Legal Update: Favorable Order from APTEL

JSW Energy Ltd has informed the exchanges that its material step-down subsidiary, JSW Hydro Energy Limited, has received a favorable order from the Appellate Tribunal for Electricity (APTEL) dated 18th September 2026. The tribunal set aside a previous order dated 17th March 2022 issued by the Central Electricity Regulatory Commission (CERC).

Background: The CERC Order

The dispute originated from the CERC's decision to disallow the company's claim for 'notional interest during construction' (IDC). The CERC had disallowed IDC on equity infused in excess of 30% during the construction phase. This disallowance impacted the truing-up of tariffs for the 2014-19 period and the determination of tariffs for the 2019-24 period.

The APTEL Decision

• IDC Claim Allowed: APTEL has formally allowed the IDC claim of JSW Hydro Energy Limited.
• Carrying Cost Recognition: The tribunal held that carrying costs on the allowed claim must be calculated starting from the date of filing the true-up petition until the eventual adjustment.
• Procedural Next Step: The matter has been remanded back to the CERC, which is now required to conduct a 'prudence check' of the data submitted regarding the additional IDC.

What This Means for Investors

This legal development is significant as it addresses a previous disallowance of tariff-related claims. The appellate tribunal's decision indicates potential future recovery of revenue that was previously excluded by the regulator. The primary watch point for investors will be the CERC's subsequent prudence check and the final quantification of the impact following the remand proceedings.

Investor Takeaway

This order represents a positive regulatory and legal development for the company's power generation assets. While the specific financial impact will depend on the upcoming CERC prudence check, the reversal of the disallowance is a favorable outcome for the subsidiary. Shareholders should monitor future filings for updates on the CERC's review process and any subsequent financial adjustments recognized by the company.

Credit Rating Update

JSW Energy Limited has informed the exchanges that India Ratings and Research (Ind-Ra) has affirmed the credit rating for the bank loan facilities of its step-down wholly owned subsidiary, JSW Renewable Energy (Coated) Limited. The rating stands at 'IND A/Stable'.

This affirmation, dated 16th September 2026, indicates that the rating agency continues to view the credit risk profile of the subsidiary in line with its prior assessment.

Investor Takeaway

For existing shareholders, this update is a routine governance and compliance disclosure confirming the standing of the subsidiary's debt facilities. As the action is an affirmation rather than an upgrade or downgrade, it does not suggest a material change in the subsidiary's financial health or the parent group's consolidated credit outlook.

Credit Rating Update

JSW Energy Limited has received an update from rating agency ICRA Limited regarding the credit ratings assigned to its wholly-owned subsidiary, JSW Neo Energy Limited. The ratings encompass various long-term and short-term bank loan facilities as well as proposed commercial paper.

Rating Summary

What This Means for Investors

Credit ratings provide an independent assessment of an entity's creditworthiness. The affirmation of existing ratings and the assignment of ratings to specific debt facilities for JSW Neo Energy Limited serve as a routine validation of the subsidiary's credit profile. Existing shareholders should note that these ratings facilitate the subsidiary's access to bank funding and capital markets. No specific concern or positive surprise was indicated in the communication, which aligns with standard credit maintenance practices.

Investor Takeaway

This update is a procedural credit disclosure. The ratings reflect the current credit assessment by ICRA. Investors should continue to monitor the company's broader debt management and financing strategy alongside these credit profiles.

Credit Rating Update

JSW Energy Limited announced that the credit rating agency ICRA, through a release dated 11th September 2026, has affirmed and assigned ratings to the company's various financial instruments and banking facilities. This disclosure follows the company's requirement to notify exchanges regarding material changes or updates to credit ratings under SEBI listing regulations.

Rating Summary

What This Means for Investors

The affirmation of 'ICRA AA (Stable)' for long-term debt and 'ICRA A1+' for short-term obligations generally indicates the rating agency's assessment of the company's ability to meet its financial commitments. The extension of these ratings to 'enhanced' facilities suggests that the company's creditworthiness is maintained at its current level despite potential changes in the scale of its debt or borrowing requirements. Investors should view this as a routine update that maintains the existing credit quality profile of the company's debt instruments.

Credit Rating Update

JSW Energy Limited has received a credit rating update from India Ratings and Research (Ind-Ra), following a release dated September 8, 2026. The rating agency has affirmed the ratings for the company's existing debt instruments while assigning ratings for its proposed bank loan facilities and Non-Convertible Debentures (NCDs).

Rating Details

What This Means for Investors

The affirmation of existing credit ratings indicates that the rating agency continues to view the company's credit risk profile as stable. The assignment of ratings for the proposed instruments provides the company with the necessary credit assessment to proceed with its intended debt raising activities. Investors should note that 'IND AA' represents a high degree of safety regarding the timely servicing of financial obligations, while 'IND A1+' is the highest category for short-term debt instruments. This development indicates that the company maintains a stable credit standing, which is essential for managing its capital structure and executing planned expansion or operational requirements.

Credit Rating Update

JSW Energy Limited informed the stock exchanges that CARE Ratings Limited, via a release dated 4th September 2026, has completed a credit rating review for several of its step-down subsidiaries. The ratings pertain to long-term bank facilities and all entities have been assigned a 'Stable' outlook.

Subsidiary Credit Ratings

Investor Takeaway

These credit ratings reflect the external assessment of the long-term debt servicing capability of the specified step-down subsidiaries. The reaffirmation of existing ratings and the assignment of a stable rating to O2 Renewable Energy XXX Private Limited suggest stability in the credit profile of these operations. Investors should monitor these credit ratings as part of the ongoing assessment of the JSW Energy group's consolidated subsidiary structure and leverage management.

Key Highlights

Capacity Expansion Overview

JSW Energy Limited announced that it has successfully crossed the 15 GW operational capacity milestone. This achievement, bringing the total operational capacity to 15,025 MW, occurred in under six quarters since the company reached the 10 GW mark in March 2025, representing a compound annual growth rate (CAGR) of approximately 26%.

The 1,572 MW added since April 2026 includes:

• Renewable Energy: 1,272 MW (comprising 593 MW solar, 108 MW wind, 420 MW hybrid, and 150 MW hydro).
• Inorganic Thermal: 300 MW.

Portfolio Composition

Renewable energy sources now constitute over 60% of the company's operational portfolio. The breakdown of the 9,067 MW operational renewable portfolio is as follows:

• Wind: 3,125 MW
• Solar: 2,426 MW
• Hybrid: 1,735 MW
• Hydro: 1,781 MW
• Thermal Portfolio: 5,958 MW

Growth Outlook and Strategic Targets

The company maintains a robust growth pipeline, aiming to transition from a pure energy producer to a provider of dispatchable power. The total locked-in generation capacity stands at 32.4 GW, which includes:

• Operational: 15.0 GW
• Under Construction: 13.4 GW (across thermal, hydro, and renewables)
• Pipeline: 4.0 GW

Furthermore, JSW Energy is expanding into energy storage with a locked-in capacity of 29.6 GWh, split between 26.4 GWh of pumped hydro storage and 3.2 GWh of battery energy storage. The company has reaffirmed its long-term targets of achieving 30 GW of generation capacity and 40 GWh of energy storage by 2030, alongside a goal of carbon neutrality by 2050.

What This Means for Investors

The achievement of the 15 GW milestone serves as validation of the company's execution capabilities. With 13.4 GW currently under construction and significant investments in energy storage, the company is diversifying its asset base beyond traditional power generation. Investors should monitor the progress of the remaining greenfield capacity addition targets, particularly the 3 GW target for FY2027, for which the company has achieved approximately 42% to date.

Investor Takeaway

JSW Energy's operational scale has reached a significant inflection point. The primary takeaway is the company's ability to maintain a ~26% CAGR in capacity growth while pivoting towards renewable energy and storage solutions. The company's future performance will depend on the successful execution of its large under-construction pipeline and its ability to integrate storage assets to meet the shifting demands of the power sector.

Investor Engagement Schedule

JSW Energy Limited has filed a notice regarding its participation in various analyst and institutional investor meetings scheduled for September 2026.

The company noted that this schedule is subject to change in the event of any exigency.

What This Means for Investors

This filing is a routine disclosure required under SEBI regulations concerning upcoming analyst and investor interactions. It provides visibility into the company's engagement schedule but does not contain material business updates, financial results, or strategic announcements.

Credit Rating Update

JSW Energy Limited has received communication from CARE Ratings Limited regarding the credit ratings for six of its step-down subsidiary companies. The rating agency has reaffirmed the ratings for four entities and upgraded the ratings for two others, concerning their long-term bank facilities.

Rating Summary

All six entities currently hold a credit rating of CARE A+ with a Stable outlook.

Management Change Announcement

JSW Energy Ltd has formally notified the stock exchanges regarding the resignation of Ms. Anushree Singh, who served as the company's Head - Human Resource and Chief Human Resources Officer.

Key Details

• Personnel: Ms. Anushree Singh
• Role: Head - Human Resource / Chief Human Resources Officer
• Cessation Date: Effective from the close of business hours on August 31, 2026
• Reason: Pursuit of career opportunities outside the JSW Group

Transition Status

The company has confirmed that it is currently in the process of appointing a new head for its human resource function. Further updates regarding the appointment will be communicated to the stock exchanges in due course.

Legal and Regulatory Update

JSW Energy Limited has informed the exchanges that it was served with a copy of an appeal filed by the Maharashtra State Electricity Distribution Company Limited (MSEDCL) before the Supreme Court of India on 20th August 2026. This appeal challenges an order passed by the Appellate Tribunal for Electricity (APTEL) on 19th August 2026.

Timeline of the Dispute

• 24th December 2025: The Maharashtra Electricity Regulatory Commission (MERC) passed an order that became the subject of the original dispute.
• 19th August 2026: APTEL dismissed the appeal filed by MSEDCL against the MERC's order.
• 20th August 2026: The company was served with the appeal filed by MSEDCL in the Supreme Court challenging the APTEL's dismissal order.

Investor Takeaway

This development marks a continuation of the legal process regarding the order initially passed by the MERC in December 2025. Investors should monitor this litigation as it proceeds through the judicial system, though the company has not indicated any immediate financial impact from this specific procedural step.

Credit Rating Update

India Ratings and Research (Ind-Ra) has affirmed the credit rating for JSW Renew Energy Two Limited, a step-down wholly-owned subsidiary of JSW Energy Ltd.

Details

• Entity: JSW Renew Energy Two Limited (a step-down wholly-owned subsidiary of JSW Energy Ltd)
• Rating Agency: India Ratings and Research (Ind-Ra)
• Rating Affirmed: IND A/Stable
• Facilities: Bank loan facilities
• Date of Agency Release: August 19, 2026

This affirmation maintains the existing credit assessment for the subsidiary's bank facilities. JSW Energy Ltd disclosed the action to the stock exchanges on August 20, 2026, in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Legal, Penalty, Tax, or Regulatory Update

JSW Energy Limited announced that the Hon'ble Appellate Tribunal for Electricity (APTEL) issued an order dated 19th August 2026 regarding the ongoing litigation with the Maharashtra State Electricity Distribution Company Limited (MSEDCL).

The APTEL has dismissed the appeal filed by MSEDCL as withdrawn. Additionally, the tribunal rejected MSEDCL's request for liberty to approach the Maharashtra Electricity Regulatory Commission (MERC) by way of a review petition.

This litigation originated from an appeal by MSEDCL against an order dated 24th December 2025 passed by the MERC. In that order, the MERC had rejected MSEDCL’s petition seeking to quash invoices raised by JSW Energy and had allowed the petition filed by the company.

What Looks Positive

The dismissal of MSEDCL's appeal by the appellate body is a positive development for JSW Energy. By rejecting the appeal as withdrawn and denying the opportunity for a review petition, the tribunal has effectively upheld the standing of the invoices previously contested by the state distribution company.

Investor Takeaway

For shareholders, this development resolves a specific point of legal contention regarding company invoices. The company has successfully defended its position through the regulatory and appellate processes. While legal matters are always subject to finality, this order provides clarity regarding the previously disputed billing issue.

Key Highlights

Credit Rating Update

JSW Energy Limited has informed the stock exchanges that India Ratings (Ind-Ra) has assigned and affirmed the credit rating for its subsidiary, JSW Mahanadi Power Company Limited. The facilities, which include both existing and enhanced bank loan arrangements, have been rated as "IND AA-/Stable" (long-term) and "IND A1+" (short-term).

What This Means for Investors

Credit ratings serve as an independent assessment of an entity's ability to meet its financial obligations. For a parent company like JSW Energy, the credit health of its subsidiaries is an important indicator of the group's consolidated financial stability. The affirmation and assignment of these ratings for JSW Mahanadi Power Company indicate that the agency maintains a stable view on the subsidiary's credit profile.

Investor Takeaway

This filing represents a routine update regarding the credit status of a subsidiary's debt facilities. Shareholders should view this as a standard procedural disclosure. Ongoing monitoring of the subsidiary's operational performance and debt servicing remains relevant, as these factors typically influence credit rating outcomes.

Project Overview

JSW Energy Limited has signed a Shareholders' Agreement (SHA) with Druk Green Power Corporation Limited (DGPC) to develop the 920 MW Punatsangchhu-III Hydroelectric Project in Bhutan. This project, which will be executed on a Build-Own-Operate-Transfer (BOOT) basis, marks JSW Energy's first power generation venture outside India.

JV Details

Company Portfolio

The company continues to scale its generation and storage footprint. As of August 12, 2026, the company's capacity profile is as follows:

Strategic Rationale

Management highlighted that this partnership combines deep experience in developing and operating hydroelectric assets in Himalayan terrain. The project is expected to:

• Strengthen the existing hydro portfolio (currently 1,781 MW operational).
• Advance the company's green energy transition goals.
• Provide clean, dispatchable capacity that complements wind and solar generation.
• Support stable and predictable cash flows.

Risks and Considerations

Investors should note the inherent risks associated with large-scale hydroelectric projects, including:

• Execution Risks: Potential for time and cost overruns typical of large infrastructure contracts.
• Regulatory/Political: The project is subject to approvals from the Corporate Regulatory Authority of Bhutan and Bhutanese FDI requirements.
• General Industry Risks: Fluctuations in earnings, competition, and potential changes in fiscal incentives.

Investor Takeaway

This agreement represents a strategic geographical expansion for JSW Energy. While the initial investment of BTN 245 million is a starting point, the focus for investors should remain on the long-term execution of this 920 MW project. The company remains committed to its 2030 goals of achieving 30 GW generation capacity and 40 GWh energy storage capacity. Monitoring project development milestones and regulatory clearances in Bhutan will be key for tracking the progress of this new international venture.

Key Highlights

Important Figures Used

Capacity Expansion Overview

JSW Energy has significantly bolstered its portfolio since April 2026. The total installed capacity has reached 14,920 MW, supported by the addition of 1,166 MW of renewable capacity and 300 MW of inorganic thermal capacity. The inorganic growth was driven by the completion of the acquisition of Maruti Clean Coal and Power Limited.

Strategic Growth and Future Targets

The company has set clear long-term growth milestones:

• FY2027 Target: Remains on track for 3 GW of greenfield capacity additions.
• 2030 Vision: Aims to reach 30 GW of total generation capacity and 40 GWh of energy storage capacity.
• Long-Term Goal: Committed to achieving carbon neutrality by 2050.

Portfolio Composition

Renewable energy assets now account for 60% of the total installed capacity. The diversified renewable portfolio includes:

• Wind: 3,125 MW
• Solar: 2,360 MW
• Hybrid: 1,696 MW
• Hydro: 1,781 MW
• Thermal Portfolio: 5,958 MW

Energy Storage Pipeline

The company is also expanding into energy storage to support grid reliability. Total locked-in energy storage capacity stands at 29.6 GWh, consisting of 26.4 GWh of pumped hydro storage and 3.2 GWh of battery energy storage.

What Looks Positive

• Successful Execution: The company has already surpassed 94% of the total organic capacity addition achieved in FY26.
• Diversification: The balanced mix of renewable (60%) and thermal assets, coupled with growing energy storage capabilities, positions the company to address grid reliability needs.
• Growth Pipeline: A strong total locked-in generation capacity of 32.4 GW, including 13.5 GW under construction, indicates significant future growth visibility.

What This Means for Investors

The update confirms that JSW Energy is executing its dual-strategy of scaling clean energy while maintaining a strong thermal base for grid security. The completion of the recent inorganic acquisition and the ongoing progress on organic additions provide confidence in the company's ability to hit its near-term and long-term capacity targets.

Investor Takeaway

Investors should view this update as a continuation of the company's growth strategy. Key factors to track include the successful commissioning of the 13.5 GW under-construction projects, the progress towards the FY2027 3 GW greenfield target, and the scaling of the energy storage portfolio. The clear alignment with 2030 and 2050 sustainability goals provides a framework for long-term valuation assessment.

Board and Leadership Update

The Board of Directors of JSW Energy Limited has approved the appointment of Mr. Sanjay Sagar as an Additional Director (Non-Executive, Non-Independent) of the Company, effective August 8, 2026. This appointment is subject to the approval of the shareholders.

Appointment Details

Professional Background

Mr. Sanjay Sagar is a seasoned business leader with over four decades of experience in the power, mining, infrastructure, and defence sectors. His expertise encompasses corporate strategy, P&L management, mergers and acquisitions, business development, and the execution of large-scale infrastructure projects, particularly thermal power plants.

His notable past leadership roles include:

• Joint Managing Director & CEO of JSW Energy Limited
• Managing Director of Jindal Power Limited
• Managing Director of Barmer Lignite Mining Company Limited

He currently serves on the boards of GE Vernova T&D India Limited, JSW Sarbloh Motors Private Limited, and JSW Gecko Motors Private Limited.

What This Means for Investors

The appointment of Mr. Sanjay Sagar brings significant institutional knowledge and industry experience to the JSW Energy board. As a former CEO within the JSW group, his return in a non-executive capacity adds leadership depth. The company has clarified that this appointment is compliant with regulatory standards and Mr. Sagar is not debarred from holding directorships, confirming no immediate governance concerns.

Board Appointment Update

JSW Energy Limited has announced the appointment of Mr. Sanjay Sagar as an Additional Director (Non-Executive, Non-Independent) on its Board, effective August 8, 2026. The appointment has been recommended by the Compensation and Nomination & Remuneration Committee and approved by the Board. This appointment is subject to the approval of the company's shareholders.

Profile and Expertise

Mr. Sagar brings over four decades of techno-commercial experience across the power, mining, infrastructure, and defense sectors. Key highlights of his profile include:

• Extensive Leadership: Previously served as Joint Managing Director & CEO of JSW Energy and Managing Director of Jindal Power Limited.
• Strategic Expertise: Deep knowledge in corporate strategy, P&L management, mergers & acquisitions, and investor relations.
• Operational Focus: Specific expertise in the execution and operation of large-scale thermal power plants.

He currently serves on the boards of GE Vernova T&D India Limited, JSW Sarbloh Motors Private Limited, and JSW Gecko Motors Private Limited. The company has formally confirmed that Mr. Sagar is not debarred from holding the office of Director by any SEBI Order or regulatory authority.

What This Means for Investors

This appointment highlights the company’s focus on maintaining experienced leadership with deep industry expertise. By inducting a veteran who has a strong history of executing large-scale infrastructure projects, JSW Energy is positioning itself to further strengthen its board-level oversight and strategic guidance capabilities.

Investor Takeaway

The appointment of Mr. Sanjay Sagar is a strategic step to utilize experienced leadership for the company's operational and governance goals. For investors, this represents a continuation of the company's efforts to enhance board composition. As the appointment is subject to shareholder approval, this remains a standard procedural requirement. Investors should note this development as part of the company's broader efforts to ensure experienced guidance in its ongoing and future power and infrastructure projects.

Credit Rating Update

JSW Energy Limited has updated the market on the credit rating status of its subsidiary, JSW Mahanadi Power Company Limited. The rating agency, ICRA Limited, has provided both a new assignment for enhanced facilities and a re-affirmation for existing debt obligations.

Understanding the Update

The rating action from ICRA, dated 6th August 2026, pertains to the debt facilities of JSW Mahanadi Power Company Limited. The assignment of the [ICRA] AA- (Stable)/[ICRA] A1+ rating for enhanced facilities and the re-affirmation of the [ICRA] AA-/Stable rating for existing facilities suggest that the subsidiary maintains a consistent credit risk profile.

For investors, credit ratings of key subsidiaries are important as they directly influence the borrowing costs and overall financial flexibility of the subsidiary, which consequently impacts the consolidated financial position of JSW Energy Limited.

This disclosure was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Highlights

Acquisition Financials

JSW Energy has successfully acquired 100% of the equity share capital of MCCPL. The transaction was valued at an enterprise value of ₹1,410 crore. According to the company, the asset recorded an FY26 EBITDA of ₹279 crore. Management expects the acquisition to be EBITDA and PAT-accretive from the first day of operations, while simultaneously reducing the company's net leverage and strengthening overall balance sheet resilience.

Asset Overview

The acquired MCCPL asset is a 300 MW thermal power plant located at Korba, Chhattisgarh. The operational profile of this plant includes:

• PPA Visibility: A long-term Power Purchase Agreement (PPA) for 195 MW (net) with Rajasthan discoms (via PTC India), with a residual life of approximately 14 years.
• Supply Arrangement: 5% of power is supplied at variable cost to the Chhattisgarh discom.
• Merchant Market: Approximately 64 MW of capacity is sold in the merchant market.
• Fuel Security: Coal is secured through a long-term Fuel Supply Agreement with SECL and linkage under the SHAKTI scheme.

Operational Synergy

Management highlighted that the plant's strategic proximity to JSW Energy's existing Mahanadi facility is expected to unlock operational synergies. These efficiencies are aimed at optimizing logistics and O&M (Operations and Maintenance) costs, thereby strengthening the company's regional thermal footprint.

Capacity and Growth Goals

Following this transaction, the company's total installed capacity now stands at 14,835 MW. JSW Energy maintains broader strategic targets, including a total locked-in generation capacity of 32.4 GW and a locked-in energy storage capacity of 29.6 GWh. The company aims to reach 30 GW of generation capacity and 40 GWh of energy storage capacity by 2030, with a long-term vision of achieving carbon neutrality by 2050.

Transaction Oversight

To ensure professional execution, JSW Energy engaged third-party experts for the transaction:

• Legal Advisor: Khaitan & Co
• Financial and Tax Due Diligence: BDO India
• Land Due Diligence: Roots Legal

Investor Takeaway

For investors, the completion of the MCCPL acquisition represents a strategic, value-accretive expansion of the company's thermal generation portfolio. The immediate EBITDA and PAT accretion, combined with the reduction in net leverage, are key positives. The existing long-term PPAs for 195 MW provide stable revenue visibility, while the merchant capacity offers upside potential. Investors should continue to monitor the company's ability to integrate this new asset effectively and realize the projected operational synergies with the nearby Mahanadi facility.

Key Highlights

• Entity: JSW Renew Energy Thirty Two Limited (step-down subsidiary of JSW Energy Limited).
• Event: Credit rating assignment for debt facilities.
• Agency: ICRA Limited.
• Rating Assigned: [ICRA] A (Stable).

Credit Rating Details

JSW Energy Limited has formally notified the stock exchanges that its step-down subsidiary, JSW Renew Energy Thirty Two Limited, has been assigned a credit rating of [ICRA] A (Stable) by ICRA Limited. This assignment applies specifically to the debt facilities of the subsidiary.

This disclosure was issued in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency regarding the material financial updates of group entities.

What This Means for Investors

For investors, credit ratings assigned to subsidiaries serve as an indicator of the specific entity's ability to service its own debt obligations. While this update provides clarity on the financial standing of the subsidiary, it is a routine regulatory disclosure. Investors monitor such updates to understand the consolidated debt risk profile of the parent company, JSW Energy Limited, as subsidiaries are components of the group's overall capital structure and financial health. No change in the parent company's operational outlook is implied by this specific rating assignment.

Credit Rating Update

What This Means for Investors

The assignment of a credit rating to a subsidiary is a standard administrative development within a corporate group. It indicates that the entity is undergoing a formal credit assessment, often as a requirement for accessing debt markets or managing existing credit facilities. For investors, this filing provides transparency into the debt financing profile of the step-down subsidiary. The 'Stable' outlook associated with the rating suggests that the rating agency anticipates no immediate change in the subsidiary's credit risk profile. Investors may view this as a routine operational update regarding the group's ongoing debt management activities.

Key Highlights

India Ratings and Research (Ind-Ra) has updated the credit rating profile for JSW Renewable Energy (Cement) Limited, a step-down subsidiary of JSW Energy Limited.

Credit Rating Details

• Agency: India Ratings and Research (Ind-Ra).
• Action: The agency assigned a rating of 'IND A/Stable' to the subsidiary's additional bank loan facilities and affirmed the 'IND A/Stable' rating for its existing bank loan facilities.
• Effective Date: The rating release is dated 4th August 2026.

What This Means for Investors

Credit ratings are an indicator of a company's ability to meet its debt obligations. The 'IND A' rating with a 'Stable' outlook suggests that the rating agency views the subsidiary's credit profile as stable. This update confirms that the subsidiary continues to maintain its credit standing while also securing financing for additional facilities, which is consistent with active debt management in the renewable energy sector.

Investor Takeaway

This announcement is a routine update regarding the debt financing of a JSW Energy subsidiary. Investors should note that the creditworthiness of the subsidiary remains stable according to the rating agency. No material change in the risk profile is indicated by this announcement. Investors may continue to monitor corporate disclosures for further developments regarding the group's debt profile and financing activities.

