Tata Power Company Limited · NSE:TATAPOWER
Tata Power — The Tata Power Company — Q2 FY26 Earnings Presentation
70 slides from Tata Power's earnings presentation, Nov 11, 2025
Slide 1: The Tata Power Company Limited Financial Results Q2 FY26
The Tata Power Company Limited F I N A N C I A L R E S U LT S – Q 2 F Y 2 6 11 November 2025
Slide 2: Disclaimer
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
Slide 3: Agenda
Agenda 04 About Tata Power 10 Sustainability: Manifesting a Greener Tomorrow 22 Industry Highlights 29 Business Highlights 42 Operational & Financial Highlights 48 Annexures 67 What sets us Apart
Slide 4: About Tata Power Company Limited (TPCL)
About Tata Power Company Limited (TPCL) 4 tatapower.com tatapower.com
Slide 5: India's largest vertically-integrated power company
India’s largest vertically-integrated power company Generation New-age Energy Solutions Generation ~26.3 GW ~17.5 GW ~8.9 GW Total Capacity Clean & Green Energy Thermal energy generation (Operational + Under construction) (Including 10.4 GW Under Construction) (Installed capacity) Transmission Distr
Slide 6: Generation, Transmission and Distribution assets spread across India
Generation, Transmission and Distribution assets spread across India Total Capacity 26,326 MW 15,953 MW 10,373 MW Operational Under construction (Operational + Under construction) (Entirely Clean & Green) Operational Capacity 8,860 MW 4,736 MW 1,034 MW 880 MW 443 MW Thermal Solar Wind Hydro Waste He
Slide 7: Assets located outside India
Assets located outside India Bhutan, Dorjilung 1,125 MW 40% Pipeline capacity TPCL stake Georgia, Adjaristsqali Bhutan, Dagachhu 187 MW 50% Bhutan, Khorlochhu 126 MW 26% Installed capacity TPCL stake 600 MW 40% Installed capacity TPCL stake Under-construction TPCL stake Indonesia Coal Mines Coal min
Slide 8: Financial performance consistently improving over the years
Financial performance consistently improving over the years Revenue (in ₹ Cr) EBITDA (in ₹ Cr) Underlying EBITDA (in ₹ Cr) 33,233 7,961* 8,220** H1 FY26 H1 FY26 H1 FY26 14,468 15,261 64,502 12,701 13,878 61,542 10,068 13,268 56,033 8,192 10,134 42,576 7,978 8,851 33,239 Reported PAT^ (in ₹ Cr) ROE (
Slide 9: Clean & Green to account for ~66% capacity post project completions
Clean & Green to account for ~66% capacity post project completions Current Operational Capacity share Tata Power Capacity (%) (IN MW) 3% 3,049 26,326 5% 5% Thermal 2,800 5% Solar 2,176 16.0 Hydro 1,725 GW 56% Wind 724 15,953 45 579 26% Hybrid 880 443 835 WHRS* 4,211 8,860 Total Capacity incl. pipel
Slide 10: Sustainability: At the core of all that we do
Sustainability: At the core of all that we do Water Zero Waste Net Zero Neutral to Landfill By 2045 By 2030 By 2030 10 tatapower.com tatapower.com
Slide 11: Our sustainability aspirations
Our sustainability aspirations E Become Net Zero Become Water Zero Waste to Landfill No Net Loss to Leverage technology to by 2045 Neutral by 2030 by 2030 Biodiversity by 2030 create the 'Utility of the Future’ (IOT, Smart Grids, BESS, Green H2, robotic panel cleaning, SMR etc.) S Education : Employ
Slide 12: Taking leaps towards our ESG goals
