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The Tata Power Company Limited (TPCL) FINANCIAL RESULTS – Q3 FY26 4th February 2026
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Disclaimer This document does not constitute or form part of and should not be construed as a prospectus, offering circular or offering memorandum or an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Company or any of its subsidiaries or affiliates in any jurisdiction or as an inducement to enter investment activity. No part of this document, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. This document is not financial, legal, tax or other product advice. This presentation should not be considered as a recommendation to any investor to subscribe for, or purchase, any securities of the Company and should not be used as a basis for any investment decision. This document has been prepared by the Company based on information available to them for selected recipients for information purposes only and does not constitute a recommendation regarding any securities of the Company. The information contained herein has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. None of the Company or any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with the document. Furthermore, no person is authorized to give any information or make any representation, which is not contained in, or is inconsistent with, this presentation. 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By accessing this presentation, you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company. The statements contained in this document speak only as at the date as of which they are made, and the Company expressly disclaims any obligation or undertaking to supplement, amend or disseminate any updates or revisions to any statements contained herein to reflect any change in events, conditions or circumstances on which any such statements are based. By preparing this presentation, none of the Company, its management, and their respective advisers undertakes any obligation to provide the recipient with access to any additional information or to update this presentation or any additional information or to correct any inaccuracies in any such information which may become apparent. This document has not been and will not be reviewed or approved by a regulatory authority in India or by any stock exchange in India. This document and its contents should not be forwarded, delivered or transmitted in any manner to any person other than its intended recipient and should not be reproduced in any manner whatsoever. This presentation is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration, or an exemption from registration, under the U.S. Securities Act of 1933, as amended. Any public offering in the United States may be made only by means of an offering circular that may be obtained from the Company and that will contain detailed information about the Company and management, as well as financial statements. This presentation contains forward-looking statements based on the currently held beliefs and assumptions of the management of the Company, which are expressed in good faith and, in their opinion, reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of the Company or industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. Actual results may differ materially from these forward-looking statements due to a number of factors, including future changes or developments in the Company’s business, its competitive environment, information, technology and political, economic, legal and social conditions in India. Given these risks, uncertainties and other factors, recipients of this document are cautioned not to place undue reliance on these forward-looking statements. In addition to statements which are forward looking by reason of context, the words ‘anticipates’, ‘believes’, ‘estimates’, ‘may’, ‘expects’, ‘plans’, ‘intends’, ‘predicts’, or ‘continue’ and similar expressions identify forward looking statements.
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Agenda 04 About Tata Power 10 Sustainability: Manifesting a Greener Tomorrow 22 Industry Highlights 29 Business Highlights 43 Operational & Financial Highlights 49 Annexures 68 What sets us Apart
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The Tata Power story
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India’s largest vertically-integrated power company Renewables Transmission & Distribution Generation New-age Energy Solutions 5 Transmission New-age Energy Solutions Generation ~17.5 GW Clean & Green Energy (Including 10 GW Under Construction) ~8.9 GW Thermal energy generation (Installed capacity) 5,743 Public EV charging points energized across 667 cities and towns 2,573 Ckm Transmission lines under construction ~4.9 GW Integrated cell & module manufacturing capacity 2.8 GW MoU signed for Pumped Hydro Project (PSP) ~26.3 GW Total Capacity 4,738 Ckm Operational Transmission lines 13 Mn Customers in Distribution Distribution (Operational + Under construction)
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0 0 56 44 Generation, Transmission and Distribution assets spread across India Total Capacity 26,346 MW (Operational + Under construction) 8,860 MW Thermal 880 MW Hydro 443 MW Waste Heat Recovery /BFG 1,221 MW Wind 4,906 MW Solar 4,738 Ckm Operational Transmission lines Distribution of installed capacity (Domestic & International) (%) Thermal Clean and Green Solar Wind Hydro Waste Heat/BFG Generation assets 6 10,036 MW Under construction (Entirely Clean & Green) 13 Mn Customers in Distribution 2,573 Ckm Transmission lines under construction Distribution assets Transmission assets Transmission and Distribution 16,310 MW Operational Operational Capacity 54 46 7 30 5 3
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Assets located outside India 126 MW Installed capacity 26% TPCL stake 187 MW Installed capacity 120 MW Installed capacity 50% TPCL stake 78 MT Total Capacity Georgia, Adjaristsqali Bhutan, Dagachhu Zambia, Itezhi Tezhi (ITPC) Indonesia Coal Mines Hydro Coal Mines *Operational numbers on a 100% basis. 50% TPCL stake 54 MW Installed capacity 30% TPCL stake PT Citra , Indonesia Thermal Power Plant 7 600 MW Under-construction 40% TPCL stake Under Construction Hydro Plant Bhutan, Khorlochhu Bhutan, Dorjilung 1,125 MW Pipeline capacity 40% TPCL stake Coal mines Tata Power Share % Kaltim Prima Coal (KPC) 30% Baramulti Suksessarana (BSSR) 26% Antang Gunung Meratus (AGM) 26% Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Production 13.7 12.1 1.3 1.1 3.0 3.6 Sales 14.3 14.2 1.3 1.3 3.1 3.8 KPC BSSR AGM*Operational Parameters (MT)
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3.2 5.4 10.4 11.0 13.5 6.1 8.4 12.6 11.3 12.8 1,439 2,156 3,810 4,280 4,775 8,851 10,134 13,268 13,878 15,261 7,978 8,192 10,068 12,701 14,468 Financial performance consistently improving over the years 8 47,719 9M FY26 11,874* 9M FY26 Revenue (in ₹ Cr) EBITDA (in ₹ Cr) Underlying EBITDA (in ₹ Cr) Reported PAT^ (in ₹ Cr) ROE (%) EPS (₹) ^^ *Including other income | **Including Share of JV's and Associates | ^ Before Minority Interest | ^^Adjusted EPS (before exceptional items) 3,702 9M FY26 11.2% 9M FY26 8.6 9M FY26 12,331** 9M FY26 33,239 42,576 56,033 61,542 64,502
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tatapower.com tatapower.c om 9 34% 20%10% 10% 10% 9% 5% 2% Thermal Solar Hybrid PSP Hydro Complex/FDRE Wind WHRS 54% 27% 5% 5% 6% 3% Thermal Solar Hydro Wind Hybrid WHRS* Tata Power Capacity (IN MW) Total capacityWind Hydro WHRS Solar Current Operational Capacity share (%) Total Capacity incl. pipeline (%) Clean & Green to account for ~66% capacity post project completions *WHRS: Waste Heat Recovery System Hybrid Complex / FDRE Wind Hydro PSP Solar Operational Thermal Hybrid Project Pipeline 16.3 GW 26.3 GW 8,860 4,381 835 880 443 911 16,310 445 807 1,725 2,447 2,800 1,812 26,346
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tatapower.com tatapower.c om 10 Water Neutral By 2030 Net Zero By 2045 Zero Waste to Landfill By 2030 Sustainability: At the core of all that we do
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11 Become Net Zero by 2045 Become Water Neutral by 2030 Zero Waste to Landfill by 2030 No Net Loss to Biodiversity by 2030 Leverage technology to create the 'Utility of the Future’ (IOT, Smart Grids, BESS, Green H2, robotic panel cleaning, SMR etc.) Improve Sustainability Disclosures and get listed in DJSI Emerging Markets list by 2027 Education : Train 21 lakh+ people in digital & financial inclusion by 2028. Enable 7.5 lakhs+ conservation and STEM education champions by 2028. Employability and Employment : 3.76 lakh+ youth to be trained and made employable by 2028 with over 40% outreach to women Impact Lives of 80mn by 2030 : Enabling Progressive practices in 4,000+ Community Institutions with 15% special outreach under Tata Affirmative Action. Train 7,000+ trainers in conservation education pedagogy E S G Gender Diversity : Improve Gender Diversity to 20% by 2028 Our sustainability aspirations Entrepreneurship : Enable 35,000+ community collectives (Self Help Group members) under Anokha Dhaaga by 2028
