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The Tata Power Company Limited (TPCL) FINANCIAL RESULTS – Q1 FY27 27th July 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 08 Industry Highlights 15 Financial Highlights 23 Operational Highlights 34 Long Term Strategic Projects 38 Annexures 55 Sustainability: Manifesting a Greener Tomorrow 67 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 ~17.7GW Clean & Green Energy (Including 9.8 GW Under Construction) ~8.8 GW Thermal energy generation (Installed capacity) 5,970 Public EV charging points energized across 717 cities and towns 2,332 Ckm Transmission lines under construction ~4.9 GW Integrated cell & module manufacturing capacity 2.8 GW Pumped Hydro Projects (PSP) ~26.6 GW Total Capacity 5,562 Ckm Operational Transmission lines 13.2 Mn Customers in Distribution Distribution (Operational + Under construction)
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Integrated Growth Aspirations What we have achieved What we aim to achieve 7,403 Ckm Transmission lines (Operational & under-construction) ~7 GW Clean & green capacity 13.1 Mn Distribution to customers >30 GW Total capacity (incl. thermal capacity) >10,000 Ckm Transmission lines >20 GW Clean & Green capacity ~40 Mn Distribution customers ~16.7 GW Total capacity (incl. thermal capacity) Revenue ₹ Cr 63,681 ~1.6X 1,00,000 EBITDA ₹ Cr 16,090 ~2X 30,000 PAT ₹ Cr 5,212 ~2X 10,000 FY 2026 FY 2030E Generation Transmission Distribution FY26 FY30E 6
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5.4 10.4 11.0 13.5 12.0 8.4 12.6 11.3 12.8 11.6 2,156 3,810 4,280 4,775 5,118 8,192 10,068 12,701 14,468 16,090 Financial performance consistently improving over the years 7 18,898 Q1FY27 4,249* Q1FY27 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) 1,401 Q1FY27 11.6% Q1FY27 3.7 Q1FY27 4,490** Q1FY27 42,576 56,033 61,542 64,502 63,681 10,134 13,268 13,878 15,261 16,798
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8 Industry Highlights
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tatapower.com tatapower.c om 9 Power Demand up 8.5% YoY in Q1 FY27 India has one of the lowest power consumption per capita Monthly Energy Demand (IN BUs) Coal-based plants' PLF %Ratio of Power Demand Growth to GDP growth in the past 5 years(IN KWH) 72% 67% 78% 45% 50% 55% 60% 65% 70% 75% 80% 85% Apr 24May 24Jun 24Jul 24Aug 24Sep 24Oct 24Nov 24Dec 24Jan 25Feb 25Mar 25Apr 25May 25Jun 25Jul 25Aug 25Sep 25Oct 25Nov 25Dec 25Jan 26Feb 26Mar 26Apr 26May 26Jun 26 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 Energy Demand YoY Growth [RHS] (IN %) Power Generation Growth (CAGR) GDP Growth (CAGR) Power Gen growth: GDP growth (RHS)Data represents per capita power consumption for CY24 1,400 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% 4% 1% 1% 3% 11% 11% -10% -5% 0% 5% 10% 15% 20% 25% 0 20 40 60 80 100 120 140 160 180 Apr 24May 24Jun 24Jul 24Aug 24Sep 24Oct 24Nov 24Dec 24Jan 25Feb 25Mar 25Apr 25May 25Jun 25Jul 25Aug 25Sep 25Oct 25Nov 25Dec 25Jan 26Feb 26Mar 26Apr 26May 26Jun 26 7.2% 7.9% 5.0% 6.1% 0.70 0.77 0.4x 0.5x 0.5x 0.6x 0.6x 0.7x 0.7x 0.8x 0.8x 0.9x 0.9x 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% FY17-FY26 FY22-FY26
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tatapower.com tatapower.c om 10 Clean & Green accounted for 86% of Capacity additions in Q1 FY27 Total Installed Capacity in India currently stands at 548 GW ~16 GW added in Q1 FY27 (IN GW) Renewables (incl. Hydro) added 14 GW in Q1 FY27 (IN %) Hydro (incl. small Hydro) Wind Solar Other Renewable (Biomass, Waste to Energy)Thermal Nuclear ~6.5 GW added in June-26 (IN GW) Source: Central Electricity Authority & NPP As on 31st March, 2026 Excludes 6.5 GW of thermal/gas plant which are under long term outage 4.6 3.4 4.3 4.1 1.4 1.2 5.9 3.7 2.3 2.2 0.9 0.2 0.4 0.6 0.6 0.2 0.1 0.8 3.8 0.7 1.8 1.6 2.1 1.6 1.1 2.3 3.3 4.1 6.1 1.4 9.4 6.5 6.4 5.5 13.9 12.8 15.0 23.9 44.6 11.9 0.5 0.4 0.8 0.3 0.4 0.1 0.1 0.7 0.2 1.4 0.6 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Q1FY27 251 162 57 57 12 9 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 Jun 25 Jul 25 Aug 25 Sep 25 Oct 25 Nov 25 Dec 25 Jan 26 Feb 26 Mar 26 Apr 26 May 26 Jun 26 Thousands (IN GW) 548 GW 27% 28% 31% 34% 8% 7% 23% 11% 4% 14% 5% 2% 3% 5% 3% 1% 1% 2% 7% 4% 10% 13% 15% 13% 6% 14% 13% 10 11% 8% 54% 54% 46% 45% 80% 77% 58% 67% 78% 74% 1% 1%3% 3% 6% 2% 2% 1% 1% FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY26 Q1FY27
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tatapower.com tatapower.c om 11 *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 Rangebound; Coal prices increases Price Movement of Polysilicon & Wafer Price Movement* of Solar Cell & Module Thermal Coal Prices (US$/t) Source: Bloomberg Source: Bloomberg Source: Bloomberg 0.11 0.04 0 0.05 0.1 0.15 0.2 0.25 0.3 Jun-22 Oct-22 Feb-23 Jun-23 Oct-23 Feb-24 Jun-24 Oct-24 Feb-25 Jun-25 Oct-25 Feb-26 Jun-26 Modules USD/Watt Cell USD/Watt 124 143 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 Mar-26 Jun-26 Indonesia Coal (6322kcal/kg) Australian Coal (6300 kcal / kg) 5.54 0.13 0 0.4 0.8 1.2 1.6 0 7 14 21 28 35 42 Jun-22 Oct-22 Feb-23 Jun-23 Oct-23 Feb-24 Jun-24 Oct-24 Feb-25 Jun-25 Oct-25 Feb-26 Jun-26 Polysilicon USD/kg Wafer USD/piece [RHS]
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Q1 FY27 RE Auctions dominated with Storage bids 12 Minimum e-reverse auction tariff’s in Q1 FY27 (₹/kWh) Renewable energy auction volumes (GW) Wind StorageSolar FDRE Hybrid (S+W)* S+ESS ** Hybrid (S+W+ESS)*** *S+W = Solar + Wind **S+ESS = Solar + Energy storage solutions ***S+W+ESS = Solar + Wind + Energy storage solutions Source: Industry Data 0 10 20 30 40 50 60 FY21 FY22 FY23 FY24 FY25 FY26 Q1 FY27 0 80 160 240 320 400 0 2 4 6 8 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Q1FY27 Thousand Rs/MW/Month Solar Wind Hybrid Solar + Storage Hybrid (with storage) FDRE Storage -BESS (MW/Month)
