Tata Power Company Limited · NSE:TATAPOWER
Tata Power — Investor Presentation (May 2025)
64 slides from Tata Power's investor presentation, May 2025
Slide 1: Powering India Today and Tomorrow
Powering India Today and Tomorrow
Slide 2: Agenda
TATA POWER « TATA Agenda Indian power Update: sector: 4.3 GW Cell Witnessing and Module strong tailwinds manufacturing "31 The Tata Power story oy, Key growth "54 — What sets drivers —_— » us apart Sustainability: At the core of all that we do Click on @ to explore
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Slide 4: India's most diversified and vertically integrated utility company
India’s most diversified and vertically integrated utility company 19,739 4,183 2,583 9,876 (4,236) (642) THERMAL CAPACITY FUEL STAKE RENEWABLES CAPACITY DISTRIBUTION LICENSE CUSTOMERS STAKE ENTITY BUSINESS STAKE Mundra 4,150 MW Coal 100% MODEL Solar Power 4,516 MW Mumbai 0.79 Mn 100% Trombay 930 MW
Slide 5: Deeply entrenched power company with history of more than 100 years
Deeply entrenched power company with history of more than 100 years • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •
Slide 6: Generation, Transmission and Distribution assets spread across India
TATA POWER Generation, Transmission and Distribution assets spread across India Capacity Mix (Domestic + 8,860 mw 1,034 mw 4 Thermal Wind International) | 25,668 mw 443 mw 4,516 mw Total capacity Waste Heat Solar (Operational + Under construction) Recovery /BFG Distribution of installed capacity (Do
Slide 7: Assets located outside India
TATA POWER TATA Assets located outside India Bhutan, Khorlochhu 1 26 mw 26% 600 mw | 40% nstaliedcapacity | PCL stake Pipeline capacity | TPCL stake 187 mw | 50% Installed capacity TPCL stake Indonesia Coal Mines Zambia, Itezhi Tezhi (ITPC) a Coal mines | Tata Power Share % “ 120 mw 50% Kaltim Prima
Slide 8: Clean & Green to account for ~65% capacity post project completions
Clean & Green to account for ~65% capacity post project completions Tata Power Capacity Current Operational Capacity share (IN MW) (IN %) 5%3% Thermal 5% 2,777 25,668 6% Solar Hydro 2,800 56% Wind 1,902 25% Hybrid 1,725 724 15,733 11 720 WHRS 880 443 835 3,991 Capacity share post completion of 8,860
Slide 9: India power sector witnessing strong tailwinds
«a TATA POWER» TATA India power sector Witnessing strong tailwinds
Slide 10: Power Demand is up 4.2% Y-o-Y in FY25 despite unfavourable base
Power Demand is up 4.2% Y-o-Y in FY25 despite unfavourable base (IN BUs) (IN %) (IN KW H) 30,000 175.0 25% 85% 7% 1.2x 155.0 80% 20% 25,000 6% 1.1x 80% 1,360 units 1.01x 135.0 6.0% 74% 1.0x 14% 15% 75% 20,000 5% 115.0 India’s Power 11% 73% 5.5% 4.8% 4.9% Consumption Per Capita 0.9x 9% 10% 70% 4% 0.9
Slide 11: RE accounted for 89% of Capacity additions in India during FY25
RE accounted for 89% of Capacity additions in India during FY25 Total Installed Capacity in India ~13.2 GW added in Q4FY25 33.4 GW added in FY25* Renewables (incl. Hydro) accounted currently stands at 475 GW (IN GW) (IN GW) for ~89% of capacity additions in FY25 (IN %) 0.1 11
Slide 12: India is targeting 500 GW RE capacity by 2030
TATA POWER « TATA India is targeting 500 GW RE capacity by 2030 implies ~50 GW additions annually 500 GW by 2030 Aspirational capacity addition target 221 GW Installed by Mar 2025 106 GW Solar 50 GW Wind 12 GW Biomass 48 GW Hydro Power 5 GW Small Hydro In pipeline ~ 100 GV of projects under implemen
Slide 13: RE auctions continue to gain momentum; at a record ~57 GW in FY25