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Taking leaps towards our ESG goals 12 Particulars Description Baseline Progress Target On going actionsValue Year Value Year Value Year Environment Clean & Green portfolio 16%* 2015 44% 2025 70% 2030 • ~ 46% Clean and Green Capacity • ~ 66% Clean and Green Capacity, post project completions Net Zero (Absolute Carbon Emissions) Scope 1 and 2 41.5 Million Tonnes CO2e 2024 44.6 Million Tonnes CO2e 2025 0 2045 • Incremental Scope 1 emissions increase is attributable to improved “Weighted-average PLF” of thermal portfolio Water consumption (Total Water Consumption) 313 Mn m3 2024 301 million m³ 2025 - 2030 • Improved waste-water utilisation Zero Waste to Landfill 40 Tonnes 2024 93 Tonnes 2025 0 2030 • Beneficial utilisation of Ash waste • Waste management plans for Biodegradable, Plastic and E-waste Social Education 26.25 Lakh Beneficiaries 2024 26.65 Lakh Beneficiaries 2025 28.5 Lakh Beneficiaries 2028 • CSR initiatives made a positive impact on 47.54 lakh lives directly benefitting across 21 Indian states during FY25. 41.91 lakhs beneficiaries covered (9M’FY26) • Special outreach made in 21 aspirational districts including the focus of PWDs, SC/ST • ₹70.01 crores (9M’FY26) (CSR investments made across 100 neighbourhoods in Tata Power Group. Employability & Employment 2.76 Lakh Beneficiaries 2024 3 Lakh Beneficiaries 2025 3.76 Lakh Beneficiaries 2028 Entrepreneurship 30,000 Beneficiaries 2024 30,500 Beneficiaries 2025 35,000 Beneficiaries 2028 Gender diversity (%) 10% 2024 10% 2025 20% 2028 • Women employees across roles • 36% - Campus hires • 23 % - Finance and Accounting • 27 % - Digital and technology • 21 % - Women hires out of all hires • Policies supporting women in all life stages and mentorship program Governance DJSI Emerging Markets List (Absolute Score) 67/100 2023 76 2025 80/100 2027 • ESG Action Plan and gap analysis *Base year 2015 for Clean & Green portfolio in alignment with Paris Agreement
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Achieving 100% Clean & Green power generation by 2045 13 16 84 Thermal (%)Clean & Green (%) 44 56 100 2015 Largely a coal-based company, having capacities to fulfil the energy demands of a developing India 30 70 2025 Transitioning towards a clean and green portfolio through renewable energy capacity expansion 2030 Clean & Green capacity will account for at least 70% of our overall capacity in 2030 2045 Transition away from thermal portfolio in 2045* as Power Purchase Agreements (PPA’s) for our thermal capacities expire *Subject to completion of contractual obligations and useful life
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Gradually improving our ESG ratings 14 CDP – Climate Change CDP – Water S&P - CSA MSCI Sustainalytics As of 31th Dec 2025; Dates of published ratings: CDP – Feb 2025; S&P-CSA – Nov 2025; MSCI – April 2025; Sustainalytics – Sep 2025 Except MSCI, all other ESG rating providers are not SEBI registered ERPs. The data disclosure is voluntary and for information only (Lower score is better) (Higher score is better) 2025 2024 2023 2022 2021 2020 2019 B- B B B C C D B B B B C F 77 68 67 67 67 - 48 A A BBB BBB BB BB BB 39.4 37.4 38.5 41.2 38.6 - -
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15 Powering Biodiversity Conservation Present across 5 Ecosystems Biodiversity Action Plans for all sites TNFD disclosures in Integrated Report No Net Loss for Biodiversity Action plan for 60 solar sites & 22 wind sites Active partnerships with Government bodies, CII – IBBI, IUCN, SNEHA NGO, ICICI Foundation, Godrej, BNHS
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Empowering Communities 16 CSR Mission To work with communities in our neighborhoods & specially identified regions to address existence by addressing salient development imperatives The key interventions for target communities are focused in the following thematic areas Education Employability & Employment Entrepreneurship Essential Enablers Public Private Partnerships (Collaboration & Leverage) Improving access & creating opportunities Far Reaching Impact on Community and Co- ownership 47.54 lakhs (FY25) Outreach Reaching out by Strengthening Community Institutions 110+ Districts in 21 states Optimal Utilization of Resources Green Jobs Technology Enablement Institutionalization & Standardization Tree Mittra leveraged for social afforestation 41.91 lakhs FY26 (9MFY26)
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17 3000+ Women SHGs 52000+ Villages Institutional Synergies 100+ 20+ Lakhs Beneficiaries covered 13+ Lakhs Lives touched through Essential Enablers Key Flagships – Adhikaar, Roshni, Anokha Dhaaga, Club Enerji, Essential Enablers, PayAutention 40% AA Beneficiaries Aspirational Districts 21 Key Programmes Footprint and Inclusion Focus 110+ Districts
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Thought Leadership for Social Inclusivity • Pay Autention Bridgital Network, the toll-free helpline, purple directory, and E-Sanidhya web platform promotes phygital support services and capability-building for neurodiverse individuals & care-givers; easing home-care & early diagnosis in India • 20,000 families and caregivers in Maharashtra, NCR, Odisha, Jharkhand, Tamil Nadu, Kerala, Andhra Pradesh, Karnataka via E-Sanidhya platform with NIEPID, MSJE-Govt. of India & Tata Elxsi; our tollfree helpline, home-care tutorials, dance- movement-play therapies & nutrition workshops, experiential immersions, street plays, fun-fairs, purple fests & Divya kala melas. • Global Readiness workshop for National Abilympics participants to further upskill them with required soft skills for the competition in association with Tata group companies. • Odisha Neurodiversity Summit first-of its kind state level approach and platform to bring together professionals in the space to work for neurodiversity care ecosystem in PPP . • Tata Affirmative Action ethos based special initiatives upskilling youths at Prayagraj PwD skilling center, supporting women blind cricket team, empowering Pardhi communityfor Training & education 18
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Well-established structure to monitor Sustainability Goals 19 Our CSR and Sustainability Committee at the Board level guides the strategy, and the Apex Leadership Team enables its impactful implementation Thermal, T&D, Hydros, Renewables, HR, CSR, Ethics, IA&RM, Environment, etc. Leadership with care Initiatives that are based on, and are encompassing Care for our environment (society at large) • Environment conservation • Efficient use of energy • Investment in green technology What needs to be done (material to both, for stakeholders and us) Care for our shareholders and customers What we are good at doing and is linked to our business objectives Care for our community What we should take up as national thrust areas for development Care for our people What we should define as our standards, from compliance, to competing, to leading Leadership and Oversight on Sustainability Advocacy Going beyond compliance Architecture of Care New technology Institutional Structures and Systems CSR & Sustainability Board Committee Apex Leadership SBU Heads Corporate Sustainability Team Sustainability SPOCS
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Robust Governance Structure in place 20 Shareholders Audit Committee Nomination and Remuneration Committee Stakeholders Relationship Committee CSR & Sustainability Committee Risk Management Committee Governance policies ✓ Tata Code of Conduct ✓ Code of Conduct for Independent Directors ✓ Code of Conduct for Non-Executive Directors ✓ Related Party Transactions Policy, Framework & Guidelines ✓ Whistle Blower Policy & Vigil Mechanism ✓ Risk Management Policy - ISO certified ✓ CSR Policy ✓ Tata Code of Conduct for Insider Trading and Corporate Disclosure Policy ✓ Dividend Policy ✓ Policy for determining Material Subsidiaries ✓ Policy for determining Materiality for Disclosures ✓ Remuneration Policy for Directors, Key Managerial Personnel and Other Employees ✓ Charters of various Board appointed Committees and others Board of Directors
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Awards & Recognition 21 E-Sanidhya (powered by NIEPID & Pay Autention) - Powering the neurodiversity ecosystem was presented at the Internation Conference hosted buy NIEPID & DePwD; TPSODL has been conferred with the esteemed ICSI CSR Excellence Award, 2025 in the category of Best Corporate in Medium Industries by the Institute of Company Secretaries of India (ICSI). TPSODL CSR Team has been honored with the Prestigious Odisha CSR Form Award for Skill Training & Placement of Unemployed Youth at the Odisha CSR & HR Leadership Summit 2025.
