• Power demand outlook: Demand growth slowed to 0.9% for the full year due to extended monsoons before rising over 2.4% quarter-on-quarter in Q4. Driven by higher temperatures, year-to-date demand growth in the first 40 to 45 days of the current year rebounded to 4.6%.
• Energy security strategy: JSW remains insulated from imported coal price spikes and currency fluctuations through two-part tariffs and domestic coal blending. The company is actively building both thermal and renewable portfolios to support India's targets of 500 GW of green capacity and 97 GW of thermal additions by 2032.
• Energy storage targets: The company has secured 29.6 GW of tied-up capacity under signed PPAs across hydro pumped storage and battery energy storage systems. Battery project execution begins in the current year to help achieve a target of 40 GWh of storage capacity by 2030.
• Earnings and growth guidance: Around 95% of operational capacity is tied to long-term PPAs to maintain steady cash flows. Following 41% revenue growth and an 81% EBITDA increase, management expects to sustain a 20% to 25% CAGR by adding 3 GW of capacity each year.