Taking leaps towards our ESG goals Bas el i ne Progres s Target Pa rti cul ars Des cri pti on On goi ng acti ons Val ue Year Val ue Val ue Year Year • ~ 44% Clean and Green Capacity Clean & Green portfolio 16%* 2015 44% 2025 70% 2030 • ~ 66% Clean and Green Capacity, post project completions Net Zer
Slide 13: Achieving 100% Clean & Green power generation by 2045
Achieving 100% Clean & Green power generation by 2045 2015 2025 2030 2045 Largely a coal-based company, Transitioning towards a Clean & Green capacity will Transition away from thermal having capacities to fulfil the clean and green portfolio account for at least 70% of our portfolio in 2045* as Pow
Slide 14: Gradually improving our ESG ratings
Gradually improving our ESG ratings 2025 2024 2023 2022 2021 2020 2019 B B B C C D CDP – Climate Change B- B B B B C F CDP – Water S&P - CSA 76* 68 67 67 67 - 48 (Higher score is better) A A BBB BBB BB BB BB MSCI 39.4 37.4 38.5 41.2 38.6 - - Sustainalytics (Lower score is better) As of 30th Sep 2025
Slide 15: Powering Biodiversity Conservation
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 Foun
Slide 16: Empowering Communities
Empowering Communities 47.54 21.90 lakhs lakhs (FY25) Outreach FY26 Public Private Improving Far Reaching Reaching out by Strengthening Community Institutions (Q2 YTD) Partnerships access Impact on (Collaboration & & creating Community Leverage) opportunities and Co- ownership 110+ Districts in 21 s
Slide 17: Key Programmes Footprint and Inclusion Focus
Key Programmes Footprint and Inclusion Focus CSR footprint Tata Power footprint Density areas TP presence 21 110+ 21 Aspirational Districts Districts States AA Density map 17
Slide 18: Thought Leadership for Social Inclusivity
Thought Leadership for Social Inclusivity NGOs • Pay Autention Bridgital Network, the toll-free helpline, purple directory, and E-Sanidhya web platform promotes Clinical phygital support services and capability-building for facilities Corporates neurodiverse individuals & care-givers; easing home-ca
Slide 19: Institutional Structures and Systems
Well-established structure to monitor Sustainability Goals Our CSR and Sustainability Committee at the Board level guides the strategy, and the Apex Leadership Team enables its impactful implementation Leadership and Oversight on Sustainability Advocacy Leadership Initiatives that are based with car
Slide 20: Robust Governance Structure in place
Robust Governance Structure in place Governance policies Audit Committee ✓ Tata Code of Conduct ✓ Code of Conduct for Independent Directors ✓ Code of Conduct for Non-Executive Directors Nomination and ✓ Related Party Transactions Policy, Framework & Guidelines Remuneration Committee ✓ Whistle Blower
Slide 21: Awards & Recognition
Awards & Recognition Inclusive screening of Tanvi The Great. Hosted by Tata Power in partnership with @anupamkherstudio and as Mahatma Award 2025 Restore Award for Pay Autention - 2025 part of #PayAutention ACEF Awards for Best Employee Engagement Secured consistent coverage for Affirmative action c
Slide 22: Industry Highlights
Industry Highlights 22 tatapower.com tatapower.com
Slide 23: Power Demand increased 3.3% YoY in Q2 FY26