Credit Rating Affirmation

India Ratings and Research (Ind-Ra) has affirmed the credit rating for the bank loan facilities of JSW Renew Energy Ten Limited. The rating agency has maintained the rating at IND A/Stable/IND A1.

Subsidiary Details

JSW Renew Energy Ten Limited is explicitly identified as a step-down wholly-owned subsidiary of JSW Energy Limited.

Investor Takeaway

This announcement serves as a routine disclosure regarding the credit stability of a subsidiary. An affirmation of the existing rating with a "Stable" outlook suggests that the rating agency continues to view the debt-servicing capacity of the subsidiary as consistent with previous assessments. For investors, this confirms that there is no immediate change in the perceived credit risk profile of these specific bank loan facilities, allowing stakeholders to maintain their current expectations regarding the subsidiary's financial position.

Key Highlights

JSW Energy Limited has released the schedule for its upcoming interactions with analysts and institutional investors. The engagements are spread across virtual platforms and in-person forums.

Investor Engagement Update

The company has formally notified the stock exchanges of its participation in five investor-related events. These meetings are scheduled to take place between August 11, 2026, and September 2, 2026. The schedule includes a mix of virtual interactions and in-person events in cities including Singapore and Mumbai.

These disclosures are made in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has noted that this schedule is subject to change if exigencies arise.

What This Means for Investors

This filing is a procedural update regarding management's engagement schedule. It does not contain any new material financial or operational guidance, order wins, or strategic decisions. Investors should view this as a standard corporate administrative update regarding communication channels with the institutional investment community.

Key Highlights

Credit Rating Update

Care Ratings Limited has assigned a long-term credit rating of 'CARE A; Stable' to the bank facilities of O2 Renewable Energy XXIV Private Limited, a step-down subsidiary of JSW Energy Limited. This rating reflects the credit risk assessment conducted by the agency regarding the subsidiary's debt obligations.

What This Means for Investors

For investors, credit ratings assigned to subsidiaries serve as indicators of the entity's financial stability and borrowing capability. A 'Stable' outlook suggests that the rating agency anticipates the credit risk profile to remain consistent in the near to medium term. This assessment is relevant for monitoring the group's overall leverage and financial health, particularly for capital-intensive businesses like renewable energy development.

Investor Takeaway

This announcement is a procedural disclosure regarding the credit evaluation of a step-down subsidiary. Investors should monitor such updates as part of the broader risk assessment of the company's renewable energy business. There is no immediate financial impact disclosed, and this update reflects standard regulatory compliance.

Key Highlights

Credit Rating Details

India Ratings and Research (Ind-Ra) has formally assigned a credit rating of "IND A/Stable" to the bank loan facilities of JSW Renew Energy Twelve Limited. As a step-down subsidiary of JSW Energy Limited, this entity is one of the project-specific vehicles within the group's renewable energy portfolio. The rating reflects the agency's assessment of the subsidiary's credit risk profile regarding its debt obligations.

What This Means for Investors

The credit rating update is a routine development within the lifecycle of project financing for renewable energy assets. For investors, these disclosures offer transparency into the borrowing capacity and creditworthiness of individual subsidiaries, which is important for understanding the group's overall capital structure and project execution risks.

Investor Takeaway

This announcement represents standard regulatory compliance and corporate reporting. There is no immediate change to the parent company's consolidated financial position or strategy indicated by this assignment. Investors should view this as a procedural update in the ongoing financing operations of the company's renewable energy business.

Financial and Operational Performance

The company reported stable results for the quarter ended June 30, 2026. Financials reflect the ongoing cycle of capital expenditure, with new assets being commissioned and capitalized, leading to higher interest and depreciation charges.

Key Financial Metrics (Q1 FY27)

Balance Sheet and Liquidity

Operational Highlights

• Capacity Addition: Total installed capacity reached 14.6 GW, with an addition of 873 MW during the quarter.
• BESS Business: The battery storage segment received a significant external order valued at ₹440 crore, highlighting new business momentum.

Management Q&A Highlights

What Looks Positive

• Capacity Growth: Consistent execution of the 3 GW annual capacity target, with 14.6 GW total capacity already reached.
• New Revenue Streams: Traction in the BESS business with an external order worth ₹440 crore.
• Strategic Deleveraging: Management remains focused on maintaining leverage discipline despite heavy growth-focused capex.

Concerns and Watch Points

• Profitability Pressure: Higher interest (₹1,519 crore) and depreciation (₹890 crore) costs are impacting short-term bottom-line profitability following asset capitalization.
• Hydro Sensitivity: Generation performance in the hydro portfolio remains sensitive to seasonal and weather-related factors.

Investor Takeaway

JSW Energy is in an active phase of capacity expansion and vertical integration. While revenue and EBITDA remain stable, investors should monitor the impact of rising finance and depreciation costs on PAT as new assets stabilize. The successful commissioning of new capacity and progress in the BESS segment are key operational indicators to track in coming quarters. Management continues to prioritize deleveraging and vertical integration to secure the long-term growth outlook.

Key Highlights

Utilization Status

Preferential Issue

As of June 30, 2026, the company has raised ₹1,125.00 crore through the preferential issue. The entire amount raised was utilized towards the repayment and pre-payment of outstanding borrowings of JSW Energy (Barmer) Limited as of the quarter ended March 31, 2026. No further utilization was reported during the quarter ended June 30, 2026.

Qualified Institutional Placement (QIP)

Of the total QIP issue size of ₹4,000.00 crore, the company utilized ₹0.04 crore towards offer expenses during the quarter. The remaining unutilized amount of ₹3,999.96 crore is currently deployed in interest-bearing instruments.

Deployment of Unutilized QIP Proceeds

The unutilized QIP proceeds are deployed in various fixed deposits and mutual funds to earn interest income:

Compliance and Monitoring

Both India Ratings & Research Private Limited and CARE Ratings Limited have issued monitoring agency reports. Key takeaways include:

• No Deviations: Monitoring agencies reported no deviations from the objects stated in the offer documents for both the Preferential Issue and the QIP.
• Audit Certification: Statutory auditor Deloitte Haskins & Sells LLP certified that there were no deviations from the objects for the Preferential Issue.
• Ongoing Progress: Implementation of the objects is ongoing and aligns with the expected timeline of FY28.

What Looks Positive

• Compliance: Full adherence to the objects stated in the offer documents for both fundraising exercises.
• Asset Management: Unutilized QIP funds are prudently parked in liquid, interest-bearing instruments rather than remaining idle.

Investor Takeaway

This update confirms that JSW Energy Limited is adhering to its capital deployment plan for its recent fundraising activities. Investors should note that the Preferential Issue funds have already been fully utilized as intended, while the QIP proceeds are currently being held in safe, liquid interest-bearing instruments. The company remains on track with its broader strategic transition towards becoming an energy products and services entity, with capital deployment ongoing in line with its FY28 objectives.

Key Highlights

Credit Rating Update

India Ratings and Research (Ind-Ra) has released an updated credit rating assessment for JSW Energy (Utkal) Limited, a subsidiary of JSW Energy Limited. In the update dated 22nd July 2026, the agency affirmed the rating for the subsidiary's bank loan facilities at "IND AA(CE)/Stable/IND A1+".

Additionally, the subsidiary’s unsupported rating has been upgraded to "IND AA-/Stable/IND A1+". This upgrade highlights an improvement in the rating agency's standalone assessment of the subsidiary's business and financial operations.

What This Means for Investors

The upgrade in the unsupported rating suggests improved creditworthiness for the subsidiary on a standalone basis. For investors, monitoring the credit ratings of subsidiaries is essential for understanding the overall risk profile and borrowing cost environment of the consolidated corporate entity.

Investor Takeaway

The credit rating upgrade for JSW Energy (Utkal) Limited is a positive development, indicating an enhanced standalone credit profile for the subsidiary. Investors should note this update as part of the broader monitoring of the group's subsidiary risk profiles and creditworthiness.

Key Highlights

Financial Snapshot

Financial Analysis

JSW Energy reported a steady top-line performance with revenue remaining flat year-on-year at ₹5,437 crore. EBITDA improved by 2% to ₹3,103 crore, supported by renewable capacity additions, with EBITDA margin rising to 57% from 56% in the same quarter last year. However, bottom-line profitability was impacted by higher depreciation and finance costs, resulting in a PAT of ₹533 crore compared to ₹836 crore in Q1 FY26. Cash PAT for the quarter stood at ₹1,464 crore.

Operational Performance

Total net generation volume declined 5% year-on-year to 12.9 BUs. This decline was primarily driven by lower plant load factors in hydro plants due to weak hydrology and operational issues at the Mahanadi plant. Conversely, renewable energy generation increased by 11% year-on-year. The company reported a significant capacity addition of 1.1 GW till July 8th, 2026, and total current installed capacity stands at 14,535 MW.

Strategic Developments

The company is advancing its 'Strategy 3.0', with a long-term goal of reaching 30 GW capacity by 2030. Current locked-in capacity is 32.4 GW. Key strategic milestones include the commissioning of the Tidong Hydro project and the operationalization of the Halol wind blade manufacturing facility to strengthen backward integration. JSW Energy maintains a robust liquidity position with ₹12,881 crore in cash and cash equivalents to support future capital expenditure requirements.

What Looks Positive

Concerns and Watch Points

Investor Takeaway

JSW Energy's Q1 FY27 results highlight a transitional phase where the company is balancing a decline in generation volume with strategic capacity expansion. While net profitability was pressured by increased depreciation and finance costs, the improvement in EBITDA margins and robust cash position suggest a stable foundation. Investors should continue to monitor the progress of capacity additions, the impact of hydrology on hydro generation, and the successful execution of the long-term Strategy 3.0 roadmap.

Key Highlights

JSW Energy Limited announced its financial results for the quarter ended June 30, 2026. The period was marked by record capacity addition and significant capital raising activities to fund ongoing growth.

Financial Snapshot (Consolidated)

Operational Performance

Renewable capacity increased by 1,081 MW, bringing the total portfolio capacity to 14,535 MW. However, consolidated power sales volumes declined by 5% year-on-year to 12,868 MUs. Generation from renewable assets saw a 3% YoY decline, primarily driven by lower generation at Hydro plants due to weaker hydrology.

Corporate Action and Strategic Developments

• Fundraising: The company raised ₹4,000 crore via a Qualified Institutional Placement (QIP) on May 25, 2026. Additionally, it monetized part of its stake in JSW Steel, realizing gross proceeds of ₹3,150 crore.
• Acquisitions: The company signed a definitive agreement to acquire the 300 MW Maruti Thermal Power Plant and increased its stake in the Toshiba JSW Power Systems JV to 10.7%.
• Integration: The scheme to acquire the business of manufacturing power boilers and other components from GE Power India Limited is currently awaiting NCLT approval.

Cost and Expense Analysis

Finance costs for the quarter increased to ₹1,519 crore from ₹1,306 crore in the same quarter last year. This increase is attributed to incremental borrowings required to fund the ongoing capacity expansion projects.

Concerns and Watch Points

• Profitability: The consolidated profit for the period declined to ₹532.70 crore compared to ₹835.86 crore in Q1 FY26.
• Operational Headwinds: Lower generation at Hydro plants due to weaker hydrology impacted the renewable energy segment performance.
• Execution Risk: Acquisitions, such as the GE Power business deal, remain subject to regulatory and NCLT approvals.

Investor Takeaway

JSW Energy is maintaining an aggressive growth trajectory, evidenced by its record-breaking organic capacity addition. While the balance sheet has been strengthened by strategic fundraising and asset monetization, investors should monitor the impact of rising finance costs and operational volatility in renewable generation on profitability. The focus remains on achieving the stated 30 GW capacity target by 2030.

Key Highlights

Financial Snapshot

Financial Performance

Consolidated revenue from operations was ₹5,207.13 crore. The company's net profit for Q1 FY27 was ₹532.70 crore, facing pressure from higher finance costs and depreciation. Finance costs reached ₹1,519.28 crore, up from ₹1,305.52 crore in the same quarter last year, reflecting borrowings for capacity expansion.

Operational Performance

Total installed capacity reached 14,535 MW as of July 8, 2026. Power sales volumes were 12,868 MUs, a 5% decline year-on-year. Thermal generation saw a 6% decrease, and renewable generation fell by 3% due to weaker hydrology.

Corporate Actions and Strategic Developments

• Fundraising: The company successfully raised ₹4,000 crore via a QIP on May 25, 2026.
• Asset Monetization: Divested 25,000,000 shares of JSW Steel in May 2026, realizing gross proceeds of ₹3,150 crore.
• Acquisitions: Entered a definitive agreement for 300 MW Maruti Clean Coal & Power Limited (Enterprise Value ~₹1,410 crore) and increased stake in Toshiba JSW Power Systems to 10.7%.

What Looks Positive

• Highest-ever organic capacity addition: Demonstrates strong execution under Strategy 3.0.
• Robust Liquidity: Company reported a strong liquidity buffer with cash and cash equivalents of ₹12,881 crore.
• Vertical Integration: Commissioned wind blade manufacturing facility and operationalized battery assembly, receiving the first external order.

Concerns and Watch Points

• Finance Costs: Increased substantially due to incremental borrowings for capacity growth.
• Hydro Seasonality: Weaker hydrology impacted renewable generation performance during the quarter.
• Thermal Performance: Lower generation at Mahanadi plant impacted overall operational output.

What This Means for Investors

JSW Energy is in a phase of aggressive expansion, evidenced by record capacity additions and strategic acquisitions. While revenue grew sequentially, rising finance and depreciation costs weighed on profitability. The capital raising initiatives have fortified the balance sheet. Investors should track the integration of new capacities and the impact of interest burdens on bottom-line profitability in the coming quarters.

Investor Takeaway

The company remains committed to its long-term target of 30 GW by 2030, with a near-term goal of 3 GW capacity addition for FY27. Recent strategic actions to monetize non-core assets and raise equity capital provide the necessary liquidity for growth. Monitoring the operational performance of recently added assets and the management of finance costs will be critical for assessing future profitability.

Key Highlights

JSW Energy Limited successfully concluded the NCLT-convened meetings for its equity shareholders and unsecured creditors on July 20, 2026. Both groups voted overwhelmingly in favour of the proposed Scheme of Arrangement with GE Power India Limited.

Equity Shareholders Voting Results

Unsecured Creditors Voting Results

Corporate Action Details

The meetings were held pursuant to the order of the Hon'ble National Company Law Tribunal, Mumbai Bench, dated June 2, 2026. The resolution sought approval for the Scheme of Arrangement between GE Power India Limited (Demerged Company) and JSW Energy Limited (Resulting Company). The successful voting outcome confirms that the requisite majorities for both equity shareholders and unsecured creditors have been achieved, clearing a significant procedural hurdle for the scheme.

What This Means for Investors

The approval from stakeholders is a mandatory and critical step in the demerger/arrangement process. By securing 99.9999% equity support and 100% creditor approval, JSW Energy has demonstrated broad consensus for the transaction. Investors should note that this removes a primary area of uncertainty regarding the deal's path forward.

Investor Takeaway

For investors, the key point is the successful resolution of these meetings without opposition. With the necessary shareholder and creditor mandates secured, the focus now shifts to the remaining regulatory and legal formalities required to complete the Scheme of Arrangement. Investors should track future updates regarding the final NCLT order and the completion of the demerger process.

Key Highlights

Important Figures Used

Transaction Details

The NCLT-convened meetings were held on July 20, 2026, to consider and approve the Scheme of Arrangement between GE Power India Limited ('Demerged Company') and JSW Energy Limited ('Resulting Company'). The meetings for both Equity Shareholders and Unsecured Creditors were held pursuant to the order of the National Company Law Tribunal, Mumbai Bench, dated June 2, 2026.

What This Means for Investors

The overwhelming support for the resolution, with near-universal approval from both equity shareholders (99.9999%) and unsecured creditors (100%), suggests that there is a strong consensus regarding the strategic rationale of the demerger and restructuring. By securing this approval, the company has effectively mitigated execution risk associated with stakeholder dissent, allowing the transaction to proceed toward final completion and regulatory approvals.

Investor Takeaway

JSW Energy Limited has cleared a significant procedural hurdle in its proposed Scheme of Arrangement with GE Power India Limited. The near-unanimous approval from all key stakeholder groups demonstrates strong alignment. Investors should continue to watch for subsequent updates regarding final approvals, effective dates, and the integration of the demerged assets into the company's portfolio.

Key Highlights

ESG Rating Overview

JSW Energy Limited has been assigned an ESG rating of 67, placing it in the 'Strong' category as per the assessment by ESGRAIL. This rating is part of the ongoing ESG monitoring by external agencies. ESGRAIL is a SEBI-registered Category-I ESG Rating Provider.

Independence of Assessment

The company has clarified that this rating was assigned independently by the rating agency. The evaluation process utilized information available in the public domain. There was no engagement or involvement from the company in the rating process, meaning this is an unsolicited external view of the company's ESG practices.

What This Means for Investors

For investors, this update provides an independent, third-party benchmark of the company's Environmental, Social, and Governance (ESG) standards. As ESG factors become increasingly relevant for institutional asset allocation and long-term risk assessment, such ratings serve as a standardized, albeit unsolicited, indicator of a company's sustainability governance. This disclosure is a procedural requirement under SEBI listing regulations to ensure transparency regarding external assessments.

Investor Takeaway

This update is a standard corporate disclosure. Investors should note the 'Strong' rating of 67 from an independent source but recognize that the process was entirely agency-led without company participation. No immediate operational or financial impact is expected from this rating update.

Credit Rating Update

JSW Energy Limited has informed the exchanges that India Ratings and Research (Ind-Ra) has revised the credit rating for the bank loan facilities of its step-down subsidiary, JSW Renewable Energy (Vijayanagar) Limited.

Rating Details

What This Means for Investors

A credit rating upgrade from 'IND A+/Stable' to 'IND AA-/Stable' typically signifies an improvement in the underlying creditworthiness of the entity. For a subsidiary, such an upgrade often reflects stronger financial metrics, better operational performance, or improved cash flow visibility.

For investors in the parent company, JSW Energy Limited, this development is generally seen as positive, as it potentially enhances the group's overall financing flexibility and lowers the cost of borrowing for the subsidiary. It serves as a validation of the subsidiary's business stability and financial discipline.

Investor Takeaway

This announcement is a routine yet positive corporate update regarding the group's subsidiary structure. Investors should note the improved credit assessment for the renewable energy vertical. While this does not indicate an immediate change in the parent company's financial results, it contributes to the broader narrative of the company's strengthening credit profile across its business units. No further action is required, but it remains a supportive data point for the company's operational health.

Key Highlights

Transaction Details

JSW Energy has completed the secondary purchase of additional equity shares in Toshiba JSW Power Systems Private Limited (TJPS) from Toshiba Corporation. The transaction involved a total cash consideration of ₹150 crore. This move significantly increases JSW Energy's ownership stake in the joint venture.

Business Update

TJPS is a joint venture between JSW Energy, Toshiba Corporation, and JSW Steel Limited. The entity operates a manufacturing facility in Chennai capable of producing large-sized supercritical and ultra-supercritical steam turbine generators up to 1,000 MW. JSW Energy has already placed orders for 1,600 MW of ultra-supercritical turbine-generators with TJPS.

What This Means for Investors

This acquisition is a strategic measure for vertical integration. By increasing its stake, JSW Energy aims to strengthen its control over the supply chain for long-lead-time equipment. This is crucial for the company's thermal capacity expansion plans, as it reduces dependency on external suppliers and provides better visibility on execution timelines for critical equipment needed for power projects.

Investor Takeaway

The acquisition of a higher stake in TJPS is a calculated strategic move to secure the supply chain for thermal power expansion. Investors should track how this ownership consolidation improves the delivery timelines and cost-efficiency of the company's ongoing projects. While the ₹150 crore capital outlay is a routine business investment, the primary value lies in the long-term operational stability and supply assurance for critical turbine-generator components.

Key Highlights

Corporate Action Details

JSW Energy Limited convened separate meetings for its Equity Shareholders and Unsecured Creditors pursuant to an order from the Hon'ble National Company Law Tribunal (NCLT) dated 2nd June 2026. The purpose was to seek approval for the Scheme of Arrangement between GE Power India Limited and JSW Energy Limited.

Both shareholder and creditor groups approved the resolution with the requisite majority as prescribed under Section 230(6) of the Companies Act, 2013. The meetings were conducted via video conferencing and other audio-visual means to ensure compliance with the regulatory process.

Management Q&A Highlights

During the Equity Shareholders' meeting, the management team addressed several key inquiries regarding the transaction.

Investor Takeaway

For investors, this update confirms a smooth passage of the requisite stakeholder approvals for the proposed scheme of arrangement with GE Power India Limited.

• What Happened: The company successfully cleared the mandatory NCLT-convened meetings with approval from both shareholders and unsecured creditors.
• What It Means: The approval indicates a lack of opposition within the voting classes, allowing the company to proceed with the next steps of the proposed arrangement.
• What to Track: Investors should monitor further regulatory updates and official timelines regarding the completion of the scheme of arrangement.

Meeting Proceedings and Outcomes

JSW Energy Limited convened NCLT meetings on 20th July 2026, following the Order dated 2nd June 2026 issued by the NCLT Mumbai Bench. Both Equity Shareholders and Unsecured Creditors met via Video Conferencing (VC) and Other Audio Visual Means (OAVM) to vote on the Scheme of Arrangement with GE Power India Limited.

The item of business—the approval of the Scheme of Arrangement—was successfully transacted and approved by the requisite majority of both classes of stakeholders.

Management Q&A Highlights

During the meeting of Equity Shareholders, management addressed specific inquiries regarding the proposed Scheme. Unsecured Creditors did not raise any queries.

What This Means for Investors

The completion of these NCLT-convened meetings is a necessary legal and procedural step for the execution of the Scheme of Arrangement. With the requisite approval obtained from both shareholders and unsecured creditors, the company has cleared a significant hurdle in the business combination process. Investors should monitor subsequent updates regarding the filing of voting results and further regulatory approvals required for the finalization of the scheme.

Investor Takeaway

JSW Energy Limited has reached a key milestone by securing the required approvals for its Scheme of Arrangement with GE Power India Limited. The process was conducted electronically, and management actively engaged with shareholders regarding the strategic rationale and details of the deal. No opposition was noted from unsecured creditors. The company is now expected to submit the final voting results and scrutiny reports to the stock exchanges as per regulatory requirements.

Board Meeting and Earnings Update

JSW Energy Limited has formally scheduled a Board of Directors meeting for Wednesday, July 22, 2026. The primary agenda is to consider and approve the unaudited standalone and consolidated financial results for the first quarter of the fiscal year 2027 (Q1FY27).

Conference Call Details

The company has also organized an earnings conference call to discuss the quarterly financial performance with analysts and investors. The call details are as follows:

• Date: Wednesday, July 22, 2026
• Time: 3:30 p.m. IST
• Management Participants:
  • Mr. Sharad Mahendra (Joint MD and CEO)
  • Mr. Chandrasekaran Prabhakaran (CFO)
  • Mr. Bikash Chowdhury (Head - Investor Relations and ERM)

The conference call has been arranged in coordination with JM Financial Institutional Securities Limited, facilitating participation across multiple international time zones including the USA, UK, Singapore, and Hong Kong.

Post-Call Disclosure

The company has confirmed that a transcript of the earnings conference call will be made available on its official investor relations website and filed with the stock exchanges following the event. This ensures that the discussion content is accessible to all stakeholders.

What This Means for Investors

This announcement is a procedural calendar event. Investors should mark July 22, 2026, as the day for the release of Q1FY27 financial results. The earnings call provides a platform for management to clarify operational and financial metrics, which will be the primary focus for market participants on that date.

Investor Takeaway

Investors should monitor the company's exchange filings on July 22, 2026, for the actual financial results. The earnings conference call, featuring senior management, will be the key forum to understand the company's performance, business strategy, and management's outlook for the remainder of the fiscal year.

Board Meeting Details

JSW Energy Limited has scheduled a meeting of its Board of Directors for Wednesday, 22nd July 2026. The purpose of this meeting is to consider and approve the company's unaudited standalone and consolidated financial results for the quarter ended 30th June 2026.

Trading Window Update

The company has also provided an update regarding its trading window for dealing in securities. The trading window, which was closed for all designated persons effective from 1st July 2026, is scheduled to open on Saturday, 25th July 2026.

Investor Takeaway

This announcement is a standard regulatory requirement regarding the upcoming release of quarterly financial results. Investors should note the date of the board meeting, as the financial results to be approved and published thereafter will be the primary focus for analyzing the company's performance for the quarter ended 30th June 2026.

Compliance Update

JSW Energy Limited has submitted the compliance certificate required under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended 30th June 2026.

This filing confirms that the company's Registrar and Share Transfer Agent (RTA), KFin Technologies Limited, has processed all dematerialization requests in compliance with regulatory timelines. The RTA verified that, within 15 days of receiving certificates from depository participants:

• Demat requests were confirmed (approved/rejected).
• Securities were confirmed as listed on the relevant stock exchanges.
• Certificates were mutilated and cancelled after verification.
• The register of members was updated to reflect the depositories as the registered owner for approved requests.

Investor Takeaway

This is a standard regulatory disclosure ensuring operational compliance regarding share dematerialization. There is no financial, operational, or business impact from this update. It serves as a routine governance formality for shareholders and market regulators.

