Tata Power Company Limited · NSE:TATAPOWER
Tata Power — The Tata Power Company — Q2 FY26 Earnings Presentation
71 slides from Tata Power's earnings presentation, Nov 11, 2025
Slide 1: Exchange filing cover letter: Presentation to Analysts
G TATA November 11, 2025 BSE Limited National Stock Exchange of India Limited Corporate Relationship Department Exchange Plaza, 5th Floor 1st Floor, New Trading Ring Plot No. C/1, G Block Rotunda Bldg., P. J. Towers Bandra-Kurla Complex Dalal Street, Fort Bandra (East) Mumbai – 400 001. Mumbai – 400
Slide 2: 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 3: Disclaimer
il'ATA POWER 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 affil
Slide 4: 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 5: About Tata Power Company Limited (TPCL)
About Tata Power Company Limited (TPCL) 4 tatapower.com tatapower.com
Slide 6: India's largest vertically-integrated power company
G TATA POWER TATA 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)
Slide 7: Generation, Transmission and Distribution assets spread across India
G TATA POWER TATA Generation, Transmission and Distribution assets spread across India Total Capacity 26,326 MW 15,953 MW + 10,373 MW Under construction Operational (Operational + Under construction) (Entirely Clean & Green) Operational Capacity 8,860 MW 4,736 MW 1,034 MW 880 MW 443 MW Thermal Solar
Slide 8: Assets located outside India
G TATA POWER TATA 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 C
Slide 9: Financial performance consistently improving over the years
G TATA POWER TATA 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 FY25 14,468 FY25 15,261 FY 25 64,502 FY24 12,701 FY24 13,878 FY 24 61,542 FY23 10,068 FY23 13,268 FY 23 56,033 FY
Slide 10: Clean & Green to account for ~66% capacity post project completions
G TATA POWER TATA 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
Slide 11: 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 12: Our sustainability aspirations
G TATA POWER TATA 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
Slide 13: Taking leaps towards our ESG goals
G TATA POWER TATA 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 c
Slide 14: Achieving 100% Clean & Green power generation by 2045
G TATA POWER TATA 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 portfol
Slide 15: Gradually improving our ESG ratings
G TATA POWER TATA Gradually improving our ESG ratings 2025 2024 2023 2022 2021 2020 2019 B B B C C D DISCLOSURE INSIGHT ACTION CDP – Climate Change 0 B- DISCLOSURE INSIGHT ACTION 0 B B B B C F CDP – Water S&PGlobal 0 76* 68 67 67 67 - 48 S&P - CSA (Higher score is better) MSCl 8 0 A A BBB BBB BB BB
Slide 16: Powering Biodiversity Conservation
T. G TATA Powering Biodiversity Conservation Present across 5 Ecosystems --- -:+:-• •• ""T'" Biodiversity Action Plans for all sites -'~= - (ii.I , ~=~ MADHYA PIIAOUH \ "f \ TNFD disclosures in Integrated Report 1 ------ ' ""T'" No Net Loss for Biodiversity Action plan for 60 solar sites & 22 wind s
Slide 17: Empowering Communities
G TATA POWER TATA 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+
Slide 18: Key Programmes Footprint and Inclusion Focus
TATAPO .E •T• TATA Key Programmes Footprint and Inclusion Focus r. CSR footprint Tata Power footprint - •' HIMACHAL PRADESH Density areas tif 9 ii DELHl t. ~ g ■ TP presence iiit 'iJ !Ht U-TTAA PiRA - 1 tif :d 2 r. I RAJASTHAN " g GUJARAT I ODISHA A g f;_ ~ MAHAAASHTRA - ' - - - 'ih <?- ~r. 2 lif '<
Slide 19: Thought Leadership for Social Inclusivity
TATAPO .E •T• TATA 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-giv
Slide 20: Institutional Structures and Systems
G TATA POWER TATA 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
Slide 21: Robust Governance Structure in place
G TATA POWER TATA 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 ✓ Related Party Transactions Policy, Framework & Guidelines [ Nomination and Remuneration Commit
Slide 22: Awards & Recognition
Awards & Recognition G TATA POWER TATA 'ranviTHE (jjHEJ.\T Dl,.Fl!Rl!NT... BUT NO Ll!SS API\.M9Y ANUPAM KHER MAHATMA 19'" July 2025 AWARD ~ Audl6 PVR. Phoe nix Palladium. L ower Pere l. M umbai P ay Autentl on lmmersive Exper ience Zone e t 10:00 AM Scr eening s t a rts s harp at 10:3 0 AM .,,,,,. -
Slide 23: Industry Highlights
Industry Highlights 22 tatapower.com tatapower.com
Slide 24: Power Demand increased 3.3% YoY in Q2 FY26
G TATA POWER TATA 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 1
Slide 25: RE accounted for 83% of Capacity additions in India during H1FY26
G TATA POWER TATA 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.
Slide 26: Cell & Module Prices Rebound from Lows; Indonesia Coal Moderates YoY
G TATA POWER TATA 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
Slide 27: H1 FY26 RE Auctions dominated with Storage bids
G TATA POWER TATA 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 •••••4.8 4.4 4.4 •·· ........... . .... •· 40 4.3 4.1 4.1 •· ......... ·• ...... .·. · 3.8 3.3 3.3 .... 3.6 ··•. 3.3 .. .. 3.3 .