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22 Industry Highlights
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tatapower.com tatapower.c om 23 Power Demand in Q3 FY26 flat while Dec -25 increased by strong 7% YoY India has one of the lowest power consumption per capita Monthly Energy Demand (IN BUs) Coal-based plants' PLF %Ratio of Power Generation Growth to GDP growth above 1.0x in the past 5 years(IN KWH) 66% 72% 62% 65% 45% 50% 55% 60% 65% 70% 75% 80% 85% Apr 24 May 24 Jun 24 Jul 24 Aug 24 Sep 24 Oct 24 Nov 24 Dec 24 Jan 25 Feb 25 Mar 25 Apr 25 May 25 Jun 25 Jul 25 Aug 25 Sep 25 Oct 25 Nov 25 Dec 25 Central Sector All India State Sector Private Sector Source: NPP Source: CEA 0 5,000 10,000 15,000 20,000 25,000 30,000 Norway UAE Canada US South Korea Australia Russia Japan China France Germany United Kingdom Brazil India Source: RBI, Ministry of Statistics & Program Implementation & Powermin Source: EMBER, PIB Energy Demand YoY Growth [RHS] (IN %) 6.0% 4.8%5.5% 4.9% 0.91x 1.01x 0.4x 0.5x 0.6x 0.7x 0.8x 0.9x 1.0x 1.1x 1.2x 0% 1% 2% 3% 4% 5% 6% 7% FY15 - FY25 FY20 - FY25 Power Generation Growth (CAGR) GDP Growth (CAGR) Power Gen growth: GDP growth (RHS)Data represents per capita power consumption for CY24 1,460 units India’s Power Consumption Per Capita 11% 14% 9% 7% -5% -1% 0% 4%5% -4% 2% 6% 3% -5% -2% 3% 4%4% -6% -1% 7% -10% -5% 0% 5% 10% 15% 20% 25% 0 20 40 60 80 100 120 140 160 180 Apr 24 May 24 Jun 24 Jul 24 Aug 24 Sep 24 Oct 24 Nov 24 Dec 24 Jan 25 Feb 25 Mar 25 Apr 25 May 25 Jun 25 Jul 25 Aug 25 Sep 25 Oct 25 Nov 25 Dec 25
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tatapower.com tatapower.c om 24 RE accounted for 84% of Capacity additions in India during Q3 FY26 Total Installed Capacity in India currently stands at 514 GW ~45 GW added in 9MFY26 (IN GW) Renewables (incl. Hydro) added 38 GW in 9MFY26 (IN %) Hydro (incl. small Hydro) Wind Solar Other Renewable (Biomass, Waste to Energy)Thermal Nuclear ~13 GW added in Q3FY26 (IN GW) Source: Central Electricity Authority & NPP 0.1 As on 31st Dec’2025 Excludes 6.5 GW of thermal/gas plant which are under long term outage 3.4 4.3 4.1 1.4 1.2 5.9 3.7 6.5 0.2 0.4 0.6 0.6 0.2 0.8 3.2 1.6 2.1 1.6 1.1 2.3 3.3 4.1 4.5 6.5 6.4 5.5 13.9 12.8 15.0 23.9 30.2 0.4 0.8 0.3 0.4 0.1 0.1 0.7 0.0 1.4 0.6 FY19 FY20 FY21 FY22 FY23 FY24 FY25 9MFY26 247 136 56 55 12 9 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 Jul 24 Aug 24 Sep 24 Oct 24 Nov 24 Dec 24 Jan 25 Feb 25 Mar 25 Apr 25 May 25 Jun 25 Jul 25 Aug 25 Sep 25 Oct 25 Nov 25 Dec 25 Thousands (IN GW) 514 GW 27% 28% 31% 34% 8% 7% 23% 11% 12% 5% 2% 3% 5% 3% 1% 1% 2% 10% 10% 13% 15% 13% 6% 14% 13% 12% 10% 54% 54% 46% 45% 80% 77% 58% 72% 64% 0% 0% 0% 0% 0% 0% 5% 0% 4% 3% 3% 6% 2% 2% 1% 1% 2% 0% FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 9M FY26
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tatapower.com tatapower.c om 25 *Price for imported Cell & Modules (FOB basis); both tariff (BCD of 40% on modules and 25% on Cell) & non- tariff barriers (ALMM & DCR) results in domestic prices for Cell and modules being higher than imported Cell & Module Prices Rebound from Lows; Indonesia Coal Moderates YoY Price Movement of Polysilicon & Wafer Price Movement* of Solar Cell & Module Thermal Coal Prices (US$/t) Source: Bloomberg Source: Bloomberg Source: Bloomberg, World Bank, and Global Coal 7.96 0.18 0 0.2 0.4 0.6 0.8 1 1.2 0 7 14 21 28 35 42 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Polysilicon USD/kg Wafer USD/piece [RHS] 0.09 0.05 0 0.05 0.1 0.15 0.2 0.25 0.3 Dec-21 Apr-22 Aug-22 Dec-22 Apr-23 Aug-23 Dec-23 Apr-24 Aug-24 Dec-24 Apr-25 Aug-25 Dec-25 Modules USD/Watt Cell USD/Watt 101 107 50 120 190 260 330 400 470 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Indonesia Coal (6322kcal/kg) Australian Coal (6300 kcal / kg)
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9M FY26 RE Auctions dominated with Storage bids 26 Minimum e-reverse auction tariff’s in 9M FY26 (₹/kWh) Renewable energy auction volumes (GW) Wind StorageSolar FDRE Hybrid (S+W)* FY21 FY22 FY23 FY24 FY25 9M FY26 Hybrid (S+ESS)** Hybrid (S+W+ESS)*** *S+W = Solar + Wind **S+ESS = Solar + Energy storage solutions ***S+W+ESS = Solar + Wind + Energy storage solutions 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 FY20 FY21 FY22 FY23 FY24 FY25 9M FY26 Solar Wind Hybrid Solar + Storage Hybrid (with storage) FDRE Floating Solar 0 10 20 30 40 50 60
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Transmission auction bids should continue to gain momentum in FY26 27 Transmission auction bids (in ₹ Bn) Source:- NEP, Tata Power Estimates 212 100 36 28 148 105 23 132 506 1,577 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 9m FY26 Transmission Auction (₹ bn) ₹9.2 tn transmission Capex anticipated in India between FY25-32E Inter-State, ₹6.6 tn Intra-State, ₹2.7 tn Inter -State Transmission System Intra -State Transmission System Source: National Electricity Plan (NEP) and CEA 1 Transmission line Length (CKm) 4.99 Lakhs 6.48 Lakhs 2 Transformation Capacity (GVA) 1,407 2,342 3 Peak Electricity Demand 242 GW 458 GW 4 Inter-regional transmission capacity 120 GW 168 GW Sr. No. Key Highlights Dec-25 2032E ~500
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DISCOM overdues (IN ₹ Cr) While green shoots are visible in distribution sector, major concerns remain Key challenges for State DISCOMs Increased power purchase cost Shift of subsidizing C&I customers to options of OA/GC/RTS Limitation on taking RE benefits India Distribution: On the mend but concerns remain Source: PRAAPTI portal 28 All India basis AT&C (Aggregate Technical & Commercial) Losses (%) All India AT&C losses (%) have risen in FY24 after declining in the past two years Note: RDSS is Revamped Distribution Sector Scheme, LPS is Late Payment Surcharge Source: PFC Report FY25, PIB 26.6 25.5 22.6 25.7 23.7 23.7 21.5 21.6 20.7 22.3 16.4 15.1 16.3 15.0 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 59,127 1,05,330 83,716 1,02,780 25,016 26,242 20,353 39,354 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Current As on 3rd Feb’26
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29 Business Highlights
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tatapower.com tatapower.c om 30 Key Highlights Commissions 919 MW of utility scale renewable projects (third party and owned) 962 MW of Cells and 990 MW of Modules produced in the quarter, industry leading yield of ~96% Rooftop business executed record 1GWp in 9M FY26 Tata Power Commissions 400 kV Koteshwar–Rishikesh Transmission Line (NRSS) of 77 ckm EPC business delivers 1 GW DCR- compliant solar project for SJVN Odisha DISCOMS profit after tax surges 163% YoY in the quarter Odisha DISCOMs AT&C losses reduced by 1.9% YTD Installed 5,743 public and captive charging points by Q3 FY26 Commissions 357 MW utility scale in house renewables capacity in the quarter Secures Letter of Intent from RECPDCL for acquisition of Jejuri-Hinjewadi Power Transmission project of 226 ckm Q3 FY26: Key Highlights World Bank group has approved long term financing for 1,125 MW Dorjilung Hydro project, Bhutan
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tatapower.com tatapower.c om 31 Solar Cell and Module Manufacturing – Industry Leading Yields Highlights • Achieved record production levels in cell and module manufacturing during Q3 FY26 producing 990 MW of modules and 962 MW of cells respectively • Industry leading plant yield of >95% for both Cells and Modules • Revenue from the plant increased 26% YoY in the Q3 FY26 • Q3 FY26 EBITDA and PAT more than doubled in the quarter driven lower production input cost and higher yield. 614 871 926 880 949 970 990 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3FY26 Module Manufacturing (MW) 195 651 904 928 962 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3FY26 Cell Manufacturing (MW)