Key Highlights

Important Figures Used

Order Details

JSW Energy PSP Eleven Limited (JEPEL), a step-down wholly owned subsidiary of JSW Energy Limited, has secured orders worth ₹443.74 crore from Bondada Renewable Energy Private Limited. The order is for the supply of Battery Energy Storage Systems (BESS) and Power Conversion System (PCS) solutions, with a capacity of 200 MW / 400 MWh. This contract utilizes the manufacturing capabilities of JEPEL’s battery assembly plant in Pune, which has an annual capacity of 5 GWh.

Portfolio Overview

As of July 10, 2026, the company provided an update on its broader operational and locked-in capacity:

• Generation Capacity: The total locked-in generation capacity stands at 32.1 GW. This includes 14.53 GW of operational capacity, 13.0 GW under construction, and a pipeline of 4.6 GW.
• Energy Storage Capacity: The total locked-in energy storage capacity is 29.6 GWh, comprising 26.4 GWh of pumped hydro storage and 3.2 GWh of battery energy storage systems.

Strategic Goals

The company maintains its long-term strategic roadmap, which includes reaching 30 GW of generation capacity and 40 GWh of energy storage capacity by 2030. The management stated that this engagement in the energy storage segment reinforces the company's commitment to building capabilities across the entire energy value chain.

What This Means for Investors

For investors, this order serves as a practical demonstration of the company's manufacturing and supply capabilities in the energy storage domain. The order adds to the visibility of the energy storage business unit. Investors should continue to monitor the execution of the 13.0 GW under-construction generation capacity and the scaling of the energy storage pipeline to meet the 2030 targets.

Investor Takeaway

The contract win of ₹443.74 crore by JEPEL is a positive operational development, indicating commercial progress in the Battery Energy Storage System segment. The company continues to show progress toward its large-scale 2030 targets of 30 GW generation and 40 GWh storage. Ongoing monitoring of project execution timelines and the accumulation of new orders in the BESS space remains essential for assessing future growth.

Key Highlights

Financial Snapshot

Shareholders formally approved the adoption of the audited Standalone and Consolidated Financial Statements for the financial year ended 31st March 2026. This process validates the reliability of the company's financial reporting for the fiscal year.

Corporate Action Details

Members approved a dividend of ₹2 per equity share of face value ₹10 for the financial year 2025-26, representing a 20% payout. This serves as a direct cash return to shareholders.

Related Party Transaction Approvals

Shareholders provided approval for multiple material related party transactions. These transactions involve subsidiaries including JSW Mahanadi Power, JSW Renewable Energy (Vijayanagar), JSW Energy (Utkal), JSW Neo Energy, and JSW Steel Limited. These approvals are essential for inter-company operational efficiency and the broader JSW group's corporate restructuring.

Management Q&A Highlights

Board and Governance

The company confirmed leadership continuity with the approval of Mr. Sharad Mahendra as Director (retiring by rotation) and the re-appointment of Mr. Rajiv Chaudhri as an Independent Director. Additionally, the Chairman confirmed that the Statutory and Secretarial Auditor reports contained no qualifications, reservations, or adverse remarks, indicating a clean bill of health regarding compliance and financial reporting.

Investor Takeaway

The 32nd AGM proceedings of JSW Energy were orderly, with all 17 resolutions passed by the requisite majority. For investors, the key takeaways are the approval of the dividend and the strong backing for material related party transactions, which are central to the group's ongoing operational strategy. Management's engagement regarding the two-year capital expenditure plan and project financing provides visibility into their future growth scaling. The clean reports from auditors further support the company's governance standards. Investors should continue to track the execution of the mentioned capex plans and the progress of the renewable energy and pumped hydro storage projects.

Key Highlights

Corporate Action Details

Shareholders approved the declaration of a dividend of ₹2 per equity share of face value ₹10 for the financial year ended March 31, 2026. This represents a 20% dividend payout, serving as a return of capital to shareholders.

Board Decision or Meeting Update

The 32nd Annual General Meeting successfully concluded with the adoption of both the standalone and consolidated financial statements. All resolutions set out in the meeting notice were passed with the requisite majority. Notably, the board sought and received approval for 12 distinct material related party transactions. These transactions involve various subsidiaries and associates within the JSW group, including JSW Mahanadi Power Company, JSW Renewable Energy (Vijayanagar), JSW Steel Limited, and JSW Neo Energy subsidiaries. These approvals enable ongoing operational synergy and internal restructuring within the group.

Management Q&A Highlights

What Looks Positive

• Clean Audit: The Statutory and Secretarial Auditors confirmed no qualifications, reservations, or adverse remarks in their reports, indicating robust internal controls and financial transparency.
• Shareholder Support: The majority of resolutions were passed with very high approval ratings (over 99%), reflecting strong investor confidence in the company's strategic direction.

Concerns and Watch Points

What This Means for Investors

This AGM outcome is largely procedural and positive, with clear evidence of shareholder support and no governance red flags. The focus on material related party transactions highlights the complexity and integration of the JSW group; while these transactions are often essential for group synergy, they remain a focal point for monitoring capital deployment. The management's engagement on future capital expenditure and project financing provides a layer of clarity for those tracking the company's two-year growth trajectory.

Investor Takeaway

The 32nd AGM was a routine, successful event for JSW Energy. Investors have secured a dividend and reconfirmed leadership through director re-appointments. The key takeaway remains the group's active internal synergy, evidenced by the volume of approved related party transactions. Moving forward, shareholders should focus on the execution of the ongoing projects discussed by management and the efficiency of capital usage across these newly approved related party arrangements.

Operational Capacity Expansion ## JSW Energy Limited announced the commissioning of 1,081 MW of renewable energy capacity since April 2026. This brings the company's total installed operational capacity to 14,535 MW. The newly commissioned capacity comprises 442 MW of solar, 108 MW of wind, 381 MW of hybrid, and 150 MW of hydro power projects. ## Strategic Growth ## The company maintains a total locked-in generation capacity of 32.1 GW, which includes 14.53 GW of operational assets, 13.0 GW under construction, and a pipeline of 4.6 GW. Additionally, the company is building its energy storage capabilities, with 29.6 GWh of locked-in energy storage capacity, consisting of 26.4 GWh from hydro pumped storage and 3.2 GWh from battery systems. ## Manufacturing and Execution ## In June 2026, JSW Energy commissioned a wind blade manufacturing facility in Halol, Gujarat, with an annual capacity of 450 blades. This facility is capable of supporting approximately 600 MW of wind power installations annually, indicating vertical integration efforts to support future wind power growth. ## Management Targets ## Management reaffirmed its goal to achieve a 3 GW renewable capacity addition in FY2027. To date, one-third of this target has already been commissioned. The company's long-term vision aims for 30 GW of generation capacity and 40 GWh of energy storage capacity by 2030, alongside carbon neutrality by 2050. ## Investor Takeaway ## The significant capacity addition of 1,081 MW showcases strong execution momentum. Investors should continue to monitor the company’s ability to convert its 13 GW under-construction pipeline into operational capacity, while evaluating progress against the 3 GW FY2027 annual target.

Summary

• JSW Energy's subsidiary, JMPCL, is challenging a ₹1,447.34 crore demand for water charges. The company contends that the claim, related to a period before its resolution plan was approved under the IBC, is extinguished by the National Company Law Tribunal's order. The matter is now before the High Court of Chhattisgarh.

Key Numbers & Dates

• Water charges demand: ₹1,447.34 crore
• NCLT Plan Approval Order date: February 13, 2025
• Disclosure date: April 21, 2026

What Changes for the Business

• The outcome of this legal challenge will determine if JMPCL is liable to pay the substantial ₹1,447.34 crore water charges demand, which the company believes is no longer enforceable.

⚠️ What Could Go Wrong

• [Legal] The High Court of Chhattisgarh may rule against JMPCL, upholding the ₹1,447.34 crore demand for water charges.
• [Financial] If the legal challenge is unsuccessful, the company could face a significant financial liability of ₹1,447.34 crore.

What to Track Next

• The progress and final verdict of the case filed by JMPCL at the Hon'ble High Court of Chhattisgarh at Bilaspur.

Summary

• JSW Energy Limited has submitted a certificate confirming compliance with SEBI Regulations for the quarter ended March 31, 2026.
• The certificate, received from Registrar and Share Transfer Agent KFin Technologies, details the handling of dematerialization requests and related procedures.

Key Numbers & Dates

• Quarter End: 31st March, 2026
• Period Covered by Certificate: 1st January 2026 to 31st March 2026
• Certificate Date (KFin): 6th April, 2026
• Submission Letter Date (JSW Energy): 10th April, 2026

What Changes for the Business

• No direct business changes are indicated; this is a regulatory compliance update.

⚠️ What Could Go Wrong (source-based)

• No risks or potential issues are mentioned in the provided text.

Results Snapshot

• Not applicable.

What to Track Next

• Not applicable, as this is a routine regulatory filing.

Summary

• JSW Energy has exercised its call option to acquire the remaining 26% equity stake in JSW Mahanadi Power Company Limited (JMPCL).
• This action is part of the implementation of a Resolution Plan approved by the National Company Law Tribunal (NCLT) and will result in JSW Energy holding 100% of JMPCL.
• The exercise is in accordance with the Approved Resolution Plan and a Securities Holders' Agreement dated March 6, 2025.

Key Numbers & Dates

• Balance stake to acquire: 26% equity shareholding in JSW Mahanadi Power Company Limited.
• Previously acquired stake: 74% equity share capital in JSW Mahanadi Power Company Limited.
• Notice Date (Exercise of Call Option): April 9, 2026.
• Securities Holders' Agreement Date: March 6, 2025.
• Previous Intimation Date (74% acquisition): March 6, 2025.

What Changes for the Business

• JSW Energy is set to gain full control over JSW Mahanadi Power Company Limited, potentially leading to greater operational integration and strategic flexibility.

What to Track Next

• Further intimation regarding the actual acquisition of the balance 26% equity shareholding of JMPCL.

Summary

• GE Power India Limited (GEPIL) has received observation letters from stock exchanges regarding its proposed Scheme of Arrangement with JSW Energy Limited (JSWEL).
• BSE provided a "No Adverse Observations" letter on April 1, 2026, and NSE issued a "No Objection" letter on the same date.
• These approvals follow SEBI's comments on the draft scheme, dated March 30, 2026, which outline several conditions and disclosure requirements.
• The scheme is now progressing towards the next stage of filing with the National Company Law Tribunal (NCLT).

Key Numbers & Dates

• Observation Letter from BSE: April 01, 2026
• No Objection Letter from NSE: April 01, 2026
• SEBI Comments on Draft Scheme: March 30, 2026
• Validity of Observation Letters: Six months from April 01, 2026 (for submission to NCLT)

What Changes for the Business

• The Scheme of Arrangement involves GE Power India Limited (Demerged Company) and JSW Energy Limited (Resulting Company).
• This indicates a demerger where certain parts of GE Power India's business will be transferred to JSW Energy.

⚠️ What Could Go Wrong (source-based)

• [Legal] The stock exchanges reserve the right to withdraw their 'No Adverse Observation' or 'No Objection' at any stage if information provided is found to be incomplete, incorrect, misleading, or false.
• [Legal] The companies must ensure compliance with all SEBI circulars, Companies Act provisions, and specific conditions laid out by SEBI and the exchanges.
• [Execution] Failure to prominently disclose details of ongoing legal proceedings, financial information, and conditions imposed by lenders to shareholders could lead to issues.
• [Execution] Any changes to the draft scheme require specific written consent from SEBI.

What to Track Next

• Filing of the scheme with the National Company Law Tribunal (NCLT).
• Receipt of all other applicable regulatory and final approvals.
• Company compliance with all stipulated conditions and disclosures for the scheme's final approval.

Summary

• JSW Energy has successfully completed the acquisition of Raigarh Champa Rail Infrastructure Private Limited (RCRIPL).
• This acquisition was made through a corporate insolvency resolution process, making RCRIPL a wholly-owned subsidiary of JSW Energy.
• The strategic move aims to secure railway infrastructure services for JSW Mahanadi Power Company Limited's (JMPCL) thermal plant, enhancing reliability and operational control.

Key Numbers & Dates

• Acquisition Consideration: Rs. 700.10 crores (paid via cash and NCDs).
• RCRIPL Revenue FY2025: Rs. 54 crores.
• RCRIPL Revenue FY2023: Rs. 101 crores (audited).
• RCRIPL Revenue FY2024: Rs. 53 crores (audited).
• NCLT Approval Order Date: January 21, 2026.
• Acquisition Completion Date: March 26, 2026.
• JMPCL Thermal Plant Capacity: 3,600 MW.

What Changes for the Business

• JSW Energy now has full operational control over RCRIPL, ensuring uninterrupted railway infrastructure services for its JMPCL power plant.
• This enhances the reliability of critical inputs for power generation and reduces dependency risks.
• RCRIPL, previously an associate company of JMPCL, is now a wholly-owned subsidiary, integrating its services directly into JSW Energy's operations.

⚠️ What Could Go Wrong (source-based)

• [Other] Risks include earnings fluctuations, intense competition, wage increases, and general economic conditions.
• [Execution] Potential for time/cost overruns on fixed-price contracts or challenges in integrating acquisitions.
• [Financial] Risks associated with reduced demand for power or withdrawal of fiscal governmental incentives.

What to Track Next

• Further integration of RCRIPL's operations with JMPCL to realize efficiency gains.
• JSW Energy's progress towards its 2030 targets of 30 GW generation capacity and 40 GWh energy storage.

Summary

• JSW Energy's subsidiary, JSW Neo Energy Limited, was involved in litigation concerning the deduction of Generation Based Incentive (GBI) by Andhra Pradesh DISCOMs.
• The Supreme Court of India, on March 25, 2026, dismissed the appeal filed by Andhra Pradesh DISCOMs.
• The court held that GBI is meant to be disbursed to generating companies in addition to the energy tariff.

Key Numbers & Dates

• Supreme Court Judgment Date: March 25, 2026
• Andhra Pradesh Electricity Regulatory Commission (APERC) Order Date: July 28, 2018
• Earlier Disclosure Date: September 30, 2023

What Changes for the Business

• This judgment provides a favourable outcome for JSW Neo Energy Limited and its subsidiaries, confirming their entitlement to receive the Generation Based Incentive (GBI).
• The ruling clarifies that GBI payments are to be made over and above the energy tariff, resolving potential revenue disputes.

Summary

• JSW Energy Limited conducted a postal ballot to seek member approval for the re-appointment of Mr. Munesh Khanna as an Independent Director.
• The resolution was passed with the requisite majority.
• The e-voting period concluded on March 25, 2026.

Key Numbers & Dates

• E-voting conclusion: March 25, 2026, 5:00 p.m. IST.
• Votes in favour: 154,97,24,045 votes (98.9943% of total votes cast).
• Votes against: 157,44,527 votes (1.0057% of total votes cast).
• Total votes cast: 1,565,468,572.

What Changes for the Business

• The re-appointment of Mr. Munesh Khanna as an Independent Director has been approved by shareholders, continuing his role.

What to Track Next

• The company has announced the voting results as per regulatory requirements.

Summary

• JSW Energy's shareholders have approved the re-appointment of Mr. Munesh Khanna as an Independent Director.
• The special resolution was passed via remote e-voting, which concluded on March 25, 2026.
• The company's Scrutinizer reported an overwhelming majority in favour, with 98.9943% of votes cast supporting the resolution.

Key Numbers & Dates

• Resolution approval date: March 25, 2026
• Total votes cast in favour: 1,549,724,045
• Total votes cast against: 15,744,527
• Percentage of votes in favour: 98.9943%
• Percentage of votes against: 1.0057%
• Total members who voted on the resolution: 1,570 (1389 in favour, 181 against)
• Remote e-voting period: February 24, 2026, to March 25, 2026.

What Changes for the Business

• The re-appointment of Mr. Munesh Khanna reinforces the company's corporate governance structure by ensuring continuity on its board of directors.

⚠️ What Could Go Wrong (source-based)

• [Governance] A small percentage of votes (1.0057%) were cast against the re-appointment, indicating a minority shareholder dissent that warrants monitoring.

What to Track Next

• Continued adherence to strong corporate governance practices and board oversight by the company.

Summary

• JSW Energy Limited has informed stock exchanges about a scheduled meeting with institutional investors and analysts.
• The meeting is set to take place on April 2, 2026, in Mumbai.
• This announcement is made in compliance with SEBI Listing Regulations.

Key Numbers & Dates

• Meeting Date: April 2, 2026

⚠️ What Could Go Wrong (source-based)

• [Other] Schedule is subject to change: The announced schedule for the investor meeting may be altered due to unforeseen circumstances or exigencies.

Summary

• JSW Energy Limited announced its participation in a virtual investor meeting.
• The event is the Morgan Stanley Virtual India Industrials & Energy Seminar, scheduled for March 24, 2026.
• The meeting aims to engage with institutional investors and analysts.
• The announcement adheres to SEBI Listing Regulations.

Key Numbers & Dates

• Announcement Date: March 11, 2026
• Investor Meeting Date: March 24, 2026

What to Track Next

• The schedule of the investor meeting is subject to change in the event of any exigency.

Summary

• JSW Energy's subsidiary, Jaigad PowerTransco Limited, received a credit rating affirmation.
• India Ratings and Research affirmed the rating as "IND AA/Stable" for the subsidiary's bank loan facilities.
• The rating was released on March 9, 2026.

Key Numbers & Dates

• Credit Rating: IND AA/Stable
• Credit Rating Release Date: March 9, 2026

Summary

• JSW Energy is organizing a meeting for institutional investors and analysts.
• The event includes a visit to the Vijayanagar plant in Karnataka.
• It is scheduled for March 12, 2026, and will be an in-person group meeting.

Key Numbers & Dates

• Date: March 12, 2026 - Vijayanagar Plant Visit for Investors.

⚠️ What Could Go Wrong (source-based)

• [Other] The schedule for the investor meeting and plant visit is subject to change in the event of any exigency.

Summary

• JSW Energy Limited has scheduled a meeting with institutional investors and analysts.
• The in-person group meeting will take place in Mumbai on March 10, 2026.
• This disclosure is made as per SEBI Listing Regulations.
• The schedule is subject to change in the event of any exigency.

Key Numbers & Dates

• Meeting Date: March 10, 2026 (Context: Meeting with Institutional Investors)

⚠️ What Could Go Wrong (source-based)

• [Other] The schedule for the meeting is subject to change in the event of any exigency.

Summary

• JSW Energy's step-down subsidiary, JSW Hydro Energy Limited, has had its bank loan facilities' credit rating affirmed.
• The affirmation was done by India Ratings and Research (Ind-Ra) on February 27, 2026.
• The rating assigned is "IND AA/Stable/IND A1+.

Key Numbers & Dates

• Rating Affirmed: IND AA/Stable/IND A1+
• Rating Agency: India Ratings and Research (Ind-Ra)
• Date of Release: February 27, 2026
• Entity Rated: JSW Hydro Energy Limited (Step-down subsidiary of JSW Energy)

Summary

• JSW Energy Limited has secured trading approvals from the BSE and the National Stock Exchange of India (NSE).
• The approvals pertain to 95,23,809 equity shares that were allotted on a preferential basis to JTPM Metal Traders Limited.
• These shares are effective for trading on both exchanges starting February 27, 2026.
• The preferential allotment was made at an issue price of Rs. 525 per share.

Key Numbers & Dates

• Number of Shares: 95,23,809 (allotted on preferential basis)
• Issue Price: Rs. 525 per share (Rs. 10 face value + Rs. 515 premium)
• Allotment Date: January 21, 2026
• Trading Approval Date: February 26, 2026 (from BSE & NSE)
• Effective Trading Date: February 27, 2026
• Lock-in Period Ends: September 9, 2027

What Changes for the Business

• The successful listing of these preferential shares will increase the total number of outstanding equity shares of JSW Energy.

⚠️ What Could Go Wrong (source-based)

• [Financial] The 95,23,809 equity shares allotted on a preferential basis are subject to a lock-in period until September 9, 2027.

Results Snapshot

• Not Applicable

What to Track Next

• Investors should monitor the trading activity and price performance of these newly listed shares.
• Track any further disclosures regarding JTPM Metal Traders Limited's stake in JSW Energy.

JSW Energy Limited has issued a newspaper advertisement in Financial Express (English) and Navshakti (Marathi) on February 24, 2026. This notice serves as an intimation regarding the dispatch of a Postal Ballot/E-voting notice. Shareholders are informed of this development, and further details are available on the company's website.

Summary

• JSW Energy Limited has received official listing approvals from both BSE Limited and the National Stock Exchange of India Limited.
• This approval is for 95,23,809 equity shares, which were allotted on a preferential basis on January 21, 2026, to JTPM Metal Traders Limited, a member of the promoter group.
• The shares carry a face value of ₹10 and were issued at a premium of ₹515 per share.
• The listing approvals were granted on February 24, 2026.

Key Numbers & Dates

• Number of Shares Allotted: 95,23,809
• Allotment Date: January 21, 2026
• Issue Price Per Share: ₹525 (₹10 face value + ₹515 premium)
• Listing Approval Date: February 24, 2026
• Previous Intimation: December 9, 2025

What Changes for the Business

• The shares allotted on a preferential basis will now be listed and admitted for trading on the BSE and NSE, subject to fulfillment of further conditions, enabling them to be actively traded by investors.

⚠️ What Could Go Wrong

• [Other] Listing approval is subject to the company filing for trading approval with the stock exchanges within seven working days from the grant of listing approval, as per SEBI circulars. Non-compliance may attract fines.
• [Other] Trading approval is contingent upon receiving confirmation letters from NSDL/CDSL regarding the crediting of shares to beneficiary accounts and the admission of capital to the depository system.

What to Track Next

• Confirmation of share crediting and lock-in from NSDL/CDSL.
• Application for trading approval to stock exchanges within seven working days.
• Compliance with SEBI LODR and ICDR regulations.

Summary

• JSW Energy Limited's step-down subsidiary, JSW Energy (Kutehr) Limited, has received a credit rating.
• India Ratings and Research Private Limited assigned the rating of 'IND A+/Positive' for its bank loan facilities.
• The announcement was made on February 24, 2026.

Key Numbers & Dates

• Credit Rating: 'IND A+/Positive' for bank loan facilities of JSW Energy (Kutehr) Limited.
• Rating Assignment Date: February 24, 2026.

What Changes for the Business

• The 'IND A+/Positive' rating suggests a favourable credit assessment for JSW Energy (Kutehr) Limited's bank loans, potentially improving its ability to access credit or secure better terms.

What to Track Next

• Monitor future financial reports for any impact of this rating on borrowing costs or access to capital for the subsidiary.
• Keep an eye on the outlook for the 'Positive' rating, as specified by India Ratings.

Ironwood Education Limited announced via newspaper publication on February 24, 2026, that it has completed dispatching its Postal Ballot Notice and Explanatory Statement electronically to members. This action, compliant with SEBI regulations, informs shareholders about upcoming resolutions and the remote e-voting process. The cut-off date for eligibility was February 13, 2026, and the advertisements are also available on the company's website.

News Crux

JSW Energy Limited has informed the stock exchanges that ICRA Ratings Limited has assigned a credit rating to its step-down subsidiary, Solalite Power Private Limited. The rating specifically covers the subsidiary's long-term bank facilities.

Key Events

• Assignment of Credit Rating: ICRA Ratings Limited has assigned a rating of ‘ICRA A/Stable’ for the long-term bank facilities of Solalite Power Private Limited, a step-down subsidiary of JSW Energy Limited. The rating was assigned via ICRA's release dated 16th February, 2026.

News Crux

JSW Energy Limited has formally announced a meeting with institutional investors and analysts. This meeting is scheduled to take place on February 24, 2026, in Mumbai and is part of the 'Kotak Securities: Chasing Growth 2026' event. The company has provided this information in compliance with Regulation 30 of the SEBI Listing Regulations. The schedule is noted as being subject to change in case of any exigency.

JSW Energy Limited has issued a formal clarification to the BSE on January 29, 2026, in response to a media report. The company reaffirmed its strategic commitment to expanding within the energy sector and its continuous evaluation of opportunities in the power sector. However, JSW Energy explicitly stated that it currently does not have significant investment plans in the nuclear power sector. The company assured that it adheres to all regulatory requirements, including SEBI LODR regulations, and will promptly disclose any material developments to the exchanges. This announcement addresses market speculation and provides clarity on the company's immediate strategic focus, which remains on general power sector growth rather than nuclear energy.

JSW Energy Limited has announced a meeting with institutional investors and analysts. The meeting is scheduled for February 10, 2026, and will take place in Mumbai as part of the Axis Capital India Conference. This event is classified as a 'Group (In-Person)' meeting. The company has also noted that the schedule is subject to change in the event of any exigency. This announcement is made pursuant to Regulation 30 of the SEBI Listing Regulations, which pertains to disclosure requirements for listed entities. The purpose of such meetings is typically for the company to engage with its investor base, discuss its business, and provide updates, although no specific financial or operational details are disclosed in this announcement.