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59,127 1,05,330 83,716 1,02,780 25,016 26,242 20,353 18,391 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Current Transmission Capex crucial for Energy Transition 13Source:- Praapti Portal, PFC ₹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) 5.09 Lakhs 6.48 Lakhs 2 Transformation Capacity (GVA) 1,469 2,342 3 Peak Electricity Demand 271 GW 458 GW 4 Inter-regional transmission capacity 120 GW 168 GW Sr. No. Key Highlights Till May 26 2032E 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 All India AT&C losses (%) declined to 15% in FY25 DISCOM overdues (IN ₹ Cr) As on 27th July’26
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tatapower.com tatapower.c om 14 Key Highlights Record 1,001 MW of Modules produced in the quarter with industry leading yield of >96% for modules Rooftop business achieved billing of 371 MWp up 37% YoY Ingot-Wafer Plant – MoU executed for land in Odisha Odisha DISCOMs AT&C losses stands at 26.7% Mundra Plant continues to run under Section 11, reported availability of 94% Manufacturing profitability increased due to third party cell/module sales Installed more than 7,200 public and Bus charging points as of Q1 FY27 Commissions 226 MW utility scale in house renewable projects resulting in total 6.7 GW of installed RE capacity Signed MoU for 404 MW Nyera Amari I & II HPP Bhutan Q1 FY27: Key Highlights Received Letter of Intent (LOI) for Ryapte transmission project of 491 CKM Highest ever quarterly capex of ₹5,375 Cr
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15 Financial Highlights
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tatapower.com tatapower.c om 16 1,401 1,262 Q1 FY27Q1 FY26 PAT 18,898 17,464 Q1 FY27Q1 FY26 Revenue 4,249 3,930 Q1 FY27Q1 FY26 EBITDA 8.1% 5,193 4,844 Q1 FY27Q1 FY26 Revenue 7.2% 1,027 974 Q1 FY27Q1 FY26 EBITDA 5.4% 635 502 Q1 FY27Q1 FY26 PAT 26.6% 8.2% Q1 FY27 - Financial Performance – By Business Generation and Coal Cluster Consolidated Financial Performance Consolidated Performance • EBITDA grew 8% YoY driven by growth across all three clusters excluding Mundra • PAT grew by 11% YoY led by all clusters offset by lower income from Tata Projects and higher corporate costs • Record quarterly capital expenditure of ₹ 5,375 cr Generation and Coal Cluster • EBITDA growth is driven by Mumbai Generation business, MPL (higher ancillary income & FGD contribution) and higher merchant margin at Haldia Power Plant • PAT grew by 27% YoY driven by higher EBITDA and coal mines contribution (associate income) party offset by Mundra (In ₹ Cr) 16 11.0%
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tatapower.com tatapower.c om 17 3,771 3,626 Q1 FY27Q1 FY26 Revenue 4.0% 1,696 1,567 Q1 FY27Q1 FY26 EBITDA 8.3% 612 531 Q1 FY27Q1 FY26 PAT 15.3% 11,441 10,081 Q1 FY27Q1 FY26 Revenue 13.5% 1,541 1,348 Q1 FY27Q1 FY26 EBITDA 14.4% 492 443 Q1 FY27Q1 FY26 PAT 11.0% Renewable Cluster Transmission and Distribution Cluster Renewable Cluster • Strong performance by (i) Rooftop business reports 371 MWp installation in the quarter (up 37% YoY) & (ii) Solar manufacturing records 1 GW module production at a yield of 96.3% and improved sales mix • Partly offset by curtailment of RE generation in state of Rajasthan & Gujarat T&D Cluster • EBITDA growth for the cluster is driven by higher capitalization at Mumbai Transmission and contribution from TBCB projects • PAT growth driven is by higher RoE and non- tariff income at distribution business and higher capitalization and TBCB income in transmission business (In ₹ Cr) (In ₹ Cr)
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EBITDA Growth driven by both Regulated and Non -Regulated Businesses 3,930 85 83 53 51 166 332 79 (211) (239) (38) (42) 4,249 Q1 FY26 EBITDA Distribution Traditional Generation Excl. Mundra Regulated Transmission TBCB Transmission RE Gencos TP Solar Rooftop Business Third Party EPC Re Eliminations Mundra, Coal and Shipping Others Q1 FY27 EBITDA Regulated businesses Non-Regulated BusinessesRecord Module Production and better sales mix Relates to Module sold to in house RE projects 371 MWp installed in the quarter vs 270 MWp YoY No new orders Higher capitalization in Mumbai Transmission Business Section 11 vs SPPA Section 11 Higher Corporate costs & New businesses Contribution from capacity additions partly offset by curtailment 18
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218 245 262 366 Q1 FY24 Q1 FY25 Q1 FY26 Q1 FY27 80 102 130 164 Q1 FY24 Q1 FY25 Q1 FY26 Q1 FY27 298 333 685 910 Q1 FY24 Q1 FY25 Q1 FY26 Q1 FY27 218 245 242 295 Q1 FY24 Q1 FY25 Q1 FY26 Q1 FY27 69 83 97 121 Q1 FY24 Q1 FY25 Q1 FY26 Q1 FY27 Strong Growth in Regulated Businesses 15,003 16,810 17,464 18,898 Q1 FY24 Q1 FY25 Q1 FY26 Q1 FY27Tata Power Consolidated Revenue EBITDA PAT 8% CAGR 7% CAGR 3,005 3,350 3,930 4,249 Q1 FY24 Q1 FY25 Q1 FY26 Q1 FY27 1,141 1,189 1,262 1,401 Q1 FY24 Q1 FY25 Q1 FY26 Q1 FY27 12% CAGR 7% CAGR 11% CAGR 21% CAGR Mumbai Transmission (IN ₹ Cr) 298 329 317 363 Q1 FY24 Q1 FY25 Q1 FY26 Q1 FY27 Transmission Business 45% CAGR 27% CAGR19% CAGR
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4,622 5,156 5,164 5,530 Q1 FY24 Q1 FY25 Q1 FY26 Q1 FY27 335 403 585 651 Q1 FY24 Q1 FY25 Q1 FY26 Q1 FY27 Revenue EBITDA PAT Odisha Discoms (IN ₹ Cr) 5% CAGR 10% CAGR11% CAGR 8,735 9,769 8,901 10,118 Q1 FY24 Q1 FY25 Q1 FY26 Q1 FY27 826 1,148 1,050 1,134 Q1 FY24 Q1 FY25 Q1 FY26 Q1 FY27 233 385 294 306 Q1 FY24 Q1 FY25 Q1 FY26 Q1 FY27Distribution Business Renewable Cluster 2,089 2,382 3,626 3,771 Q1 FY24 Q1 FY25 Q1 FY26 Q1 FY27 907 954 1,567 1,696 Q1 FY24 Q1 FY25 Q1 FY26 Q1 FY27 239 273 531 612 Q1 FY24 Q1 FY25 Q1 FY26 Q1 FY27 Distribution business includes Odisha, Mumbai, Delhi and Ajmer 22% CAGR 23% CAGR 37% CAGR 64 41 105 111 Q1 FY24 Q1 FY25 Q1 FY26 Q1 FY27 6% CAGR 25% CAGR 20% CAGR