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tatapower.com tatapower.c om 32 3rd PARTY ROOFTOP • Order Book at Q3 FY26 stands at ₹ 1,174 crore • 372 MWp Solar Rooftop installed in Q3 and 1 GWp in 9M FY26 • Channel partner network crosses 681 partners and more than 2,700 retailers Solar Rooftop – Record Execution of 1 GWp and Robust Pipeline Share of Residential Rooftop has increased significantly YoY Revenue of 3rd Party Rooftop (In ₹ Cr) 3rd Party Rooftop Order Book (In ₹ Cr) 1,389 MW orders won in 9M FY26 47% 53% Rooftop Residential Rooftop C&I 509 1,133 1,075 Q3 FY25 Q2 FY26 Q3 FY26 1,116 1,174 1,133 1,075 Order Book at the end of Q2 FY26 Orders received in Q3 Q3 reported revenue Order Book at the end of Q3 FY26 489 2019 852 1011 9M FY25 9M FY26 Revenue (In ₹ Cr) Residential Rooftop Rooftop C&I
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tatapower.com tatapower.c om 33 Odisha Discoms – Highlights REDUCING AT&C LOSSES => PROMISING GROWTH (Excl. past arrears) ~6,91,925 ~5,46,681 ~4,44,769 TPCODL TPSODL TPWODL TPNODL STRONG OPERATIONAL PERFORMANCE ACROSS ALL DISCOMS ~7,04,063 Smart Meters Installed till Date AT&C Losses reduced by 1.9% 9M FY26 vs prior period 22% 20% 9M FY25 9M FY26 26% 25% 9M FY25 9M FY26 20% 18% 9M FY25 9M FY26 15% 12% 9M FY25 9M FY26 1,313 2,049 9M FY25 9M FY26 EBITDA 164 505 9M FY25 9M FY26 PAT Strong Financial Performance
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Generation - Tata Power has Strong Pipeline of Hybrid/FDRE Projects 34 Tariff (₹/unit) e-RA date Installed capacity (MW) Tender type Capacity sizing (x) Expected Commissioning LoA status Abbreviations: FDRE- Firm and Dispatchable Renewable Energy, e-RA- Electronic Reverse Auction, LoA- Letter of Award *PPA Capacity PPA status SJVN 460MW* FDRE NTPC 200MW* FDRE 4.38 7 Nov 2023 1,317 MW FDRE ~3x Phase wise Commissioning from FY 2027 Received 4.71 22 Mar 2024 585 MW FDRE ~3x FY 2027 Received 3.60 16 Aug 2024 501 MW Hybrid ~1.3x FY 2027 Received MSEDCL 400MW* PH IV Hybrid Signed SignedSigned SJVN RTC 88MW* Hybrid 4.91 272 MW Pending Hybrid Received 27 Feb 2025 ~3x FY 2028 Tata Power Mumbai DISCOM 80 MW* 4.77 244MW Signed FDRE Received 19 Aug 2025 ~3x 24 months post signing of PPA
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MoU with Druk Green Power to develop 5,100 MW clean energy projects in Bhutan 35 15 GW Bhutan’s vision 2040 for hydro 5 GW Bhutan’s vision 2040 for solar 2.4 GW Total installed capacity in Bhutan 2.8 GW Projects under execution 10.9 GW Proposed projects Existing hydro station Proposed Hydro Power Plants (HPP) Potential Plants (HPP/ PSP) Bhutan Dagachhu HPP Khorlochhu HPP 126 MW 740 MW Chamkharchhu IV HPP 364 MW Dorjilung HPP 600 MW Jerichhu PSP 1,800 MW Gongri HPP 1,125 MW Plant name Installed capacity (MW) Design energy (GWh) Project status Khorlochhu HPP 600 2,524 Construction started Dorjilung HPP 1,125 4,504 Pre-Construction has started Gongri HPP 740 2,721 DPR in progress Jeri Pumped Storage 1,800 3,942 DPR in progress Chamkharchhu-IV HPP 364 1,501 PFS (2015) Solar project 500 Total 5,129 15,192
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Construction has begun at 600 MW Khorlochhu HPP , Bhutan 36 Khorlochhu hydro power project details Project expected to commission September 202959 Months Project completion period 600 MW Total project capacity 1.12% Aux power consumption 90.62% Average TG efficiency >95% Availability 752 M Minimum head Double circuit 400 KV line to Goling through Yangbari s/s Proposed power evacuation 48% Plant load factor Vertical Pelton @ 375 RPM Type of turbine 145 Km Transmission line (to be constructed by Bhutan Power corporation) Construction commenced October 2024 40% Tata Power Stake Khorlochhu HPP site Tunnel work In progress Signed loan agreement worth Rs 4,829 crore with Power Finance Corporation (PFC)
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Groundbreaking Imminent – Dorjilung HPP Bhutan | 1,125 MW 37 Dorjilung Hydro Power Project 1,125 MW Total project capacity Run-of-River Type Kurichhu River ~6,350 Employment during construction 80% Tata Power Off taker 40% Tata Power Stake Signed JV agreement with Druk Green Power Corporation Bhutan ~4,750 MUs Design Energy World Bank Financial assistance to project Second Largest Hydro Power in Bhutan Out of the Potential Feasible Sites Expected commissioning in FY 2032 World Bank has approved and sanctioned long-term financing for the project
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tatapower.com tatapower.c om 38 Energy Storage - Pumped Storage Hydro Plants - Project Update Type Existing Off-stream Upper Reservoir Thokarwadi ~348 MCM (million cubic meters) Lower Reservoir New ~4.6 MCM Daily Generation 8,000 MWhr Tentative Capital Investment ₹ 5,666 Crores Timeline Construction Activities: Started Completion: End-2028 1,000 MW Type Off-stream Upper Reservoir New -15 MCM Lower Reservoir Existing Shirwata Dam 197 MCM Daily Generation 10,800 MWhr Tentative Capital Investment ₹7,850 Crores Timeline Preliminary activities started Completion: End-2029 1,800 MW BHIVPURI PSP Key Highlights SHIRWATA PSP Key Highlights
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tatapower.com tatapower.c om 39 Energy Storage - Bhivpuri Pumped Storage Hydro Plants - Project Update Bhivpuri PSP Project • The upper reservoir is existing • Land for the project is owned by the company, resulting in ease of EC and FC clearance • Construction of the lower reservoir and power-house is progressing at full pace
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Transmission – Updates on TBCB projects 40 Northern Region System Strengthening Scheme 302 Ckt Kms26% Fully Commissioned in December 2025 Project commissioned FY 2026 164 Ckt KmsJalpura Khurja Power Transmission Limited Partially Commissioned 100% Project Tata Power Stake Transmission Line Commissioning Gopalpur Transmission Limited 377 Ckt Kms FY 2028100% Paradeep Transmission Limited 384 Ckt Kms FY 2028100% Bikaner Transmission Limited 692 Ckt Kms FY 2027100% 1,521 Ckt Kms Year South-East U. P . Power Transmission Company Limited Partially Commissioned (789 Ckt Kms) FY 2027 FY 2028 Jejuri Hinjewadi Power Transmission Limited 100% 226 Ckt Kms FY 2028 26% FY 2026
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tatapower.com tatapower.c om 41 TPDDL (Delhi Distribution) T&D Business - Robust Financial Performance with continuous PAT growth 147 162 183 209 240 158 FY 21 FY 22 FY 23 FY 24 FY 25 9M FY26 197 227 303 318 316 317 FY 21 FY 22 FY 23 FY 24 FY 25 9M FY26 428 439 440 453 843 900 FY 21 FY 22 FY 23 FY 24 FY 25 9M FY26 236 253 308 439 505 FY 22 FY 23 FY 24 FY 25 9M FY26 Mumbai Distribution Mumbai Transmission Odisha DISCOM’s
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tatapower.com tatapower.c om 42 Public and Captive Charging PointsCities and towns covered Tata Power – EZ Charge The above-mentioned data is on cumulative basis Home Chargers Bus Charge Points 430 555 541 641 667 FY22 FY23 FY24 FY25 9M FY26 1,128 3,778 5,488 5,488 5,743 FY22 FY23 FY24 FY25 9M FY26 13,107 38,899 86,086 1,36,777 1,92,828 FY22 FY23 FY24 FY25 9M FY26 84 234 858 1,238 1,238 FY22 FY23 FY24 FY25 9M FY26
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Operational & Financial Highlights
