| Thermal Power | Generation of electricity using imported and domestic coal, lignite-based thermal plants with long-term PPAs. | Long-term fuel supply agreements, strategic captive mines, integrated operations and strong regulatory relationships. | Discoms, industrial consumers, group captive customers, and merchant markets in India (B2B focus). | Long-term contracted thermal power with stable tariffs and operational efficiencies. | 7942 | 68 | Sale of power through long-term and short-term power purchase agreements, merchant sales, and group captive arrangements. | Primarily fixed tariff through long-term PPAs; supplemented by short-term market pricing for merchant sales. | Rising base load demand, capacity ramp-ups post acquisitions, and tie-ups with distribution companies driving thermal segment growth. | JSW Thermal Power Plants at Ratnagiri, Barmer, Vijayanagar, Mahanadi, Utkal |
| Renewables | Generation of electricity from wind, solar, hydro power and hybrid energy systems including battery storage. | Large diversified renewable portfolio, strong execution capabilities, technology partnerships, and strategic acquisitions like O2 Power. | SECI, discoms, commercial and industrial consumers, group captive clients (mixed B2B and B2C elements). | Operational solar and wind assets with long-term PPAs, hybrid and green hydrogen projects. | 3579 | 31 | Sale of power through long-term PPAs, group captive projects, and open access customers; renewable energy certificates. | Fixed tariffs under PPAs with competitive bidding; some merchant open access sales; emphasis on firm and dispatchable renewables. | Government incentives, renewable capacity additions, aggressive bidding in wind-solar hybrid, and energy storage integration. | JSW Renewables including Solar, Wind, Hydro, Hybrid projects; execution via JSW Neo Energy Ltd |