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342 399 823 1,350 Q1 FY24 Q1 FY25 Q1 FY26 Q1 FY27 23 25 87 145 Q1 FY24 Q1 FY25 Q1 FY26 Q1 FY27 38 38 117 197 Q1 FY24 Q1 FY25 Q1 FY26 Q1 FY27 New Businesses Driving Growth in Non -Regulated Businesses Rooftop Business Revenue EBITDA PAT 58% CAGR 74% CAGR 84% CAGR 1,068 1,613 2,462 Q1 FY25 Q1 FY26 Q1 FY27 52% CAGR 114 294 626 Q1 FY25 Q1 FY26 Q1 FY27 134% CAGR 54 96 371 Q1 FY25 Q1 FY26 Q1 FY27 162% CAGR TP Solar - Manufacturing 933 1,002 1,135 1,289 Q1 FY24 Q1 FY25 Q1 FY26 Q1 FY27 844 903 970 1,136 Q1 FY24 Q1 FY25 Q1 FY26 Q1 FY27 10% CAGR 235 229 211 251 Q1 FY24 Q1 FY25 Q1 FY26 Q1 FY27 11% CAGR RE Generation (IN ₹ Cr) 2% CAGR
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tatapower.com tatapower.c om 22 Comfortable Debt Position For Sustainable Growth Net Debt Net Debt has increased Q-o-Q due to higher capex and WC requirements (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 Q1 FY26 Q4 FY26 Q1 FY27 11,115 2.19 1.99 1.43 1.53 1.03 0.99 1.05 1.18 1.25 5.19 4.70 4.09 3.92 2.66 2.75 2.93 3.34 3.41 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Q1 FY27 61,238 56,122 47,578 Operating CWIP Credit Rating* (Consolidated) FY23 FY24 FY25 FY26 Current CRISIL AA /Stable AA /Positive AA+/Stable AA+/Stable AA+/Stable India Ratings AA /Stable AA+ /Stable AA+/Stable AA+/Stable AA+/Stable ICRA AA /Stable AA /Positive AA+/Stable AA+/Stable AA+/Stable CARE AA /Stable AA /Positive AA+/Stable AA+/Stable AA+/Stable S&P Global BB+ /Stable BB+ /Stable BBB-/Positive BBB/Stable BBB/Stable Moody’s Ba2 /Stable Ba1 /Stable Ba1 /Positive Ba1 /Positive Ba1 /Positive 56,122 (3,867) (294) 1,984 1,641 55,586 5,375 (1) 278 61,238 Q4FY26 Net Debt Cash From Operations Dividend from JVs WC / RA Changes Interest & Tax Business as usual Debt Capex Dividend paid Others Q1FY27 Net Debt
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Operational Highlights
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tatapower.com tatapower.c om 24 79 69 45 25 24 75 0 34 12 23 77 70 45 27 24 96 94 98 98 9995 0 79 98 10098 90 100 98 100 Temporarily suspended operations Q1 FY27 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 Q1 FY27 Q4 FY26 Q1 FY26 d o p Odisha Temporarily suspended operations 0.4 5.5 9.6 26.7 0.9 5.4 4.3 15.5 0.6 4.5 7.4 24.2
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tatapower.com tatapower.c om 25 Coal Mines – Operational Highlights Q1 FY27 Q4 FY26 Q1 FY26 Production data on 100% basis Production Sales IN MT IN MT KPC BSSR AGM KPC BSSR AGM 12.7 12.4 12.9 1.3 1.3 1.3 2.6 2.1 3.5 12.8 12.5 12.7 1.3 1.2 1.3 2.5 2.5 3.0 Tata Power Share % 26% 26% 30% BSSR AGM KPC
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Poised for Growth – Capacity Additions to Drive Profitability On track to deliver 2.5 GW of RE capacity addition in FY 2027 • Land acquired/visibility of land for all under-construction RE projects • Creating a large land bank to support future RE capacity additions LAND • Transmission connectivity secured for under-construction RE projects TRANSMISSION LINE • 87% of pipeline RE projects are tied in LT PPA PPA 8.8 0.9 5.4 1.3 0.4 16.8 5.3 22.1 1.0 0.6 1.1 1.8 26.6 Thermal Hydro Solar Wind WHRS Q1 FY27 Under construction RE Projects FY 2028e Bhivpuri PSP Khorluchu HEP Dorjiliung HEP Shirwata PSP Total Tied up Capacity Additions (GW) Near term RE Projects Under-construction Hydro and PSP Projects 26
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Generation - Tata Power has Strong Pipeline of Hybrid/FDRE Projects 27 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 2028 Received 3.60 16 Aug 2024 501 MW Hybrid ~1.3x FY 2027 Received MSEDCL 400MW* PH IV Hybrid Signed SignedSigned SJVN RTC 88MW* 4.91 272 MW Pending RTC 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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tatapower.com tatapower.c om 28 Solar Manufacturing – Industry Leading Plant Yield Quarter Highlights • Production of 1,001 MW modules and 862 MW cells during Q1 FY27 • Industry leading plant yield of 96.3% for modules and 87% for cells • Revenue from the plant increased 53% YoY in the Q1 FY27 to Rs 2,462 cr • EBITDA and PAT increased by 113% and 287% to Rs 626 cr and Rs 371 cr respectively, driven by input cost efficiency and diversified sales mix • Diversified sales mix, with 63% of modules sales made to external customers (including rooftop segment) and over 50% of cell production sold externally • Majority of the company’s under-construction solar projects can utilize ALMM modules 614 871 926 880 949 970 990 915 1,001 195 651 904 928 962 964 862 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Module Production Cell Production • OEMs DCR Cells • Rooftop Business • Third party utility scale projects • EPC players DCR Module • Internal sales for own RE utility projects ALMM/DCR Module Solar Cells and Module Production (MW) Diversified Sales Mix No elimination of profit on consolidation Elimination, Lowers RE gross block
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India’s #1 Solar Roof co. for 11 years running Rooftop Solar + Storage: A Complete Energy Solution 2-4 Charging time hours 6,000+ Charge cycles, 10+ yrs battery life An integrated solar rooftop + battery solution for Residential, Commercial & Industrial clients for flexible power use Bundling solar & storage 371 Rooftop solar installations in Q1 MWp 5.2 Cumulative rooftop solar installations GWp Q1 FY27 Highlights Launched MySine Battery Our Aspirations Order book 30 lakh Rooftop solar households served by 2030 ~30,000 cr Cumulative revenue by 2030 • Rooftop + Storage seeing increased adoption • Revenue per customer (per KW) increases by 1.5- 2x vs traditional rooftop solar • Launched PAN India • Battery sourcing from Tata Group Company 639 Crores 29