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tatapower.com tatapower.c om 44 84 78 98 100 95 100 98 100 78 94 100 98 100 66 31 12 20 75 46 30 18 65 74 34 11 20 Temporarily suspended operations since July, 2025 Q3 FY26 Operational Highlights Generation - Availability IN % Plant Load or Capacity Utilization Factor IN % SOLARWIND MO Hydro MundraThermal (excl. Mundra) SOLARWINDMO HydroMundraThermal (excl. Mundra) AT&C Losses - Distribution IN % TPADLTPDDLMO- Distribution Q3 FY26 Q2 FY26 Q3 FY25d o p Odisha Temporarily suspended operations since July, 2025 0.6 5.4 6.3 18.5 0.5 5.5 6.9 21.4 0.5 5.6 8.2 20.4
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tatapower.com tatapower.c om 45 0.6 5.4 6.3 18.5 0.5 5.6 8.2 20.4 73 23 41 23 21 74 63 44 22 22 92 30 93 98 100 89 76 99 98 100 9M FY26 Operational Highlights Generation - Availability IN % Plant Load or Capacity Utilization Factor IN % SOLARWIND MO Hydro Mundra Thermal (excl. Mundra) SOLARWINDMO HydroMundraThermal (excl. Mundra) AT&C Losses - Distribution IN % TPADLTPDDLMO- Distribution 9M FY26 9M FY25d o p Odisha
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tatapower.com tatapower.c om 46 3,668 4,161 4,111 Q3 FY25 Q2 FY26 Q3 FY26 6,868 8,496 6,896 Q3 FY25 Q2 FY26 Q3 FY26 Financial Highlights – Q3 FY26 (In ₹ Cr) Revenue EBITDA* Underlying EBITDA (including share of JVs and Associates) Consistent PAT Growth Reported PAT (after exceptional items) *Reported EBITDA includes other income PAT (before exceptional items) -4.2% 0.5% -4.1% 12.4% -3.0% Receivables 0.5% -4.1% 12.1% -1.2%-8.1% 3,481 4,032 3,913 Q3 FY25 Q2 FY26 Q3 FY26 1,188 1,245 1,194 Q3 FY25 Q2 FY26 Q3 FY26 1,188 1,245 1,194 Q3 FY25 Q2 FY26 Q3 FY26 15,118 15,769 14,485 Q3 FY25 Q2 FY26 Q3 FY26
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tatapower.com tatapower.c om 47 Financial Highlights – 9M FY26 (In ₹ Cr) Revenue EBITDA* Underlying EBITDA (including share of JVs and Associates) Resilient Financial Performance Reported PAT (after exceptional items) *Reported EBITDA includes other income PAT (before exceptional items) 1.2% -5.3% 11.6% 6.7% 8.6% Net Debt 10,639 11,874 9M FY25 9M FY26 11,350 12,331 9M FY25 9M FY26 3,909 3,702 9M FY25 9M FY26 44,706 56,074 9M FY25 9M FY26 3,469 3,702 9M FY25 9M FY26 47,174 47,719 9M FY25 9M FY26
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tatapower.com tatapower.c om 48 54,001 -3,088 -266 405 1,322 52,374 2,989 154 124 433 56,074 Q2FY26 Net Debt Cash From Operations Income from JVs WC / RA Changes Interest & Tax Business as usual Debt Capex Dividend paid Investment in JV Others Q3FY26 Net Debt Comfortable Debt Position For Sustainable Growth Net Debt Net Debt has increased Q-o-Q due to capex (IN ₹ Cr) (IN ₹ Cr) Balance Sheet continues to be strong Net Debt to Equity Net Debt to Underlying EBITDA *Based on Trailing twelve months *Credit Upgrades indicated by deepening shades of blue 44,706 54,001 56,074 Q3 FY25 Q2 FY26 Q3 FY26 2.42 2.19 1.99 1.43 1.53 1.03 0.99 1.05 1.23 5.68 5.19 4.70 4.09 3.92 2.66 2.75 2.93 3.41 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 9M FY26 Credit Rating* (Consolidated) FY22 FY23 FY24 FY25 Current CRISIL AA /Stable AA /Stable AA /Positive AA+/Stable AA+/Stable India Ratings AA /Stable AA /Stable AA+ /Stable AA+/Stable AA+/Stable ICRA AA /Stable AA /Stable AA /Positive AA+/Stable AA+/Stable CARE AA /Stable AA /Stable AA /Positive AA+/Stable AA+/Stable S&P Global BB /Stable BB+ /Stable BB+ /Stable BBB-/Positive BBB/Stable Moody’s Ba2 /Stable Ba2 /Stable Ba1 /Stable Ba1 /Positive Ba1 /Positive
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tatapower.com tatapower.c om 49 49 Annexures
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50 tatapower.com tatapower.c om 50 Entity-wise Consolidated Performance – Q3 FY26 *TPCL stake-74%; **TPCL stake-51%; ***Tata Power currently owns 88.57% stake in Renewables (TPREL). # Eliminations include inter-company transactions; ^ including other income ₹ Crore unless stated Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Consolidated before exceptional items 14,485 15,118 3,913 3,481 1,194 1,188 Standalone & Key Subsidiaries Tata Power (Standalone) 2,382 5,409 590 1,877 (160) 978 Maithon Power (MPL) * 695 640 213 147 108 73 Delhi Discom (TPDDL) ** 2,460 2,182 765 343 452 120 Power Trading (TPTCL) 51 104 16 30 11 21 Solar EPC *** 2,414 1,749 269 280 183 181 Renewable Generation (RE Gencos) *** 978 827 867 744 52 28 TP Solar (4.3 GW Cell & module Manufacturing Plant) 1,704 1,353 478 226 251 112 TP Central Odisha Dist Ltd (TPCODL)** 1,454 1,394 216 162 69 45 TP Southern Odisha Dist Ltd (TPSODL)** 619 575 147 78 39 3 TP Western Odisha Dist Ltd (TPWODL)** 1,406 1,616 194 108 44 0 TP Northern Odisha Dist Ltd (TPNODL)** 1,142 1,004 220 151 74 38 TBCB Projects 694 266 42 4 14 2 Others (Includes Coal SPVs, TPIPL ,TERPL, TPADL, etc) 408 610 59 105 (113) (116) TOTAL - A 16,408 17,729 4,077 4,255 1,024 1,485 Joint Venture and Associates 199 186 TOTAL - B 16,408 17,729 4,077 4,255 1,222 1,671 Eliminations# (1,923) (2,611) (164) (774) (28) (483) Exceptional Items - - - TOTAL - C 14,485 15,118 3,913 3,481 1,194 1,188 Particulars PATOp Income EBITDA^
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51 tatapower.com tatapower.c om 51 Entity-wise Consolidated Performance – 9M FY26 *TPCL stake-74%; **TPCL stake-51%; ***Tata Power currently owns 88.57% stake in Renewables (TPREL). # Eliminations include inter-company transactions; ^ including other income ₹ Crore unless stated 9M FY26 9M FY25 9M FY26 9M FY25 9M FY26 9M FY25 Consolidated before exceptional items 47,719 47,174 11,874 10,639 3,702 3,909 Standalone & Key Subsidiaries Tata Power (Standalone) 10,096 15,532 3,409 5,689 791 2,724 Maithon Power (MPL) * 2,295 2,225 583 470 301 247 Delhi Discom (TPDDL) ** 8,006 8,532 1,659 1,503 900 704 Power Trading (TPTCL) 292 370 71 107 49 73 Solar EPC*** 7,589 6,933 857 602 591 345 Renewable Generation (RE Gencos) *** 3,105 2,788 2,819 2,525 365 440 TP Solar (4.3 GW Cell & module Manufacturing Plant) 5,090 3,831 1,243 471 592 233 TP Central Odisha Dist Ltd (TPCODL)** 4,822 4,588 507 397 108 73 TP Southern Odisha Dist Ltd (TPSODL)** 1,898 1,729 433 229 118 13 TP Western Odisha Dist Ltd (TPWODL)** 4,656 5,023 513 281 97 (14) TP Northern Odisha Dist Ltd (TPNODL)** 3,607 3,220 596 406 182 93 TBCB Projects 1,555 358 94 4 33 1 Others (Includes Coal SPVs, TPIPL ,TERPL, TPADL, etc) 1,220 1,820 121 336 (242) (261) TOTAL - A 54,232 56,950 12,904 13,019 3,883 4,670 Joint Venture and Associates - - - - 457 711 TOTAL - B 54,232 56,950 12,904 13,019 4,341 5,380 Eliminations# (6,514) (9,776) (1,030) (2,380) (639) (1,471) Exceptional Items - - (440) TOTAL - C 47,719 47,174 11,874 10,639 3,702 3,469 PATParticulars Op Income EBITDA^
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52 tatapower.com tatapower.c om 52 ₹ Crore unless stated Cluster-wise Consolidated Performance – Q3 FY26 *TPCL stake-74%; **TPCL stake-51%; ***TPCL stake-20%;" Tata Power currently owns 88.57% stake in Renewables (TPREL). # Eliminati ons include inter-company transactions; ^ including other income; Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Consolidated before exceptional items 14,485 15,118 3,913 3,481 1,194 1,188 Thermal Generation, Coal and Hydro 2,022 4,925 295 1,170 (174) 764 Maithon Power Limited (MPL) * 695 640 213 147 108 73 Traditional Generation (incl. Mumbai and Hydro) 1,246 927 192 176 122 128 IEL * - - - - 17 21 PPGCL *** - - 33 21 Others (Incl. eliminations#) 35 33 35 38 25 42 Mundra, Coal and Shipping 46 3,325 (145) 809 (479) 480 Renewables " 3,785 2,123 1,637 989 547 214 RE Gencos (Incl. CSL) 978 827 867 744 52 28 Solar EPC 2,414 1,749 269 280 183 181 TP Solar (4.3 GW Cell & module Manufacturing Plant) 1,704 1,353 478 226 251 112 Others (Incl. eliminations#) (1,312) (1,806) 24 (261) 60 (108) T&D 9,626 8,852 2,021 1,278 912 370 Transmission Mumbai 314 329 268 239 131 71 Powerlinks ** - - - - 10 10 Distribution and Services Mumbai 1,091 972 124 142 51 41 Odisha ** 4,621 4,589 777 498 226 86 Delhi ** 2,460 2,182 765 343 452 120 Others (T&D incl, TPADL**, TPTCL and eliminations#) 1,140 781 86 55 43 42 Others (Incl. Tata Projects, Nelco and inter cluster eliminations#) (949) (782) (40) 43 (90) (161) Consolidated before exceptional items 14,485 15,118 3,913 3,481 1,194 1,188 Exceptional items - - - - - - Consolidated after exceptional items 14,485 15,118 3,913 3,481 1,194 1,188 Op Income EBITDA^ PATParticulars