JSW Energy Limited, through its wholly-owned subsidiary JSW Neo Energy Limited, has successfully completed the acquisition of 100% equity shares of Tidong Power Generation Private Limited from Statkraft IH Holding AS. This announcement, dated January 29, 2026, details the finalization of the deal following earlier intimations regarding the definitive agreement. The transaction was valued at an Enterprise Valuation (EV) of approximately ₹1728 crores, excluding net current assets and other adjustments. Tidong Power is currently constructing a 150 MW run-of-river hydroelectric power plant in the Kinnaur district of Himachal Pradesh, with commissioning anticipated in October 2026. The project benefits from a long-term Power Purchase Agreement (PPA) with Uttar Pradesh Power Corporation Ltd for 75 MW of power procurement between May and October at a tariff of ₹5.57/KWh, while the remaining 75 MW capacity is untied and available for merchant market sales. This strategic acquisition marks JSW Energy's fourth hydro asset in Himachal Pradesh, significantly reinforcing its leadership position as India's largest private hydropower producer. The company anticipates that Tidong Power will be value-accretive in the near term and contribute positively to its EBITDA in FY27. Furthermore, its proximity to the existing Karcham Wangtoo plant is expected to unlock substantial operational synergies. JSW Energy’s broader strategic vision includes achieving 30 GW of generation capacity and 40 GWh of energy storage by 2030, alongside a commitment to Carbon Neutrality by 2050. The company also included a standard forward-looking statement disclaimer concerning risks and uncertainties.

JSW Energy Limited has officially communicated its schedule for upcoming meetings with institutional investors and analysts. These engagements are slated to take place in Mumbai on February 4th and 5th, 2026. The meetings will be conducted in person and are intended to facilitate dialogue between the company's management and financial stakeholders. This announcement has been made in compliance with Regulation 30 of the SEBI Listing Regulations. While the schedule is subject to change due to unforeseen circumstances, it provides a window for investors to gain insights into the company's operations and future plans. The specifics of the discussions or any new financial information are not disclosed in this notification.

JSW Energy held its Q3 FY'26 earnings conference call on January 23, 2026, to discuss its unaudited financial results for the quarter and nine months ended December 31, 2025.

Quarterly Performance: The company reported a 61% year-on-year increase in revenue to ₹4,255 crores for Q3 FY'26, alongside a significant 98% YoY surge in EBITDA to ₹2,202 crores. Profit after Tax (PAT) jumped 150% YoY to ₹420 crores, aided by the recognition of a Deferred Tax Asset (DTA) of ₹557 crores for JSW Energy (Utkal) and ₹189 crores for its KSK asset. Cash profits saw a 12% YoY increase to ₹570 crores. Power sales grew substantially by 65% YoY to 11.1 billion units. The net generation for the nine-month period ended FY'26 increased by 62% YoY to 39.6 billion units. Long-term PPAs constituted 82% of total power sales, showing a 63% YoY increase. Mode-wise performance showed improvements across segments, with solar and wind generation up 149% YoY, thermal generation up 55% YoY, and hydro generation up 27% YoY.

Operational Highlights & Capacity Expansion: Over the past twelve months, JSW Energy added 5.2 GW of capacity (3.1 GW renewables, 2.1 GW thermal), bringing its total installed capacity to 13.3 GW, a 64% YoY increase from 8.1 GW. The company commissioned India’s largest Green Hydrogen plant at its Vijayanagar location. The Kutehr plant has stabilized and generated 130 million units in Q3. The company aims to exceed its target of 30 GW generation capacity and achieve 40 GWh of storage capacity by 2030. Approximately 3.3 GW, or 25% of current capacity, is secured with Group Captive and C&I customers, with renewables contracted at a blended average tariff of over ₹3.65 per unit.

Strategic Developments & Outlook: The company signed its second 1,600 MW PPA with West Bengal Discom for the Salboni Thermal Project, making Salboni its largest single-location asset at 3,200 MW. Orders have been placed for two 800 MW steam turbine generators for the Salboni project. Acquisitions of Tidong Hydro Power and GE Power India’s Boiler Manufacturing division are progressing, with NCLT approval received for Raigarh Champa Rail Infrastructure. Promoter capital infusion of ₹3,000 crores (₹500 Cr equity, ₹2,500 Cr warrants) was completed. Shareholder approval for a Qualified Institutional Placement (QIP) of up to ₹10,000 crores has also been obtained. The management noted that while Q3 FY'26 power demand growth was flattish due to weather, December 2025 saw 6.5% YoY growth, and January 2026 (first 20 days) showed 6% growth, indicating a return to robust demand. The bidding landscape is shifting towards firm power and storage solutions.

Financials & Leverage: Net debt stood at ₹63,771 crores as of December 2025, up from ₹61,960 crores in September 2025. Pro forma leverage, excluding CWIP debt, is approximately 4.9x. Liquidity remains strong with cash and cash equivalents exceeding ₹7,100 crores. The weighted average interest rate declined QoQ to 8.68% from 8.79%. Receivables were ₹3,000 crores, reducing debtor days to 73 from 96 YoY. Depreciation and interest costs have risen substantially due to the capitalization of new assets, but cash returns on net worth are estimated at 19-20%. The company expects PBT levels to improve as interest and depreciation normalize post-execution of its large capex pipeline.

On January 21, 2026, JTPM Metal Traders Limited, identified as a member of the promoter and promoter group of JSW Energy Limited, completed the acquisition of 95,23,809 equity shares and 4,76,19,047 convertible warrants. This transaction was executed through a preferential allotment, in compliance with Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018.

This acquisition represents 3.43% of JSW Energy's total diluted equity share capital on a fully diluted basis, according to the disclosure filed under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Prior to this acquisition, JTPM Metal Traders Limited held 47,00,000 shares, constituting 0.27% of the equity share capital. Post-acquisition, its holding amounts to 6,18,42,856 shares (on a fully converted basis of shares and warrants), representing 3.43% of the total diluted share capital.

The preferential allotment has resulted in an increase in the overall shareholding of the promoter and promoter group in JSW Energy Limited. After this acquisition, the total diluted share capital of JSW Energy stands at 1,80,49,11,307 equity shares. The promoter and promoter group collectively now hold 70.24% of the total diluted share capital of JSW Energy.

JSW Energy announced its Q3 FY26 results, reporting strong year-on-year growth driven by capacity expansion and strategic acquisitions. Installed capacity increased by 64% YoY to 13.3 GW. Revenue from operations surged 61% YoY to ₹4,255 Crore, with EBITDA growing robustly by 98% YoY to ₹2,202 Crore. Reported Profit After Tax (PAT) jumped 150% YoY to ₹420 Crore, and Cash PAT increased by 12% YoY to ₹570 Crore. The company also reappointed Mr. Munesh Khanna as an Independent Director for a second term of five years. Strategic updates include shareholder approval for a ₹3,000 Crore preferential issue to the Promoter Group (comprising equity and warrants), signing of new Power Purchase Agreements (PPAs) for a 400 MW Utkal Thermal Plant and a 1,600 MW greenfield thermal project, and the integration of recent acquisitions like 02 Power and KSK which are now contributing to earnings. The company remains committed to its 2030 target of 30 GW generation capacity and 40 GWh of storage. Financially, consolidated Net Debt stood at ₹63,771 Crore with a Net Debt to Equity ratio of 2.2x as of December 31, 2025, while liquidity remains ample with ₹7,159 Crore in Cash and Cash Equivalents.

JSW Energy Reports Strong Q3 FY26 Performance Driven by Growth Initiatives

JSW Energy Limited announced its unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (Q3 FY26). The company demonstrated robust performance, characterized by significant year-on-year growth across key financial and operational metrics.

Quarterly & Annual Performance

For the third quarter of FY26, consolidated revenue surged by 61% YoY to ₹4,255 Crore. EBITDA saw a substantial increase of 98% YoY, reaching ₹2,202 Crore, while reported Profit After Tax (PAT) grew by an impressive 150% YoY to ₹420 Crore. For the nine-month period ended December 31, 2025 (9M FY26), consolidated EBITDA grew by 83% YoY to ₹8,439 Crore, and PAT increased by 21% YoY to ₹1,868 Crore. Power sale volumes increased by 65% YoY to 11.1 Billion Units (BUs), driven by capacity additions and contributions from acquisitions.

Outlook & Discussion

The company reiterated its commitment to its 2030 goals, aiming for 30 GW of generation capacity and 40 GWh of storage. Key growth drivers include sizeable capacity additions, successful integration of recent acquisitions (02 Power, KSK, JSW Mahanadi), and the commissioning of strategic projects like India's largest green hydrogen plant at Vijayanagar.

Financial Deep Dive

The consolidated balance sheet as of December 31, 2025, shows a Net Worth of approximately ₹29,634 Crore and a Net Debt of ₹63,771 Crore, resulting in a Net Debt to Equity ratio of 2.2x. Cash and Cash Equivalents stood at a healthy ₹7,159 Crore. The company reported a Net Debt to Proforma Steady-state EBITDA (excluding CWIP debt) of 4.9x. Receivables (DSO) improved to 73 days from 96 days in the previous year.

Key Events & Strategic Updates

JSW Energy completed the integration of its acquisitions, including 02 Power (4.7 GW renewable portfolio) and KSK (Mahanadi plant), which are now contributing meaningfully to earnings. The company commissioned India's largest green hydrogen plant at Vijayanagar with a capacity of 3,800 TPA. Operational capacity increased by 5.2 GW YoY to 13.3 GW. Strategic corporate actions included shareholder approval for a ₹3,000 Crore preferential issue to the Promoter Group. The company also secured a 25-year Power Purchase Agreement (PPA) with Karnataka DISCOMs for 400 MW from the Utkal Thermal Plant and signed a second PPA for a 1,600 MW greenfield thermal project with West Bengal Discom. Post the quarter, the company secured supply of 1,600 MW steam turbine generators for its Salboni Thermal Project. The Kutehr Hydroelectric Power Plant (240 MW) was also fully commissioned.

Notable Financial Items

An exceptional item of ₹65.19 Crore (Consolidated) was recognized due to changes in employee benefit obligations arising from the implementation of new Labour Codes. The company also recognized deferred tax assets of ₹557 Crore (Utkal PPA) and ₹189 Crore (JSW Mahanadi Power) based on expected future taxable profits.

JSW Energy Limited announced its unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. The company reported significant operational and financial growth driven by capacity expansion and contributions from acquired assets.

For the third quarter of Fiscal Year 2026 (Q3 FY26), JSW Energy's net generation increased by 65% year-on-year (YoY) to 11.1 billion units (BUs). Renewable energy (RE) generation saw a substantial 96% YoY rise to 3.2 BUs, attributed to organic wind capacity additions and the O2 power portfolio. Thermal generation grew by 55% YoY to 7.9 BUs. Long-term PPA generation also increased by 63% YoY.

Financially, consolidated EBITDA surged by 98% YoY to ₹2,202 Cr in Q3 FY26, while consolidated Profit After Tax (PAT) rose by 150% YoY to ₹420 Cr. For the nine-month period (9M FY26), EBITDA grew by 83% YoY to ₹8,439 Cr, and PAT increased by 21% YoY to ₹1,868 Cr. EBITDA margins improved significantly, reaching 52% in Q3 FY26 compared to 42% in Q3 FY25. Diluted EPS for the quarter was ₹2.41, up from ₹0.96 YoY.

The company's balance sheet remains healthy, with Net Debt to Equity at 2.2x and Net Debt to Proforma Steady-state EBITDA (excl. CWIP) at 4.9x as of December 31, 2025. Cash & Cash Equivalents stood at ₹7,159 Cr. Cash PAT for the quarter increased by 12% YoY to ₹570 Cr, and for 9M FY26, it grew by 38% YoY to ₹3,660 Cr, indicating strong cash generation.

Key strategic and operational highlights include the addition of 125 MW of organic renewable capacity during the quarter, bringing the total installed capacity to 13.3 GW. JSW Energy commissioned India's largest Green Hydrogen plant at Vijayanagar. Post the quarter, the company signed a PPA for a 1,600 MW greenfield thermal project and another for 400 MW from the Utkal Thermal Plant. Shareholder approval was also received for a ₹3,000 Crore preferential issue to the Promoter Group. The company received NCLT approval for a Resolution Plan for Raigarh Champa Rail Infrastructure. JSW Energy reiterated its long-term vision to reach 30 GW of generation capacity by 2030, with installed capacity expected to grow at approximately 20% CAGR.

JSW Energy Q3 FY26 Financial and Operational Performance Review

JSW Energy Limited announced robust financial and operational results for the third quarter (Q3 FY26) and nine months ended December 31, 2025. The company demonstrated significant year-on-year (YoY) growth, largely driven by substantial capacity additions and the successful integration of strategic acquisitions.

Consolidated Financial Performance

The company reported a strong Q3 FY26 with consolidated revenue increasing by 61% YoY to ₹4,255 Crore. EBITDA saw a significant surge of 98% YoY, reaching ₹2,202 Crore, while consolidated Profit After Tax (PAT) jumped by an impressive 150% YoY to ₹420 Crore. Cash PAT also grew by 12% YoY to ₹570 Crore for the quarter. In contrast, standalone revenue and profit before tax showed a decline compared to the previous year.

Finance costs increased to ₹1,485 Crore in Q3 FY26 from ₹565 Crore in Q3 FY25, primarily due to incremental borrowings required to fund ongoing capacity expansion projects. The weighted average cost of debt decreased slightly to 8.68% QoQ.

Key financial ratios indicated improved profitability, with Operating EBITDA Margin rising to 49.81% and Net Profit Margin at 12.43% in Q3 FY26. The Debt-Equity Ratio stood at 2.39 as of December 31, 2025.

Operational Highlights and Capacity Expansion

Installed capacity grew by 64% YoY, adding 5.2 GW to reach 13.3 GW. This expansion, combined with organic renewable capacity additions, led to a 65% YoY increase in power sales volumes to 11,118 Million Units (MUs).

Significant operational milestones include the commissioning of India's largest green hydrogen plant at Vijayanagar with a capacity of 3,800 TPA. The Kutehr Hydroelectric Power Plant (240 MW) was also fully commissioned in August 2025.

Strategic Initiatives and Acquisitions

JSW Energy has been actively expanding its portfolio through strategic acquisitions. The integration of O2 Power (4.7 GW renewable portfolio) and KSK Mahanadi Power has started contributing meaningfully to earnings. Other notable acquisitions completed include 3 SPVs from Hetero Group (125 MW wind), JSW Mahanadi Power Company Limited, and KSK Water Infrastructure Private Limited.

The company also signed a definitive agreement to acquire Tidong Power Generation Private Limited (150 MW hydro project) and entered into a Scheme of Arrangement with GE Power India Limited for acquiring its Durgapur facility business.

Several new Power Purchase Agreements (PPAs) were secured, including a 25-year PPA for 400 MW with Karnataka DISCOMs commencing April 1, 2026, a short-term PPA for 115 MW with Assam discom, and a 1,600 MW PPA with West Bengal Discom for a greenfield thermal project.

Financial Health and Outlook

As of December 31, 2025, the consolidated Net Debt stood at approximately ₹63,771 Crore, resulting in a Net Debt to Equity ratio of 2.2x. Cash and Cash Equivalents remained ample at approximately ₹7,159 Crore. Receivables, measured in Days Sales Outstanding (DSO), improved to 73 days.

The company reaffirmed its long-term vision, aiming for 30 GW of generation capacity and 40 GWh of storage by 2030, with 14 GW currently under construction.

Other Key Developments

An exceptional item of ₹65.19 Crore was recognized due to the impact of newly notified Labour Codes on defined benefit obligations. The company also recognized deferred tax assets totaling ₹746 Crore, attributed to future taxable profits from new PPAs and estimated recoverability of losses and depreciation.

The Board approved the re-appointment of Mr. Munesh Khanna as an Independent Director for a second term. Additionally, shareholder approval was received for a preferential issuance of approximately ₹3,000 Crore to the Promoter Group.

JSW Energy Limited has provided an update regarding its resolution plan for Raigarh Champa Rail Infrastructure Private Limited. Further to their earlier intimation on November 20, 2025, which stated that the Resolution Plan submitted by the Company was approved by the Committee of Creditors on November 19, 2025, the company announced on January 22, 2026, that the Hon’ble National Company Law Tribunal (NCLT), Hyderabad, has approved the resolution plan on January 21, 2026. The implementation of this plan is contingent upon receiving necessary approvals. This development signifies a step forward in the company's strategy involving distressed asset resolution.

JSW Energy Limited, on January 21, 2026, announced the completion of a significant preferential issue, allotting equity shares and convertible warrants to JTPM Metal Traders Limited. This corporate action involves substantial fundraising and a change in the company's capital structure.

Quarterly/Annual Results:

This announcement pertains to a corporate action (preferential issuance) and does not contain information regarding quarterly or annual financial results.

Guidance & Concall Commentary:

No forward-looking guidance or commentary from a management call is provided in this disclosure.

Financials:

• Fundraising: JSW Energy has raised Rs. 499,99,99,725 from the allotment of 95,23,809 equity shares. Additionally, it received Rs. 624,99,99,919, representing 25% of the issue price, for the allotment of 4,76,19,047 convertible warrants.
• Total Upfront Funds: The total upfront capital raised from this preferential issue amounts to approximately Rs. 1,124.99 crore.
• Potential Funds on Warrant Exercise: The warrants are convertible into equity shares at Rs. 525 per warrant. If all warrants are exercised, the company stands to raise an additional Rs. 24,99,99,99,676, bringing the total potential funds from this issue to approximately Rs. 3,000 crore.
• Share Capital Dilution: The pre-allotment paid-up share capital stood at 174,77,68,451 equity shares. Post the allotment and assuming full conversion of warrants, the fully diluted paid-up share capital will be 180,49,11,307 equity shares. This represents a dilution of approximately 3.27% in the number of shares for existing shareholders, assuming full conversion.

Key Events:

• Preferential Allotment: JSW Energy Limited has approved and completed the allotment of equity shares and convertible warrants on a preferential basis to JTPM Metal Traders Limited.
• Allotment Price: Both the equity shares and the convertible warrants were allotted at a price of Rs. 525 per instrument.
• Listing Application: The company intends to apply to the stock exchanges for listing and trading approval for the newly allotted equity shares.

Outlook:

The preferential issue serves as a significant capital infusion for JSW Energy. While the specific use of funds is not detailed in this announcement, such capital raisings are typically undertaken to fund expansion projects, bolster the balance sheet, or finance future strategic initiatives. The company's move to raise substantial capital indicates potential plans for growth or investment in its operational capacity.

JSW Energy Limited announced that its Finance Committee has approved the allotment of 95,23,809 equity shares and 4,76,19,047 convertible warrants on a preferential basis to JTPM Metal Traders Limited. The equity shares were allotted at a price of ₹525 per share, aggregating to ₹499.99 Crores, while the warrants were allotted at the same price, with an upfront subscription of 25% amounting to ₹624.99 Crores. The total capital raised from this transaction is approximately ₹1124.98 Crores.

This preferential issue will result in an increase in the company's paid-up equity share capital from 174,77,68,451 shares pre-allotment to 180,49,11,307 shares post-allotment on a fully diluted basis, assuming full conversion of the warrants. The company intends to seek listing and trading approval for the newly allotted Equity Shares from the stock exchanges in due course. The capital raised is expected to bolster JSW Energy's financial resources, while the allotment leads to an increase in the total number of outstanding shares.

JSW Energy Limited has announced the completion of a preferential issue, with its Finance Committee approving the allotment of equity shares and convertible warrants on January 21, 2026. The company allotted 95,23,809 equity shares and 4,76,19,047 convertible warrants to JTPM Metal Traders Limited on a preferential basis via private placement. The issue price for both equity shares and warrants was set at ₹525 per unit, including a premium of ₹515 per unit.

Following this transaction, JSW Energy received ₹499,99,99,725 (approximately ₹499.99 crore) as subscription for the equity shares and ₹624,99,99,919 (approximately ₹624.99 crore) for the warrants, which amounts to 25% of the issue price. The total capital raised through this preferential issue is approximately ₹1124.98 crore.

The company's paid-up share capital has been adjusted due to this allotment. The pre-allotment paid-up equity share capital was 174,77,68,451 shares, valued at ₹1747,76,84,510. Post-allotment, assuming full conversion of the warrants, the fully diluted paid-up share capital will increase to 180,49,11,307 shares, amounting to ₹1804,91,13,070. JSW Energy will subsequently apply to the stock exchanges for listing and trading approval of the newly allotted equity shares.

JSW Energy Limited has announced a revised intimation regarding its conference call to discuss the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (Q3 FY26). The call is scheduled for Friday, January 23, 2026, at 7:00 PM IST.

The revision specifically pertains to the dial-in link, which was updated due to a technical issue with the previously provided link. All other details of the conference call remain unchanged.

The call will be addressed by senior management, including Mr. Sharad Mahendra (Joint Managing Director & CEO), Mr. Chandrasekaran Prabhakaran (CFO), and Mr. Bikash Chowdhury (Head - Investor Relations & ERM). The call leader will be Mr. Anuj Upadhyay from Investec India.

The purpose of the call is to discuss the company's financial performance for the specified period. Specific financial results, guidance, or outlook details are not disclosed in this notification but are expected to be covered during the conference call.

JSW Energy Limited announced that its wholly-owned subsidiary, JSW Thermal Energy Two Limited, has entered into a Power Purchase Agreement (PPA) with West Bengal State Electricity Distribution Company Limited (WBSEDCL) for a greenfield 1,600 MW (2 x 800 MW) super/ultra-super critical thermal power plant. This facility is to be commissioned in Salboni, West Bengal, within a period of six years and was secured through a competitive bidding process. The plant will use domestic linkage coal allocated to West Bengal under the SHAKTI B (iv) policy. This marks the second PPA signed with WBSEDCL for this location, following a similar 1,600 MW agreement in March 2025, bringing the total capacity at Salboni to 3,200 MW, making it the company's largest single-location asset.

The company currently operates 5,658 MW of thermal generation capacity. With 3,200 MW under construction at Salboni and an option to add 1,800 MW at KSK Mahanadi, JSW Energy's total thermal capacity is expected to reach 10,658 MW, all utilizing domestic coal.

JSW Energy has a total locked-in generation capacity of 32.1 GW, comprising 13.3 GW operational, 14 GW under construction (thermal and renewable), and 4.6 GW in the pipeline, plus 150 MW of hydro under acquisition. The company also has 29.4 GWh of locked-in energy storage capacity through hydro pumped storage projects (26.4 GWh) and battery energy storage systems (3.0 GWh). JSW Energy aims to achieve 30 GW of generation capacity and 40 GWh of energy storage capacity by 2030, with a long-term goal of Carbon Neutrality by 2050. The announcement reinforces the company's strategy of expanding its thermal portfolio by building efficient and scalable energy assets.

The core of this announcement from JSW Energy Limited, dated January 19, 2026, is the upcoming Board of Directors meeting scheduled for Friday, January 23, 2026. The board's primary responsibility at this meeting will be to consider and approve the unaudited standalone and consolidated financial results of the company for the third quarter and the nine months ended December 31, 2025.

In conjunction with the results announcement, JSW Energy has organized a Results Conference Call for the same day, January 23, 2026, starting at 7:00 p.m. IST. This call is designed to facilitate a discussion on the financial performance by senior management. Key executives participating include Mr. Sharad Mahendra, Joint Managing Director & CEO; Mr. Chandrasekaran Prabhakaran, CFO; and Mr. Bikash Chowdhury, Head - Investor Relations & ERM. The company has also provided an invitation with express login details via a provided URL and primary universal dial-in numbers for India and international toll-free options for participants.

JSW Energy has committed to making the transcript of this conference call available on its investor website, specifically at https://group.jsw.in/investors/energy/jsw-energy-fy-2025-26-corporate-governance-stock-exchange-releases. Furthermore, the transcript will be duly filed with the relevant stock exchanges, ensuring transparency and accessibility of the information discussed regarding the company's quarterly performance and future outlook. No actual financial figures, guidance, or specific operational updates were provided in this announcement, as they are pending declaration and discussion.

JSW Energy Limited has issued a regulatory filing to the BSE and NSE, dated January 19, 2026. The company has announced that a meeting of its Board of Directors is scheduled for Friday, January 23, 2026. The primary purpose of this meeting is to consider and approve the unaudited standalone and consolidated financial results for the quarter and the nine months ended December 31, 2025.

In conjunction with the board meeting, the company also informed about the opening of its trading window. The trading window for dealing in the securities of JSW Energy Limited, which had been closed for all Designated Persons since January 1, 2026, will now reopen on Monday, January 26, 2026. This reopening allows for normal trading activities in the company's securities.

JSW Thermal Energy Limited, a wholly-owned subsidiary of JSW Energy Limited, has entered into a contract with its associate company, Toshiba JSW Power Systems Private Ltd, for the procurement of two 800 MW steam turbine generators. These are intended for JSW Energy's 1,600 MW Salboni Thermal Project in West Bengal. This agreement is a strategic move to enhance supply-chain certainty and ensure the timely completion and commissioning of the project, mitigating risks from industry-wide equipment shortages. The contract underscores JSW Energy's commitment to supporting India's energy security by adding reliable baseload capacity, which complements the country's expanding renewable energy footprint. The company currently operates 5,658 MW of thermal capacity, and with the Salboni project and an option at KSK Mahanadi, its total thermal capacity is projected to reach 9,058 MW, representing approximately 30% of its total locked-in capacity of 30.5 GW. Management highlighted the long-standing association with Toshiba and the vital role of thermal power in grid stability.

JSW Energy Limited has announced that its wholly-owned subsidiary, JSW Thermal Energy Limited, has entered into a supply contract with its associate company, Toshiba JSW Power Systems Private Ltd. The contract is for the procurement of two steam turbine generators, each with a capacity of 800 MW, for JSW Energy's thermal project located at Salboni, West Bengal.

This strategic procurement is aimed at enhancing supply-chain certainty, improving coordination during project execution, and mitigating risks stemming from potential industry-wide equipment shortages. The turbine-generator package will be manufactured and supplied in accordance with the project's construction schedule, supporting the timely completion and commissioning of the Salboni plant.