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tatapower.com tatapower.c om 30 3rd PARTY ROOFTOP • Order Book at Q1 FY27 stands at ₹ 639 crore • 371 MWp Solar Rooftop installed in Q1FY27 270 MWp in Q1 FY26 • Channel partner network reaches 681 partners and more than 3,000 retailers Solar Rooftop – Execution of 371 MWp in Q1 FY27 Share of Residential Rooftop has increased significantly YoY Rooftop Revenue (In ₹ Cr) 387 MW orders won in Q1FY27 526 1,096 297 253 Q1 FY26 Q1 FY27 Revenue (In ₹ Cr) Residential Rooftop Rooftop C&I 86% 14% Rooftop Residential Rooftop C&I 898 639 1,091 1,350 Order Book at the end of Q4 FY26 Orders received in Q1 Q1 reported revenue Order Book at the end of Q1 FY27 3rd Party Rooftop Order Book (In ₹ Cr) 439 509 864 823 1,133 1,075 1,732 1,350 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27
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Project Tata Power Stake Commissioning Year Transmission – Updates on TBCB projects 31 Gopalpur Transmission Limited 377 Ckt Kms FY 2028100% Paradeep Transmission Limited 384 Ckt Kms FY 2028100% Bikaner Transmission Limited 692 Ckt Kms FY 2027100%FY 2027 FY 2028 Jejuri Hinjewadi Power Transmission Limited 100% 226 Ckt Kms FY 2028 162 Ckt KmsJalpura Khurja Power Transmission Limited Partially Commissioned and Full Commissioning in H1 FY2027 100% FY 2029 Ryapte Power Transmission Limited 100% 491 Ckt Kms FY 2029 Transmission Line Total 2,332 circuit Kms of Under Construction Portfolio
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tatapower.com tatapower.c om 32 105 111 Q1FY26 Q1FY27 PAT (INR Cr) 585 651 Q1FY26 Q1FY27 EBITDA (INR Cr) Odisha Discoms – Highlights REDUCING AT&C LOSSES => PROMISING GROWTH (Excl. past arrears) ~9.3 lacs ~7 lacs ~6 lacs TPCODL TPSODL TPWODL TPNODL STRONG OPERATIONAL PERFORMANCE ACROSS ALL DISCOMS ~8.9 lacs Smart Meters Installed till Date Strong Financial Performance continues 11% 6% Odisha Discoms AT&C loss stands at 26.7% 28.1% 31.0% Q1 FY26 Q1 FY27 30.6% 32.3% Q1 FY26 Q1 FY27 22.2% 25.7% Q1 FY26 Q1 FY27 16.7% 17.3% Q1 FY26 Q1 FY27
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tatapower.com tatapower.c om 33 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 430 555 541 641 706 717 FY22 FY23 FY24 FY25 FY26 Q1FY27 1,128 3,778 5,488 5,488 5,804 5,970 FY22 FY23 FY24 FY25 FY26 Q1FY27 13,107 38,899 86,086 1,36,777 2,14,061 2,46,065 FY22 FY23 FY24 FY25 FY26 Q1FY27 84 234 858 1,238 1,248 1,258 FY22 FY23 FY24 FY25 FY26 Q1FY27
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tatapower.com tatapower.c om 34 LONG TERM STRATEGIC PROJECTS
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MoU with Druk Green Power to develop 5.5 GW 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 Nyera Amari I & II HPP 404 1,598 Signed MoU 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 Solar project 500 Total 5,533 16,790 404 MW Nyera Amari I&II
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Hydro Projects – Bhutan | Construction Progressing Well Khorlochhu HPP Bhutan – 600 MW • Tied up under PPA for 30 years with Tata Power Trading Company Ltd (TPTCL) with UPPCL as an offtaker • Levelized tariff of Rs 6.75/kWh including trading margin of TPTCL • Expected commissioning in FY 2029 Dorjilung HPP Bhutan -1,125 MW • World Bank Signed Financing Agreements totaling $515 million • Largest PPP (Public-Private Partnership) Hydro Power Project in Bhutan • Expected commissioning in FY 2032 • Infrastructure and Pre-construction works awarded; Main civil works package scheduled for award in Q2 FY27 • Tata Power owns 40% stake in both the plants 36
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tatapower.com tatapower.c om 37 1,000 2,750 3,000 1,500 1.03 0.77 0.85 1.08 0 0.2 0.4 0.6 0.8 1 1.2 - 500 1,000 1,500 2,000 2,500 3,000 3,500 APDCL UPPCL MSEDCL SECI Recent Awarded Tenders (MW) Discovered Annual Fixed Charge ( Rs Cr/MW/Yr) Pumped Storage Hydro -Project Update Bhivpuri PSP Project – 1,000 MW • The upper reservoir has already been constructed • The project land is fully owned by the company, facilitating smoother Environmental Clearance (EC) and Forest Clearance (FC) approvals • Civil, Electro-Mechanical, Hydro-Mechanical and GIS packages awarded & works are progressing well Shirwata PSP (1,800 MW) • Preliminary activities in progress Powerhouse Upper Reservoir • LoA received from SECI • Award is for 40-year pumped storage purchase agreement for Bhivpuri PSP • Annual fixed charge of ₹1.08 cr/MW/Yr, highest among the recent bids Receives SECI Letter of Award for 324 MW Tata Power secures 324 MW Recent PSP Bids Discovered Tariff 37
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tatapower.com tatapower.c om 38 38 Annexures
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39 tatapower.com tatapower.c om 39 Tata Power (Consolidated) Financial Performance ₹ Crore unless stated Particulars Q1 FY27 Q1 FY26 % YoY Quarter Variance Remarks Operating Income 18,898 17,464 8% Operating Expenses 15,038 13,896 8% Operating Profit 3,860 3,568 8% Other Income 388 362 7% EBITDA 4,249 3,930 8% Interest cost 1,407 1,279 10% Depreciation 1,260 1,161 9% PBT before share of Assoc & JVs 1,582 1,490 6% Share of Associates & JV's results 241 130 86% Higher contribution from Coal companies partly offset by loss in one of the associate companies PBT after share of JV 1,823 1,619 13% Tax Expenses 422 357 18% Net Profit before exceptional items 1,401 1,262 11% Exceptional Items (Net of Tax) - - - Net Profit for the period 1,401 1,262 11% Higher sales across Discoms, traditional generation, rooftop and solar manufacturing partly offset by Mundra EBITDA: Higher contribution from Solar manufacturing, RE Gencos, Rooftop Business and Regulated Businesses partly offset by EPC third party business and lower corporate income