Power Demand increased 3.3% YoY in Q2 FY26 impacted by extended monsoons India has one of the lowest power Ratio of Power Generation Monthly Energy Demand Coal-based plants' PLF % consumption per capita Growth to GDP growth above (IN BUs) (IN %) (IN KW H) 1.0x in the past 5 years 180 25% 30,000 85%
Slide 24: RE accounted for 83% of Capacity additions in India during H1FY26
RE accounted for 83% of Capacity additions in India during H1FY26 Total Installed Capacity in India ~16 GW added in Q2FY26 ~33 GW added in H1FY26 Renewables (incl. Hydro) added currently stands at 501 GW (IN GW) (IN GW) 27 GW in H1FY26 (IN GW) (IN %) 10.0 Thousands 0.7 0.6 1% 1% 0.1% 3% 6% 2% 2% 2%
Slide 25: Cell & Module Prices Rebound from Lows; Indonesia Coal Moderates YoY
Cell & Module Prices Rebound from Lows; Indonesia Coal Moderates YoY Price Movement of Polysilicon & Price Movement* of Solar Cell & Thermal Coal Prices (US$/t) Wafer Module 0.3 500 42 1.2 0.25 450 35 1 400 28 0.8 0.2 350 300 21 0.6 0.15 250 14 0.4 0.09 200 0.1 7.71 150 104 7 0.2 0.17 0.05 0.04 100
Slide 26: H1 FY26 RE Auctions dominated with Storage bids
H1 FY26 RE Auctions dominated with Storage bids Minimum e-reverse auction tariff’s in H1 FY26 Renewable energy auction volumes (₹/kWh) (GW) 60 5.3 50 4.8 4.4 4.8 4.4 40 4.3 4.1 4.1 3.6 3.8 3.8 3.6 30 3.6 3.3 3.3 3.3 3.3 3.4 3.2 3.2 3.3 3.4 3.4 2.8 3.2 3.2 3.2 20 2.8 2.7 3.1 2.7 2.8 2.5 2.7 2.4 2.3 2
Slide 27: Transmission auction bids should continue to gain momentum in FY26
Transmission auction bids should continue to gain momentum in FY26 ₹9.2 tn transmission Capex anticipated in India Transmission auction bids expected to further rise between FY25-32E in FY26 (IN ₹ Bn) Intra-State, FY26 Expected Bids ₹2.7 tn Transmission Auction (₹ bn) 1,577 Inter-State Transmission
Slide 28: India Distribution: On the mend but concerns remain
India Distribution: On the mend but concerns remain All India AT&C losses (%) have risen in FY24 after RDSS and LPS have helped reduce DISCOM overdues declining in the past two years (IN ₹ Cr) 1,05,330 1,02,780 All India basis 83,716 59,127 26.6 25.7 25.5 23.7 23.7 22.6 22.3 21.6 26,242 21.5 25,016
Slide 29: Business Highlights
Business Highlights 29 tatapower.com tatapower.com 102MW Floating Solar Plant, Kayamkulam, Kerela
Slide 30: Q2 FY26: Key Highlights
Q2 FY26: Key Highlights Key RooftopHighlights revenue increased 158% Odisha DISCOMS profit after Tata Power achieves record 370 Tata Power Renewable Energy Ltd signed contract with Suzlon Odisha DISCOMs AT&C reduced by 1.7% YTD in the quarter with closing order MWp installation of rooftop tax surges
Slide 31: Solar Cell and Module Manufacturing – Steep Ramp up, Realising Synergies
Solar Cell and Module Manufacturing – Steep Ramp up, Realising Synergies Module Production (MW) Highlights 926 949 970 • Achieved record production 871 880 levels in cell and module 614 manufacturing during Q2 FY26 • Revenue from the plant increased 26% YoY in the Q2 FY26 Q1 FY25 Q2 FY25 Q3 FY25 Q4
Slide 32: Solar Rooftop – Record Execution and Robust Pipeline