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53 tatapower.com tatapower.c om 53 ₹ Crore unless stated Cluster-wise Consolidated Performance – 9M FY26 *TPCL stake-74%; **TPCL stake-51%; ***TPCL stake-20%;" Tata Power currently owns 88.57% stake in Renewables (TPREL). # Eliminati ons include inter-company transactions; ^ including other income; 9M FY26 9M FY25 9M FY26 9M FY25 9M FY26 9M FY25 Consolidated before exceptional items 47,719 47,174 11,874 10,639 3,702 3,909 Thermal Generation, Coal and Hydro 9,202 14,451 1,756 3,110 328 1,957 Maithon Power Limited (MPL) * 2,295 2,225 583 470 301 247 Traditional Generation (incl. Mumbai and Hydro) 3,803 3,891 708 851 473 544 IEL * - - - - 58 67 PPGCL *** - 63 64 Others (Incl. eliminations#) 100 96 111 111 127 127 Mundra, Coal and Shipping 3,004 8,238 354 1,679 (693) 908 Renewables " 11,024 6,419 4,779 2,945 1,588 787 RE Gencos (Incl. CSL) 3,105 2,788 2,819 2,525 365 440 Solar EPC 7,589 6,933 857 602 591 345 TP Solar (4.3 GW Cell & module Manufacturing Plant) 5,090 3,831 1,243 471 592 233 Others (Incl. eliminations#) (4,759) (7,132) (140) (653) 41 (231) T&D 30,640 29,533 5,045 4,152 2,030 1,384 Transmission Mumbai 939 994 746 718 317 220 Powerlinks ** - - - - 29 30 Distribution and Services Mumbai 3,398 3,359 373 469 158 150 Odisha ** 14,984 14,560 2,049 1,313 505 164 Delhi ** 8,006 8,532 1,659 1,503 900 704 Others (T&D incl, TPADL**, TPTCL and eliminations#) 3,313 2,088 217 150 121 115 Others (Incl. Tata Projects, Nelco and inter cluster eliminations#) (3,148) (3,229) 295 432 (244) (218) Consolidated before exceptional items 47,719 47,174 11,874 10,639 3,702 3,909 Exceptional items - - - - (440) Consolidated after exceptional items 47,719 47,174 11,874 10,639 3,702 3,469 Op Income EBITDA^ PATParticulars
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54 tatapower.com tatapower.c om 54 Tata Power (Consolidated) Performance ₹ Crore unless stated Particulars Q3 FY26 Q3 FY25 Var 9M FY26 9M FY25 Var Quarter Variance Remarks Operating Income 14,485 15,118 (633) 47,719 47,174 544 Operating Expenses 10,893 12,038 (1,145) 37,033 37,698 666 Operating Profit 3,592 3,079 232 10,686 9,476 1,210 Other Income 321 402 (82) 1,188 1,163 25 EBITDA 3,913 3,481 432 11,874 10,639 1,235 Interest cost 1,364 1,170 (194) 3,962 3,489 (472) Depreciation 1,208 1,041 (167) 3,531 3,001 (530) PBT before share of Assoc & JVs 1,341 1,271 70 4,382 4,149 232 Share of Associates & JV's results 199 186 13 457 711 (253) PBT after share of JV 1,540 1,457 83 4,839 4,860 (21) Tax Expenses 345 269 (76) 1,137 951 (186) Net Profit before exceptional items 1,194 1,188 7 3,702 3,909 (207) Exceptional Items (Net of Tax) - - - - (440) 440 Net Profit for the period 1,194 1,188 7 3,702 3,469 233 Higher contribution from Odisha DISCOMs, Solar cell & module manufacturing and Rooftop business partly offset by Mundra plant shutdown
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55 tatapower.com tatapower.c om 55 Tata Power (Standalone) Financial Performance ₹ Crore unless stated Particulars Q3 FY26 Q3 FY25 Var 9M FY26 9M FY25 Var Quarter Variance Remarks Operating Income 2,382 5,409 (3,027) 10,096 15,532 (5,436) Mundra plant shutdown, offsets improved earnings from Mumbai operations Operating Expenses 2,051 4,241 2,190 8,237 12,125 3,887 Operating Profit 331 1,168 (837) 1,859 3,407 (1,548) Other Income 259 709 (450) 1,550 2,282 (732) EBITDA 590 1,877 (1,287) 3,409 5,689 (2,280) Mundra plant shutdown and lower dividend income Interest cost 510 512 1 1,489 1,586 96 Depreciation 293 306 13 882 897 15 PBT (214) 1,059 (1,273) 1,037 3,206 (2,169) Tax Expenses (53) 81 135 246 483 237 PAT for the period (160) 978 (1,138) 791 2,724 (1,933)
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56 tatapower.com tatapower.c om 56 Maithon Power Limited - Highlights ₹ Crore unless stated Particulars Q3 FY26 Q3 FY25 Var 9M FY26 9M FY25 Var Quarter Variance Remarks Generation (MUs) 1,405 1,502 (97) 5,114 5,474 (360) Sales (MUs) 1,425 1,467 (41) 5,124 5,401 (276) Availability (%) (Plant) 77% 72% 5% 89% 89% 0% PLF (%) 61% 65% -4% 74% 79% -5% Financials Operating Income 695 640 55 2,295 2,225 70 Fuel Cost 384 380 (4) 1,440 1,469 30 Other operating expense 106 118 12 286 297 11 Operating profit 205 142 63 570 459 111 Postive impact of FGD recovery Other Income 8 5 3 13 11 2 EBITDA 213 147 66 583 470 113 Interest cost 36 22 (14) 87 69 (18) Depreciation 52 42 (9) 147 127 (20) PBT 125 83 42 348 274 75 Tax 18 10 (8) 47 26 (21) PAT 108 73 34 301 247 54
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57 tatapower.com tatapower.c om 57 Prayagraj Power Generation Co. Ltd. - Highlights ₹ Crore unless stated Figures shown above are on 100% basis Particulars Q3 FY26 Q3 FY25 Var 9M FY26 9M FY25 Var Quarter Variance Remarks Generation (MUs) 2,765 3,017 (252) 9,639 9,771 (133) Sales (MUs) 2,602 2,845 (243) 9,086 9,216 (130) Availability (%) 81% 87% -5% 92% 91% 1% PLF % 63% 69% -6% 74% 75% -1% Financials Operating Income 1,183 1,208 (26) 3,830 3,803 27 Lower PLF due to planned outage Operating expenses 891 902 11 2,936 2,861 (75) Operating profit 292 306 (14) 893 941 (48) Other Income 33 26 7 95 64 31 EBITDA 325 332 (7) 988 1,005 (17) Interest cost 171 178 7 518 531 13 Depreciation 52 50 (2) 156 152 (3)PBT 100 (100) 336 (336)PAT 102 105 (2) 314 321 (7)
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58 tatapower.com tatapower.c om 58 Tata Power Delhi Distribution Ltd. - Highlights ₹ Crore unless stated Particulars Q3 FY26 Q3 FY25 Var 9M FY26 9M FY25 Var Quarter Variance Remarks Purchase (MUs) 2,368 2,416 (48) 9,243 9,259 (17) Sales (MUs) 2,242 2,279 (37) 8,742 8,739 3 Revenue Per Unit 10.8 9.4 1.4 9.0 9.6 (0.6) PPC Per Unit 6.2 6.8 0.6 6.1 6.9 0.8 AT&C losses (%) 5.4% 5.6% 0.2% 5.4% 5.6% 0.2% Financials Operating Income 2,460 2,182 278 8,006 8,532 (526) Power Purchase 1,461 1,632 171 5,681 6,421 740 Other Operating Exp. 250 229 (21) 702 659 (43) Operating Exp. 1,710 1,861 151 6,383 7,080 697 Operating Profit 749 321 428 1,623 1,452 171 Other Income 17 22 (6) 36 51 (15) EBITDA 765 343 422 1,659 1,503 156 Interest cost 52 57 5 151 185 34 Depreciation 103 100 (3) 305 297 (9) PBT 610 186 424 1,203 1,021 182 Positive impact of true-up order Tax 158 66 (92) 303 317 14 PAT 452 120 332 900 704 196
