Tata Power Company Limited · NSE:TATAPOWER
Tata Power — The Tata Power Company — Q3 FY26 Earnings Presentation
71 slides from Tata Power's earnings presentation, Feb 4, 2026
Slide 1: The Tata Power Company Limited (TPCL) Financial Results Q3 FY26
The Tata Power Company Limited (TPCL) FINANCIAL RESULTS – Q3 FY26 4th February 2026
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 43 Operational & Financial Highlights 49 Annexures 68 What sets us Apart
Slide 4: The Tata Power story
The Tata Power story
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 GW Under Construction) (Installed capacity) Transmission Distrib
Slide 6: Generation, Transmission and Distribution assets spread across India
Generation, Transmission and Distribution assets spread across India Total Capacity 26,346 MW 16,310 MW 10,036 MW Operational Under construction (Operational + Under construction) (Entirely Clean & Green) Operational Capacity 8,860 MW 4,906 MW 1,221 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 78 MT Za
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) 47,719 11,874* 12,331** 9M FY26 9M FY26 9M FY26 64,502 14,468 15,261 61,542 12,701 13,878 56,033 10,068 13,268 42,576 8,192 10,134 33,239 7,978 8,851 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% 1,812 26,346 6% 2,800 5% Thermal 5% 2,447 Solar 1,725 16.3 Hydro 807 GW 54% Wind 911 16,310 445 Hybrid 443 27% 880 835 WHRS* 4,381 8,860 Total Capacity incl. pipe
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 • ~ 46% 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 77 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 31th Dec 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 41.91 lakhs lakhs (FY25) Outreach FY26 Public Private Improving Far Reaching Reaching out by Strengthening Community Institutions (9MFY26) 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 100+ 21 Institutional Aspirational Synergies Districts 20+ Lakhs 13+ Lakhs Beneficiaries Lives touched through covered Essential Enablers 40% AA 3000+ Women SHGs Beneficiaries 110+ 52000+ Districts Villages Key Flagships – Adhikaar, Roshni, Anokha Dhaaga,
Slide 18: Thought Leadership for Social Inclusivity
Thought Leadership for Social Inclusivity • Pay Autention Bridgital Network, the toll-free helpline, purple directory, and E-Sanidhya web platform promotes phygital support services and capability-building for neurodiverse individuals & care-givers; easing home-care & early diagnosis in India • 20,0
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 E-Sanidhya (powered by NIEPID & Pay TPSODL has been conferred with the TPSODL CSR Team has been honored with Autention) - Powering the neurodiversity esteemed ICSI CSR Excellence Award, 2025 the Prestigious Odisha CSR Form Award for ecosystem was presented at the Internation in
Slide 22: Industry Highlights
Industry Highlights 22
Slide 23: Power Demand in Q3 FY26 flat while Dec-25 increased by 7% YoY
Power Demand in Q3 FY26 flat while Dec-25 increased by strong 7% YoY 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% 7% 1
Slide 24: RE accounted for 84% of Capacity additions in India during Q3 FY26
RE accounted for 84% of Capacity additions in India during Q3 FY26 Total Installed Capacity in India ~13 GW added in Q3FY26 ~45 GW added in 9MFY26 Renewables (incl. Hydro) added currently stands at 514 GW (IN GW) (IN GW) 38 GW in 9MFY26 (IN GW) (IN %) 10.0 Thousands 9.0 0.6 0.0 3% 3% 6% 2% 2% 1% 1%
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 470 0.3 42 1.2 400 0.25 35 1 330 0.2 28 0.8 0.15 260 21 0.6 0.09 190 14 0.4 0.1 7.96 0.05 7 0.2 0.05 120 107 0.18 101 0 0 0 50
Slide 26: 9M FY26 RE Auctions dominated with Storage bids
9M FY26 RE Auctions dominated with Storage bids Minimum e-reverse auction tariff’s in 9M FY26 Renewable energy auction volumes (₹/kWh) (GW) 8.0 60 7.0 50 6.0 40 5.0 4.0 30 3.0 20 2.0 10 1.0 0.0 0 FY20 FY21 FY22 FY23 FY24 FY25 9M FY26 FY21 FY22 FY23 FY24 FY25 9M FY26 Solar Wind Hybrid Solar Wind Stor
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 (in ₹ Bn) between FY25-32E Intra-State, 1,577 ₹2.7 tn Transmission Auction (₹ bn) Inter-State Transmission System Intra-State Transmission System Inter-State,
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 DISCOM overdues declining in the past two years (IN ₹ Cr) 1,05,330 1,02,780 All India basis 83,716 26.6 25.7 25.5 59,127 23.7 23.7 22.6 22.3 21.6 21.5 39,354 20.7 25,016 26,242 20,353 16.4 16.3 15.