RE auctions continue to gain momentum; at a record ~57 GW in FY25 60.0 1.7 1.4 0.6 6.2 4.8 50.0 4.4 4.4 7.3 10.6 4.3 4.1 4.1 40.0 5.4 0.8 2.5 3.8 9.3 3.8 3.6 3.6 30.0 3.3 3.3 3.3 3.3 3.2 3.2 3.4 6.6 3.3 3.2 3.2 3.2 3.1 2.8 2.8 3.1 20.0 2.5 2.7 34.6 2.8 2.7 0.3 2.5 0.1 2.5 2.7 2.7 0.4 1.9 2.5 2.4 1.4
Slide 14: USD110 Bn transmission capex anticipated in India between FY25-32E
USD110 Bn transmission capex anticipated in India between FY25-32E (USD Bn) ₹ Bn) 32 78
Slide 15: While green shoots are visible in distribution sector, major concerns remain
1,05,330 1,02,780 83,716 59,127 25,016 26,242 20,353 25,419 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Current While green shoots are visible in distribution sector, major concerns remain Key challenges for State DISCOMs Increased power Shift of subsidizing C&I customers Limitation on taking purchase cost t
Slide 16: S|,
S|,
Slide 17: LMI
+a e = LMI Uti),
Slide 18: Clean & Green capacity roadmap and pipeline
Clean & Green capacity roadmap (GW) Clean & Green capacity pipeline Clean & Green to account for 65% of (MW) total capacity post project completions
Slide 19: Tata Power is the market leader in Solar Rooftop EPC
TATA POWER Tata Power is the market leader in Solar Rooftop EPC Solar Rooftop has grown at 17% CAGR in the past 4 years (MW) ~17% CAGR 2,196 746 1,534 1,351 1,039 411 2019 2020 2021 2022 Commercial Mindustrial ml Residential Source:- Bridge to India 2,855 2023 India has 14.5 GW of installed Solar Ro
Slide 20: ~36% CAGR
~ 36% CAGR %11,000Cr 26,500 Cr 32,210 Cr 1,715 Cr FY24 FY25 FY28E FY30E
Slide 21: PM Surya Ghar Yojna: focus area for coming years
TATA POWER PM Surya Ghar Yojna (PMSGY): Will be the focus area for coming years Salient features of PMSGY Scheme rd la Households with Solar Rooftops 711,000 « Budget allocated for FY25 20,000 «. Budget for FY26 re 3 mn Households Tata Power's target for next 3-4 years Advance payment by customer to
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Slide 23: Transmission project pipeline
2027 ERES XXXIX Transmission 100% 377 Ckt Kms ₹2,500 Cr December, 2027 ₹290 Cr Paradeep 2026 Transmission 100% 384 Ckt Kms ₹2,300 Cr November, 2026 ₹256 Cr Rajasthan Phase 100% 682 Ckt Kms ₹1,544 Cr December, 2025 ₹163 Cr IV Part C Jalpura Khurja Power 100% 162 Ckt Kms ₹756 Cr October, 2025 ₹92 Cr T
Slide 24: Emerging Distribution business opportunities across India
TATA POWER TATA Emerging Distribution business opportunities across India 6 AG: Agricultural | MBC: Metering, Billing & Collection | HAM: Hybrid Annuity Model What we have achieved Customers across 7 DISCOMS @ Rajasthan 12.8 Mn Geography covered: Pan Rajasthan Business model: * Development of distri
Slide 25: Key growth driver: Pumped Storage & Hydro Power Plant
«a TATA Key growth driver G) Pumped Storage (PSP) & Hydro Power Plant (HPP)
Slide 26: Pumped Storage Hydro Plants (PSP) - Project Update
Pumped Storage Hydro Plants (PSP)- 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 Existing Shirwat
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Slide 28: MoU with Druk Green Power to develop 5,100 MW clean energy 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 5 GW Existing hydro station Chamkharchhu IV Proposed Hydro Bhutan’s vision 2040 for solar 740 MW HPP Power Plants (HPP) Dorjilung Khorlochhu 2.4 GW Potenti
Slide 29: Khorlochhu hydro power project details
Khorlochhu hydro power project details 600 MW 1.12% Total project capacity Aux power consumption 40% >95% Tata Power Stake Availability 90.62% 48% Average TG efficiency Plant load factor 752.20 M 145 Km Minimum head Transmission line (to be constructed by Double circuit 400 Bhutan Power corporation)