Solar Rooftop – Record Execution and Robust Pipeline 3 rd Party Rooftop Order Book Revenue of 3rd Party Rooftop (In ₹ Cr) (In ₹ Cr) Q2 FY26 1,133 1,007 1,133 Q1 FY26 823 1,242 1,116 Q2 FY25 439 Order Book at Orders received Q2 reported Order Book at the end of in Q2 revenue the end of Q1FY26 Q2FY26
Slide 33: Odisha Discoms – Highlights
Odisha Discoms – Highlights STRONG OPERATIONAL PERFORMANCE ACROSS ALL DISCOMS AT&C Losses reduced by 1.7% vs prior period THEFT METERS SUBSTATIONS PRE-TAKEOVER Smart Meters REDUCING AT&C LOSSES => LOAD REPLACED AUTOMATED (No’s) ARREARS Installed till PROMISING GROWTH (MWp) (in lakhs) COLLECTED (₹Crs
Slide 34: Tata Power has Strong Pipeline of Hybrid/FDRE Projects
Generation - Tata Power has Strong Pipeline of Hybrid/FDRE Projects SJVN 460MW* NTPC 200MW* MSEDCL 400MW* PH SJVN RTC 88MW* Tata Power Mumbai FDRE FDRE IV Hybrid Hybrid DISCOM 80 MW* Tariff (₹/unit) 4.38 4.71 3.60 4.91 4.77 e-RA date 7 Nov 2023 22 Mar 2024 16 Aug 2024 27 Feb 2025 19 Aug 2025 Install
Slide 35: MoU with Druk Green Power to develop 5,100 MW projects in Bhutan
MoU with Druk Green Power to develop 5,100 MW clean energy projects in Bhutan 364 MW 1,125 MW 15 GW 600 MW Bhutan’s vision 2040 for hydro Bhutan Existing hydro 5 GW station Chamkharchhu IV Proposed Hydro Bhutan’s vision 2040 for solar 740 MW HPP Power Plants (HPP) Dorjilung Khorlochhu Potential Plan
Slide 36: Construction has begun at Khorlochhu HPP, Bhutan
Construction has begun at 600 MW Khorlochhu HPP, Bhutan Signed loan agreement worth Rs 4,829 crore with Power Finance Corporation (PFC) Khorlochhu hydro power project details Khorlochhu HPP site 600 MW 1.12% Total project capacity Aux power consumption 40% >95% Tata Power Stake Availability 90.62% 4
Slide 37: Groundbreaking Imminent – Dorjilung HPP Bhutan
Groundbreaking Imminent – Dorjilung HPP Bhutan | 1,125 MW Signed JV agreement with Druk Green Power Corporation Bhutan Dorjilung Hydro Power Project 1,125 MW ~4,750 MUs Total project capacity Design Energy Kurichhu Run-of-River River Type 40% 80% Tata Power Tata Power Stake Off taker World Bank ~6,3
Slide 38: Energy Storage- Pumped Storage Hydro Plants - Project Update
Energy Storage- Pumped Storage Hydro Plants - Project Update SHIRWATA PSP BHIVPURI PSP Key Highlights Key Highlights 1,000 MW 1,800 MW Type Type Existing Off-stream Off-stream Upper Reservoir Upper Reservoir Thokarwadi ~348 MCM New -15 MCM (million cubic meters) Lower Reservoir Lower Reservoir Exist
Slide 39: Transmission – Majority of projects expected to be commissioned in FY 2026
Transmission – Majority of the projects expected to be commissioned in FY 2026 Year Project Tata Power Stake Transmission Line Commissioning FY 2028 Gopalpur Transmission 100% 377 Ckt Kms FY 2028 Limited FY 2027 Paradeep Transmission 100% 384 Ckt Kms FY 2028 Limited Bikaner Transmission 100% 692 Ckt
Slide 40: T&D Business - Robust Financial Performance with continuous PAT growth
T&D Business - Robust Financial Performance with continuous PAT growth 303 318 316 240 209 183 227 162 197 186 147 107 FY 21 FY 22 FY 23 FY 24 FY 25 H1 FY26 FY 21 FY 22 FY 23 FY 24 FY 25 H1 FY26 Mumbai Distribution Mumbai Transmission 843 439 308 279 428 439 440 453 448 236 253 FY 21 FY 22 FY 23 FY
Slide 41: Tata Power – EZ Charge
