• EBITDA growth drivers: Growth is supported by the full operational availability of JSW Mahanadi, new renewable capacity, and fresh PPAs for the 700 MW Utkal plant—comprising a 25-year contract for 400 MW with Karnataka at ₹5.78 per unit and a 2-year deal for 115 MW with Assam.
• Battery storage ramp-up: The newly commissioned 5 GWh battery energy storage facility is in its stabilization phase to serve captive requirements and external orders, with financial and operational benchmarks to be evaluated after one quarter of continuous operations.
• Capacity expansion targets: JSW Energy plans to reach 30 GW total capacity by FY30 by adding 3 to 3.5 GW of renewable energy annually, expanding the 1,800 MW Mahanadi thermal plant to 3,600 MW by FY28, and executing the Salboni greenfield project.
• Supply chain de-risking: Equipment supply risks have been mitigated via fixed-price wind orders with Sany, the commissioning of two domestic wind blade plants in Gujarat and Karnataka, turbine supply from a Toshiba joint venture, and the acquisition of GE's boiler plant in Durgapur.