Slide 29: Business Highlights
Business Highlights 29
Slide 30: Q3 FY26: Key Highlights
Q3 FY26: Key Highlights Key RooftopHighlights business executed Odisha DISCOMS profit after Commissions 919 MW of utility record 1GWp in 9M FY26 scale renewable projects (third Tata Power Commissions 400 kV Installed 5,743 public tax surges 163% YoY in the party and owned) Koteshwar–Rishikesh and ca
Slide 31: Solar Cell and Module Manufacturing – Industry Leading Yields
Solar Cell and Module Manufacturing – Industry Leading Yields Module Manufacturing (MW) 990 926 949 970 Highlights 871 880 614 • Achieved record production levels in cell and module manufacturing during Q3 FY26 producing 990 MW of modules and 962 MW of cells respectively • Industry leading plant yie
Slide 32: Solar Rooftop – Record Execution of 1 GWp and Robust Pipeline
Solar Rooftop – Record Execution of 1 GWp and Robust Pipeline 3 rd Party Rooftop Order Book Revenue of 3rd Party Rooftop (In ₹ Cr) (In ₹ Cr) Q3 FY26 1,075 1,133 1,075 Q2 FY26 1,133 1,116 1,174 Q3 FY25 509 Order Book at Orders received Q3 reported Order Book at the end of Q2 in Q3 revenue the end of
Slide 33: Odisha Discoms – Highlights
Odisha Discoms – Highlights AT&C Losses reduced bySTRONG 1.9% 9M OPERATIONAL PERFORMANCE FY26 vs prior period ACROSS Strong ALLPerformance Financial DISCOMS Smart Meters REDUCING AT&C LOSSES => Installed till PROMISING GROWTH EBITDA Date (Excl. past arrears) 2,049 1,313 9M FY26 20% TPCODL ~6,91,925
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 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 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: Bhivpuri Pumped Storage Hydro Plant - Project Update
Energy Storage- Bhivpuri Pumped Storage Hydro Plants - Project Update Bhivpuri PSP Project • The upper reservoir is existing • Land for the project is owned by the company, resulting in ease of EC and FC clearance • Construction of the lower reservoir and power-house is progressing at full pace 39 t
Slide 40: Transmission – Updates on TBCB projects
Transmission – Updates on TBCB projects Year Project Tata Power Stake Transmission Line Commissioning FY 2028 Jejuri Hinjewadi Power 100% 226 Ckt Kms FY 2028 Transmission Limited Gopalpur Transmission 100% 377 Ckt Kms FY 2028 Limited Paradeep Transmission FY 2028 100% 384 Ckt Kms Limited FY 2027 Bik
Slide 41: T&D Business - Robust Financial Performance with continuous PAT growth
T&D Business - Robust Financial Performance with continuous PAT growth Mumbai Transmission Mumbai Distribution 303 318 316 317 240 209 183 227 162 158 197 147 FY 21 FY 22 FY 23 FY 24 FY 25 9M FY26 FY 21 FY 22 FY 23 FY 24 FY 25 9M FY26 TPDDL (Delhi Distribution) Odisha DISCOM’s 900 843 505 439 308 42
Slide 42: Tata Power – EZ Charge
Tata Power – EZ Charge Cities and towns covered Public and Captive Charging Points 667 5,743 641 5,488 5,488 555 541 430 3,778 1,128 FY22 FY23 FY24 FY25 9M FY26 FY22 FY23 FY24 FY25 9M FY26 Home Chargers Bus Charge Points 1,238 1,238 1,92,828 858 1,36,777 86,086 38,899 234 13,107 84 FY22 FY23 FY24 FY
Slide 43: Operational & Financial Highlights
Operational & Financial Highlights
Slide 44: Q3 FY26 Operational Highlights
Q3 FY26 Operational Highlights Generation - Availability Plant Load or Capacity Utilization Factor AT&C Losses - Distribution IN % IN % IN % 75 74 21.4 20.4 100 100 98 98 98 100 100 100 95 94 66 65 18.5 84 Temporarily suspended operations 78 Temporarily suspended operations 78 46 34 31 30 since July
Slide 45: 9M FY26 Operational Highlights
9M FY26 Operational Highlights Generation - Availability Plant Load or Capacity Utilization Factor AT&C Losses - Distribution IN % IN % IN % 99 98 98 100 100 74 20.4 73 92 93 18.5 89 63 76 44 41 8.2 30 23 23 6.3 22 21 22 5.4 5.6 0.6 0.5 Thermal Mundra MO Hydro WIND SOLAR SOLAR MO- TPADL Thermal Mund