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40 tatapower.com tatapower.c om 40 Entity-wise Consolidated Performance – Q1 FY27 *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 Prior period segment figures are restated to include segmental corporate cost Q1 FY27 Q1 FY26 Q1 FY27 Q1 FY26 Q1 FY27 Q1 FY26 Consolidated before exceptional items 18,898 17,464 4,249 3,930 1,401 1,262 Standalone & Key Subsidiaries Tata Power (Standalone) 5,552 5,148 1,249 1,472 277 520 Maithon Power (MPL) * 837 771 218 169 102 90 Delhi Discom (TPDDL) ** 3,052 2,400 352 332 146 134 Power Trading (TPTCL) 68 100 28 24 20 17 Solar EPC & Rooftop *** 1,761 2,263 140 272 97 188 Renewable Generation (RE Gencos) *** 1,289 1,135 1,136 970 251 211 TP Solar (4.3 GW Cell & module Manufacturing Plant) 2,462 1,613 626 294 371 96 TP Central Odisha Dist Ltd (TPCODL)** 1,873 1,698 153 123 6 2 TP Southern Odisha Dist Ltd (TPSODL)** 697 637 148 138 39 37 TP Western Odisha Dist Ltd (TPWODL)** 1,681 1,607 149 151 9 21 TP Northern Odisha Dist Ltd (TPNODL)** 1,279 1,222 201 172 58 45 TBCB Projects 547 368 71 20 24 9 Others (Includes Coal SPVs, TPIPL ,TERPL, TPADL, etc) 724 1,893 68 107 (180) (106) TOTAL - A 21,822 20,856 4,539 4,244 1,219 1,264 Joint Venture and Associates - - - - 241 130 TOTAL - B 21,822 20,856 4,539 4,244 1,461 1,394 Eliminations# (2,924) (3,392) (291) (314) (60) (131) Before Exceptional Items 18,898 17,464 4,249 3,930 1,401 1,262 Exceptional Items - - - - - - TOTAL - C 18,898 17,464 4,249 3,930 1,401 1,262 PATParticulars Op Income EBITDA^
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41 tatapower.com tatapower.c om 41 ₹ Crore unless stated Cluster-wise Consolidated Performance – Q1 FY27 *TPCL stake-74%; **TPCL stake-51%; ***TPCL stake-20%;" Tata Power currently owns 88.57% stake in Renewables (TPREL). # Eliminations include inter-company transactions; ^^ including other income; Prior period segment figures are restated to include segmental corporate cost Q1 FY27 Q1 FY26 Q1 FY27 Q1 FY26 Q1 FY27 Q1 FY26 Consolidated before exceptional items 18,898 17,464 4,249 3,930 1,401 1,262 Thermal Generation, Coal and Hydro 5,193 4,844 1,027 974 635 502 Maithon Power Limited * 837 771 218 169 102 90 Traditional Generation (incl. Mumbai and Hydro) 1,589 1,266 296 261 213 182 IEL * - - - - 27 22 PPGCL *** - - - - 39 32 Mundra, Coal and Shipping 2,732 2,780 473 511 225 147 Others incl eliminations 35 27 40 33 29 28 Renewables " 3,771 3,626 1,696 1,567 612 531 RE Gencos 1,289 1,135 1,136 970 251 211 Solar EPC & Rooftop 1,761 2,263 140 272 97 188 TP Solar (4.3 GW Cell & module Manufacturing Plant) 2,462 1,613 626 294 371 96 EV 63 39 11 8 (0) (3) Eliminations (1,803) (1,425) (216) 23 (106) 39 T&D 11,441 10,081 1,541 1,348 492 443 Transmission Mumbai 363 317 295 242 121 97 Powerlinks ** - - - - 10 10 Distribution and Services Mumbai 1,374 1,178 129 130 50 54 Odisha ** 5,530 5,164 651 585 111 105 Delhi ** 3,052 2,400 352 332 146 134 TBCB Projects incl Resurgent 547 368 71 20 32 23 Others (incl, TPADL**, TPTCL, Smart Meter) 949 944 45 40 20 20 Eliminations (375) (290) - - - - Others (Incl. Tata Projects, Nelco) 123 121 1 51 (330) (213) Inter-cluster elimination (1,630) (1,208) (17) (10) (8) - Consolidated before exceptional items 18,898 17,464 4,249 3,930 1,401 1,262 Exceptional items - - - - - - Consolidated after exceptional items 18,898 17,464 4,249 3,930 1,401 1,262 Particulars Op Income EBITDA^^ PAT
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42 tatapower.com tatapower.c om 42 Tata Power (Standalone) Financial Performance ₹ Crore unless stated Particulars Q1 FY27 Q1 FY26 % YoY Quarter Variance Remarks Operating Income 5,552 5,148 8% Operating Expenses 4,494 4,197 7% Operating Profit 1,058 951 11% Other Income 191 521 (63%) EBITDA 1,249 1,472 (15%) Interest cost 556 497 12% Depreciation 319 306 4% Increased capitalization in Mumbai Transmission PBT 374 669 (44%) Tax Expenses 97 149 (35%) PAT (before exceptional items) 277 520 (47%) Exceptional items - - - PAT for the period 277 520 (47%) Mundra lower billing offset by higher DSM revenue of Mumbai generation and higher sales in Mumbai distribution
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43 tatapower.com tatapower.c om 43 Maithon Power Limited - Highlights ₹ Crore unless stated Particulars Q1 FY27 Q1 FY26 % YoY Quarter Variance Remarks Generation (MUs) 1,802 1,832 (30) Sales (MUs) 1,762 1,830 (68) Availability (%) (Plant) 97% 95% 2% PLF (%) 79% 80% (1%) Financials Operating Income 837 771 9% Higher availability & positive impact of FGD recovery Fuel Cost 530 516 3% Other operating expense 94 88 6% Operating profit 213 167 28% Other Income 4 2 117% EBITDA 218 169 29% Interest cost 31 22 42% Depreciation 52 44 17% PBT 135 103 31% Tax 32 13 148% PAT 102 90 14%
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44 tatapower.com tatapower.c om 44 Prayagraj Power Generation Co. Ltd. - Highlights ₹ Crore unless stated Figures shown above are on 100% basis Particulars Q1 FY27 Q1 FY26 % YoY Quarter Variance Remarks Generation (MUs) 3,491 3,525 (34) Sales (MUs) 3,295 3,327 (32) Availability (%) 94% 98% (4%) PLF % 81% 82% (1%) Financials Operating Income 1,392 1,342 4% Higher merchant contribution Operating expenses 1,083 1,037 4% Operating profit 309 306 1% Other Income 45 30 48% EBITDA 354 336 5% Interest cost 159 174 (9%) Driven by lower interest rate Depreciation 52 52 0% PBT 143 110 31% Tax - - - PAT 143 110 31%