JSW Energy currently operates 5,658 MW of thermal generation capacity. With the 1,600 MW Salboni project under construction and an option to add 1,800 MW at KSK Mahanadi, the company's total thermal capacity is projected to rise to 9,058 MW. This expansion underscores the balanced role of thermal power within JSW Energy's overall generation portfolio, contributing approximately 30% to its total locked-in capacity target of 30.5 GW.

Mr. Sharad Mahendra, Joint Managing Director and CEO of JSW Energy, highlighted the importance of the contract with Toshiba JSW, noting it strengthens supply-chain control and execution certainty for the Salboni project. He emphasized the long-standing association with Toshiba and its contribution to value creation. He further stated that the Salboni Power Project underscores the company's commitment to India's energy security by adding reliable baseload capacity, which complements the country's expanding renewable energy footprint and plays a vital role in grid stability and system resilience.

JSW Energy reiterates its vision to achieve 30 GW of generation capacity and 40 GWh of energy storage capacity by FY 2030, alongside its goal of achieving carbon neutrality by 2050. The company's total locked-in generation capacity stands at 30.5 GW, comprising 13.3 GW operational, 12.4 GW under construction, 150 MW under acquisition, and a 4.6 GW pipeline.

GE Power India Limited has submitted a routine confirmation certificate to the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. This certificate, issued by its Registrar and Share Transfer Agent (RTA), KFin Technologies Limited, verifies the proper dematerialization of securities during the quarter ended December 31, 2025.

Financially, the company reported for Q2 FY26 (ended September 30, 2025) a revenue growth of 29% year-on-year to ₹2,805.2 million, with EBITDA margins improving to 17.7%. However, consolidated net profit saw a significant decline of 51.6% year-on-year, primarily attributed to discontinued operations. The company's balance sheet shows reduced debt and an improved debt-to-equity ratio, though historical data indicates high receivables.

Strategically, GE Power India's board has approved the demerger of its Durgapur facility to JSW Energy Limited. The company has also made progress on settlement agreements with BHEL and Jaiprakash Power Ventures Limited (JPVL) to resolve past disputes. However, a significant regulatory challenge remains in the form of a disputed GST demand of ₹41.57 Crore for FY 2018-2021, which the company intends to appeal.

The order book as of Q2 FY26 stood at ₹18,250 million, a 28.7% year-on-year decline, impacted by contract terminations. Nevertheless, management noted a positive sequential growth of 45% in order intake for core services, signaling a strategic focus on more profitable, shorter-cycle business. The company's trading window was closed from January 1, 2026, in anticipation of its Q3 FY26 results announcement.

JSW Energy Limited has submitted clarifications to the National Stock Exchange of India (NSE) concerning the utilization of funds raised through its approved preferential issue of equity shares and warrants. These clarifications were provided in response to NSE's query regarding the allocation of proceeds to subsidiaries. The company confirmed that the funds will be deployed by three identified subsidiaries to support its strategic growth objectives, specifically aiming for a cumulative generation capacity of 30 GW and 40 GWh of energy storage by 2030.

Specifically, JSW Neo Energy Limited will utilize funds for renewable generation and energy storage projects (including pumped storage and battery energy storage systems) that are under development or to be developed. This includes project development expenditure, acquisition/development of storage assets, related capital expenditure, and working capital.

JSW Thermal Energy Limited will use the proceeds for its 1600 MW Thermal Power Project in Salboni, West Bengal, covering preliminary development costs, early-stage capital expenditure, and associated project-level equity contributions.

JSW Energy (Utkal) Limited will receive funds towards capacity addition in its thermal power plant in Jharsuguda, Odisha, focusing on generating and selling electricity from domestic coal to enhance the overall portfolio's firm and dispatchable power.

The company also clarified that the utilization of proceeds from the warrants will occur within one year from the date of receipt of funds, reinforcing the timeline for deployment of capital raised from the preferential issue.

JSW Energy Limited has informed the stock exchanges that Maharashtra State Electricity Distribution Company Limited (MSEDCL) has filed an appeal before the Appellate Tribunal for Electricity. This appeal is against the Final Combined Order dated December 24, 2025, passed by the Maharashtra Electricity Regulatory Commission (MERC). The MERC order had previously rejected MSEDCL's petition seeking to quash invoices raised by JSW Energy and, conversely, had allowed JSW Energy's petition. The company was served with the appeal copy on January 9, 2026. This development introduces legal uncertainty regarding the resolution of past invoice disputes with MSEDCL.

JSW Energy Limited announced on January 6, 2026, that its step-down subsidiary, O2 Renewable Energy VII Private Limited, has received a credit rating of ‘CARE A; Stable’ for its long-term bank facilities from CARE Ratings, effective January 5, 2026. This assignment by CARE Ratings signifies a stable financial outlook for the subsidiary, indicating its strong capacity to manage its long-term debt obligations. Such credit ratings are instrumental in securing favourable financing conditions and are crucial for supporting JSW Energy's ambitious growth strategy, particularly its expansion in the renewable energy sector towards its target of 30 GW capacity by FY2030. This development aligns with previous announcements of credit rating affirmations for other JSW Energy subsidiaries by various rating agencies, underscoring the company's consistent financial management across its operations.

JSW Energy Limited held its Extraordinary General Meeting (EGM) on January 3, 2026. Shareholders overwhelmingly approved several key resolutions. These included a preferential issue of equity shares and warrants to its promoter group, JTPM Metal Traders Limited, for approximately ₹3,000 crore, at an issue price of ₹525 per instrument. This is part of a broader plan to raise up to ₹10,000 crore in tranches. The funds raised are intended for investments in key subsidiaries such as JSW Neo Energy, JSW Thermal Energy, and JSW Energy (Utkal), as well as for debt repayment, supporting the company's strategic growth initiatives and its goal of achieving 30 GW generation capacity by FY2030. Additionally, material related party transactions between JSW Thermal Energy Limited and Toshiba JSW Power Systems Private Limited were approved. The company also announced the appointment of Mr. Chandrasekaran Prabhakaran as its new Chief Financial Officer (CFO), effective January 1, 2026.

JSW Energy Limited held its Extraordinary General Meeting (EGM) on January 3, 2026. Shareholders overwhelmingly approved several key resolutions. These included a preferential issue of equity shares and warrants to its promoter group, JTPM Metal Traders Limited, for approximately ₹3,000 crore, at an issue price of ₹525 per instrument. This is part of a broader plan to raise up to ₹10,000 crore in tranches. The funds raised are intended for investments in key subsidiaries such as JSW Neo Energy, JSW Thermal Energy, and JSW Energy (Utkal), as well as for debt repayment, supporting the company's strategic growth initiatives and its goal of achieving 30 GW generation capacity by FY2030. Additionally, material related party transactions between JSW Thermal Energy Limited and Toshiba JSW Power Systems Private Limited were approved. The company also announced the appointment of Mr. Chandrasekaran Prabhakaran as its new Chief Financial Officer (CFO), effective January 1, 2026.

JSW Energy Limited convened its Extraordinary General Meeting (EGM) on January 3, 2026, via Video Conferencing/Other Audio Visual Means, where shareholders approved four key agenda items with the requisite majority. Special Resolutions were passed for the preferential issuance of equity shares and convertible warrants to specific allottees, including promoter and public categories. Notably, the resolution for the preferential issue of convertible warrants received 54.85% approval, while the preferential issue of equity shares secured overwhelming support with 99.99% in favour. An Ordinary Resolution was also approved concerning material related party transactions between its subsidiary, JSW Thermal Energy Limited, and Toshiba JSW Power Systems Private Limited, where the promoter group held an interest. As part of strategic management changes, the company appointed Mr. Chandrasekaran Prabhakaran as its new Chief Financial Officer (CFO) and Key Managerial Personnel (KMP), effective January 1, 2026. These financial maneuvers, including a ₹3,000 crore preferential issue (₹500 Cr equity shares, ₹2,500 Cr warrants) and an overall fundraising plan of up to ₹10,000 crore, are designed to support subsidiaries and debt repayment, aligning with the company's objective to achieve 30 GW generation capacity by FY2030 and carbon neutrality by 2050. The company also announced the closure of its trading window from January 1, 2026.

The report details the outcome of the Extraordinary General Meeting (EGM) of JSW Energy Limited, held on January 3, 2026. Shareholders overwhelmingly approved all proposed resolutions, including the preferential issue of equity shares and convertible warrants to the equity and warrants allottee, as well as material related party transactions. These approvals are critical for the company's ongoing strategy, which includes significant fundraising to support its expansion plans. The company announced that a corrigendum to the EGM notice specified that the funds raised via the preferential issue would be allocated: 50% towards repaying borrowings from its subsidiary, JSW Energy (Barmer) Limited, and the remaining 50% for investments in key subsidiaries such as JSW Neo Energy, JSW Thermal Energy, and JSW Energy (Utkal). This strategic capital infusion is aimed at bolstering the company's growth trajectory and achieving its ambitious target of 30 GW generation capacity by FY2030. The appointment of Mr. Chandrasekaran Prabhakaran as the new Chief Financial Officer (CFO) was also approved during the meeting. The company confirmed that the EGM proceedings, voting results, and the Scrutinizer's Report are publicly available on its website and the Registrar and Transfer Agent's website.

JSW Energy Limited convened its Extraordinary General Meeting (EGM) on January 3, 2026, where shareholders overwhelmingly approved several crucial resolutions. Key among these was the preferential issue of equity shares and convertible warrants to its promoter group, JTPM Metal Traders Limited, valued at approximately ₹3,000 crore. The company also secured approval for the broader fundraising plan, aiming to raise an additional ₹10,000 crore in tranches. These funds are earmarked to support strategic growth initiatives, including investments in key subsidiaries like JSW Neo Energy, JSW Thermal Energy, and JSW Energy (Utkal), as well as for the repayment of borrowings. The issue is structured at ₹525 per instrument and is expected to slightly increase the promoter holding. In a significant management update, Mr. Chandrasekaran Prabhakaran was appointed as the new Chief Financial Officer (CFO) and Key Managerial Personnel (KMP), effective January 1, 2026, succeeding Mr. Pritesh Vinay. The EGM proceedings also included approvals for material related party transactions. These financial and management decisions underscore the company's commitment to its long-term vision of expanding generation capacity to 30 GW by FY2030.

JSW Energy Limited conducted its Extraordinary General Meeting (EGM) on January 3, 2026, where shareholders overwhelmingly approved critical proposals.

The meeting saw the successful passage of special resolutions pertaining to the preferential issue of equity shares and convertible warrants on a private placement basis. These approvals are crucial for the company's fundraising strategy, aimed at supporting its ambitious growth plans, including achieving 30 GW capacity by FY2030.

Furthermore, an ordinary resolution concerning material related party transactions between JSW Thermal Energy Limited, a wholly-owned subsidiary, and Toshiba JSW Power Systems Private Limited was also passed with the necessary majority. The Scrutinizer's report confirmed that all agenda items were approved with the requisite votes.

In addition to these financial and governance matters, the company also announced the appointment of Mr. Chandrasekaran Prabhakaran as its new Chief Financial Officer (CFO) and Key Managerial Personnel, effective January 1, 2026, marking a significant management transition.

India Ratings and Research (Ind-Ra) has assigned an 'IND A/Stable' rating, along with 'IND A1' for short-term facilities, to the long-term bank facilities of JSW Renew Energy Seventeen Limited, a step-down subsidiary of JSW Energy. This credit rating signifies a stable financial outlook for the subsidiary, reflecting its creditworthiness and ability to meet debt obligations. This development is positive for JSW Energy, bolstering its renewable energy expansion strategy and potentially improving access to capital for its subsidiaries' projects.

JSW Energy Limited announced on December 30, 2025, that India Ratings and Research Private Limited (Ind-Ra) has assigned a credit rating of 'IND A/ Stable' to the long-term bank facilities of its step-down subsidiary, XL Xergi Power Private Limited. This rating signifies a stable financial outlook for XL Xergi Power. The announcement, made in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, indicates that the rating agency's press release, containing further details, is available on its website, www.indiaratings.co.in. This development provides an assessment of the subsidiary's creditworthiness, which indirectly reflects on the financial stability and risk management practices within the JSW Energy group.

JSW Energy Limited has announced that it will be conducting meetings with sell-side analysts on January 7th and 8th, 2026. These in-person group meetings will take place at the company's Vijayanagar facility in Karnataka. The engagements are scheduled to cover the company's strategic direction, operational performance, and future outlook.

This announcement comes on the heels of a period marked by significant operational and strategic developments for JSW Energy. The company has consistently expanded its capacity, including the successful commissioning of its 240 MW Kutehr Hydroelectric Power Plant and the recent commissioning of 85 MW of renewable capacity in November 2025, bringing its total installed capacity to 13,295 MW and increasing the renewables share to 57%.

Financially, JSW Energy reported strong performance in Q1 and Q2 FY26, with notable year-on-year increases in consolidated EBITDA, driven by capacity additions and strategic acquisitions such as O2 Power and Mahanadi Thermal Plant. The company has also undertaken significant financial actions, including a ₹3,000 crore preferential issue to its promoter group and plans to raise up to ₹10,000 crore to support its growth strategy.

Management changes include the resignation of its Director (Finance) and the appointment of a new CFO, effective January 1, 2026. Credit ratings for various subsidiaries have been reaffirmed, indicating a stable financial outlook. The company remains focused on its long-term vision of achieving 30 GW generation capacity and 40 GWh of energy storage by FY2030, alongside its commitment to carbon neutrality by 2050.

JSW Energy Limited has officially notified the stock exchanges regarding the closure of its trading window. Effective January 1, 2026, the company will prohibit its designated employees and persons from trading in its securities. This closure is mandated until 48 hours after the announcement of the unaudited financial results for the quarter and the nine-month period concluding on December 31, 2025. This practice aligns with SEBI (Prohibition of Insider Trading) Regulations, 2015, and the company's internal code of conduct, aiming to safeguard against any potential insider trading activities during the price-sensitive period preceding the financial results disclosure.

JSW Energy Limited has issued a newspaper advertisement containing a corrigendum to the notice of its Extraordinary General Meeting (EGM), which is scheduled to be held on January 3, 2026. The EGM aims to obtain shareholder approval for a preferential issue of equity shares and warrants to JTPM Metal Traders Limited, its promoter group, for ₹3,000 crore. The company also plans to raise an additional ₹10,000 crore to support its growth strategy.

JSW Energy has issued a corrigendum to the Notice of its Extraordinary General Meeting (EGM), scheduled for January 3, 2026. This update clarifies the details of a proposed preferential issue of equity shares and warrants, aiming to raise approximately ₹3,000 crore. The funds raised will be strategically allocated: 50% (₹1,499.99 crore) will be used for the repayment or pre-payment of certain outstanding borrowings from JSW Energy (Barmer) Limited, a wholly-owned subsidiary and a related party. The remaining 50% (₹1,500 crore) will be invested in key subsidiaries to fuel growth strategies and achieve the company's objective of 30 GW capacity by 2030. These investments will target entities such as JSW Neo Energy (up to ₹1,000 crore), JSW Thermal Energy (up to ₹400 crore), and JSW Energy (Utkal) (up to ₹100 crore). The preferential issue is expected to increase the promoter holding from 69.26% to 70.24%. India Ratings and Research Private Limited will be appointed as the monitoring agency for the utilization of these funds. In addition to the capital raise, JSW Energy has announced a significant management change. Mr. Chandrasekaran Prabhakaran has been appointed as the new Chief Financial Officer (CFO) and Key Managerial Personnel (KMP), effective January 1, 2026, succeeding Mr. Pritesh Vinay who resigned to pursue external opportunities. These developments are crucial for the company's capital structure management and strategic growth initiatives.

This report from Eagle Eye Equities, a division of Sharekhan/Mirae Asset, dated December 26, 2025, focuses on technical analysis and short-term trading opportunities. It provides specific stock recommendations, including 'BUY' calls for INDUSTOWER and APOLLOHOSPITAL, and various 'Smart Charts' and 'Momentum Swing' calls for other stocks like IREDA, HEG, TBOTEK, JSWENERGY, NUVAMA, BSE (SELL), NBCC, TRENT, RVNL, INDUSTOWER, PGEL, SONACOMS, and INDIACEM, each with associated buy/sell prices, stop losses, and target levels. The report also details the technical outlook for major indices such as Nifty, Bank Nifty, and Sensex, outlining their support, resistance, and trend indicators. Additionally, it analyzes the short-to-medium term technical trends and levels for key sectoral indices including Nifty Auto, Metal, Infra, Fin Services, Small Cap, Pharma, IT, Mid Cap, and FMCG. The content is purely technical and does not include any fundamental financial data like quarterly results, earnings, revenue, debt, or management guidance, nor does it discuss company-specific events such as orders or expansions.

JSW Energy Limited announced on December 25, 2025, that the Maharashtra Electricity Regulatory Commission (MERC) has issued its Final Combined Order dated December 24, 2025. The order decisively rejected the petition filed by Maharashtra State Electricity Distribution Company Limited (MSEDCL), which had challenged invoices raised by JSW Energy. Concurrently, the MERC allowed the petition filed by JSW Energy. This development, referencing a previous disclosure on December 13, 2024, marks the successful resolution of a material litigation concerning the company's invoicing practices.

This daily morning note from Axis Intellect provides a market overview, corporate news, and investment recommendations. Indian indices are expected to open positively, mirroring gains in Asian markets driven by upbeat US growth data and firm commodity prices. US markets closed higher, supported by strong economic momentum. Key corporate news includes Vikran Engineering securing a substantial Rs 2,035 Cr order from Onix Renewables for EPC works on solar plant development, and GAIL signing an MoU with the Chhattisgarh government for a gas-based fertilizer project, focusing on techno-economic studies for a urea plant.

Other significant company-specific events mentioned are Reliance Communications, whose arm Reliance Telecom had loan accounts declared 'fraud' by the Central Bank of India; Spandana Sphoorty Financial and Thirumalai Chemicals, which approved fund-raising via NCDs and share allotments respectively; Bank of India, issuing long-term bonds to raise Rs 10,000 Cr; Arisinfra Solutions receiving an asphalt order worth Rs 35 Cr; Supreme Petrochem clarifying a temporary shutdown of its mABS plant rather than the entire facility; Laurus Labs investing Rs 49 Cr in a JV; Bliss GVS Pharma appointing a new MD; Finolex Cables facing a Rs 22 Cr tax demand; and Coal India's board approving the in-principle listing of its arm, South Eastern Coalfields.

The report also highlights trading insights showing high volumes and delivery volumes for specific stocks like Coal India, Larsen & Toubro, Hindalco, and Infosys. Furthermore, it presents a comprehensive list of 'Buy' recommendations across numerous stocks with their current market prices, target prices, and calculated upside potential, suggesting a generally constructive outlook for these selected counters from the firm's perspective. No specific quarterly/annual results, management guidance, or detailed financial deep dives for individual companies were provided in this note.

Sharekhan's Eagle Eye Equities has released a technical analysis report providing trading recommendations and market outlook. The report includes specific 'Buy' calls for stocks such as ITC, with a current market price (CMP) of ₹407, a stop loss at ₹400, and target prices set at ₹414 and ₹420. Similarly, PFC is recommended for a 'Buy' at ₹354, with a stop loss of ₹344 and targets at ₹364 and ₹370.

The market outlook suggests the Nifty is in a 'Buy' mode, facing immediate support around the 26000-25900 zone and resistance above 26300, with a potential move towards 26500 on a breakout. The Bank Nifty is described as a laggard, trading within a range of 58700 to 59700, with a directional break expected to trigger trending moves. The Sensex is also analyzed with short-term and medium-term targets and reversal points.

Technical observations indicate positive market breadth, with more advances than declines observed on the NSE. On the daily chart, the Nifty is trading above its 20-day moving average (DMA) and 40-DEMA, supported by positive momentum crossovers on both daily and hourly charts. Support and resistance levels are detailed for Nifty, Bank Nifty, and Sensex, along with specific technical targets. The report also highlights recent 'Smart Charts' and 'Momentum Swing' calls, listing scrips like Railtel, IREDA, RVNL, and INDUSTOWER with their buy prices, stop losses, and target achievements or current P/L. A disclaimer clarifies that these recommendations are based purely on technical and derivatives analysis and may not align with fundamental research.

The market opened on a positive note, with Asian indices trading higher on global cues and US markets closing positively, primarily driven by technology and AI stocks. GIFT Nifty further indicated a strong opening for Indian indices. Sector-wise, IT, Capital Goods, and Banking sectors showed positive movement. In company-specific news, Cipla launched an orally inhaled insulin powder for diabetes patients in India. Saatvik Green's subsidiary secured a Rs 486 Cr EPC order for solar PV modules, and Sanghvi Movers' arm received a Rs 429 Cr order from independent power producers. Antony Waste's subsidiary was awarded a Rs 329 Cr contract for a mixed solid waste processing plant. Lloyds Enterprises announced plans to demerge its business into Lloyds Realty, projected to have a Rs 7000 Cr revenue potential. Ambuja Cements and ACC's boards approved the amalgamation of ACC and Orient Cement, aimed at cost optimization. HCL Software is set to acquire AI startup Wobby for €4.5 Mn. Prestige Estates acquired a significant 25-acre land parcel in Chennai with an estimated revenue potential of Rs 5,000 Cr. VIP Industries appointed a new Chief Marketing Officer, and Groww launched a new trading portal. HFCL opened its QIP process. The Great Eastern Shipping's arm is undergoing voluntary liquidation. Supreme Petrochem temporarily halted operations at its Maharashtra plant due to equipment failure, while Welspun Corp increased its stake in its subsidiary. The report also details numerous 'BUY' recommendations across various stocks, along with insights into trading volumes and delivery trends for prominent companies.

The report from Eagle Eye Equities, dated December 22, 2025, provides technical recommendations for short-term trading.

Market Outlook:

• Nifty: The index is trading above its 20-day and 40-day moving averages. A sustained move above 26050 could trigger short-covering rallies towards 26500/26800. Current support is around 25700, resistance at 26200.
• Bank Nifty: Trading in a broad range between 58700-59700. It remains in a 'buy on dip' mode as long as it holds above 58700. Support at 58700, resistance at 60000.
• Sensex: Similarly, technical indicators suggest range-bound movements with defined support and resistance levels.
  Market Breadth: On December 22, 2025, market breadth was negative with 2194 advances and 944 declines on the NSE.

Technical Picks & Commentary:

• TITAGARH: Recommended BUY at 785, with a stop-loss at 760 and targets at 810 and 825.
• NBCC: Recommended BUY at 113, with a stop-loss at 108 and targets at 119 and 122.
• Other recommendations include various BUY and SELL calls across different timeframes ("Smart Charts," "Momentum Swing," "CTFT"), with associated stop-losses, buy/sell prices, and target prices. Notable mentions of trades being "Booked Profit," "Stopped Out," or "Exit" are present.

The report explicitly states that its recommendations are based on technical and derivatives analysis, focusing on price movement, trading volume, and open interest, and may not align with fundamental research. The disclaimer emphasizes that past performance is not a guide to future performance, and investments are subject to market risks.

This report from Eagle Eye Equities (Sharekhan), dated December 19, 2025, provides a technical analysis of the Indian stock market. It includes specific buy and sell recommendations for several individual stocks such as Wipro, SBIN, ASHAPURMIN, TBOTEK, JSWENERGY, NALCO, BDL, BHARATFORG, INDHOTEL, POLYCAB, SBICARD, BEL, JKLAKSHMI, and DALBHARAT, detailing entry prices, stop-losses, and target prices. The report also offers technical outlooks for major indices, including Nifty, Bank Nifty, and Sensex, outlining short-term and medium-term trends, support/resistance levels, and potential reversal points. Additionally, it covers technical trends for various sectoral indices like Nifty Auto, Metal, Infra, Fin Services, Small Cap 100, Pharma, IT, Mid Cap 100, and FMCG. A significant disclaimer emphasizes that the recommendations are based on technical and derivatives analysis, focusing on chart patterns and trading volumes, and should not be confused with fundamental research. It warns investors about the inherent risks of past performance not being indicative of future results and advises them to conduct independent research.

JSW Energy Limited announced on December 17, 2025, that India Ratings and Research Private Limited (Ind-Ra) has assigned an 'IND A/Stable' rating to the long-term bank facilities of three of its step-down subsidiaries: O2 Renewable Energy XI Private Limited, O2 Renewable Energy XVI Private Limited, and O2 Renewable Energy XVII Private Limited. This rating, effective from December 16, 2025, indicates a stable financial outlook for these renewable energy entities. This development supports the company's ongoing efforts to strengthen its financial footing as it aggressively expands its renewable energy portfolio towards its target of 30 GW capacity by FY2030 and pursues its carbon neutrality goals. The company also recently finalized key management appointments and strategic financial decisions, including the upcoming CFO transition and approval for significant capital raising initiatives.

The daily morning note from Axis Securities provides a market update and highlights several key developments across Indian companies.

Market sentiment appears cautiously optimistic, with Asian markets trading higher and Indian indices expected to open positively, supported by GIFT Nifty. US markets ended mixed due to economic data concerns.

Several companies announced significant order wins and business developments. NBCC received orders totaling Rs 345 Cr, including a Rs 333 Cr contract from IIT Mandi for academic blocks and a Rs 12 Cr annual maintenance contract. Ahluwalia Contracts secured an Rs 888 Cr order from Bihar State Tourism Development Corp for EPC works, along with another order for construction at Sitamarhi District. Diamond Power Infra received a Letter of Intent for a Rs 57.6 Cr order from Rajesh Power for cable supply.