Slide 30: Hydro capacity to rise to ~5 GW once PSP and Bhutan hydro projects come online
TATA POWER Hydro capacity to rise to ~5 GW once PSP and Bhutan hydro projects come online Hydro overview: Plant capacity addition (MW) Dorjilung** 1,125 MW. Shirwata 1800 MW 4967 Bhivpuri ’ oo Units Bhivpuri Upgraded 1000 MW 3242 | to 12 MW o 3842 Khopoli Bhivpuri_~—_Bhira Khopoli Bhira Bhira chia K
Slide 31: Update: 4.3 GW Cell and Module manufacturing
« TATA POWER = TATA Update —, ps —64.3 GW © 2 - Celland Module ® manufacturing 6 - px fi 7 " /raae ——- ge ee
Slide 32: ~5 GW of integrated solar module manufacturing capacity across two locations
TATA POWER TATA ~5 GW of integrated solar module manufacturing capacity across two locations in India Our competitive advantage State-of-the-art new manufacturing facility enables us to focus on cost-effective and high-quality output Bengaluru manufacturing plant has been a pioneer in solar cell and
Slide 33: 4.3 GW Cell and Module Manufacturing Plant has ramped up successfully
4.3 GW Cell and Module Manufacturing Plant has ramped up successfully 4.3GW Module plant First Cell out(FCO) of All Four Cell lines (1GW each) operating at >90% 0.3GW TOPCon Pilot Cell have ramped up utilisation line ~3.70 ~3.70 0.88 3.29 0.93 0.87 0.65 0.85 0.61 0.20 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25
Slide 34: Own Utility scale EPC; Third party EPC, Rooftop and external sales
Own Utility scale EPC Own Utility scale EPC Third party EPC, Rooftop and external sales Third party EPC, Rooftop and external sales
Slide 35: What sets us apart
TATA POWER TATA What sets us apart
Slide 36: Financial performance consistently improving over the years
TATA POWER TATA Financial performance consistently improving over the years Revenue (in = Cr) 64,502 FY25 FY24 FY23 FY22 FY21 FY20 61,542 56,033 42,576 33,239 28,948 Reported PATA (in = Cr) 4,775 FY25 FY24 4,280 FY23 3,810 FY22 2,156 1,439 1,316 FY21 FY20 EBITDA (in Z Cr) 14,468° FY25 FY22 FY20 ROE
Slide 37: EBITDA mix by segment FY24 to FY30E
3% 11% Traditional Generation + Others Pumps Storage & Hydro 21% Transmission 58% Distribution 7% Renewables FY 24 FY 25 FY 26E FY 27E FY 28E FY 29E FY 30E Traditional Generation + Others Pumps Storage & Hydro Transmission Distribution Renewables
Slide 38: Confident of strong financial performance continuing till FY30E
« TATA POWER TATA Confident of strong financial performance continuing till FY30E FY25 FY30E Share of EBITDA (%) 7 Revenue 38 28 764,502 Cr Moye < 1,00,000 Cr 8 ~1.6x growth 51 2 29 2 EBITDA FY25 FY30E Ml Renewables PsP T&D Ml Conventional Generation, Coal & Shipping Il Others* 214,468 Cr Me © 30,00
Slide 39: 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 requirements (In ₹ Cr) (In ₹ Cr) Balance Sheet continues to be strong Q3 FY25 Net Debt Cash from Operations Income from JVs Others WC Changes Interest payments & Business as Usual Debt Q4 FY25
Slide 40: Sustainability: At the core of everything we do
TATA POWER At the core of "as @ everything SGsa@ wedo
Slide 41: Our sustainability aspirations
Our sustainability aspirations Become Net Zero Become Water Zero Waste to No Net Loss to Leverage technology to by 2045 Neutral by 2030 Landfill by 2030 Biodiversity by 2030 create the 'Utility of the Future’ (IOT, Smart Grids, BESS, Green H2, robotic panel cleaning etc.) Enabling Progressive practi
Slide 42: 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 • ~ 65% Clean and Green Capacity, post project completions Net Zer