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59 tatapower.com tatapower.c om 59 Odisha Discoms – Highlights ₹ Crore unless stated (* Excl. past arrears) Total Total Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Purchase (MUs) 2,649 2,611 1,039 1,031 2,321 2,792 1,766 1,650 7,775 8,084 Sales (MUs) 2,249 2,147 837 798 1,998 2,362 1,614 1,457 6,698 6,765 Revenue per unit 6.1 6.2 7.4 7.2 6.3 6.3 6.6 6.3 Power Cost per unit 3.4 3.3 2.1 2.2 4.0 4.4 3.8 3.7 Income from Operation 1,454 1,394 619 575 1,406 1,616 1,142 1,004 4,621 4,589 EBITDA 216 162 147 78 194 108 220 151 777 498 PAT 69 45 39 3 44 0 74 38 226 86 Total Total 9M FY26 9M FY25 9M FY26 9M FY25 9M FY26 9M FY25 9M FY26 9M FY25 9M FY26 9M FY25 Purchase (MUs) 9,597 9,429 3,503 3,479 8,229 8,980 5,965 5,736 27,295 27,623 Sales (MUs) 7,855 7,561 2,758 2,656 6,976 7,497 5,352 4,971 22,940 22,684 Revenue per unit 5.9 5.8 6.9 6.5 6.0 6.2 6.3 6.1 Power Cost per unit 3.4 3.4 2.1 2.2 4.1 4.4 3.8 3.7 Actual Technical losses (%) 18% 20% 21% 24% 15% 17% 10% 13% Actual AT&C losses* (%) 20% 22% 25% 26% 18% 20% 12% 15% Vesting order Target AT&C (%) 18% 22% 27% 26% 19% 19% 16% 18% Income from Operation 4,822 4,588 1,898 1,729 4,656 5,023 3,607 3,220 14,984 14,560 EBITDA 507 397 433 229 513 281 596 406 2,049 1,313 PAT 108 73 118 13 97 (14) 182 93 505 164 Particulars Particulars TPNODLTPWODLTPSODLTPCODL TPCODL TPSODL TPWODL TPNODL
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60 tatapower.com tatapower.c om 60 RE Generation ₹ Crore unless stated Particulars Q3 FY26 Q3 FY25 Var 9M FY26 9M FY25 Var Quarter Variance Remarks Capacity - Total (MW) 6,103 5,375 728 6,103 5,375 728 Added 357 MW capacity in the quarter Capacity - Wind (MW) 1,217 1,030 187 1,217 1,030 187 Capacity - Solar (MW) 4,885 4,345 541 4,885 4,345 541 Sales (MUs) 2,321 2,135 186 7,743 7,035 708 Avg PLF (%) - Solar 19.9% 20.3% -0.4% 20.7% 22.1% -1.4% Avg PLF (%) - Wind 12.5% 11.2% 1.2% 23.0% 21.5% 1.4% Financials Operating Income 978 827 151 3,105 2,788 317 Operating Expenses 217 165 (52) 604 510 (94) Operating profit 760 661 99 2,499 2,278 221 Other income 107 83 24 319 247 73 EBITDA 867 744 123 2,819 2,525 294 Interest cost 451 393 (58) 1,325 1,099 (226) Higher borrowing for capacity addition Depreciation 340 298 (42) 979 841 (138) Capitalisation of RE assets PBT 76 53 23 514 584 (70) Tax 24 25 1 149 144 (4) Adjusted PAT 52 28 24 365 440 (75) Capacity addition offset by lower solar resource
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61 tatapower.com tatapower.c om 61 Solar EPC* – Highlights ₹ Crore unless stated *Solar EPC division (erstwhile TPSSL) was merged into TPREL on 18 September 2024, with 1 April 2023 being the effective date Particulars Q3 FY26 Q3 FY25 Var 9M FY26 9M FY25 Var Quarter Variance Remarks Operating Income 2,414 1,749 1,330 7,589 6,933 1,311 -Large projects & Group Captive 1,339 1,241 197 4,557 5,587 (2,059) 562 MW of utility scale project execution -Solar Rooftop 1,075 509 1,133 3,031 1,346 3,370 Billed 372 MWp installation in Q3 FY26 Operating expenses 2,146 1,497 (648) 6,736 6,387 (349) Operating profit 269 252 17 853 546 307 Other income 1 28 (28) 4 55 (51) EBITDA 269 280 (11) 857 602 256 -Large projects & Group Captive 118 195 (77) 417 441 (24) -Solar Rooftop 152 85 66 441 161 280 Margin 11.2% 16.0% -487 11.3% 8.7% 262 -Large projects & Group Captive 8.8% 15.7% -692 9.1% 7.9% 125 -Solar Rooftop 14.1% 16.8% -270 14.5% 12.0% 259 Interest cost 8 14 6 16 74 58 Depreciation 15 14 (0) 46 49 3 PBT 247 252 (5) 796 479 317 Tax 64 70 7 205 134 (72) PAT 183 181 2 591 345 246 Margin 7.6% 10.4% -278 7.8% 5.0% 281
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62 tatapower.com tatapower.c om 62 TP Solar (4.3 GW Cell & Module Plant) – Highlights ₹ Crore unless stated Particulars Q3 FY26 Q3 FY25 Var 9M FY26 9M FY25 Var Quarter Variance Remarks Module produced (MW) 990 927 63 2,909 2,420 489 Module yield of 96% Module sold (MW) 962 816 146 2,954 2,328 626 Cell produced (MW) 962 196 766 2,795 196 2,599 Cell yield of 95% Financials Operating Income 1,704 1,353 352 5,090 3,831 1,259 Operating expenses 1,239 1,127 (112) 3,872 3,360 (512) Operating profit 465 225 240 1,217 471 747 Other income 13 1 12 25 1 25 EBITDA 478 226 252 1,243 471 771 Full ramp up of cell & module production lines Margin 28% 17% 1,133 24% 12% 1,211 Finance cost 101 63 (38) 303 134 (169) Borrowing for capacity addition Depreciation 74 24 (50) 226 53 (173) Capitalisation of assets PBT 302 139 163 714 284 430 Tax 51 27 (24) 122 52 (71) PAT 251 112 139 592 233 359 Margin 15% 8% 12% 6%
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63 tatapower.com tatapower.c om 63 Renewables – Consolidated View ₹ Crore unless stated Key Parameters - Renewables Q3 FY26 Q3 FY25 9M FY26 9M FY25 Revenue 3,785 2,123 11,024 6,419 EBITDA 1,637 989 4,779 2,945 PAT (before exceptional items) 547 214 1,588 787 Gross Debt 33,330 26,986 33,330 26,986 Net Debt 31,030 26,675 31,030 26,675 Net Worth 15,132 13,221 15,132 13,221
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64 tatapower.com tatapower.c om 64 Regulated Equity ₹ Crore unless stated Particulars Q3 FY26 Q2 FY26 Q1 FY26 Q4 FY25 Q3 FY25 -Generation Mumbai Generation 1,737 1,736 1,736 1,425 1,717 Jojobera 626 551 551 551 551 Maithon Power Limited (100%) 1,665 1,665 1,665 1,643 1,643 Industrial Energy Limited (100%) 724 724 723 723 722 -Transmission Mumbai Transmission 2,232 2,226 2,221 2,206 2,111 Powerlinks Transmission (100%) 468 468 468 468 468 -Distribution Mumbai Distribution 1,178 1,161 1,152 1,147 1,099 Tata Power Delhi Distribution (100%) 2,082 2,099 2,083 2,070 2,052 TP Central Odisha Dist Ltd (100%) 889 863 854 849 719 TP Southern Odisha Dist Ltd (100%) 678 678 678 678 511 TP Western Odisha Dist Ltd (100%) 894 861 847 840 732 TP Northern Odisha Dist Ltd (100%) 720 720 720 720 564 Total 13,892 13,753 13,697 13,320 12,888
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65 tatapower.com tatapower.c om 65 Regulated Assets ₹ Crore unless stated Particulars Q3 FY26 Q2 FY26 Q1 FY26 Q4 FY25 Q3 FY25 -Generation Mumbai Generation 1,329 1,340 779 834 714 Jojobera 38 38 33 32 38 Maithon Power Limited (100%) (214) (192) (202) (326) (332) -Transmission Mumbai Transmission 1,479 1,553 1,637 1,711 1,534 -Distribution Mumbai Distribution 570 671 1,037 1,174 1,383 Tata Power Delhi Distribution (100%) 4,362 3,872 3,666 4,236 4,516 TP Central Odisha Dist Ltd (100%) 291 266 290 289 40 TP Southern Odisha Dist Ltd (100%) 1,486 1,351 1,244 1,138 886 TP Western Odisha Dist Ltd (100%) (95) (135) 108 (139) (457) TP Northern Odisha Dist Ltd (100%) 562 479 416 326 191 Total 9,809 9,242 9,009 9,276 8,514
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66 tatapower.com tatapower.c om 66 Key Segments - Debt Profile ₹ Crore unless stated Q3 FY26 Q2 FY26 Q1 FY26 QoQ Tata Power (Standalone) 21,855 20,211 16,965 1,644 Maithon 1,589 1,591 1,426 (2) Coal SPVs + TPIPL 3,749 3,701 3,799 48 RE Gencos 28,631 27,890 26,571 741 TP Solar 4,417 4,400 4,389 17 TPDDL 973 1,044 1,199 (71) Odisha DISCOMs 5,486 4,891 4,696 596 Others 1,803 1,417 1,103 386 Total Gross Debt 68,503 65,144 60,148 3,359 Company Total Gross Debt (LT + ST)
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67 tatapower.com tatapower.c om 67 Tata Power - Debt Profile ₹ Crore unless stated Q3 FY25 Rupee Forex Total Total Total Long term 51,196 3,749 54,945 52,360 40,880 Short term 6,179 - 6,179 5,909 4,286 Current Maturity of LT 7,379 - 7,379 6,875 9,670 Total Debt 68,503 65,144 54,835 Less: Cash & Cash Equivalents 12,429 11,143 9,625 Less: Related Party Debt - - 504 Net External Debt 56,074 54,001 44,706 Networth 45,648 44,743 41,010 Net Debt to Equity 1.23 1.21 1.09 Particulars Q2 FY26Q3 FY26 Consolidated
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What sets us apart