In terms of capacity expansion and strategic initiatives, Vikram Solar's arm approved a substantial Rs 4,371 Cr capex for its battery energy storage system roadmap. Waaree Renewable Tech signed a long-term power purchase agreement for a 300 MW solar project. Acme Solar commissioned an additional 8 MW capacity, and NTPC Green Energy started commercial operations of 243.7 MW.

Partnerships and acquisitions are also noted: Saregama India plans to acquire a 51% stake in Bhansali Productions. Glenmark Pharma's arm signed a pact with Hansoh Pharma to develop and commercialise Aumolertinib. HCLTech partnered with NSE Academy for joint certificate programs. Protean eGov Tech approved the acquisition of a 4.95% stake in NSDL Payments Bank for Rs 30.2 Cr. Kaynes Tech is partnering with Mitsui & Co. and AOI Electronics to bolster semiconductor manufacturing.

On the regulatory front, Lupin's Nagpur Injectable unit received a Voluntary Action Indicated (VAI) classification from the US FDA following an inspection.

The report also features a comprehensive list of 'BUY' recommendations across various stocks with significant potential upside targets, providing investors with potential stock picks. Insights into FII/DII trading activities and forex rates are also included.

This report from Eagle Eye Equities (Sharekhan) dated December 17, 2025, provides a technical market outlook and specific trading recommendations. The market analysis covers Nifty, Bank Nifty, and Sensex, detailing their consolidation phases, resistance levels (e.g., Nifty at 26000), support zones (e.g., Nifty 25750-25700), and key moving averages. Technical indicators suggest a mixed market breadth with some negative bias observed at times. The report features 'Smart Charts' and 'Momentum Swing' strategies, offering buy/sell calls for stocks like TITAN, BEL, JSWENERGY, NALCO, and HINDZINC. Each recommendation includes specific entry prices, stop-loss levels, and price targets. Some trades, such as HINDZINC and SWIGGY, were marked as 'Stopped Out'. The report emphasizes that its analysis is based purely on technicals and derivatives, not fundamental company performance, and may not align with fundamental research.

Prime Research & Services presents its comprehensive stock selection methodology, emphasizing a three-stage process: Idea Generation (combining top-down macro and bottom-up fundamental analysis), Idea Screening (using forensic accounting and qualitative advancement frameworks), and Decision Making (based on historical performance, valuation, and avoiding highly cyclical businesses).

Key elements of their forensic accounting screeners include promoter holding/pledging history, corporate structure, board composition, capital allocation, cash flow from operations vs. EBITDA, yield on cash, CWIP vs. gross block, contingent liabilities, reserve changes, and debtor days. The qualitative framework focuses on operating profit growth, market share, competitive advantage, cash flows, improving return ratios, opportunity size, and sustainability through good corporate governance.

The report identifies two primary stock idea strategies: 'High Growth & QARP (Quality at Reasonable Price)' stocks and 'Value' stocks. The 'High Growth & QARP' strategy aims for long-term outperformance by investing in quality growth stocks at reasonable prices, considering India's expected cyclical recovery, structural reforms, favorable demographics, and urbanization.

The 'Value' strategy focuses on investing in mispriced stocks or those impacted by temporary events, emphasizing entry points and companies with rich asset values, often going against herd mentality.

Company Specific Analysis:

• Interglobe Aviation (Indigo): The report recommends an exit due to severe operational disruptions, including massive flight cancellations driven by planning failures related to pilot requirements and FDTL norms. It highlights rising structural costs (CASK ex-fuel) due to new norms, potential one-time costs from refunds and passenger arrangements, and government intervention limiting pricing power. Reputational damage and continued regulator oversight are also concerns, dampening the near-term earnings outlook. Key risks include the timely resolution of the crisis given Indigo's dominant market share.
• Affle India: The report recommends a buy for Affle India, citing its position as a global technology company enabling AI/ML-driven mobile advertising solutions. The industry outlook for digital advertising is strong, with mobile as the primary medium. Affle's diversification across high-growth categories (e-commerce, fintech, foodtech), consistent growth in key geographical markets (India and Emerging Markets), and its conversion-led, full-stack platform (CPCU model) with technological advantages (patents, AI integration) are key rationales. Management guidance anticipates 20% sustainable revenue growth and maintaining 23% EBITDA margins, with projections for Revenue/EBITDA/PAT to grow at a CAGR of 23%/23%/25% over FY25-28E. The company is trading at attractive P/E multiples for FY27E/FY28E after a recent correction, presenting a favorable entry point.

Stock Lists: The report provides extensive lists of shortlisted 'High Growth & QARP' and 'Value' stock ideas across various sectors, updated periodically, with the latest lists dated November 2025.

This report from Eagle Eye Equities (Sharekhan) dated December 16, 2025, presents technical trading recommendations and a market outlook. The 'Smart Charts' section includes buy recommendations for UPL (Target 795/810), IOC (Target 175/180), JSWENERGY (Target 505/530), NALCO (Target 284/291), and a sell recommendation for MAZDOCK (Target 2320/2210). The 'Momentum Swing' section features buy calls for UPL (Target 775/788), JKLAKSHMI (Target 801.50/809), DALBHARAT (Target 2175/2280), SWIGGY (Target 424.45/429.95), and ASHOKLEY (Target 166/168). The 'CTFT' section has a buy call for FACT (Target 830/840).

The market outlook indicates that the Nifty, currently at 26,027, faces immediate support at 25900 and resistance at 26100, with potential upsides to 26300/26500 on a break above. The Bank Nifty is range-bound between 58700 and 59700, with a potential move towards 60000 upon breaching 59700. The market breadth remains positive with advances favouring declines. Technically, the Nifty is trading above its 20-day (25833) and 40-day (26032) moving averages, and hourly averages, with positive momentum indicators. The report also provides support and resistance levels for Sensex and various sectoral indices like Nifty Auto, Metal, Infra, Fin Services, Small Cap 100, Pharma, IT, Mid Cap 100, and FMCG, indicating mixed short-term trends for these sectors.

This report from Eagle Eye Equities, dated December 15, 2025, offers a purely technical analysis of the Indian stock market, focusing on short-term trading opportunities. It identifies specific trading calls for stocks like IDFCFIRSTBK and NMDC, complete with buy prices, stop-losses, and target prices. The analysis also covers the broader market, providing a technical outlook for the Nifty and Bank Nifty indices, detailing support/resistance levels, and trend indicators derived from Open Interest and moving averages. Several sectoral indices are also briefly analyzed. Furthermore, the report highlights recent trade executions in 'Smart Charts', 'Momentum Swing', and 'CTFT' sections, showcasing realized profits or potential gains based on technical parameters. The disclaimer emphasizes that this analysis is based on technical and derivative methods and may differ from fundamental research.

JSW Energy Limited has called for an Extraordinary General Meeting (EGM) on January 3, 2026, to seek shareholder approval for a preferential issue of equity shares and warrants to promoter group JTPM Metal Traders Limited, worth approximately ₹3,000 crore. The company also plans to raise up to ₹10,000 crore to fuel its growth strategy. Additionally, Mr. Chandrasekaran Prabhakaran has been appointed as the new Chief Financial Officer (CFO), effective January 1, 2026.

JSW Energy Limited has issued a notice for an Extraordinary General Meeting (EGM) to be held on January 3, 2026, to approve significant financial proposals. The company plans to raise approximately ₹3,000 crore through a preferential issue to JTPM Metal Traders Limited, a member of the promoter group. This issuance comprises 95,23,809 equity shares at ₹525 per share and 4,76,19,047 warrants at ₹525 per warrant, with the funds intended for debt repayment (₹750 crore), investment in subsidiaries (₹1,500 crore), and general corporate purposes (₹749.99 crore).

In addition to the preferential issue, JSW Energy aims to raise an aggregate of up to ₹10,000 crore through various instruments, including equity shares, depository receipts, FCCBs, and NCDs. This strategic move aims to fund its ambitious growth strategy, targeting 30 GW generation capacity and 40 GWh energy storage by FY2030, and advancing its carbon neutrality goals by 2050.

The EGM will also seek shareholder approval for a material related party transaction (RPT) with Toshiba JSW Power Systems Private Limited, allowing for transactions valued up to ₹2,500 crore. Furthermore, the company announced the appointment of Mr. Chandrasekaran Prabhakaran as its new Chief Financial Officer (CFO), effective January 1, 2026, marking a key management change.

The preferential issue and broader fundraising are crucial for executing JSW Energy's expansion plans and strengthening its financial structure.

JSW Energy's Board of Directors, in a meeting held on December 12, 2025, approved significant financial strategies and a key management appointment. The company will proceed with a preferential issue, allotting 95,23,809 equity shares and 4,76,19,047 warrants to JTPM Metal Traders Limited, a promoter group entity, for an aggregate consideration of ₹3,000 Crores (₹500 Cr from equity shares and ₹2,500 Cr from warrants) at ₹525 per instrument. This issue is subject to shareholder and necessary regulatory approvals. Additionally, the Board authorized the company to raise further funds up to ₹10,000 Crores in one or more tranches through various instruments like private offerings, Qualified Institutional Placement (QIP), or rights issues, also subject to shareholder and regulatory nods. The company also announced the appointment of Mr. Chandrasekaran Prabhakaran as its new Chief Financial Officer (CFO) and Key Managerial Personnel (KMP), effective January 1, 2026. These strategic financial maneuvers are aimed at supporting JSW Energy's ambitious growth plans, including its target of achieving 30 GW generation capacity by FY2030.

JSW Energy Limited's Board of Directors, in a meeting held on December 12, 2025, made significant decisions regarding capital raising and management.

The Board approved a preferential issue of equity shares and warrants to JTPM Metal Traders Limited, a member of the promoter group. This includes the issuance of 95,23,809 Equity Shares at an issue price of ₹525 per share, totaling ₹500 Cr. Additionally, 4,76,19,047 Warrants were approved for issuance at ₹525 per warrant, amounting to ₹2,500 Cr. Each warrant carries the right to subscribe to one equity share. The total preferential issue amounts to ₹3,000 Cr and is subject to shareholder and other necessary approvals.

Furthermore, the company authorized raising funds of up to ₹10,000 Cr in one or more tranches. This capital will be raised through various methods, including private offerings, Qualified Institutions Placement (QIP), or rights issue, as permitted by applicable laws. This fundraising initiative is intended to support the company's ongoing growth strategy. Shareholder approval for both the preferential issue and the broader fundraise will be sought through an Extraordinary General Meeting (EGM).

In a key management change, the Board approved the appointment of Mr. Chandrasekaran Prabhakaran as the Chief Financial Officer (CFO) and a Key Managerial Personnel (KMP), effective January 1, 2026. Mr. Prabhakaran, a qualified Chartered Accountant and Cost Accountant with over 26 years of experience, currently serves as the Deputy Chief Financial Officer at JSW Steel Limited. This appointment follows the resignation of the current Director (Finance), Mr. Pritesh Vinay, who will continue his duties until December 31, 2025, to ensure a smooth transition. The company has initiated a search for a suitable replacement for his role.

JSW Energy Limited's Board of Directors convened on December 12, 2025, approving key strategic financial decisions and a significant management appointment.

The company has approved a preferential issue of equity shares and warrants to JTPM Metal Traders Limited, a member of the promoter group. This issuance comprises 95,23,809 equity shares and 4,76,19,047 warrants, both at an issue price of ₹525 per instrument, aggregating to approximately ₹500 crore for equity shares and ₹2,500 crore for warrants, totaling ₹3,000 crore. These actions are subject to shareholder and other necessary approvals.

Furthermore, the Board authorized the raising of funds up to ₹10,000 crore in one or more tranches. The fundraising will be conducted through eligible securities via private offerings, Qualified Institutions Placement (QIP), or other permissible methods, subject to necessary approvals. This substantial capital infusion is aimed at supporting the company's ambitious growth strategy and future expansion plans.

In a key management update, Mr. Chandrasekaran Prabhakaran has been appointed as the Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) of the company, effective January 1, 2026. Mr. Prabhakaran, a qualified Chartered Accountant and Cost Accountant with over 26 years of experience, currently serves as the Deputy Chief Financial Officer at JSW Steel Limited. His appointment follows the resignation of Mr. Pritesh Vinay and is expected to strengthen the company's financial leadership.

These strategic financial moves and management changes underscore JSW Energy's focus on strengthening its capital structure and financial capabilities to drive its projected capacity expansion to 30 GW by FY2030.

JSW Energy's Board of Directors convened on December 12, 2025, making significant decisions regarding capital raising and key personnel appointments.

Preferential Issue and Fund Raising:

• The Board approved a preferential issue of 95,23,809 Equity Shares and 4,76,19,047 Warrants to JTPM Metal Traders Limited, a member of the Promoter Group. The issue price for both equity shares and warrants is set at ₹525 per instrument, aggregating ₹3,000 crore (₹500 crore from equity shares and ₹2,500 crore from warrants).
• In parallel, the company resolved to raise further funds up to ₹10,000 crore through eligible securities via private offerings, Qualified Institutions Placement (QIP), rights issue, or a combination thereof. These capital-raising initiatives are subject to shareholder and necessary regulatory approvals.

Management Appointment:

• Mr. Chandrasekaran Prabhakaran has been appointed as the Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) of the company, effective January 1, 2026. This appointment follows the resignation of Mr. Pritesh Vinay, Director (Finance) and KMP, effective December 31, 2025.

Outlook:
The substantial capital infusion planned through the preferential issue and the broader fund-raising program is aimed at supporting JSW Energy's strategic growth objectives and strengthening its financial base. The appointment of a new CFO underscores the company's focus on financial stewardship during its expansion phase.

JSW Energy Limited's Board of Directors, in a meeting held on December 12, 2025, approved a preferential issue to JTPM Metal Traders Limited, a member of the promoter group. This includes 95,23,809 equity shares at ₹525 per share (totaling ₹500 Crores) and 4,76,19,047 warrants at ₹525 per warrant (totaling ₹2,500 Crores). Each warrant carries the right to subscribe to one equity share. The total value of the preferential issue amounts to approximately ₹3,000 Crores.

The Board also authorized the company to raise funds of up to ₹10,000 Crores in one or more tranches through various eligible securities issuance methods, including private offerings, Qualified Institutions Placement (QIP), or other permitted means, subject to necessary shareholder and regulatory approvals.

Furthermore, the company announced the appointment of Mr. Chandrasekaran Prabhakaran as the Chief Financial Officer (CFO) and a Key Managerial Personnel (KMP), effective from January 1, 2026. Mr. Prabhakaran, a seasoned finance leader with over 26 years of experience, currently serves as the Deputy CFO at JSW Steel Limited.

Shareholder approval will be sought for the preferential issue and the broader fund-raising plans through an Extraordinary General Meeting (EGM), the details of which will be announced in due course. These financial decisions are aimed at supporting the company's growth strategy and strengthening its financial foundation.

JSW Energy's Board of Directors convened on December 12, 2025, approving key financial strategies and management changes.

Key decisions included the preferential issue of 95,23,809 equity shares and 4,76,19,047 warrants to JTPM Metal Traders Limited, a promoter group entity. The issue price for both securities is set at ₹525 per unit, aggregating approximately ₹500 crore for equity shares and ₹2,500 crore for warrants, totaling ₹3,000 crore. These warrants carry a right to subscribe to one equity share per warrant within a tenure not exceeding 18 months.

Furthermore, the board sanctioned the raising of funds up to ₹10,000 crore through eligible securities via private offerings, qualified institutions placement, or other permissible methods, subject to shareholder and regulatory approvals. These funds are intended to support the company's growth strategy.

In a significant management change, Mr. Chandrasekaran Prabhakaran was appointed as the Chief Financial Officer and Key Managerial Personnel, effective January 1, 2026. Mr. Prabhakaran, a seasoned finance leader with over 26 years of experience, currently serves as the Deputy Chief Financial Officer at JSW Steel.

Shareholder approval for both the preferential issue and the proposed fundraise will be sought through an Extraordinary General Meeting (EGM), the details of which will be announced in due course.

JSW Energy (Utkal) Limited, a subsidiary of JSW Energy Limited, has entered into a significant Power Purchase Agreement (PPA) with multiple Karnataka DISCOMs. This agreement entails the supply of 400 MW of power for a duration of 25 years, commencing from April 1, 2026, at a fixed tariff of ₹5.78 per kWh. This development is a key step in strengthening the company's long-term revenue visibility and de-risking its overall generation portfolio. Following this PPA, JSW Energy's previously uncontracted generation capacity has been reduced to approximately 5% of its current operational capacity, down from about 8%. This strategic move solidifies the company's financial outlook and contributes to its ambitious target of achieving 30 GW of total generation capacity by FY 2030, alongside its commitment to carbon neutrality by 2050. The company's total locked-in generation capacity now stands at 30.5 GW, comprising 13.3 GW of operational capacity, 12.4 GW currently under construction across both thermal and renewable projects, 150 MW of hydro capacity under acquisition, and an additional 4.6 GW in its development pipeline. Furthermore, JSW Energy has secured 29.4 GWh of locked-in energy storage capacity, including 26.4 GWh from hydro pumped storage projects and 3.0 GWh from battery energy storage systems.

Indian benchmark indices Nifty and Sensex ended lower on Tuesday for the second consecutive day, with cuts of 0.5% each, ahead of the US Federal Reserve’s interest rate decision. Broader markets outperformed the benchmarks, with BSE Midcap and Smallcap indices gaining 0.6% and 1.3% respectively. Among sectors, IT, Auto, and Metal closed lower, while Realty, Telecom, Capital Goods, and PSU Banks ended higher. Wall Street traded mixed.

Key corporate actions and updates include:

• Swiggy opened its Qualified Institutions Placement (QIP) with a floor price of Rs 390.51 per share to raise up to Rs 10,000 crore.
• NTPC Green's arm declared commercial operations of a 6.6 MW hybrid project, raising its total installed capacity to 7,645.675 MW.
• Grasim Industries approved a proposal for its arm Aditya Birla Renewables to receive funds via preferential issue of up to Rs 500 crore, with Global Infrastructure Partners investing up to Rs 3,000 crore.
• AU Small Finance Bank received approval from the Finance Ministry to increase its Foreign Direct Investment (FDI) limit to 74% from 49%.
• InterGlobe Aviation announced that its operations have normalised, planning to operate over 1,900 flights, despite a government-ordered 10% curtailment.
• GPT Infraprojects secured an order worth Rs 199 crore from North Eastern Railway for bridge substructure construction.
• Godrej Industries and Godrej Agro announced a Rs 10,000 crore investment in Telangana; Godrej Jersey signed an MoU for a Rs 150 crore dairy processing unit.
• Tata Power commissioned the 400 kV Koteshwar–Rishikesh transmission line.
• Easy Trip Planners will be the official travel partner for World Tennis League 2025.
• Highway Infra received a letter of acceptance worth Rs 329 crore for toll plaza operations.
• Sri Adhikari Brothers executed an Rs 4,000 crore MoU with the Telangana government to develop an AI and hyperscale green data centre campus.
• Sammaan Capital received approval from the Competition Commission of India (CCI) for its acquisition by Abu Dhabi's International Holding Company.
• Vodafone Idea's board approved the issuance of a corporate guarantee to secure a Rs 3,300 crore fundraise via NCDs.
• IRB Infra reported November gross toll collection of Rs 716 crore, an increase of 16%.
• Acme Solar's arm received a certificate of commissioning for a 16 MW wind power project.

Upcoming IPOs and Listing Day updates:

• Shares of Vidya Wires, Meesho, and Aequs are set to debut on the stock exchange on Wednesday. Subscription details for their IPOs are provided, with Meesho subscribed 79.03 times, Aequs 101.63 times, and Vidya Wires 28.5 times.
• Park Medi World is launching a Rs 920 crore IPO with a price band of Rs 154 to Rs 162.
• Nephrocare Health Services is launching a Rs 871 crore IPO with a price band of Rs 438 to Rs 460.
• Wakefit Innovation's Rs 1,289 crore IPO was 39% subscribed on its second day.
• Corona Remedies' Rs 655.37 crore IPO was 9.33 times subscribed on its second day.

Trading tweaks and fund flows:

• Kaynes Technology and Kesoram Industries were shortlisted for the Short-Term ASM framework.
• Shares of Billionbrains Garage Ventures and Kronox lab Sciences are exiting anchor lock-in.
• On December 9th, FIIs were net sellers (-Rs 3,760.1 crore) and DIIs were net buyers (+Rs 6,224.9 crore).

Bulk deals were reported for Sri Adhikari Bros., Anand Rathi Wealth, Ratnaveer Precision, and JSW Energy.

Nirmal Bang Research has published a report detailing numerous bulk deals executed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on December 9, 2025. The report systematically lists transactions for a wide array of companies, including ALSTONE, AMITINT, BRIJLEAS, CHECKPOINT, CHPLIND, COASTCORP, CROISSANCE, DGL, EXATO, EXCELSOFT, GMRP&UI, HATHWAY, HELLOJI, JSWENERGY, KANUNGO, KERNEX, KJMCCORP, KONNDOR, MAHIP, MEHAI, MEHUL, MILEFUR, NAVKARURB, NEWLIGHT, NICCOPAR, NILAINFRA, ORIENTTR, PHOTOQUP, PRATIKSH, PROCLB, PURPLEWAVE, RAPID, SAFECURE, SAFFRON, SPRIGHT, SRUSTEELS, SUJALA, SVS, TELECANOR, TIMESGREEN, VIDHIING, VLEGOV, and WORKMATES. For each transaction, the report provides the security code, client name, deal quantity, and transaction price, offering transparency into significant trading activities by various investors and entities. Notable deals include large quantities traded in JSWENERGY at ₹444, KERNEX at prices around ₹1000-₹1030, and VIDHIING at ₹337.67. The report also features a comprehensive disclaimer from Nirmal Bang Securities Private Limited, outlining its regulatory status as a registered Research Analyst and Stock Broker, its policies on research independence, potential conflicts of interest, and limitations of the report. This information is provided for private circulation and does not constitute investment advice. No specific financial performance data, company guidance, or future outlooks are present in this bulk deal compilation.

JSW Energy Limited has announced that it will be meeting a group of institutional investors virtually on December 12, 2025. This meeting is part of the Morgan Stanley Virtual India Industrials & Energy Seminar. The company will use this opportunity to engage with the financial community. JSW Energy notes that the schedule is subject to change due to exigencies.

JSW Energy Limited announced on December 9, 2025, that CARE Ratings Limited (CARE) has reaffirmed the rating of “CARE AA” Stable for the long-term bank facilities of Clean Solar Power (Bhainsada) Private Limited, a step-down subsidiary. This positive credit assessment signifies strong financial health and a stable outlook for the subsidiary, indicating its capacity to meet financial obligations effectively. This rating aligns with JSW Energy's broader strategy of strengthening the financial standing of its subsidiaries as it pursues ambitious growth targets in the power sector, particularly in renewables.

JSW Energy Limited has announced that its Board of Directors will convene on December 12, 2025. The primary agenda item for this meeting is to consider and evaluate proposals for raising funds. The company is exploring various permissible modes of fundraising, including but not limited to, Qualified Institutions Placement (QIP), rights issue, preferential allotment, or any combination thereof. This strategic move indicates the company's intention to secure capital, likely to finance its ongoing expansion projects, capacity additions, and future growth initiatives, aligning with its ambitious targets. In parallel, the company has announced the closure of its trading window for all designated persons and their immediate relatives. This closure is effective immediately and will remain in place for 48 hours following the announcement of the company's financial results, adhering to the company's Code for Prevention of Insider Trading and SEBI (Prohibition of Insider Trading) Regulations, 2015. This is a standard procedure to ensure market integrity and prevent any potential insider trading activities.

JSW Energy Limited has announced that the Committee of Creditors (CoC) has approved its submitted resolution plan for Raigarh Champa Rail Infrastructure Private Limited (RCRIPL). Following this approval, the company received a Letter of Intent (LoI) from the Resolution Professional on November 19, 2025. This development is a crucial step in the corporate insolvency resolution process for RCRIPL.

RCRIPL plays a vital role as the sole provider of rail infrastructure for coal transportation services to KSK Mahanadi Power Company Limited (KMPCL). KMPCL is a significant subsidiary of JSW Energy, holding 1,800 MW of operational thermal power capacity and another 1,800 MW under construction in Chhattisgarh. JSW Energy had previously informed about the successful implementation and acquisition of KMPCL, which consequently led to its significant indirect ownership in RCRIPL.

The closure of this transaction is subject to the receipt of approval from the National Company Law Tribunal (NCLT). This strategic move by JSW Energy is aimed at consolidating and securing critical infrastructure necessary for the efficient operation and expansion of its thermal power assets.

JSW Energy Limited has formally announced that Mr. Pritesh Vinay, its Director (Finance) and a Key Managerial Person (KMP), has submitted his resignation. The resignation is effective from the close of business hours on December 31, 2025. Mr. Vinay has cited his intention to pursue career opportunities outside the JSW Group as the reason for his departure. The company has initiated a search process for a suitable replacement, considering both internal and external candidates, and will provide updates in due course. Mr. Vinay's 13-year tenure with the JSW Group, including his roles as Head of Group Investor Relations, M&A and Corporate Finance for JSW Steel, and ultimately as CFO and Board Director at JSW Energy for the past five years, has been described as a period of continuous growth and learning. He highlighted that during his five-year tenure at JSW Energy, the company transformed from a 4.5 GW generation company into a 30 GW diversified and integrated platform. He specifically noted a threefold increase in operational capacity, a fourfold rise in total assets, and a tenfold increase in market capitalization during this period. Mr. Vinay will continue to serve in his current capacity until December 31, 2025, to ensure an orderly transition.