Slide 43: 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 44: Gradually improving our ESG ratings
Gradually improving our ESG ratings CDP – Climate Change CDP – Water S&P - CSA MSCI Sustainalytics
Slide 45: Annexures
Annexures tatapower.com tatapower.com 45 126MWp Floating Solar Omkareshwar, Madhya Pradesh
Slide 46: Entity-wise Consolidated Performance - Q4 FY25
Entity-wise Consolidated Performance - Q4 FY25 Particulars Op Income EBITDA^^ PAT Q4 FY25 Q4 FY24 Q4 FY25 Q4 FY24 Q4 FY25 Q4 FY24 Consolidated before exceptional items 17,328 16,256 3,829 3,358 1,288 1,109 Standalone & Key Subsidiaries Tata Power (Standalone) 5,756 5,133 1,215 1,632 409 846 Maithon
Slide 47: Entity-wise Consolidated Performance - FY25
Entity-wise Consolidated Performance - FY25 Particulars Op Income EBITDA^^ PAT FY25 FY24 FY25 FY24 FY25 FY24 Consolidated before exceptional items 64,502 61,542 14,468 12,701 5,197 4,109 Standalone & Key Subsidiaries Tata Power (Standalone) 21,288 20,297 6,905 5,957 3,133 2,230 Maithon Power (MPL) *
Slide 48: Cluster-wise Consolidated Performance - Q4 FY25
Cluster-wise Consolidated Performance - Q4 FY25 Particulars Op Income EBITDA^^ PAT Q4 FY25 Q4 FY24 Q4 FY25 Q4 FY24 Q4 FY25 Q4 FY24 Consolidated before exceptional items 17,328 16,256 3,829 3,358 1,288 1,109 Thermal Generation, Coal and Hydro 5,288 4,855 1,073 787 626 271 Maithon Power Limited (MPL)
Slide 49: Cluster-wise Consolidated Performance - FY25
Cluster-wise Consolidated Performance - FY25 Particulars Op Income EBITDA^^ PAT FY25 FY24 FY25 FY24 FY25 FY24 Consolidated before exceptional items 64,502 61,542 14,468 12,701 5,197 4,109 Thermal Generation, Coal and Hydro 19,739 19,614 4,183 3,780 2,583 2,074 Maithon Power Limited (MPL) * 2,954 3,3
Slide 50: Tata Power (Consolidated) Performance
Tata Power (Consolidated) Performance Particulars Q4 FY25 Q4 FY24 Var FY25 FY24 Var Quarter Variance Remarks Higher availability & PLF and lower under-recovery in Mundra Operating Income 17,329 16,256 1,073 64,502 61,542 2,960 and higher billing efficiency in Odisha DISCOMs Operating Expenses 13,850
Slide 51: Tata Power (Standalone) Financial Performance
Tata Power (Standalone) Financial Performance Particulars Q4 FY25 Q4 FY24 Var FY25 FY24 Var Quarter Variance Remarks Operating Income 5,756 5,133 623 21,288 20,297 991 Higher PLF in Mundra, higher carrying cost on RA offset Operating Expenses 4,748 4,206 (542) 16,873 16,193 (680) by lower availabili
Slide 52: Maithon Power Limited - Highlights
Maithon Power Limited - Highlights Particulars Q4 FY25 Q4 FY24 Var FY25 FY24 Var Quarter Variance Remarks Generation (MUs) 1,502 2,054 (552) 7,253 8,179 (926) Sales (MUs) 1,738 1,949 (211) 7,138 8,017 (879) Availability (%) (Plant) 83% 94% 87% 95% PLF (%) 79% 90% 79% 89% Financials Operating Income
Slide 53: Prayagraj Power Generation Co. Ltd. - Highlights
Prayagraj Power Generation Co. Ltd. - Highlights Particulars Q4 FY25 Q4 FY24 Var FY25 FY24 Var Quarter Variance Remarks Generation (MUs) 3,215 2,999 216 12,987 12,699 288 Sales (MUs) 3,040 2,832 208 12,256 11,973 283 Availability (%) 87% 80% 7% 87% 83% 4% PLF % 75% 70% 5% 75% 73% 2% Financials Opera
Slide 54: Tata Power Delhi Distribution Ltd. - Highlights
Tata Power Delhi Distribution Ltd. - Highlights Particulars Q4 FY25 Q4 FY24 Var FY25 FY24 Var Quarter Variance Remarks Purchase (MUs) 2,176 2,208 (32) 11,435 10,658 778 Sales (MUs) 2,068 2,077 (9) 10,807 10,024 783 Revenue Per Unit 9.2 10.5 (1.3) 9.5 10.0 (0.5) PPC Per Unit 7.5 7.6 (0.0) 7.1 7.6 (0.