Tata Power – EZ Charge Cities and towns covered Public and Captive Charging Points 5,488 5,488 5,613 641 653 555 541 3,778 430 1,128 FY22 FY23 FY24 FY25 H1 FY26 FY22 FY23 FY24 FY25 H1 FY26 Home Chargers Bus Charge Points 1,71,509 1,238 1,238 1,36,777 858 86,086 38,899 234 13,107 84 FY22 FY23 FY24 FY
Slide 42: Operational & Financial Highlights
Operational & Financial Highlights 42 tatapower.com tatapower.com
Slide 43: Q2 FY26 Operational Highlights
Q2 FY26 Operational Highlights Generation - Availability Plant Load or Capacity Utilization Factor AT&C Losses - Distribution IN % IN % IN % Temporarily suspended operations Temporarily suspended operations 100 100 100 98 98 98 100 100 100 75 77 75 95 98 70 91 90 24.2 23.1 21.4 50 46 45 43 54 30 32
Slide 44: H1 FY26 Operational Highlights
H1 FY26 Operational Highlights Generation - Availability Plant Load or Capacity Utilization Factor AT&C Losses - Distribution IN % IN % IN % 100 99 98 98 100 100 23.1 96 79 93 76 21.4 57 67 47 48 45 35 29 27 8.1 23 6.9 21 5.5 5.1 0.5 0.5 Thermal Mundra MO Hydro WIND SOLAR SOLAR MO- TPADL Thermal Mun
Slide 45: Financial Highlights – Q2 FY26
Financial Highlights – Q2 FY26 (IN ₹ Cr) Consistent PAT Growth Revenue EBITDA* Underlying EBITDA 3.4% 5.9% (including share of JVs and Associates) 2.9% -9.7% 2.5% Q2 FY26 15,769 Q2 FY26 4,032 2.6% Q2 FY26 4,161 Q1 FY26 17,464 Q1 FY26 3,930 Q1 FY26 4,060 Q2 FY25 15,247 Q2 FY25 3,808 Q2 FY25 4,043 *Re
Slide 46: Financial Highlights – H1 FY26
Financial Highlights – H1 FY26 (IN ₹ Cr) Resilient Financial Performance Revenue EBITDA* Underlying EBITDA 3.7% 11.2% (including share of JVs and Associates) 7.0% H1 FY26 33,233 H1 FY26 7,961 H1 FY26 8,220 H1 FY25 32,057 H1 FY25 7,158 H1 FY25 7,682 *Reported EBITDA includes other income PAT Reported
Slide 47: Comfortable Debt Position For Sustainable Growth
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) Q2 FY26 54,001 959 817 54,001 3,857 Q1 FY26 47,578 1,296 48,368 47,578 3,719 Q2 FY25 43,580 -3,497 -728 Balance Sheet continues to be strong YTDFY26 3.28
Slide 48: Annexures
Annexures 48 tatapower.com tatapower.com 126MWp Floating Solar Omkareshwar, Madhya Pradesh
Slide 49: Entity-wise Consolidated Performance – Q2 FY26
Entity-wise Consolidated Performance – Q2 FY26 ₹ Crore unless stated Particulars Op Income EBITDA^^ PAT Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 Consolidated before exceptional items 15,769 15,247 4,032 3,808 1,245 1,533 Standalone & Key Subsidiaries Tata Power (Standalone) 2,566 4,630 1,347
Slide 50: Entity-wise Consolidated Performance – H1 FY26
Entity-wise Consolidated Performance – H1 FY26 ₹ Crore unless stated Particulars Op Income EBITDA^^ PAT H1 FY26 H1 FY25 H1 FY26 H1 FY25 H1 FY26 H1 FY25 Consolidated before exceptional items 33,233 32,057 7,961 7,158 2,508 2,721 Standalone & Key Subsidiaries Tata Power (Standalone) 7,714 10,123 2,819
Slide 51: Cluster-wise Consolidated Performance – Q2 FY26
Cluster-wise Consolidated Performance – Q2 FY26 ₹ Crore unless stated Particulars Op Income EBITDA^^ PAT Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 Consolidated before exceptional items 15,769 15,247 4,032 3,808 1,245 1,533 Thermal Generation, Coal and Hydro 2,336 4,309 486 993 1 644 Maithon Po
