity as compared to last full year’s approximately 1.2 GW. This is also nearly half of our FY27 target of 3 GW. In Q2, we added 513 MW, comprising 301 MW of solar and 212 MW of hybrid capacity. Including the 300 MW Maruti [Showing first 8,000 characters — download PDF for full document]