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45 tatapower.com tatapower.c om 45 Tata Power Delhi Distribution Ltd. - Highlights ₹ Crore unless stated Particulars Q1 FY27 Q1 FY26 % YoY Quarter Variance Remarks Purchase (MUs) 3,425 3,297 128 Sales (MUs) 3,238 3,115 123 AT&C losses (%) 5.5% 4.0% 1% Financials Operating Income 3,052 2,400 27% Operating Exp. 2,710 2,070 31% Operating Profit 342 330 4% Other Income 10 1 Large EBITDA 352 332 6% Regulatory order impact of negative ₹ 12 crore Interest cost 45 51 (12%) Depreciation 109 100 9% PBT 198 181 9% Tax 51 47 9% PAT 146 134 9%
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46 tatapower.com tatapower.c om 46 Odisha Discoms – Highlights ₹ Crore unless stated (* Excl. past arrears) Q1 FY27 Q1 FY26 Q1 FY27 Q1 FY26 Q1 FY27 Q1 FY26 Q1 FY27 Q1 FY26 Q1 FY27 Q1 FY26 Purchase (MUs) 3,870 3,538 1,385 1,248 3,195 2,963 2,302 2,096 10,752 9,845 Sales (MUs) 3,165 2,826 1,088 968 2,654 2,478 2,052 1,844 8,960 8,116 Revenue per unit 5.6 5.8 6.4 6.6 5.8 6.0 5.9 6.3 Power Cost per unit 3.5 3.4 2.1 2.1 4.0 4.1 3.6 3.8 Actual Technical losses (%) 18% 20% 21% 22% 17% 16% 11% 12% Actual AT&C losses* (%) 31% 28% 32% 31% 26% 22% 17% 17% Vesting order Target AT&C (%) 16% 18% 22% 27% 15% 19% 13% 16% Income from Operation 1,873 1,698 697 637 1,681 1,607 1,279 1,222 5,530 5,164 EBITDA 153 123 148 138 149 151 201 172 651 585 PAT 6 2 39 37 9 21 58 45 111 105 TPNODLParticulars TPCODL TPSODL TPWODL TOTAL
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47 tatapower.com tatapower.c om 47 RE Generation - Highlights ₹ Crore unless stated Prior period segment figures are restated to include segmental corporate cost Tata Power currently owns 88.57% stake in Renewables (TPREL) which includes RE Generation, EPC, Rooftop and Solar manufacturi ng business. Particulars Q1 FY27 Q1 FY26 % YoY Quarter Variance Remarks Capacity - Total (MW) 6,734 5,634 1,100 Added 226 MW capacity in the quarter Capacity - Wind (MW) 1,329 1,030 299 Capacity - Solar (MW) 5,405 4,604 801 Sales (MUs) 3,425 2,928 496 Avg PLF (%) - Solar 24.3% 24.4% (0%) Curtailment in Rajasthan and Gujarat Avg PLF (%) - Wind 24.9% 27.1% (2%) Delayed monsoon onset impacted wind PLFs Financials Operating Income 1,289 1,135 14% Operating Expenses 194 172 13% Operating profit 1,095 963 14% Other income 41 7 468% EBITDA 1,136 970 17% Interest cost 432 368 17% Higher borrowing for capacity addition Depreciation 365 314 16% Capitalisation of RE assets PBT 339 288 18% Tax 88 77 15% PAT 251 211 19% Lower generation due to load curtailment & transmission constraints
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48 tatapower.com tatapower.c om 48 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 Prior period segment figures are restated to include segmental corporate cost Tata Power currently owns 88.57% stake in Renewables (TPREL) which includes RE Generation, EPC, Rooftop and Solar manufacturi ng business. Particulars Q1 FY27 Q1 FY26 % YoY Quarter Variance Remarks Operating Income 1,761 2,263 (22%) Lower billing in EPC 3rd party business -Large projects & Group Captive 411 1,440 (71%) No new 3rd party projects -Solar Rooftop 1,350 823 64% Billed 371 MWp installation in the quarter EBITDA 140 272 (48%) -Large projects & Group Captive (57) 155 (137%) -Solar Rooftop 197 117 68% EBITDA Margin 8.0% 12.1% (4%) -Large projects & Group Captive (0.14) 10.7% (25%) -Solar Rooftop 14.6% 14.3% 0% PAT 97 188 (48%) PAT Margin 5.5% 8.3% (3%) Launched high margin MySine solar plus battery solution
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49 tatapower.com tatapower.c om 49 TP Solar (4.3 GW Cell & Module Plant) – Highlights ₹ Crore unless stated Prior period segment figures are restated to include segmental corporate cost Tata Power currently owns 88.57% stake in Renewables (TPREL) which includes RE Generation, EPC, Rooftop and Solar manufacturi ng business. Particulars Q1 FY27 Q1 FY26 % YoY Quarter Variance Remarks Module produced (MW) 1,001 949 51 Module yield of 96.3% Module sold (MW) 940 966 (26) Cell produced (MW) 862 904 (42) Cell yield of 87% Financials Operating Income 2,462 1,613 53% Better sale price to external customers Operating expenses 1,845 1,326 39% Operating profit 617 287 115% Other income 9 7 26% EBITDA 626 294 113% Margin 25% 18% 7% Finance cost 101 101 0% Depreciation 75 77 (2%) PBT 449 116 287% Tax 79 20 284% PAT 371 96 287% Margin 15% 6% 9% Better operating efficiency and sales mix with >63% modules and >50% cells sold to external customers
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50 tatapower.com tatapower.c om 50 Renewables – Consolidated View ₹ Crore unless stated Tata Power currently owns 88.57% stake in Renewables (TPREL) which includes RE Generation, EPC, Rooftop and Solar manufacturi ng business. Key Parameters - Renewables Q1 FY27 Q1 FY26 % YoY Revenue 3,771 3,626 4% EBITDA 1,696 1,567 8% PAT (before exceptional items) 612 531 15% Net Debt 33,440 29,091 15% Net Worth 16,293 13,992 16%
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51 tatapower.com tatapower.c om 51 Regulated Equity ₹ Crore unless stated Particulars Q1 FY27 Q4 FY26 Q3 FY26 Q2 FY26 Q1 FY26 -Generation Mumbai Generation 1,740 1,741 1,737 1,736 1,736 Jojobera 674 674 626 551 551 Maithon Power Limited (100%) 1,663 1,657 1,665 1,665 1,665 Industrial Energy Limited (100%) 792 758 724 724 723 -Transmission Mumbai Transmission 2,646 2,633 2,232 2,226 2,221 Powerlinks Transmission (100%) 468 468 468 468 468 -Distribution Mumbai Distribution 1,292 1,272 1,178 1,161 1,152 Tata Power Delhi Distribution (100%) 2,224 2,138 2,082 2,099 2,083 TP Central Odisha Dist Ltd (100%) 1,025 1,022 889 863 854 TP Southern Odisha Dist Ltd (100%) 791 791 678 678 678 TP Western Odisha Dist Ltd (100%) 1,011 1,005 894 861 847 TP Northern Odisha Dist Ltd (100%) 852 852 720 720 720 Total 15,178 15,011 13,892 13,753 13,697
