Transcript of the Results Conference Call held on Wednesday, 22nd July 2026

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 27th July 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, 22nd July 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 17th July 2026 informing about the Results Conference Call scheduled on Wednesday, 22nd July 2026, at 3.30 p.m. (IST), to discuss the Company’s unaudited Standalone and Consolidated Financial Results for the quarter ended 30th June 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 Q1 FY27 Earnings Conference Call” July 22, 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. SUDHANSHU BANSAL – JM FINANCIAL INSTITUTIONAL SECURITIES LIMITED Moderator: Ladies and gentlemen, good day, and welcome to the JSW Energy Limited Q1 FY27 Earnings Conference Call hosted by JM Financial Institutional Securities 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 call, please signal an operator by pressing star then zero on your touch-tone phone. I now hand the conference over to Mr. Sudhanshu Bansal from JM Financial Institutional Securities. Thank you, and over to you, sir. Sudhanshu Bansal: Thank you, Rayo. Hello, everyone. On behalf of JM Financial, I welcome you all to the 1Q FY27 Earnings Call of JSW Energy. For today's call, we have with us the leadership team of the company led by Shri Sharad Mahendra, sir, Joint MD and CEO; Mr. Chandrasekaran Page 1 of 16 JSW Energy Limited July 22, 2026 Prabhakaran, sir, CFO; and Mr. Bikash Chowdhury sir, Head Investor Relations and ERM, along with the other team members. Now, I will hand over the call to Sharad, sir, for his opening remarks, after which we will open the floor for Q&A session. Thank you so much, sir, for your kind presence and giving us the opportunity to host the call. Over to you, sir. Sharad Mahendra: Thank you, Sudhanshu. Good evening, everyone, and thank you for joining us today for JSW Energy's Q1 FY27 earnings call. I hope you and your families are keeping well. We've started FY27 on an exceptionally strong note, and I'm delighted to share some key highlights. Q1 FY27 has been a landmark quarter for JSW Energy. We delivered one of the largest single- quarter capacity additions in our history — and among the highest in the sector — adding 873 MW during the quarter, taking cumulative additions to about 1.1 GW - till date. Of this, all but 150 MW came through organic capacity addition. The 150 MW was driven by the early commissioning of Tidong Hydro, originally scheduled for October 2026, which contributed an incremental ₹20-22 Crore to EBITDA in Q1 itself and will allow us to capture the ongoing hydrology season. Acquired only in January 2026, this pace of commissioning is a testament to the integration capabilities our teams bring to every acquisition. This momentum has carried firmly into Q2. In July till date, we have already added about 225 MW of organic renewable energy capacity, taking our total capacity additions since April 2026 till date to approximately 1.1 GW, as I said earlier. For further details, please refer to Slide 7 of our Results Presentation. We remain firmly on track to deliver our FY27 annual target of 3 GW capacity addition and ₹20,000 crore capex — having already achieved close to 36% of the FY27 capacity guidance, and surpassed about 87% of the total capacity added in all of FY26. You may kindly refer Slide Another significant milestone in our journey was the deleveraging achieved through the successful execution of a ₹10,150 crore capital raise in the recent past — the largest growth capital raise in the Indian power sector. This was accomplished by a combination of strategies, reflecting strong market confidence in JSW Energy's growth story. This comprised three components. First, a preferential allotment to promoters of ₹3,000 crore, of which ₹1,125 crore has already been received, with the balance to come in before June 2027. Second, a partial stake sale in JSW Steel, monetizing 2.5 crore shares out of our 7 crore share holding, worth ₹3,150 crore. And third, a QIP of ₹4,000 crore, anchored by marquee global and domestic institutional investors. Together, this gives us an ample liquidity cushion of about ₹12,880 crore in cash balances, comfortably funding the equity portion of our estimated ₹20,000 crore FY27 capex and 2030 growth plans, with headroom for further growth. Page 2 of 16 JSW Energy Limited July 22, 2026 Our balance sheet discipline continues to strengthen, with net operating leverage on a trailing- twelve-month basis improving to 4.95x, from approximately 5.2x in FY26, even as we scale up our growth investments. By year 2030, we are committed to have our net leverage below 5 times. Further, I am also pleased to share that, as a reflection of our strong green focus and long-term commitment to carbon neutrality, our expanding renewable portfolio enabled us to avoid approximately 16-17 million tonnes of CO₂ emissions in the fiscal 2026 and about 4.5 million tonnes in Q1FY27, based on the prevailing Indian grid emission factor. Now, before I get into our detailed quarter 1 performance, let me share a few sector observations. India's power sector delivered a strong start to FY27, with Q1 demand growing 8.5% year-on- year — a sharp turnaround from the muted 0.9% growth in FY26. This strength was broad- based, driven primarily by prolonged heatwaves, delayed monsoon progression, and higher cooling-appliance usage, pushing up residential and commercial consumption. The momentum has carried into July as well, with the month-till-date demand growth being robust at about 12%. Peak power demand touched 271 GW in May, already surpassing FY26's full-year peak of 245 GW. On July 16th, we saw another peak of 270 GW, and demand is expected to touch 300 GW in the near term. We view this as early validation of the medium-term structural story we have consistently articulated: India's industrialisation, urbanisation, and rising per capita consumption underpin a clear 5–6% long-term CAGR in power demand. Additionally, the ongoing crisis in West Asia underscores the strategic importance of India's energy self-sufficiency agenda under Atmanirbhar Bharat — further strengthening the case for accelerated electrification and sustained long-term demand growth. India's growing global economic stature — contributing approximately 8% of world GDP on a PPP-adjusted basis — coupled with its continued high GDP growth outlook, should support sustained power demand growth. On the merchant market, this improving demand backdrop is now clearly visible. DAM prices, which averaged around ₹3.86 p [Showing first 8,000 characters — download PDF for full document]