Slide 52: Cluster-wise Consolidated Performance – H1 FY26
Cluster-wise Consolidated Performance – H1 FY26 ₹ Crore unless stated Particulars Op Income EBITDA^^ PAT H1 FY26 H1 FY25 H1 FY26 H1 FY25 H1 FY26 H1 FY25 Consolidated before exceptional items 33,233 32,057 7,961 7,158 2,508 2,721 Thermal Generation, Coal and Hydro 7,180 9,526 1,460 1,940 503 1,192 Ma
Slide 53: Tata Power (Consolidated) Performance
Tata Power (Consolidated) Performance ₹ Crore unless stated Particulars Q2 FY26 Q2 FY25 Var H1 FY26 H1 FY25 Var Quarter Variance Remarks Operating Income 15,769 15,247 522 33,233 32,057 1,177 Higher contribution from Odisha DISCOMs, Solar cells Operating Expenses 12,243 11,953 (290) 26,139 25,660 (4
Slide 54: Tata Power (Standalone) Financial Performance
Tata Power (Standalone) Financial Performance ₹ Crore unless stated Particulars Q2 FY26 Q2 FY25 Var H1 FY26 H1 FY25 Var Quarter Variance Remarks Mundra plant shutdown, lower PLF and efficiency Operating Income 2,566 4,630 (2,064) 7,714 10,123 (2,409) gain in Mumbai Generation Operating Expenses 1,98
Slide 55: Maithon Power Limited - Highlights
Maithon Power Limited - Highlights ₹ Crore unless stated Particulars Q2 FY26 Q2 FY25 Var H1 FY26 H1 FY25 Var Quarter Variance Remarks Generation (MUs) 1,876 1,904 (28) 3,708 3,971 (263) Sales (MUs) 1,869 1,892 (23) 3,699 3,934 (235) Availability (%) (Plant) 96% 93% 3% 95% 96% -1% PLF (%) 81% 82% -1%
Slide 56: Prayagraj Power Generation Co. Ltd. - Highlights
Prayagraj Power Generation Co. Ltd. - Highlights ₹ Crore unless stated Particulars Q2 FY26 Q2 FY25 Var H1 FY26 H1 FY25 Var Generation (MUs) 3,349 3,206 143 6,874 6,754 120 Sales (MUs) 3,157 3,017 140 6,484 6,371 113 Availability (%) 96% 92% 4% 98% 93% 5% PLF % 77% 73% 3% 79% 78% 1% Financials PBT 10
Slide 57: Tata Power Delhi Distribution Ltd. - Highlights
Tata Power Delhi Distribution Ltd. - Highlights ₹ Crore unless stated Particulars Q2 FY26 Q2 FY25 Var H1 FY26 H1 FY25 Var Quarter Variance Remarks Purchase (MUs) 3,577 3,481 97 6,874 6,843 31 Sales (MUs) 3,385 3,294 90 6,500 6,460 40 Revenue Per Unit 9.2 9.3 (0.1) 8.4 9.7 (1.2) PPC Per Unit 6.6 6.7
Slide 58: Odisha Discoms – Highlights
Odisha Discoms – Highlights ₹ Crore unless stated Particulars TPCODL TPSODL TPWODL TPNODL Total Total Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 Purchase (MUs) 3,410 3,196 1,216 1,163 2,946 2,867 2,103 1,944 9,675 9,170 Sales (MUs) 2,781 2,554 952 886 2,499 2,385
Slide 59: RE Generation
RE Generation ₹ Crore unless stated Particulars Q2 FY26 Q2 FY25 Var H1 FY26 H1 FY25 Var Quarter Variance Remarks Capacity - Total (MW) 5,746 5,029 717 5,746 5,028 717 Capacity - Wind (MW) 1,030 1,030 0 1,030 1,030 0 Capacity - Solar (MW) 4,715 3,998 717 4,715 3,998 717 Generation (MUs) 2,567 2,523 4
Slide 60: Solar EPC – Highlights
Solar EPC* – Highlights ₹ Crore unless stated Particulars Q2 FY26 Q2 FY25 Var H1 FY26 H1 FY25 Var Quarter Variance Remarks Operating Income 2,667 3,013 (692) 5,175 5,184 (18) -Large projects & Group Captive 1,534 2,575 (2,082) 3,219 4,346 (2,255) Higher third party utility scale project execution -S