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52 tatapower.com tatapower.c om 52 Regulated Assets ₹ Crore unless stated Particulars Q1 FY27 Q4 FY26 Q3 FY26 Q2 FY26 Q1 FY26 -Generation Mumbai Generation 1,368 1,393 1,329 1,340 779 Jojobera 52 49 38 38 33 Maithon Power Limited (100%) (186) (219) (214) (192) (202) -Transmission Mumbai Transmission 1,533 1,504 1,479 1,553 1,637 -Distribution Mumbai Distribution 476 610 570 671 1,037 Tata Power Delhi Distribution (100%) 4,940 4,928 4,362 3,872 3,666 TP Central Odisha Dist Ltd (100%) 318 376 291 266 290 TP Southern Odisha Dist Ltd (100%) 1,652 1,572 1,486 1,351 1,244 TP Western Odisha Dist Ltd (100%) (26) (9) (95) (135) 108 TP Northern Odisha Dist Ltd (100%) 662 653 562 479 416 Total 10,790 10,857 9,809 9,242 9,009
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53 tatapower.com tatapower.c om 53 Key Segments - Debt Profile ₹ Crore unless stated Q1 FY27 Q4 FY26 Q3 FY26 QoQ Tata Power (Standalone) 23,966 22,972 21,855 994 Maithon 1,476 1,539 1,589 (63) Coal SPVs + TPIPL 3,197 3,959 3,749 (761) RE Gencos 31,734 29,497 28,631 2,237 TP Solar 4,498 4,496 4,417 2 TPDDL 848 954 973 (106) Odisha DISCOMs 5,624 5,402 5,486 222 Others 2,725 2,303 1,803 422 Total Gross Debt 74,069 71,122 68,503 2,946 Company Total Gross Debt (LT + ST)
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54 tatapower.com tatapower.c om 54 Tata Power - Debt Profile ₹ Crore unless stated Q1 FY26 Rupee Forex Total Total Total Long term 59,380 2,631 62,011 61,609 48,730 Short term 5,133 - 5,133 3,508 2,602 Current Maturity of LT 6,359 566 6,925 6,005 8,816 Total Debt 74,069 71,122 60,148 Less: Cash & Cash Equivalents 12,831 15,000 12,367 Less: Related Party Debt - - 203 Net External Debt 61,238 56,122 47,578 Networth 49,026 47,538 44,036 Net Debt to Equity 1.25 1.18 1.08 Particulars Q4 FY26Q1 FY27 Consolidated
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tatapower.com tatapower.c om 55 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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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: By 2030 Train 35 lakh+ people in digital & financial inclusion, Enable 8.8 lakhs+ Club Enerji & Pay Autention champions by 2030 Employability and Employment: 4 lakh+ youth to be trained and made employable by 2030 with over 50% outreach to women Impact Lives of 80 million by 2030: Build capability of 4,000+ Community Institutions with focus on public health Upskill & tech-enable 4000+ Adhikaarpreneurs for 200+ regions with 15% special Tata Affirmative Action outreach E S G Gender Diversity: Improve Gender Diversity to 22% by 2030 Our sustainability aspirations Entrepreneurship: Boost livelihoods of 47,000+ members under Anokha Dhaaga network by 2030, Upskill 100+ Master trainers to cascade further to 5,00,000 members 56
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Taking leaps towards our ESG goals 57 Particulars Description Baseline Progress Target On going actions Value Year Value Year Value Year Environment Clean & Green portfolio 16%* 2015 47% 2026 70% 2030 • ~ 47% Clean and Green Capacity • ~ 67% Clean and Green Capacity, post project completions Net Zero (Absolute Carbon Emissions) Scope 1 and 2 43.1 Million Tonnes CO2e 2024 29 Million Tonnes CO2e 2026 0 2045 • Scope 1 emissions reduced due to Mundra Shutdown Water consumption (Total Water Consumption) 313 Mn m3 2024 266 million m³ 2026 - 2030 • Total water consumed decreased due to Mundra Shutdown Zero Waste to Landfill 40 Tonnes 2024 21 Tonnes 2026 0 2030 • Beneficial utilisation of Ash waste • Waste management plans for Biodegradable, Plastic and E-waste Social Education 26.25 Lakh Beneficiaries 2024 17.46 Lakh Beneficiaries 2026 35.35 Lakh Beneficiaries 2030 Ongoing engagement with 3200+ Community Institutions including Govt. Schools, PHCs, police stations, special schools, Anganwadi centres, ITIs, academia, other institutions associated with our key flagships, Tata Group, National/State Missions Employability & Employment 2.76 Lakh Beneficiaries 2024 3.10 Lakh Beneficiaries 2026 4.0 Lakh Beneficiaries 2030 Entrepreneurship 30,000 Beneficiaries 2024 32,000 Beneficiaries 2026 47,000 Beneficiaries 2030 Gender diversity (%) 10% 2024 11% 2026 22% 2030 • Policies supporting women in all life stages and mentorship program Governance DJSI Emerging Markets List (Absolute Score) 67/100 2023 77 2026 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 58 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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59 ESG Ratings FY26 Update CDP – Climate Change CDP – Water S&P - CSA MSCI Sustainalytics (Lower score is better) (Higher score is better) 2025-26 2024 2023 2022 2021 2020 2019 B* B- B B C C D B B B C F 77 68 67 67 67 - 48 A A BBB BBB BB BB BB 40.2 37.4 38.5 41.2 38.6 - - *Dates of published ratings: CDP – January 2026; S&P-CSA – October 2025; MSCI – April 2026; Sustainalytics – February 2026 Common rating is provided since 2024 cycle for CDP
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60 Powering Biodiversity Conservation Pan-India Biodiversity Action Plans Across all locations in 21 States including Thermal, Hydro, T&D and RE Gaja Sanrakshana, Odisha Mitigate human–elephant conflict | Expanded geographic coverage to 21 forest ranges Act for Mahseer, Maharashtra 55+ yrs | 1.5M fish seeds | Deccan Mahseer: Endangered → Least Concern (IUCN) | Continued Conservation Efforts for Golden Mahseer Ecological Restoration, Maharashtra Re-Wilding of Hydros: Restored 15.9 acres through plantation of 65 native tree species. GhanVan Project: Restored 35 acres through plantation of 35 native tree species. Active partnerships Government bodies, CII– IBBI, IUCN, SNEHA NGO, WTI, WWF, BNHS,ICICI Foundation.