JSW Energy Limited announced on November 17, 2025, that Mr. Pritesh Vinay has expressed his intention to resign as Director (Finance) and Key Managerial Person (KMP) of the company. The resignation is effective from the close of business hours on December 31, 2025. Mr. Vinay is stepping down to pursue career opportunities outside the JSW Group. He has been with the JSW Group for 13 years, holding various roles including Head of Group Investor Relations and Head of M&A and Corporate Finance for JSW Steel, before becoming CFO and subsequently joining the Board of JSW Energy five years ago. During his tenure as CFO and Director (Finance), JSW Energy transformed from a 4.5 GW generation company into a 30 GW diversified and integrated platform. The company noted a threefold increase in operational capacity, a fourfold increase in total assets, and a tenfold increase in market capitalization during this period. The company is actively searching for a new candidate, both internally and externally, to fill the role and will inform stakeholders of the outcome in due course.

JSW Energy Limited has announced that Mr. Pritesh Vinay has expressed his intention to step down from his positions as Director (Finance) and Key Managerial Person of the Company. This decision stems from his desire to pursue career opportunities outside the JSW Group. Mr. Vinay, who has been associated with the JSW Group for 13 years, including his five-year tenure as CFO of JSW Energy, has been instrumental in the company's significant transformation and expansion. He will continue to serve in his current capacity until December 31, 2025, to facilitate a seamless handover. The company has commenced a search for a new candidate to fill this crucial role, evaluating both internal and external prospects. His departure signifies the end of a long association during which JSW Energy evolved into a diversified and integrated platform with a substantial increase in operational capacity, total assets, and market capitalization.

GE Power India Limited has announced the approval of its unaudited financial results for the second quarter and half-year ended September 30, 2025, by its Board of Directors on November 13, 2025. The company also informed about a special window for re-lodging transfer deeds, active from July 7, 2025, to January 6, 2026, during which all transfers must be in demat mode. Shareholders are requested to update their PAN, KYC, and bank details. Additionally, the company's trading symbol will change from GEPIL to GVPIL, effective August 28, 2025. Earlier reports mentioned a 29% YoY revenue growth in Q2 FY26, improved EBITDA margins, and strategic moves including a demerger to JSW Energy.

GE Power India Limited announced its financial results for the second quarter and half-year ended September 30, 2025 (Q2 FY26). The company reported a robust revenue growth of 29% year-on-year (YoY) to ₹2,805.2 million, driven significantly by a 34% increase in its core services segment. Total income saw a 25.6% YoY increase to ₹3,069.6 million. Operational profitability improved, with EBITDA margins rising to 17.7%. However, consolidated net profit declined by 51.6% YoY to ₹323.6 million, primarily attributed to discontinued operations.

Key strategic developments were highlighted in the investor presentation. The Board of Directors approved a scheme of arrangement for the demerger of the Durgapur business undertaking, comprising power boiler components, pressure vessels, piping, and coal mills, to JSW Energy Limited. This demerger is subject to regulatory approvals. Additionally, the company noted significant milestones in settlement agreements with BHEL and Jaiprakash Power Ventures Limited (JPVL). The order book experienced a YoY decline of 28.7% to ₹18,250 million, attributed partly to contract terminations. However, management emphasized positive momentum with a 45% quarter-on-quarter (QoQ) growth in orders for its core services. The company continues to focus on its strategy of growing core services to achieve sustained operational profitability and cash flow.

JSW Energy Limited announced on November 13, 2025, that its step-down subsidiary, O2 Power Private Limited, has been assigned credit ratings by CARE Ratings Limited. The rating agency assigned a 'CARE A+/Stable' rating to the subsidiary's long-term bank facilities, amounting to ₹405 crore. Additionally, CARE Ratings assigned a 'CARE A1+' rating to O2 Power Private Limited's short-term bank facilities, which have been enhanced from ₹2,000 crore to ₹2,395 crore, and also assigned the same 'CARE A1+' rating to its commercial paper program of ₹300 crore. These ratings reflect a stable outlook for the subsidiary's financial health and its capacity to meet financial obligations.

JSW Energy Limited has announced the allotment of Non-Convertible Debentures (NCDs) worth ₹250 Crores. The company's Finance Committee, in its meeting on November 12, 2025, approved the issuance of 25,000 Unsecured, Listed, Rated, Taxable, Redeemable NCDs, each with a face value of ₹1,00,000. These debentures have a tenure of 3 years, with a maturity date of November 10, 2028. The coupon rate is fixed at 8.05% per annum, with interest payments scheduled on November 12, 2026, November 12, 2027, and the final principal repayment along with interest on November 10, 2028. The NCDs are unsecured and are being issued on a private placement basis. This allotment is a continuation of the company's fundraising efforts, following the Board of Directors' approval on January 28, 2025, to raise up to ₹3,000 Crores through various means, including NCDs. JSW Energy is part of the O.P. Jindal Group and operates in the power generation sector.

JSW Energy Limited, through a regulatory filing on November 11, 2025, announced credit rating updates provided by ICRA for its step-down subsidiaries. The rating agency undertook comprehensive reviews, resulting in reaffirmations for most entities and a significant upgrade for one.

Credit Rating Actions:
ICRA has reaffirmed the credit ratings for several subsidiaries at 'ICRA A+/Stable'. These include:

• Mytrah Vayu (Manjira) Private Limited
• Mytrah Vayu Urja Private Limited
• Bindu Vayu Urja Private Limited
• Mytrah Vayu (Krishna) Private Limited
• JSW Vayu (Pennar) Private Limited
• JSW Aakash Power Private Limited
• JSW Abhinav Power Private Limited
• JSW Adarsh Power Private Limited
• JSW Advaith Power Private Limited
• JSW Akshaya Energy Private Limited
• JSW Vayu (Godavari) Private Limited
• JSW Vayu (Sabarmati) Private Limited

Key Upgrade:
JSW Vayu (Som) Private Limited experienced an upgrade in its credit rating. It was upgraded to 'ICRA A+/Stable' from its previous rating of 'ICRA A- (Stable)'. This signifies an improvement in the subsidiary's credit quality and financial standing.

Other Reaffirmations:
Mytrah Agriya Power Private Limited had its rating reaffirmed at 'ICRA A-/Stable'.

These rating actions, effective as of November 11, 2025, reflect ICRA's assessment of the financial health and stability of these entities within the JSW Energy group. The company also noted that the full press releases from ICRA are available on the rating agency's website. This update is important for assessing the financial risk profile and borrowing capabilities of these subsidiaries.

JSW Energy Limited announced the commissioning of its first and India’s largest Green Hydrogen manufacturing plant located at the JSW Steel facility in Vijayanagar, Karnataka, on November 11, 2025. This landmark project, undertaken under the Production Linked Incentive (PLI) Scheme – Tranche I and the Solar Energy Corporation of India’s (SECI) SIGHT program, signifies a major step in India's clean energy transition.
The plant is designed to supply 3,800 tons per annum (TPA) of green hydrogen and 30,000 TPA of green oxygen directly to JSW Steel's Direct Reduced Iron (DRI) unit for the production of low-carbon steel. This initial supply is part of the company's 6,800 TPA allocation under the SIGHT program. Furthermore, JSW Energy has entered into a Memorandum of Understanding (MoU) with JSW Steel for the progressive supply of up to 85,000–90,000 TPA of green hydrogen and 720,000 TPA of green oxygen by 2030.
This initiative aligns with JSW Energy's sustainability vision and contributes to India’s ambitious goal of producing approximately 5 MTPA of green hydrogen by 2030. Management, represented by Mr. Sharad Mahendra, Joint Managing Director and CEO, highlighted the project's importance in supporting India’s transition toward a low-carbon economy and decarbonizing hard-to-abate sectors like steel. JSW Energy aims to achieve carbon neutrality by 2050, with strategic expansion plans towards 30 GW generation capacity and 40 GWh of energy storage by FY 2030.

JSW Energy Limited, a prominent private sector power producer in India and part of the USD 23 billion JSW Group, has announced a significant expansion of its renewable energy portfolio. The company has successfully commissioned 85 MW of new capacity, which includes 74 MW of solar power (partly from the NHPC Hybrid Project) and 11 MW of wind power. This development raises JSW Energy's total installed operational capacity to 13,295 MW.

Following this commissioning, the proportion of renewable energy within JSW Energy's total capacity has grown to 57%. Specifically, the company now boasts 3,720 MW of wind capacity, 2,286 MW of solar capacity, and 1,631 MW of hydro capacity.

JSW Energy has a well-defined growth strategy with a substantial pipeline of projects. Its total locked-in generation capacity stands at 30.5 GW. This comprises the 13.3 GW of currently operational capacity, 12.5 GW of capacity under various stages of construction (including both thermal and renewable projects), 150 MW of hydro capacity undergoing acquisition, and an additional 4.6 GW in its development pipeline. Complementing its generation capacity, the company is also focusing on energy storage solutions, securing 29.4 GWh of locked-in energy storage capacity, comprising 26.4 GWh from hydro pumped storage projects and 3.0 GWh from battery energy storage systems.

The company has reiterated its ambitious targets: to reach a total generation capacity of 30 GW and an energy storage capacity of 40 GWh by FY 2030. Furthermore, JSW Energy is committed to achieving carbon neutrality by 2050. This expansion and strategic focus align with its vision of sustainable growth and value creation across the power sector value chain, leveraging its diversified assets and prudent capital allocation strategies.

JSW Energy Limited has officially announced its participation in a series of investor meetings scheduled for November 2025. The company will engage with institutional investors and analysts at three distinct events:

• Avendus Spark: Annual Investor Conference: Scheduled for November 17, 2025. This will be a physical group meeting.
• Morgan Stanley: Asia Pacific Summit: Scheduled for November 19, 2025. This will also be a physical group meeting.
• JM Financial India Conference: Scheduled for November 21, 2025. This conference will also feature physical group meetings.
  The disclosure, made under Regulation 30 of the SEBI Listing Regulations, states that the schedule is subject to change due to exigencies. No specific financial figures, performance metrics, or new guidance were provided in this announcement, which primarily serves to inform stakeholders about upcoming investor engagement opportunities.

JSW Energy Limited has officially communicated a significant credit rating update concerning its subsidiary. On October 30, 2025, the company announced that India Ratings and Research (Ind-Ra) has assigned an "IND A+/Stable" rating to the long-term bank loan facilities of JSW Renewable Energy (Dolvi) Limited, a step-down subsidiary.

Key Event Details:

• Event: Credit Rating Assignment
• Entity: JSW Renewable Energy (Dolvi) Limited (Step-down subsidiary of JSW Energy Limited)
• Rating Agency: India Ratings and Research (Ind-Ra)
• Rating: IND A+/Stable
• Instrument: Long-Term Bank Loan Facilities
• Date of Announcement: October 30, 2025
• Status: Latest/Current event as per the announcement date.

Analysis:
The "IND A+/Stable" rating signifies a strong credit quality for JSW Renewable Energy (Dolvi) Limited, indicating its robust capacity to meet its financial commitments associated with its long-term borrowings. The "Stable" outlook from India Ratings suggests that the current credit assessment is expected to remain consistent in the foreseeable future, barring any significant adverse developments.

This development is primarily beneficial for the subsidiary itself, as it can enhance its ability to access debt capital at competitive interest rates, which is crucial for funding its ongoing and future renewable energy projects. While this is a rating for a subsidiary, it reflects positively on the overall financial management and operational strength of the JSW Energy group. The company has guided investors to refer to the press release from India Ratings for comprehensive details regarding the rating rationale.

No specific quarterly results, guidance, balance sheet, cash flow, or other financial deep-dive metrics are available in this announcement, as its scope is limited to the credit rating. The news is classified under "ImportantUpdates" as it pertains to the creditworthiness and financial standing of a key subsidiary.

JSW Energy's Q2 FY26 earnings conference call on October 17, 2025, detailed a significant turnaround in performance and strategic advancements.

Financial & Operational Performance:
Net generation in Q2 FY26 rose by a robust 52% year-on-year to 14.9 billion units, contributing to a 55% YoY revenue increase to over ₹5,300 crores. EBITDA surged by 67% YoY to ₹3,200 crores, while Profit After Tax (PAT) saw a 17% YoY decline to approximately ₹705 crores, attributed to higher depreciation and interest from new asset capitalization. However, cash profits grew by 27% YoY to over ₹1,500 crores. For H1 FY26, EBITDA exceeded the full previous fiscal year, reaching over ₹6,200 crores, with PAT up 5% YoY to near ₹1,450 crores and cash profits surpassing ₹3,000 crores. Installed capacity grew 71% YoY to 13.2 GW by September 2025, up from 7.74 GW, with 443 MW commissioned in Q2 FY26, including the Kutehr 240 MW hydro project. The company has 12.5 GW of generation projects under construction, fully tied up under long-term PPAs, targeting nearly double its capacity to approximately 26 GW upon completion.

Strategic Developments & Outlook:
Key strategic moves include the acquisition of GE Power India Ltd.'s boiler manufacturing business to enhance in-house capabilities for thermal power expansion. They also completed the acquisition of a majority stake in KSK Water Infrastructure, supporting their KSK Mahanadi Thermal Power Plant. A 5 GWh/annum battery assembly plant in Pune is being established, expected to be operational in Q3 FY26 for Battery Energy Storage Systems (BESS). Furthermore, a definitive agreement was signed to acquire the 150 MW Tidong Hydro Power Plant from Statkraft for ₹1,728 crore, slated for commissioning by October 2026. Plans are also in place to operationalize the remaining 1,800 MW of the KSK Mahanadi plant. Management noted a recovery in power demand (3.3% YoY in Q2 FY26) driven by industrial activity and positive economic sentiment. They addressed the merchant market's softness, de-risking strategies, and moderating coal prices. The outlook includes ambitious capacity targets of 30 GW by 2030, supported by disciplined capital allocation, including a ₹1,30,000 crore capex plan. Concerns regarding RE curtailment were discussed, with management emphasizing that assets under GNA (Green National Agreement) are protected. The company's weighted average cost of debt marginally increased but is expected to ease with interest rate resets, and Day Sales Outstanding (DSO) improved to 64 days.

Financial Deep Dive & Ratios:
Net debt stood at approximately ₹62,000 crores at the end of September quarter, up sequentially by ₹2,500 crores, with CapEx for Q2 FY26 at around ₹3,500 crores. Debt to EBITDA on a TTM basis was under 5x. The company's capital allocation decisions are benchmarked against mid-to-high teen IRR targets.

JSW Energy Limited announced its unaudited consolidated financial results for the quarter and half-year ended September 30, 2025 (Q2 FY26). The company reported robust operational and financial performance, with consolidated revenue increasing by 55% year-on-year (YoY) to ₹5,361 Crore. EBITDA saw a significant jump of 67% YoY to ₹3,180 Crore, driven by organic capacity additions and contributions from recently acquired assets like the Mahanadi plant and O2 Power. Net generation increased by 52% YoY to 14.9 Billion Units (BUs), supported by thermal generation growth of 62% YoY and renewable generation growth of 42% YoY. Installed capacity increased by 5.5 GW YoY to 13.2 GW. While reported Profit After Tax (PAT) declined by 17% YoY to ₹705 Crore, primarily due to the capitalization of new projects, Cash PAT demonstrated strong growth, up 27% YoY to ₹1,512 Crore. For the half-year ended September 30, 2025 (H1 FY26), EBITDA grew by 79% YoY to ₹6,237 Crore, and reported PAT increased by 5% YoY to ₹1,448 Crore, with Cash PAT up 44% YoY to ₹3,090 Crore. The company highlighted strategic acquisitions, including O2 Power (4.7 GW renewable portfolio) and KSK Mahanadi Power Company Limited (1800 MW thermal plant), which were completed in April and March 2025, respectively. The Kutehr Hydroelectric Project (240 MW) was commissioned in August 2025. JSW Energy also signed a definitive agreement to acquire the 150 MW Tidong Hydroelectric Project and entered a scheme of arrangement with GE Power India to acquire its boiler manufacturing business. Management reiterated its commitment to achieving 30 GW of generation capacity and 40 GWh of storage by 2030. The company's balance sheet shows a Net Debt of ₹61,960 Crore and Cash & Cash Equivalents of ₹6,181 Crore as of September 30, 2025, leading to a Net Debt to Equity ratio of 2.1x. Credit ratings were affirmed by India Ratings and ICRA at 'AA/Stable/Al+'.

JSW Energy announced its unaudited financial results for the quarter and half-year ended September 30, 2025 (Q2 FY26). The company reported a significant 52% year-on-year (YoY) increase in net generation to 14.9 Billion Units (BUs), driven by a 42% YoY rise in Renewable (RE) generation and a 62% YoY jump in Thermal generation. This operational surge translated into a 55% YoY increase in Total Revenue to ₹5,361 Crore and a substantial 67% YoY growth in EBITDA to ₹3,180 Crore, with EBITDA margins improving to 59% from 55% in Q2 FY25. However, the reported Profit After Tax (PAT) declined by 17% YoY to ₹705 Crore, despite higher revenues and EBITDA. This decline was attributed to a sharp increase in depreciation costs (up ~106% YoY) and finance costs (up ~174% YoY). Cash PAT, however, showed resilience, growing 27% YoY to ₹1,512 Crore for the quarter and 44% YoY to ₹3,090 Crore for the half-year (H1 FY26). Diluted EPS stood at ₹4.04 for Q2 FY26, down from ₹4.89 in Q2 FY25.

On the operational front, JSW Energy added 443 MW of organic RE capacity during the quarter, including the 240 MW Kutehr Hydroelectric Project (HEP) which achieved Commercial Operations Date (COD) in August 2025. The company also made strategic moves, including the completion of the KSK Water Infrastructure acquisition, entering into a scheme of arrangement with GE Power India for its boiler manufacturing business, and signing an agreement to acquire the 150 MW under-construction Tidong HEP for approximately ₹1,728 Crore.

The company maintains a healthy balance sheet, with Net Debt to Equity at 2.1x and Net Debt to Proforma Steady-state EBITDA at 4.8x. Cash and cash equivalents stood at ₹6,181 Crore as of September 30, 2025. The company reaffirmed its long-term growth strategy aiming for 30 GW of generation capacity by 2030 and 40 GWh of energy storage by 2030.

Key financial metrics for H1 FY26 also showed strong growth in EBITDA (up 79% YoY to ₹6,237 Cr) and Cash PAT (up 44% YoY to ₹3,090 Cr), with PAT growing 5% YoY to ₹1,448 Cr.

JSW Energy Limited announced its unaudited consolidated financial results for the quarter (Q2 FY26) and half-year (H1 FY26) ended September 30, 2025. The company reported a robust operational and financial performance, primarily driven by significant capacity additions and strategic acquisitions. Consolidated revenue for Q2 FY26 stood at ₹5,177.42 Crore, a year-on-year increase of 59.9%. EBITDA for the quarter surged by 67% YoY to approximately ₹3,180 Crore, attributed to organic renewable capacity additions and contributions from newly acquired assets like Mahanadi and O2 Power. While reported Profit After Tax (PAT) saw a year-on-year decline of 3.9% to ₹824.27 Crore, Cash PAT grew by a substantial 27% YoY to approximately ₹1,512 Crore. For the half-year ended September 30, 2025, consolidated revenue grew by 68.7% YoY to ₹10,320.79 Crore, with EBITDA rising 79% YoY to approximately ₹6,237 Crore. Reported PAT for H1 FY26 increased by 15.7% YoY to ₹1,970.90 Crore, and Cash PAT grew by 44% YoY to approximately ₹3,090 Crore.

Operationally, the company's installed capacity increased by 71% YoY to 13,211 MW. Key developments include the full commissioning of the 240 MW Kutehr Hydroelectric Project in August 2025. Strategic acquisitions completed include O2 Power (4.7 GW renewable portfolio) on April 09, 2025, KSK Mahanadi Power Company Limited (KMPCL) on March 06, 2025, and KWIPL on August 04, 2025. The company also signed a definitive agreement to acquire the 150 MW under-construction Tidong Hydroelectric Project and entered a scheme of arrangement to acquire GE Power India's boiler manufacturing business.

Financially, the consolidated balance sheet shows total assets of ₹1,13,687.03 Crore as of September 30, 2025. Total liabilities increased, with non-current borrowings standing at ₹58,032.28 Crore. Net Debt was approximately ₹61,960 Crore, resulting in a Net Debt to Equity ratio of 2.1x. Cash and Cash Equivalents stood at approximately ₹6,181 Crore. Key financial ratios for the quarter include a Debt-Equity Ratio of 2.34x, an Interest Service Coverage Ratio of 2.40x, and an Operating EBITDA Margin of 57.91%. The company reiterated its vision to achieve 30 GW of generation capacity by 2030. The credit ratings were affirmed by India Ratings and ICRA.

JSW Energy's subsidiary, JSW Energy (Utkal) Limited, has secured a significant Letter of Award (LoA) from Power Company of Karnataka Limited (PCKL). The LoA is for a 400 MW power supply arrangement with a long-term tenure of 25 years, scheduled to commence operations from April 1, 2026. The company has specified that the coal required for this project will be procured from Coal India Limited, leveraging the SHAKTI Scheme 2017. Upon the successful regulatory adoption and subsequent signing of the formal Power Purchase Agreement (PPA), this contract is expected to tie up 57% of Utkal's total capacity, thereby ensuring substantial long-term earnings stability for the plant. This award is strategically important for JSW Energy as it contributes to its overall growth objectives. The company currently has 13.2 GW of operational capacity, 12.5 GW under construction, 150 MW under acquisition, and a further pipeline of 4.6 GW. Additionally, JSW Energy is actively developing energy storage solutions, with 29.4 GWh of locked-in capacity. The company has ambitious targets to reach 30 GW generation capacity and 40 GWh of energy storage capacity by FY 2030 and aims for Carbon Neutrality by 2050.

JSW Energy Limited has announced that its Board of Directors meeting is scheduled to be held on Friday, October 17, 2025. The primary purpose of this board meeting is to consider and approve the unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2025 (Q2 FY26).

Following the board meeting, the company will host a conference call on the same day, Friday, October 17, 2025, at 7:00 PM IST. This conference call is an opportunity for investors and analysts to engage with the company's senior management, including Mr. Sharad Mahendra (Joint Managing Director & CEO), Mr. Pritesh Vinay (Director - Finance & CFO), and Mr. Bikash Chowdhury (Head - Strategic Finance & Investor Relations), to discuss the financial results and any related business updates.

Transcripts of the conference call will be made available on JSW Energy's investor relations website (https://group.jsw.in/investors/energy/jsw-energy-fy-2025-26-corporate-governance-stock-exchange-releases) and will also be duly filed with the stock exchanges, ensuring transparency and accessibility of the information shared during the call.

JSW Energy Limited announced that its Board of Directors will convene on Friday, October 17, 2025. The primary agenda is to consider and approve the unaudited Standalone and Consolidated Financial Results for the quarter and half-year ended September 30, 2025 (Q2 FY26 and H1 FY26). Following the results announcement, the company has scheduled a Results Conference Call on the same day, Friday, October 17, 2025, at 7:00 p.m. IST. The call will feature senior management, including Mr. Sharad Mahendra (Joint Managing Director & CEO), Mr. Pritesh Vinay (Director - Finance & CFO), and Mr. Bikash Chowdhury (Head - Strategic Finance & Investor Relations). Dial-in numbers for the conference call have been provided for universal and international access. An invitation for the call and a link for prior registration (Diamond Pass) are available. The transcript of the call will be made available on the company's investor website and filed with the stock exchanges. This announcement is crucial for investors to gauge the company's recent performance and future outlook.

JSW Energy Limited has issued an intimation regarding a meeting of its Board of Directors scheduled for Friday, October 17, 2025. The primary purpose of this meeting is to consider and approve the unaudited standalone and consolidated financial results of the company for the quarter and half-year ended September 30, 2025. This announcement serves as a precursor to the company's financial performance disclosure for the second quarter and the first half of the fiscal year 2026. As per SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company is required to provide such advance notice for board meetings that will approve financial results. Additionally, JSW Energy has informed that the trading window for dealing in the company's securities, which was closed for all designated persons from October 1, 2025, will be reopened on Monday, October 20, 2025. This marks the end of the silent period for insider trading prior to the financial results announcement.

JSW Energy Limited informed the stock exchanges on October 9, 2025, regarding credit ratings assigned to its step-down subsidiary, JSW Renew Energy Limited. India Ratings and Research (Ind-Ra) issued its rating on October 8, 2025. The ratings assigned are 'IND A+/Stable' for the long-term bank loan facilities and 'IND A1' for the short-term bank loan facilities. These ratings are crucial as they reflect the creditworthiness of JSW Renew Energy Limited, a key entity within JSW Energy's renewable energy vertical. Strong credit ratings enhance the subsidiary's ability to access capital markets and financial institutions for debt funding, which is vital for its expansion plans and ongoing projects in the renewable energy sector. The 'Stable' outlook suggests a low probability of rating changes in the near future. The news does not contain details on quarterly/annual financial performance, management guidance, or specific order wins/penalties.

JSW Energy Limited has announced the successful commissioning of 114 MW of renewable energy (RE) capacity during September 2025. This capacity includes 21 MW of solar power and 93 MW of wind power. With this commissioning, the company's total installed power generation capacity has reached 13,211 MW.

