• Capacity addition targets: JSW Energy has added 1.1 GW in the first 100 days and expects to add 1.5 to 1.6 GW in H1, keeping its full-year guidance of 3 GW in fresh renewable capacity on track toward a 30 GW target by 2030.
• Profitability and margins: PAT is temporarily weighed down by debt and depreciation from recent project commissioning, but EBITDA margins remain above 55% and net profit is expected to rebound within one to two years.
• Project return benchmarks: Target mid-teens to 18% IRRs remain protected because the company pre-contracted supplies early and avoided participating in aggressive renewable energy bids over the past 15 months.
• PPA tie-ups: Revenue and margins are projected to improve from Q2 onwards as merchant volatility is reduced by new PPAs for the Utkal plant, including 400 MW with Karnataka at ₹5.79 per unit and a contract with Assam at ₹5.85 per unit.
• CAPEX and deleveraging: The company is maintaining its ₹20,000 crore annual CAPEX plan while reducing its net debt-to-EBITDA ratio (excluding construction work-in-progress) to 4.95x through a QIP, promoter equity infusion, and share sales.