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Diversified business and hence stable margins 69 THERMAL CAPACITY FUEL STAKE Mundra 4,150 MW Coal 100% Trombay 930 MW Coal/Gas 100% Maithon (MPL) 1,050 MW Coal 74% Prayagraj (PPGCL)* 1,980 MW Coal 20% Jojobera 428 MW Coal 100% Haldia 120 MW WHRS 100% IEL 483 MW Coal/ WHRS 74% Rithala 108 MW Gas 51% PT CKP 54 MW Coal 30% INDONESIA COAL MINES, SHIPPING & INFRA MINE CAPACITY STAKE Kaltim Prima (KPC) 60 MT 30% BSSR & AGM 18 MT 26% NTP (Coal Infra) - 30% TERPL (Coal Shipping)** - 100% RENEWABLES CAPACITY Solar Power 4,906 MW Wind Energy 1,221 MW UNDER CONSTRUCTION Solar Power 807 MW Hybrid 1,812 MW Wind Complex/FDRE 445 MW 2,447 MW EV CUMMULATIVE CHARGING POINTS Public 5,743 Home 1,92,828 E-Bus 1,238 SOLAR EPC ORDER BOOK PARTICULARS CAPACITY/ ORDER BOOK Utility Scale EPC-Third Party ₹921 Cr Rooftop EPC ₹1,174 Cr SOLAR CELL AND MODULE CAPACITY Module 4,900 MW Cell 4,900 MW DISTRIBUTION LICENSE CUSTOMERS STAKE Mumbai 0.80 Mn 100% Tata Power Delhi (TPDDL) 2.17 Mn 51% Odisha 9.91 Mn 51% DISTRIBUTION FRANCHISE CUSTOMERS STAKE Ajmer (TPADL) 0.17 Mn 100% POWER TRADING COMPANY STAKE TPTCL 100% ENTITY BUSINESS MODEL STAKE Tata Projects EPC 23% Nelco Communication 50% Corporate Thermal Generation, Coal & Hydro Renewables^ Transmission and Distribution Eliminations/ Others (Incl. corporate taxes, expenses and interest) 2,022 Revenue (₹ Cr) EBITDA (₹ Cr) 295 PAT (₹ Cr) (174) 3,785 Revenue (₹ Cr) EBITDA (₹ Cr) PAT*** (₹ Cr) 547 9,626 Revenue (₹ Cr ) EBITDA (₹ Cr ) 2,021 PAT (₹ Cr ) 912 (949) Revenue (₹ Cr ) EBITDA (₹ Cr ) (40) PAT (₹ Cr ) (90) Tata Power Company Limited (TPCL) Q3FY26 *Resurgent owns 75% in Prayagraj | **TERPL is a wholly owned subsidiary of Tata Power International Pte Ltd., which is wholly owned by Tata Power | ***PAT before Minority Interest | ^Tata Power currently owns 88.57% stake in Renewables (TPREL). 14,485 Revenue (₹ Cr) EBITDA (₹ Cr) 3,913 PAT*** (₹ Cr) 1,194 Net Debt (₹ Cr) 56,074 TRANSMISSION CIRCUIT KM STAKE Mumbai 1,317 100% Powerlinks 2,328 51% SEUPPTCL 789 26% NRSS XXXVI 302 26% Jalpura Khuja 2 100% Under Construction Jalpura Khurja 162 100% SEUPPTCL 732 26% Bikaner Neemrana 692 100% Paradeep Transmission 384 100% Gopalpur Transmission 377 100% Jejuri Hinjewadi Power Transmission 226 100% HYDRO CAPACITY STAKE Bhira 300 MW 100% Bhivpuri 75 MW 100% Khopoli 72 MW 100% Dagachhu 126 MW 26% Itezhi Tezhi 120 MW 50% Adjaristsqali 187 MW 50% UNDER CONSTRUCTION Khorlochhu HPP 600 MW 40% Bhivpuri PSP 1,000 MW 100% Shirwata PSP 1,800 MW 100% Dorjilung HPP 1,125 MW - JVs and associates Standalone divisions Subsidiary 1,637 2% 1% 7% 3% 42% 38% 36% 38% 35% 32% 27% 30% 21% 29% 30% 29% FY22 FY23 FY24 FY25 Thermal Generation, Coal & Hydro Renewables Transmission & Distribution Eliminations/Others 21% 22%18%19% EBITDA Margins EBITDA Share Q3FY26 Q3FY26 Q3FY26
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• 1910: Incorporated as Tata Hydroelectric Power Supply Company • 1915: 1st Hydro power generating station (40 MW) commissioned at Khopoli, followed by Bhivpuri (1922) and Bhira (1927) 1910-1955 • 1956-65: 3 units of 62.5 MW each and 4th thermal unit of 150 MW capacity at Trombay commissioned • 1977: 150 MW pumped storage at Bhira upgraded • 1984: 500 MW-5th Unit established at Trombay, to supply uninterrupted supply to Mumbai • 1991: 1st Solar Cell manufacturing capacity is set up by TPSSL in collaboration with BP Solar 1956-2000 2001-2005 • 2001: Commissioned first wind asset of 17 MW at Supa Maharashtra • 2002: Took over distribution of Delhi, later renamed as TPDDL a JV between Tata Power (51%) and Delhi Government (49%) • 2003: Entered a JV with PGCIL, to develop a 1,200 Km long transmission line to bring electricity from Bhutan to Delhi • Completed acquisition of 30% stake in Indonesian Coal Mines: KPC Arutmin & Indo Coal for $1.15 Bn • Tata Power - Mundra signed PPA with 5 states (Gujarat, Maharashtra, Punjab, Haryana & Rajasthan) • Industrial Energy Limited (IEL), a JV formed between Tata Power (74%) and Tata Steel (26%) to meet power requirements for Tata Steel 2007 • Commissioned first solar asset of 3 MW at Mulshi, Maharashtra • Unit 1 of 525 MW Maithon Power Limited (MPL) commissioned 2011 • 2012: Commissioned 2nd unit of 525 MW in MPL • 2013: 5 units of 800 MW each at Mundra UMPP commissioned, the first super critical technology in India • 2013: Acquired 26% share in the Indonesian coal mine BSSR for $ 152 Mn 2012-2013 • 2014: Entered into agreement to sell 30% stake in Arutmin for $401 Mn • 2015: Commissioned the 126 MW Dagachhu Hydro Power Corporation in Bhutan 2014-2015 2016-2017 • 2016: Acquired 1,010MW operational RE assets of Welspun, renamed it to Walwhan Renewable Energy Ltd (WREL) • 2016: Resurgent Power JV formed by Tata Power and ICICI Venture to acquire stressed assets in Indian Power Sector. Tata Power holds 26% stake in Resurgent Power • 2017:Tata Power Ajmer Distribution Limited (TPADL) formed to take over supply and distribution of Ajmer • Resurgent Power Ventures acquired 75.01% equity stake of Prayagraj Power Generation Limited (PPGCL) • Announced the sale of South African JV Cennergi for $84 Mn • Won bid for the installation of 105 MWp largest floating solar plant in Kayamkulam, Kerala 2018-2019 • Sold 3 ships for $213 Mn • Tata Sons infuse ₹2,600 Cr; raise promoter holding to 47% from 37% • Completed sale of Defence business to Tata advanced Systems Ltd. for ₹1,076 Cr • Took over the distribution in Central Odisha TPCODL formed as JV between Tata Power (51%) and Odisha Government (49%) 2020 • Took over the distribution in North-Eastern Odisha, Western and Southern Odisha. TPNODL, TPWODL and TPSODL formed as JV between Tata Power (51%) and Odisha Government (49%) 2021 • Mundra (CGPL) amalgamated into Tata Power • Tata Power Renewable Energy Limited (TPREL) entered into an agreement to raise ~₹4,000 ($525 Mn) Cr by issuing shares to a consortium of Blackrock and Mubadala • Resurgent announces acquisition of 100% stake in NRSS XXXVI Transmission Ltd. and SEUPPTCL (Transmission Company) 2022 2023 • Received second tranche of ₹2,000 Cr from Blackrock and Mubadala Consortium • TPREL Received LoA for 966 MW Hybrid RE Project from Tata Steel • Signed MoU with Maha Govt. for development of 2.8 GW of Pumped Storage Project (PSP) • 4.3 GW Cell & Module Plant achieved First Module Out (FMO) • Won bids for Bikaner- Neemrana & Jalpura-Khurja transmission projects worth ₹2,300 Cr 70 Deeply entrenched power company with history of more than 100 years • TPREL received a Letter of Award (LOA) for developing a 585 MW Firm and Dispatchable Renewable Energy (FDRE) project with NTPC Limited • Partnership with Bhutan’s Druk Green Power Corporation Ltd. to develop 5,100 MW of clean energy projects in Bhutan • Won bids for Paradeep & Gopalpur Transmission Project of 761 Ckt km in Odisha • Won MSEDCL Hybrid Project of 501 MW (400 MW PPA) with tariff of ₹3.6/unit • TP Solar commissioned 4.3GW Module and 4.0GW Cell capacity 2024 • Tata Power crosses 1GW of RE capacity addition in FY25 • Tata Power marks major milestone with 1.5 Lakh+ Rooftop Solar Installations, ~ 3 GW Capacity; Expands Footprint across 700+ Cities • All 4 cell lines ramped-up and achieved First Cell Out (FCO) of TOPCon pilot cell line • Tata Power crosses the milestone of ₹ 5,000 Cr of Adjusted PAT for the year in FY25 • Khorlochhu HPP signed loan agreement worth Rs 4,829 crore with Power Finance Corporation • 16 GW operational capacity at the end of 2025 2025
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Thank You! www.tatapower.com w w w. t a t a p o w e r. c o m I N V E S T O R R E L AT I O N S T E A M : Mr. Soundararajan Kasturi Chief – Treasury & Investor Relations Email: kasturis@tatapower.com Mr. Anshul Verdia Head – Investor Relations Email: anshul.verdia@tatapower.com