The latest RE addition contributes to JSW Energy's cumulative organic RE capacity addition for the second quarter of Fiscal Year 2026 (Q2 FY26), which stands at 443 MW. This figure includes 20 MW of floating solar capacity at its Vijayanagar facility. Following this development, the share of renewables in JSW Energy's overall capacity portfolio has increased to 57%. This renewable mix comprises 3,709 MW of wind capacity, 2,213 MW of solar capacity, and 1,631 MW of hydro capacity.

JSW Energy's strategic growth plan includes a total locked-in generation capacity of 30.5 GW. This comprises its current operational capacity of 13.2 GW, alongside 12.5 GW of capacity currently under construction across both thermal and renewable segments. An additional 150 MW of hydro capacity is under acquisition, and the company maintains a pipeline of 4.6 GW.

Furthermore, the company is building significant energy storage capabilities. It has locked-in energy storage capacity of 29.4 GWh, consisting of 26.4 GWh from hydro pumped storage projects and 3.0 GWh from battery energy storage systems (BESS). JSW Energy has ambitious future targets, aiming to achieve a total generation capacity of 30 GW and an energy storage capacity of 40 GWh by FY2030. The company also reiterated its long-term commitment to achieving Carbon Neutrality by 2050. The company's forward-looking statements include inherent risks and uncertainties that could affect actual results.

JSW Energy Limited has submitted a regulatory filing to the BSE and NSE intimating the closure of its trading window. This closure pertains to dealing in the securities of the company by its designated insiders. The window is set to open on October 1, 2025, and will remain closed until 48 hours after the declaration of the unaudited financial results for the second quarter and the half-year ending September 30, 2025. This action is in accordance with the company's internal Code of Conduct for Regulation, Monitoring, and Reporting of Trading by Insiders, read with SEBI (Prohibition of Insider Trading) Regulations, 2015. The primary purpose is to prevent any potential misuse of unpublished price-sensitive information before the official financial results are made public. No financial performance figures, guidance, or specific outlook details are provided in this communication; it is purely an administrative and compliance-related notification.

JSW Energy Limited has provided an update regarding a legal proceeding involving its step-down subsidiary, JSW Renew Energy Five Limited (JSWREL). On September 24, 2025, JSWREL lodged a Civil Appeal with the Supreme Court of India. This appeal is directed against the Appellate Tribunal for Electricity (APTEL) order issued on September 12, 2025. The APTEL order, in turn, had dismissed a prior appeal filed by JSWREL, which was itself a challenge to an order passed by the Central Electricity Regulatory Commission (CERC) on January 2, 2025. The core of this dispute relates to Battery Energy Storage Systems Projects from Solar Energy Corporation of India Limited (SECI). This filing indicates that JSWREL is pursuing further legal avenues after the dismissal of its appeal by APTEL, seeking a resolution from the highest court. The implications of this ongoing legal battle for the company's project pipeline and financial performance remain to be assessed.

JSW Energy Limited, through its wholly-owned subsidiary JSW Neo Energy Limited, announced on September 18, 2025, that it has signed a definitive agreement to acquire 100% equity shares of Tidong Power Generation Private Limited (TPGPL). TPGPL owns a 150 MW under-construction hydro power project located in the Tidong Valley, Kinnaur district, Himachal Pradesh. The transaction is valued at an enterprise value of approximately ₹1,728 crores, subject to customary closing adjustments, and will be settled via cash consideration. The acquisition is subject to necessary regulatory approvals, including from the Government of Himachal Pradesh for change in controlling shareholding, and approvals from lenders. The transaction is expected to be completed on or before January 15, 2026. The Tidong project is a run-of-river hydro-electric power plant expected to be commissioned in October 2026. It has a Power Purchase Agreement (PPA) for 75 MW with Uttar Pradesh Power Corporation Ltd remaining for approximately 22 years, while the other 75 MW is untied. This acquisition is strategically significant for JSW Energy, aligning with its objective to achieve 30 GW generation capacity and 40 GWh of storage capacity by FY2030, with 70% of its generation capacity coming from renewable sources. It will strengthen JSW Energy's position as the largest private hydro power player in India and contribute to its total locked-in generation capacity, which stands at 30.5 GW post-transaction (including 1.8 GW hydro capacity). The acquired project's previous owner is Statkraft IH Holding AS. Tidong Power Generation Private Limited was incorporated in 2008, and its revenue from operations for FY2023, FY2024, and FY2025 (unaudited) were ₹36.6 crores, ₹37.1 crores, and ₹39.0 crores, respectively.

JSW Energy Limited's Board of Directors, on September 18, 2025, approved a Scheme of Arrangement for the demerger and subsequent acquisition of a business undertaking from GE Power India Limited ("GEPIL"). The approved Scheme involves the transfer and vesting of the "Demerged Undertaking" from GEPIL to JSW Energy Limited. This undertaking is defined as the business of manufacture and supply of power boiler components, pressure vessels, piping, and coal mills for thermal power plants, operated by GEPIL at its Durgapur (West Bengal) Facility. The primary objective of this demerger is to facilitate vertical integration for JSW Energy. It aims to secure a dedicated, ready-to-use manufacturing facility, thereby reducing reliance on external suppliers. The company anticipates significant operational synergies, economies of scale, enhanced cost efficiencies, and improved control over critical component requirements for its thermal power assets. The scheme is designed to support JSW Energy's long-term strategic vision of expanding its overall energy portfolio and future thermal projects. In consideration for the transfer of the Demerged Undertaking, JSW Energy will issue and allot 10 fully paid-up equity shares of INR 10/- each for every 139 fully paid-up equity shares of INR 10/- each held in GE Power India. This share entitlement ratio has been determined by joint valuations from GT Valuation Advisors Private Limited and RBSA Valuation Advisors LLP, with a fairness opinion provided by 3Dimension Capital Services Limited confirming the ratio's fairness. The Appointed Date for the Scheme is July 1, 2025, or as otherwise agreed or directed. The Scheme is subject to necessary regulatory approvals, including no-objection letters from stock exchanges (BSE and NSE) and final sanction from the National Company Law Tribunal. A Demerger Co-operation Agreement (DCA) and ancillary documents have been executed. Notably, the DCA includes a provision for GEPIL to transfer and JSW Energy to acquire the Demerged Undertaking via a slump sale if the demerger is not feasible under specified circumstances. The equity shares of JSW Energy are already listed on stock exchanges; the new shares to be issued as consideration will also be listed and admitted for trading.

JSW Energy Limited has issued an update concerning a significant Battery Energy Storage Systems (BESS) project. This 500 MW / 1000 MWh Standalone BESS Project was allocated to JSW Renew Energy Five Limited (JSWREL), a step-down subsidiary, by the Solar Energy Corporation of India Limited (SECI). Previously, on January 2, 2025, the Central Electricity Regulatory Commission (CERC) had issued an order not adopting the proposed tariff for this project. JSWREL subsequently filed an appeal against the CERC order before the Appellate Tribunal for Electricity (APTEL). In a recent development dated September 12, 2025, APTEL has dismissed JSWREL's appeal. Consequently, JSW Energy is now evaluating its next steps, which include exploring the possibility of filing a further appeal before the Hon’ble Supreme Court of India against the APTEL order. This ongoing regulatory and legal process introduces significant uncertainty regarding the project's operational commencement and its associated revenue streams, impacting the company's renewable energy portfolio outlook. The company has not disclosed specific financial implications but is assessing further remedies.

JSW Energy Limited has disclosed a credit rating update from ICRA Limited, with the ratings effective from September 12, 2025. In its release, ICRA has reaffirmed its assessment of JSW Energy's financial strength and stability.

Credit Ratings Reaffirmed:
ICRA has assigned an 'ICRA AA/Stable' rating to JSW Energy's long-term bank facilities and Non-convertible Debentures. This rating signifies a high level of credit quality and a low risk of default for these long-term debt instruments. The 'Stable' outlook indicates that ICRA expects the current credit profile to remain consistent over the medium term.

Concurrently, ICRA has assigned an 'ICRA A1+' rating to JSW Energy's short-term facilities, including its Commercial Paper programme. This is the highest short-term rating, denoting a very strong capacity for timely repayment of short-term obligations.

Significance of the Ratings:
These reaffirmed ratings from ICRA serve as an independent assessment of JSW Energy's financial health, operational efficiency, and its ability to manage its financial commitments. For investors and lenders, these ratings offer crucial insights into the company's creditworthiness. A strong credit rating can lead to improved access to capital markets, potentially lower borrowing costs, and enhanced investor confidence.

The news does not contain information regarding quarterly/annual results, management guidance, specific financial deep dives, order book updates, or other operational developments. The focus is solely on the credit rating reaffirmation by ICRA.

JSW Energy Limited has announced the successful commissioning of 317 MW of renewable energy (RE) capacity during August 2025. This capacity addition comprises 240 MW of hydro power (Kutehr project), 34 MW of solar power, and 43 MW of wind power. With this, the company's total installed generation capacity has reached 13,097 MW. The commissioning of this new capacity enhances the share of renewables in JSW Energy's overall generation mix to 57%. The company's renewable portfolio now includes 3,617 MW of wind, 2,192 MW of solar, and 1,631 MW of hydro capacity. This expansion is strategically timed to capitalize on peak renewable generation seasons and contribute significantly to the company's overall renewable output. JSW Energy has substantial future growth plans, with a total locked-in generation capacity of 30.3 GW. This includes 13.1 GW of operational capacity, 12.7 GW currently under construction across thermal and renewable projects, and a pipeline of 4.6 GW. Furthermore, the company is actively expanding its energy storage capabilities, with 29.4 GWh of locked-in capacity, consisting of 26.4 GWh from hydro pumped storage projects and 3.0 GWh from battery energy storage systems. JSW Energy reiterates its long-term vision to achieve 30 GW of generation capacity and 40 GWh of energy storage capacity by FY 2030, with an overarching goal of achieving Carbon Neutrality by 2050. The disclosure was made as per Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

JSW Energy Limited, through a regulatory filing dated September 11, 2025, announced that India Ratings and Research (Ind-Ra) has affirmed the credit rating of 'IND A/Stable' on the debt facilities of its step-down subsidiary, JSW Renewable Energy (Cement) Limited. This affirmation by Ind-Ra indicates a stable outlook on the subsidiary's creditworthiness, signifying adequate capacity to meet its financial commitments. The company has provided a link to the press release from India Ratings on their website for further details. This is a standard disclosure under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, pertaining to credit ratings.

JSW Energy Limited has disclosed a significant credit rating update received from India Ratings and Research (Ind-Ra), dated September 9, 2025. The rating agency has affirmed the company's Long-Term Issuer Rating at 'IND AA/Stable'. This rating reflects a strong credit assessment and a stable outlook for JSW Energy's overall financial standing and its capacity to meet its long-term debt obligations.

Further details of the rating actions include the affirmation of 'IND AA/Stable' for the company's Non-convertible Debentures and its various long-term bank facilities. This indicates confidence in JSW Energy's ability to service its long-term debt instruments. Additionally, the rating agency has assigned an 'IND A1+' rating to JSW Energy's short-term facilities, which include its Commercial Paper program. This rating signifies a very strong capacity for repayment of short-term obligations.

The news is primarily a confirmation of JSW Energy's existing strong creditworthiness, rather than a change in rating. Such affirmations are positive for companies as they tend to maintain investor confidence, potentially lead to more favourable borrowing terms, and support its financial strategy. No specific financial results, guidance, or operational updates were part of this disclosure, which focused solely on the credit assessment.

JSW Energy Limited has officially informed the stock exchanges regarding credit ratings assigned to four of its step-down subsidiaries by CARE Ratings Limited. The ratings, issued on September 8, 2025, pertain to the long-term bank facilities of these entities. The subsidiaries and their respective ratings are as follows: O2 Renewable Energy I Private Limited: CARE A (Stable), O2 Renewable Energy V Private Limited: CARE A (Stable), O2 Renewable Energy XVIII Private Limited: CARE A- (Stable), and O2 Renewable Energy VIII Private Limited: CARE A (Stable). This disclosure was made on September 9, 2025, in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The 'Stable' outlook assigned by CARE Ratings suggests that the agency anticipates these subsidiaries will maintain their credit quality over the medium term, likely supported by JSW Energy's overall financial strength and the operational framework of the renewable energy projects. These ratings are routine credit assessments and do not include specific financial performance figures or future guidance from the parent company.

JSW Energy Limited has published a notice detailing its participation in the "Saksham Niveshak" 100-day investor education campaign, a government initiative. Concurrently, the company has provided extensive information on recovery proceedings initiated against various shareholders, directors, and related entities for unpaid dues, in accordance with Section 13(2) of the Companies Act. The disclosure includes a list of these proceedings, the names of the defaulting parties, and the respective outstanding amounts, ranging from approximately ₹8.45 lakh to over ₹1.64 crore. These notices outline the legal actions taken and scheduled dates for potential settlements or further proceedings. The company also mentions upcoming financial reporting and shareholder meetings.

JSW Energy Limited has informed the stock exchanges about a scheduled meeting with a group of institutional investors. This engagement is slated to occur virtually on September 8, 2025. The announcement has been made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company reserves the right to alter the meeting schedule if unforeseen circumstances arise. Such meetings are crucial for companies to communicate their strategies, financial performance, and future outlook directly to the investment community, thereby impacting investor sentiment and perceptions.

JSW Energy Limited has announced its participation in the "100 Days Campaign - Saksham Niveshak," a national initiative by the Investor Education and Protection Fund (IEPF) Authority, Ministry of Corporate Affairs. The campaign, which began on July 28, 2025, focuses on enhancing shareholder engagement and awareness.

The core objective is to ensure shareholders update their Know Your Customer (KYC) details, bank mandates, and personal contact information. This is crucial for facilitating the direct receipt of unpaid or unclaimed dividends by shareholders. The campaign aims to prevent these dividends from being transferred to the IEPF as per the provisions of the Companies Act, 2013.

JSW Energy has committed to intensifying its efforts, which include voluntarily sending annual reminder letters and engaging with shareholders directly or through professional agencies. As part of this campaign, the company is providing clear instructions for shareholders.

For shares held in Dematerialized (Demmat) mode, shareholders are advised to update their KYC details such as PAN, Email, Contact Number, Address, Bank account, and Nomination details with their Depository Participant (DP). Subsequently, they need to submit an updated Client Master List (CML) and PAN to KFin Technologies Limited, the Registrar and Transfer Agent (RTA), or upload them on the RTA's website with a dividend claim letter.

For shares held in Physical mode, shareholders must submit specific forms to the RTA, including Form ISR-1 (with KYC and self-attested documents), Form ISR-2 (with banker's attestation and cancelled cheque/passbook copy), Form SH-13 (for nomination), and Form ISR-3 (for opting out of nomination). Shareholders can download these forms from the RTA's website or the company's investor section.

Shareholders can reach out to KFin Technologies Limited via email (einward.ris@kfintech.com) or phone (1800-309-4001 / 040-67162222) for any queries related to KYC updates or unclaimed dividend claims. The company also provides its investor email (jswel.investor@jsw.in) for clarifications. JSW Energy has also uploaded details of unclaimed/unpaid dividends for the past seven years on its website. Shareholders are encouraged to complete these necessary updates and claims by November 6, 2025, to ensure they receive their rightful dividends.

This disclosure is made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

JSW Energy Limited has officially announced its calendar for engaging with the investment community, detailing a series of analyst and institutional investor meetings scheduled for September 2025. This proactive engagement strategy aims to keep investors informed about the company's operations, performance, and future outlook.

The company will be present at the Motilal Oswal 21st Annual Global Investor Conference, scheduled for September 3rd, 2025, to be held in Mumbai. This is followed by participation in the Ashwamedh - Elara India Dialogue on September 4th, 2025, also in Mumbai. Concluding the series of engagements, JSW Energy will attend the Jefferies 4th India Forum on September 18th, 2025, in Gurgaon.

All these meetings are planned as group sessions and will be conducted in person, providing direct interaction opportunities. The company has also appended a disclaimer stating that the schedule is tentative and subject to change based on any unforeseen circumstances or exigencies. This announcement is made pursuant to Regulation 30 of the SEBI Listing Regulations, underscoring the company's commitment to regulatory compliance and transparent communication with shareholders and the market. While no specific financial data or guidance is provided in this disclosure, these forums are typically where such information is discussed.

JSW Energy Limited, vide its filing dated August 20, 2025, informed the stock exchanges about a credit rating assignment for its step-down subsidiary. India Ratings and Research (Ind-Ra) has assigned a credit rating of 'IND A/Stable' on the bank loan facilities of JSW Renew Energy Three Limited. This rating, effective from India Ratings' release dated August 19, 2025, pertains to the subsidiary's borrowing capacity and financial stability. The disclosure was made in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

JSW Energy Limited, on August 12, 2025, informed the stock exchanges that its step-down subsidiaries, namely JSW Wind Power (Pennar) Private Limited, JSW Wind Power (Isapur) Limited, and JSW Wind Power Limited, have been assigned a credit rating of 'IND A+/Stable' by India Ratings and Research (Ind-Ra). This rating pertains to the bank loan facilities of these entities. The 'Stable' outlook signifies that the rating is expected to remain unchanged over the medium term. This development is positive for the subsidiaries, potentially easing their borrowing costs and improving financial flexibility, which indirectly supports JSW Energy's overall operational and financial strategy in the renewable energy sector.

JSW Energy Limited has successfully commissioned the third and final 80 MW Unit of its 240 MW Kutehr Hydroelectric Power Plant (HEP) located in the Chamba district of Himachal Pradesh. This signifies the full operationalization of the 240 MW greenfield hydro project.
The Kutehr HEP is backed by a long-term Power Purchase Agreement (PPA) with the Haryana Power Purchase Centre (HPPC) for its entire 240 MW capacity. The PPA is valid for 35 years, with power supplied to Haryana’s state distribution utilities at a levelized ceiling tariff of ₹4.50/kWh.
The commissioning of this hydro plant, coupled with recent organic wind capacity additions, has significantly boosted JSW Energy’s total installed capacity to 13,020 MW. This represents a substantial increase of 2,145 MW since the end of FY25 (from 10,875 MW). The company now has 1,631 MW of hydro capacity, 2,157 MW of solar, and 3,574 MW of wind capacity, bringing the total share of renewables in its portfolio to 57%.
Mr. Sharad Mahendra, Joint Managing Director and CEO, highlighted the project's execution speed, calling it one of the fastest greenfield hydro projects in India, completed in less than six years despite COVID-19 disruptions and extreme weather. He also noted the opportune timing of the commissioning, benefiting from healthy water inflows.
JSW Energy's future outlook includes a target of reaching 30 GW generation capacity and 40 GWh of energy storage capacity by FY2030, with a long-term goal of achieving Carbon Neutrality by 2050. The company currently has 12.7 GW of capacity under construction and a pipeline of 4.6 GW.

JSW Energy Limited has formally notified the stock exchanges about its scheduled participation in two significant investor and analyst events in August 2025. The company is set to attend the 'Emkay Confluence – India Ascending: The Next Leap' on August 14th, 2025, and the 'Antique - Build India, New India Conference' on August 21st, 2025, both to be held in Mumbai. These in-person group meetings are important avenues for JSW Energy to connect with investors and institutional stakeholders. It is crucial to note that this announcement primarily serves as a disclosure of scheduled events and does not contain any specific financial performance data, quarterly or annual results, earnings per share, margin analysis, management guidance, or commentary on the company's outlook. Such meetings are typically occasions for management to update stakeholders on business strategy, growth initiatives, and operational performance, but the details of these discussions are not provided in this initial notification.

JSW Energy's Q1 FY26 earnings call revealed a strong performance characterized by significant capacity expansion and improved profitability, driven by strategic acquisitions and organic growth. The company emphasized its shift towards earnings resilience and a balanced energy portfolio.

Quarterly Results:
Revenue: Over ₹5,400 Cr (up 78% YoY).
EBITDA: ₹3,057 Cr (up 93% YoY) - Highest ever quarterly EBITDA.
PAT: ₹743 Cr (up 42% YoY) - Record PAT.
Cash Profit PAT: Over ₹1,580 Cr (up 65% YoY).
Net Generation: 13.5 billion units (up 71% YoY).
Installed Capacity: 12.8 GW (up ~70% YoY from 7.6 GW).
Mytrah EBITDA: Higher YoY with a late payment surcharge one-off.
KSK Mahanadi EBITDA: Strong performance with no one-offs; potential to surpass ₹2,400 Cr annual EBITDA guidance.
Wind CUF: Improved to 30% from 26% YoY due to newer, more efficient turbines.
Solar PLF: Declined to 21% from 24% YoY due to monsoon/radiation, not O2 acquisition.

Guidance & Concall Commentary:
FY26 Target Capacity Addition: 3-4 GW (excluding acquired O2 Power's 1.3 GW).
Full Year Capex Guidance: ₹15,000-18,000 Cr.
Strategy: Focus on scaling clean energy, resilience, reducing merchant exposure, and maintaining a 2/3 green, 1/3 thermal mix by 2030.
KSK Mahanadi: Potential for expansion up to 1.8 GW, exploring 4th unit (600 MW).
Salboni 1.6 GW: PPA signed, land secured, environmental clearance advanced.
Battery Manufacturing: Assembling battery cells imported from China for BESS, with trial runs expected by end Q2 FY26.
Green Hydrogen: Project nearing commissioning, expects mid-to-high teen IRRs.
Capital Allocation: Uniform mid-teen equity IRR hurdle rate for all projects.

Financials:
Net Debt: ₹59,300 Cr (up ~₹15,000 Cr QoQ).
Net Debt to EBITDA (operating): 4.7x.
Net Debt to EBITDA (trailing 12-month): ~6x.
Weighted Average Cost of Debt: Decreased 15-20 bps QoQ.
Receivables DSO: 58 days (down from 65 days YoY).

Key Events:
Acquisition of O2 Power (4.7 GW target) and Mahanadi Thermal Plant are integrating.
First 80 MW unit of Kutehr Hydroelectric Project synchronized.
Acquisition of KSK Water Infrastructure Pvt Ltd under process for synergy.
Tie-up of Vijayanagar imported coal plant with JSW Steel reduces merchant exposure.

Outlook:
Company is well-positioned to sustain growth, confident in meeting future capacity targets, and focused on enhancing earnings stability and quality. Sees opportunities in thermal power procurement by state discoms.

JSW Energy Limited has successfully commissioned the second 80 MW Unit of its 240 MW (3 x 80 MW) Kutehr Hydroelectric Power Plant, located in Chamba district, Himachal Pradesh. This brings the total commissioned capacity at the Kutehr plant to 160 MW, and power dispatch to Haryana has commenced from this capacity. The company anticipates the final 80 MW unit to be commissioned shortly. This project is secured by a long-term Power Purchase Agreement (PPA) with the Haryana Power Purchase Centre (HPPC) for the entire 240 MW capacity, at a levelized ceiling tariff of ₹4.50/kWh, valid for 35 years.

With this capacity addition, JSW Energy's installed hydro capacity now stands at 1,551 MW. This boosts its overall renewable energy share to 56%, comprising solar (2,157 MW) and wind (3,562 MW) capacities. The company reaffirmed its strategic long-term objectives, aiming to reach a total generation capacity of 30 GW and 40 GWh of energy storage capacity by FY 2030, with a commitment to achieving Carbon Neutrality by 2050. The commissioning highlights the company's project execution capabilities, particularly for greenfield hydro projects.

JSW Energy Limited has finalized the acquisition of a 51% majority stake in KSK Water Infrastructures Private Limited (KWIPL) for a consideration of ₹962 Crores. This transaction is a crucial step following JSW Energy's earlier acquisition of KSK Mahanadi Power Company Limited (KMPCL) in March 2025. KWIPL is responsible for providing vital water infrastructure services to KMPCL, which operates a 3,600 MW thermal power plant in Chhattisgarh, with 1,800 MW currently operational and the balance under development. The acquisition of a majority shareholding in KWIPL will grant JSW Energy improved operational control and efficiency in managing the water supply to the KMPCL plant, thereby bolstering the reliability of this critical input for its thermal power generation.

The acquisition was implemented under a Settlement Plan approved by the Committee of Creditors and the National Company Law Tribunal (NCLT), Hyderabad Bench, which permitted the withdrawal of the Corporate Insolvency Resolution Process (CIRP) for KWIPL under Section 12A of the Insolvency and Bankruptcy Code, 2016. KWIPL recorded revenues from operations of ₹30 crores in FY2025, a decrease from ₹36 crores in FY2024 and ₹204 crores in FY2023.

This strategic move is in line with JSW Energy's ambitious growth objectives, which include achieving a total generation capacity of 30 GW by FY2030 and 40 GWh of energy storage capacity. The company currently has 12.8 GW of operational capacity, 12.9 GW under construction, and a pipeline of 4.6 GW. By integrating KWIPL, JSW Energy aims to strengthen its asset base and ensure seamless operations for its thermal power assets. The transaction was conducted at an arm's length basis.

JSW Energy has successfully commissioned the first 80 MW unit of its 240 MW Kutehr Hydro Electric Project (KHEP) in Himachal Pradesh. Power supply has commenced to the Haryana Power Purchase Centre under a long-term Power Purchase Agreement (PPA) for the entire 240 MW capacity at a levelized ceiling tariff of ₹4.50/kWh, valid for 35 years. The second 80 MW unit has been synchronized with the grid and is under trial run, with the third unit's commissioning progressing. This adds 80 MW of hydro capacity, increasing JSW Energy's total installed hydro capacity to 1,471 MW and raising its overall renewable energy share to 56%. The company aims to reach 30 GW generation capacity by FY2030 and achieve carbon neutrality by 2050.