JSW Energy Ltd. — Q1 FY27 earnings call

27 Jul 2026

ResultsPresentationInvitationRecordingTranscript

Sumit Kishore · other

First, a question on the macro situation in relation to thermal. We have been seeing that between 12 to 1 p.m., several thermal power plants in the country are likely operating below technical minimum. What has been your experience for your thermal fleet? And how do you see this situation progressing in coming times?

No answer was attributed to this question in the transcript.

Sharad Mahendra · regulation

Right. Yes, Sumit, thank you. Very correct because this is a peak time when the solar generation is at its peak. But just to tell you that for us, barring, of course, the load factor reduces. But what we have gone -- what our experience during the entire quarter has been that because of the attractive tariffs at Mahanadi, our backdowns or reductions have been the minimum because of the merit order. And the minimum load that we have seen in the case of Utkal has not gone below 60%; this has been the case in most cases. But overall, on a round-the-clock basis, if you talk for the month of July when the power demand has grown almost 12% till date, we have been operating at almost more than 85% PLF and more than 90% availability. So we have not experienced anything in terms of the technical minimum load. In other plants, we don't need, but we are building the capability to even operate at maybe below 50% also, which we have already done in our Ratnagiri and Vijayanagar plants.

No answer was attributed to this question in the transcript.

C. Prabhakaran · other

Sumit, just to add that we continue to recover our fixed costs in these kinds of backdowns. We are not kind of impacted. And we also have the flexibility to kind of sell that in the merchant market, in case that happens.

No answer was attributed to this question in the transcript.

Sumit Kishore · capex

Sure. My second question on the thermal space is you have introduced 600 MW Mahanadi under under construction projects now. And combined with Salboni Phase 1, how is the ramp-up on BTG sourcing for these projects progressing, particularly your arrangement with GE for the acquisition that you had made? How is that shaping up? JSW Energy Limited July 22, 2026 Page 7 of 16 So what is your nameplate capacity in terms of internal manufacturing for boilers, turbines and generators today? And given you are looking to commission 600 MW Mahanadi by FY28, how is that going to pan out in terms of equipment sourcing?