JSW ENERGY LIMITED

Generates electricity and sells it primarily under long-term power purchase agreements (PPAs) to state distribution utilities and industrial buyers, with a small share sold on the merchant market. FY26 segment revenue split is Thermal 69.9% (₹13,212.23 crore) and Renewable 29.8% (₹5,625.75 crore), with Thermal including coal-based plants such as KSK Mahanadi and Salboni, and Renewable covering solar, wind, hydro and hybrid assets. Installed capacity reached 14,535 MW at the time of the Q1 FY27 update, with renewables at 61% of the mix; the firm is building toward 30 GW by FY30 with 32.1 GW of locked-in capacity and 13 GW under construction. The build-out is supported by a 5 GWh-per-year battery assembly plant in Pune, a wind blade facility at Halol, and pumped-storage projects (Bhavali 1,500 MW, Kandhaura 1,680 MW), plus acquisitions of Maruti Clean Coal & Power (300 MW thermal) and a Toshiba JSW Power Systems stake to secure turbine-generators and GE boiler technology. Cost shape is dominated by fuel (materials 29.5% of FY26 revenue), followed by depreciation (16.9%) tied to the heavy asset base, with FY27 capex guided at ₹20,000 crore.