Slide 61: TP Solar (4.3GW Cell & Module Plant) – Highlights
TP Solar (4.3GW Cell & Module Plant) – Highlights ₹ Crore unless stated Particulars Q2 FY26 Q2 FY25 Var H1 FY26 H1 FY25 Var Quarter Variance Remarks Module produced (MW) 970 879 91 1,920 1,493 427 Module sold (MW) 1026 918 108 1992 1,511 481 Cell produced (MW) 928 - 928 1,832 - 1,832 Financials Oper
Slide 62: Renewables – Consolidated View
Renewables – Consolidated View ₹ Crore unless stated Key Parameters - Renewables Q2 FY26 Q2 FY25 H1 FY26 H1 FY25 Revenue 3,613 1,920 7,239 4,297 EBITDA 1,575 1,002 3,142 1,956 PAT (before exceptional items) 511 300 1,042 573 Gross Debt 32,563 25,587 32,563 25,587 Net Debt 30,340 24,775 30,340 24,775
Slide 63: Regulated Equity
Regulated Equity ₹ Crore unless stated Particulars Q2 FY26 Q1 FY26 Q4 FY25 Q3 FY25 Q2 FY25 Q1 FY25 -Generation Mumbai Generation 1,736 1,736 1,425 1,717 1,718 1,738 Jojobera 551 551 551 551 551 551 Maithon Power Limited (100%) 1,665 1,665 1,643 1,643 1,684 1,684 Industrial Energy Limited (100%) 724
Slide 64: Regulated Assets
Regulated Assets ₹ Crore unless stated Particulars Q2 FY26 Q1 FY26 Q4 FY25 Q3 FY25 Q2 FY25 Q1 FY25 -Generation Mumbai Generation 1,340 779 834 714 694 711 Jojobera 38 33 32 38 39 34 Maithon Power Limited (100%) (192) (202) (326) (332) (311) (291) -Transmission Mumbai Transmission 1,553 1,637 1,711 1
Slide 65: Key Segments - Debt Profile
Key Segments - Debt Profile ₹ Crore unless stated Total Gross Debt (LT + ST) Company Q2 FY26 Q1 FY26 QoQ Tata Power (Standalone) 20,211 16,965 3,246 Maithon 1,591 1,426 165 Coal SPVs + TPIPL 3,701 3,799 (98) RE Gencos 27,890 26,571 1,319 TP Solar 4,400 4,389 11 TPDDL 1,044 1,199 (155) Odisha DISCOMs
Slide 66: Tata power - Debt Profile
Tata power - Debt Profile ₹ Crore unless stated Consolidated Particulars Q2 FY26 Q1 FY26 Q2 FY25 Rupee Forex Total Total Total Long term 45,935 6,425 52,360 48,730 39,232 Short term 5,909 - 5,909 2,602 5,675 Current Maturity of LT 6,875 - 6,875 8,816 9,085 Total Debt 65,144 60,148 53,992 Less: Cash
Slide 67: What sets us apart
What sets us apart
Slide 68: Deeply entrenched power company with history of more than 100 years
Deeply entrenched power company with history of more than 100 years 1910-1955 2012-2013 2014-2015 2023 2025 2021 • 1910: Incorporated as • 2014: Entered into • Took over the distribution • Received second tranche of • Tata Power crosses 1GW of RE Tata Hydroelectric Power • 2012: Commissioned 2nd ₹2,
Slide 69: Diversified business and hence stable margins
Diversified business and hence stable margins Revenue (₹ Cr) EBITDA (₹ Cr) Net Debt (₹ Cr) PAT*** (₹ Cr) Tata Power Company Limited (TPCL) Q2FY26 15,769 4,032 54,001 1,245 Thermal Generation, Renewables^ Transmission and Eliminations/ Others Coal & Hydro Distribution (Incl. corporate taxes, expenses
Slide 70: Thank You!
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 TO R R E L AT I O N S T E A M : Mr. Soundararajan Kasturi Mr. Anshul Verdia Chief – Treasury & Investor Relations Head – Investor Relations Email: kasturis@tatapower.com Email: anshul.verdia@tatapower.com
The Tata Power Company — Q2 FY26 Earnings Presentation on 6ix