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Empowering Communities & Community Institutions 61 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 8.61 lakhs (Q1 - FY27) Outreach Reaching out by Strengthening Community Institutions; FY 27 target 55 lakhs 125+ Regions in 21 states 3.43 Lakhs AA Beneficiaries Pay Autention Club Enerji Adhikaar Anokha Dhaaga
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Thought Leadership for Social Inclusivity Marquee Initiatives & Key Alliances:• Celebration of Autism Awareness Month began with Lighting Up in Blue our key offices - o At Trombay Community Hall, welcomed 300+ participants, including neurodiverse individuals, caregivers, practitioners, and colleagues from across the Tata ecosystem. o Stakeholder consultation workshops for the Autism Care App and autism awareness sessions with recreational activities by a neurodiverse artist were conducted in Bhubaneswar, Chennai, Bengaluru & Delhi to gather feedback and assess digital support needs. • Tata Power reinforced its commitment to inclusion as senior leaders actively took part in the Western & Southern Odisha Ability Summit 2026, advancing about Pay Autention for neurodiverse empowerment. • Anokha Dhaaga Design Studio inauguration: State-of-the-art facility for design thinking, material experimentation, product development & capacity building through modern machinery • As part of our commitment to affirmative action, Tata Power organized a seminar & book distribution event in Jammu & Kashmir, bringing together academicians, students, scholars, civil society representatives, and institutional leaders to promote Dr. B.R. Ambedkar’s vision of equity, inclusion, and constitutional values.
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Thought Leadership for Social Inclusivity Marquee Initiatives & Key Alliances: • Promotion of “Sports and Self Defense among youth : Ongoing Sports Training for 822 youth ( 49% AA Youth / 15% Female) in Football, Athletics, Kabaddi, Volleyball, Boxing, Archery and Self Defense in MPL ( Nirsa Block, Jharkhand). • Mera Ghar Mera Solar campaign - Collaborated with the Renewables team to design& implement CSR-aligned gifting solutions within one week, ensuring seamless integration of business & social impact objectives in Uttar Pradesh. • Non-financial MoU signed with the Uttar Pradesh State Rural Livelihood Mission (UPSRLM) for advancing women-led livelihoods and enterprise development in Uttar Pradesh. This will strengthen he institutional capacity of Cluster Level Federations (CLFs) and Self-Help Groups (SHGs) to enhance sustainable livelihoods and income generation for women. • Launched Tata Power’s Unified Social Impact Expression – VIDYUT DHAARA, representing Tata Power’s business linked social impact through a bespoke song by Swarathma band and curated video. Launched across Tata Power’s external and internal platforms with integration workshop conducted with employees across Odisha Discoms, with more locations in pipeline. 63
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Well-established structure to monitor Sustainability Goals 64 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 Thermal, T&D, Hydros, Renewables (inc. Manufacturing), HR, CSR, Ethics, IA&RM, Environment, etc.
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Robust Governance Structure in place 65 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 ✓ Biodiversity Policy & Commitment Document ✓ 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 66 Tata Power Company Ltd. Won the TAAP Jury Award with a 650-675 band score. It was also recognised as Best in Class for Individual E's in the areas of Education, Employability &Essential Enabler MPL CSR received the 'Outstanding CSR Project in Women Empowerment' at the India CSR & Sustainability Awards 2026 held at the India Habitat Centre, New Delhi. Powerlinks Transmission Limited was recognized for its valuable support and contribution towards healthcare initiatives by the Homi Bhabha Cancer Hospital and Research Centre, Muzaffarpur. Tata Power was awarded the 'Excellence in Volunteering' Award and for the 'Highest number of Volunteering Hours' in the 'Very Large category' forFY2026. 1. TPSODL received the 'Skill Development & Livelihood Creation Award' at the India CSR & Sustainability Awards 2026. 2. TPNODL CSR was awarded the 'Best CSR Initiative in Vocational Training & Skilling' at the Bharat CSR & Sustainability Summit. 3. TPWODL CSR and Environment Team won the Platinum Award (1st Runner up) in the 'Carbon Conscious Actions' category for their AWD project at the National Excellence Practice Competition on Sustainability by CII. Industrial Recognitions Tata Power earned prestigious national and international recognition for its Tanvi The Great campaign and the Club Enerji Education Day campaign, reinforcing its leadership in purpose- driven communication. ▪ Gold – Best Use of Branded Content | Golden Award of Montreux ▪ Gold – Innovative Use of Conema | ABBY Goafest ▪ Silver – Education Day Campaign (SDG & DEI) for Club Enerji | ABBY Goafest ▪ Bronze -Use of Experiential Marketing/Events | ET Shark
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What sets us apart
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2% 1% 7% 3% 3% 42% 38% 36% 38% 44% 35% 32% 27% 30% 39% 21% 29% 30% 29% 14% FY22 FY23 FY24 FY25 FY26 Thermal Renewables T&D Others Incl. Eliminations Diversified business and hence stable margins 68 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% 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 5,426 MW Wind Energy 1,333 MW UNDER CONSTRUCTION Solar Power 522 MW Hybrid 1,472 MW Wind Complex/FDRE 834 MW 2,447 MW EV CUMMULATIVE CHARGING POINTS Public 5,970 Home 2,46,065 E-Bus 1,258 SOLAR EPC ORDER BOOK PARTICULARS CAPACITY/ ORDER BOOK Rooftop EPC ₹639 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) 2.22 Mn 51% Odisha 10.04 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) 5,193 Revenue (₹ Cr) EBITDA (₹ Cr) 1,027 PAT (₹ Cr) 635 3,771 Revenue (₹ Cr) EBITDA (₹ Cr) PAT*** (₹ Cr) 612 11,441 Revenue (₹ Cr ) EBITDA (₹ Cr ) 1,541 PAT (₹ Cr ) 492 (1,507) Revenue (₹ Cr ) EBITDA (₹ Cr ) (16) PAT (₹ Cr ) (338) Tata Power Company Limited (TPCL) Q1FY27 *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). 18,898 Revenue (₹ Cr) EBITDA (₹ Cr) 4,249 PAT*** (₹ Cr) 1,401 Net Debt (₹ Cr) 61,238 TRANSMISSION CIRCUIT KM STAKE Mumbai 1,409 100% Powerlinks 2,328 51% SEUPPTCL 1521 26% NRSS XXXVI 302 26% Jalpura Khurja 2 100% Under Construction Jalpura Khurja 162 100% Bikaner Neemrana 692 100% Paradeep Transmission 384 100% Gopalpur Transmission 377 100% Jejuri Hinjewadi Power Transmission 226 100% Ryapte Power Transmission Limited 491 100% 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 40% 1,696 EBITDA Margins 19% 18% 21% 22% 26% JVs and associates Standalone divisions Subsidiary
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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 Defense 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 69 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 • TP Solar commissioned 4.3GW Module and 4.0GW Cell capacity 2024 • Tata Power crosses 1GW of RE capacity addition in FY25 • 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 2025 2026 • Dorjilung HEP: Signed financing agreements totaling $515 million with World Bank • Mundra SPPA signed in Mar’26 with Gujarat DISCOM • Rooftop business achieved a record of 1.6 GWp • Fully commissions SEUPPTCL transmission line of 1,521 cKM
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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