Slide 55: Q4 FY25 Odisha Discoms – Highlights
Q4 FY25 Odisha Discoms – Highlights Particulars TPCODL TPSODL TPWODL TPNODL Q4 FY25 Q4 FY24 Q4 FY25 Q4 FY24 Q4 FY25 Q4 FY24 Q4 FY25 Q4 FY24 Purchase (MUs) 2,553 2,445 1,097 1,040 2,852 3,245 1,653 1,598 Sales (MUs) 2,131 1,943 852 748 2,415 2,802 1,498 1,378 Revenue per unit 6.8 6 .7 8.2 6.9 7.0 6.5
Slide 56: FY25 Odisha Discoms – Highlights
FY25 Odisha Discoms – Highlights Particulars TPCODL TPSODL TPWODL TPNODL FY25 FY24 FY25 FY24 FY25 FY24 FY25 FY24 Purchase (MUs) 11,981 11,299 4,576 4,345 11,831 12,752 7,389 7,047 Sales (MUs) 9,692 8,853 3,507 3,195 9,912 10,644 6,468 6,017 Revenue per unit 6.1 5.9 6.9 6.6 6.4 6.3 6.2 5.9 Power Cost
Slide 57: RE Generation
RE Generation* Particulars Q4 FY25 Q4 FY24 Var FY25 FY24 Var Quarter Variance Remarks Capacity - Total (MW) 5,540 4,515 1,026 5,540 4,515 1,026 Capacity - Wind (MW) 1,030 1,030 0 1,030 1,030 0 Capacity - Solar (MW) 4,510 3,485 1,026 4,510 3,485 1,026 Generation (MUs) 2,660 2,031 629 9,894 8,067 1,82
Slide 58: Solar EPC – Highlights
Solar EPC* – Highlights Particulars Q4 FY25 Q4 FY24 Var FY25 FY24 Var Quarter Variance Remarks Operating Income 3,110 4,287 (1,177) 10,043 11,726 (1,682) -Large projects & Group Captive 2,246 3,671 (1,425) 7,833 10,011 (2,178) -Solar Rooftop 864 616 248 2,210 1,715 495 Operating expenses 2,888 3,958
Slide 59: TP Solar (4.3GW Cell & Module Plant) – Highlights
TP Solar (4.3GW Cell & Module Plant) – Highlights Particulars Q4 FY25 Q4 FY24 Var FY25 FY24 Var Module produced (MW) 879 130 749 3291 130 3,161 Module sold (MW) 913 109 804 3241 109 3,132 Cell produced (MW) 650 - 650 846 - 846 Financials Operating Income 1,506 233 1,273 5,337 233 5,104 Operating exp
Slide 60: Renewables – Consolidated View
Renewables – Consolidated View Key Parameters - Renewables Q4 FY25 Q4 FY24 FY25 FY24 Revenue 3,457 3,457 9,876 10,175 EBITDA 1,372 947 4,317 3,422 PAT (before exceptional items) 469 289 1,256 849 Gross Debt 29,605 19,524 29,605 19,524 Net Debt 27,585 18,294 27,585 18,294 Net Worth 13,501 12,915 13,5
Slide 61: Regulated - Equity And Assets
Regulated - Equity And Assets Particulars Q4 FY25 Q3 FY25 Q2 FY25 Q1 FY25 Q4 FY24 Regulated Equity Mumbai Operation 4,778 4,927 4,913 4,935 4,914 Jojobera 551 551 551 551 554 Tata Power Delhi Distribution (100%) 2,070 2,052 2,035 2,018 2,008 TP Central Odisha Dist Ltd (100%) 849 719 695 705 705 TP S
Slide 62: Key Segments - Debt Profile
Key Segments - Debt Profile Total Gross Debt (LT + ST) Company Quarterly movement Remarks Q4 FY25 Q3 FY25 QoQ Q4 FY24 YoY Tata Power (Standalone) 16,777 16,935 (158) 19,498 (2,721) Maithon 1,276 1,327 (51) 1,600 (324) Coal SPVs + TPIPL 4,001 4,089 (88) 4,161 (160) RE Gencos 24,590 22,249 2,341 17,83
Slide 63: Tata power - Debt Profile
Tata power - Debt Profile Consolidated Particulars Q4 FY25 Q3 FY25 Q4 FY24 Rupee Forex Total Total Total Long term 43,280 850 44,130 40,880 37,622 Short term 4,076 420 4,496 4,286 5,000 Current Maturity of LT 6,788 2,731 9,520 9,670 6,858 Total Debt 58,146 54,835 49,480 Less: Cash & Cash Equivalents
Slide 64: Investor Relations Team
TATA POWER Investor Relations Team Mr. Soundararajan Kasturi Chief — Treasury & Investor Relations Email: kasturis@tatapowercom Mr. Rajesh Lachhani Head — Investor Relations Email: rajesh.lachhani@tatapowercom www.tatapower.com
Tata Power Company — Investor Presentation (May 2025) on 6ix