Slide 28: Transmission auction bids should continue to gain momentum in FY26
G TATA POWER TATA 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
Slide 29: India Distribution: On the mend but concerns remain
G TATA POWER TATA 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 2
Slide 30: Business Highlights
Business Highlights 29 tatapower.com tatapower.com 102MW Floating Solar Plant, Kayamkulam, Kerela
Slide 31: Q2 FY26: Key Highlights
G TATA POWER TATA 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
Slide 32: Solar Cell and Module Manufacturing – Steep Ramp up, Realising Synergies
G TATA POWER TATA 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 Q
Slide 33: Solar Rooftop – Record Execution and Robust Pipeline
G TATA POWER TATA 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
Slide 34: Odisha Discoms – Highlights
G TATA POWER TATA 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 lakh
Slide 35: Strong Pipeline of Hybrid/FDRE Projects
G TATA POWER TATA 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 •I 4.71 T 3.60 • 4.91 •I 4.77 e-RA date • 7 Nov 2023 T • 22 Mar 2024 7
Slide 36: MoU with Druk Green Power to develop 5,100 MW clean energy projects in Bhutan
G TATA POWER TATA 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 Khorloc
Slide 37: Construction has begun at Khorlochhu HPP, Bhutan
G TATA POWER TATA 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 Ava
Slide 38: Groundbreaking Imminent – Dorjilung HPP Bhutan
G TATA POWER TATA 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 tak
Slide 39: Energy Storage- Pumped Storage Hydro Plants - Project Update
G TATA POWER TATA 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 L
Slide 40: Transmission – Majority of the projects expected to be commissioned in FY 2026
G TATA POWER TATA Transmission – Majority of the projects expected to be commissioned in FY 2026 Year Project Tata Power Stake Transmission Line Commissioning I FY 2028 Gopalpur Transmission 100% 377 Ckt Kms FY 2028 Limited FY 2027 Paradeep Transmission 100% 384 Ckt Kms FY 2028 Limited Bikaner Trans
Slide 41: T&D Business - Robust Financial Performance with continuous PAT growth
G TATA POWER TATA 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
Slide 42: Tata Power – EZ Charge
G TATA POWER TATA 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 TATA POWER EZ CHARGE 1,128 I 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 86,0
Slide 43: Operational & Financial Highlights
Operational & Financial Highlights 42 tatapower.com tatapower.com
Slide 44: Q2 FY26 Operational Highlights
G TATA POWER TATA 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
Slide 45: H1 FY26 Operational Highlights
G TATA POWER TATA 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 11 11 -- 11 II 21 23 0.5 0.5 - 5.5 5.1 6.9 - Thermal (excl. Mundra * M
Slide 46: Financial Highlights – Q2 FY26
G TATA POWER TATA 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 l Q1 FY26 3,930 l Q1 FY26 4,060 l Q2 FY25 15,247 Q2 FY25
Slide 47: Financial Highlights – H1 FY26
G TATA POWER TATA 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 i
Slide 48: Comfortable Debt Position For Sustainable Growth
G TATA POWER TATA 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 s
Slide 49: Annexures
Annexures 48 tatapower.com tatapower.com 126MWp Floating Solar Omkareshwar, Madhya Pradesh
Slide 50: Entity-wise Consolidated Performance – Q2 FY26
Entity-wise Consolidated Performance – Q2 FY26 G TATA POWER TATA ₹ 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)
Slide 51: Entity-wise Consolidated Performance – H1 FY26
Entity-wise Consolidated Performance – H1 FY26 G TATA POWER TATA ₹ 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)
Slide 52: Cluster-wise Consolidated Performance – Q2 FY26
Cluster-wise Consolidated Performance – Q2 FY26 G TATA POWER TATA ₹ 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 99
Slide 53: Cluster-wise Consolidated Performance – H1 FY26
Cluster-wise Consolidated Performance – H1 FY26 G TATA POWER TATA ₹ 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
Slide 54: Tata Power (Consolidated) Performance
Tata Power (Consolidated) Performance G TATA POWER TATA ₹ 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
Slide 55: Tata Power (Standalone) Financial Performance
Tata Power (Standalone) Financial Performance G TATA POWER TATA ₹ 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 Opera
Slide 56: Maithon Power Limited - Highlights
Maithon Power Limited - Highlights G TATA POWER TATA ₹ 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% P
Slide 57: Prayagraj Power Generation Co. Ltd. - Highlights
Prayagraj Power Generation Co. Ltd. - Highlights G TATA POWER TATA ₹ 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%
Slide 58: Tata Power Delhi Distribution Ltd. - Highlights
Tata Power Delhi Distribution Ltd. - Highlights G TATA POWER TATA ₹ 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
Slide 59: Odisha Discoms – Highlights
Odisha Discoms – Highlights G TATA POWER TATA ₹ 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 9
Slide 60: RE Generation
RE Generation G TATA POWER TATA ₹ 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 (
Slide 61: Solar EPC – Highlights
Solar EPC* – Highlights G TATA POWER TATA ₹ 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 pr
Slide 62: TP Solar (4.3GW Cell & Module Plant) – Highlights
TP Solar (4.3GW Cell & Module Plant) – Highlights G TATA POWER TATA ₹ 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 - 1,8
Slide 63: Renewables – Consolidated View
Renewables – Consolidated View G TATA POWER TATA ₹ 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
Slide 64: Regulated Equity
Regulated Equity G TATA POWER TATA ₹ 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 L
Slide 65: Regulated Assets
Regulated Assets G TATA POWER TATA ₹ 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
Slide 66: Key Segments - Debt Profile
Key Segments - Debt Profile G TATA POWER TATA ₹ 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 (1
Slide 67: Tata power - Debt Profile
Tata power - Debt Profile G TATA POWER TATA ₹ 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
Slide 68: What sets us apart
\ What sets us apart
Slide 69: 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 70: Diversified business and hence stable margins
G TATA POWER TATA 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. corpora
Slide 71: 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