Slide 46: Financial Highlights – Q3 FY26
Financial Highlights – Q3 FY26 (In ₹ Cr) Consistent PAT Growth Revenue EBITDA* Underlying EBITDA -4.2% 12.4% (including share of JVs and Associates) 12.1% -8.1% -1.2% Q3 FY26 14,485 Q3 FY26 3,913 -3.0% Q3 FY26 4,111 Q2 FY26 15,769 Q2 FY26 4,032 Q2 FY26 4,161 Q3 FY25 15,118 Q3 FY25 3,481 Q3 FY25 3,66
Slide 47: Financial Highlights – 9M FY26
Financial Highlights – 9M FY26 (In ₹ Cr) Resilient Financial Performance Revenue EBITDA* Underlying EBITDA 1.2% 11.6% (including share of JVs and Associates) 8.6% 9M FY26 47,719 9M FY26 11,874 9M FY26 12,331 9M FY25 47,174 9M FY25 10,639 9M FY25 11,350 *Reported EBITDA includes other income PAT Repo
Slide 48: Comfortable Debt Position For Sustainable Growth
Comfortable Debt Position For Sustainable Growth Net Debt Net Debt has increased Q-o-Q due to capex (IN ₹ Cr) (IN ₹ Cr) 2,989 154 124 433 56,074 Q3 FY26 56,074 54,001 1,322 52,374 405 Q2 FY26 54,001 -3,088 -266 Q3 FY25 44,706 Balance Sheet continues to be strong 9M FY26 3.41 1.23 Q2FY26 Cash From In
Slide 49: Annexures
Annexures 49 tatapower.com tatapower.com
Slide 50: Entity-wise Consolidated Performance – Q3 FY26
Entity-wise Consolidated Performance – Q3 FY26 ₹ Crore unless stated Op Income EBITDA^ PAT Particulars Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Consolidated before exceptional items 14,485 15,118 3,913 3,481 1,194 1,188 Standalone & Key Subsidiaries Tata Power (Standalone) 2,382 5,409 590 1,8
Slide 51: Entity-wise Consolidated Performance – 9M FY26
Entity-wise Consolidated Performance – 9M FY26 ₹ Crore unless stated Op Income EBITDA^ PAT Particulars 9M FY26 9M FY25 9M FY26 9M FY25 9M FY26 9M FY25 Consolidated before exceptional items 47,719 47,174 11,874 10,639 3,702 3,909 Standalone & Key Subsidiaries Tata Power (Standalone) 10,096 15,532 3,4
Slide 52: Cluster-wise Consolidated Performance – Q3 FY26
Cluster-wise Consolidated Performance – Q3 FY26 ₹ Crore unless stated Op Income EBITDA^ PAT Particulars Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Consolidated before exceptional items 14,485 15,118 3,913 3,481 1,194 1,188 Thermal Generation, Coal and Hydro 2,022 4,925 295 1,170 (174) 764 Maith
Slide 53: Cluster-wise Consolidated Performance – 9M FY26
Cluster-wise Consolidated Performance – 9M FY26 ₹ Crore unless stated Op Income EBITDA^ PAT Particulars 9M FY26 9M FY25 9M FY26 9M FY25 9M FY26 9M FY25 Consolidated before exceptional items 47,719 47,174 11,874 10,639 3,702 3,909 Thermal Generation, Coal and Hydro 9,202 14,451 1,756 3,110 328 1,957
Slide 54: Tata Power (Consolidated) Performance
Tata Power (Consolidated) Performance ₹ Crore unless stated Particulars Q3 FY26 Q3 FY25 Var 9M FY26 9M FY25 Var Quarter Variance Remarks Operating Income 14,485 15,118 (633) 47,719 47,174 544 Higher contribution from Odisha DISCOMs, Solar cell & Operating Expenses 10,893 12,038 (1,145) 37,033 37,698
Slide 55: Tata Power (Standalone) Financial Performance
Tata Power (Standalone) Financial Performance ₹ Crore unless stated Particulars Q3 FY26 Q3 FY25 Var 9M FY26 9M FY25 Var Quarter Variance Remarks Mundra plant shutdown, offsets improved Operating Income 2,382 5,409 (3,027) 10,096 15,532 (5,436) earnings from Mumbai operations Operating Expenses 2,051
Slide 56: Maithon Power Limited - Highlights
Maithon Power Limited - Highlights ₹ Crore unless stated Particulars Q3 FY26 Q3 FY25 Var 9M FY26 9M FY25 Var Quarter Variance Remarks Generation (MUs) 1,405 1,502 (97) 5,114 5,474 (360) Sales (MUs) 1,425 1,467 (41) 5,124 5,401 (276) Availability (%) (Plant) 77% 72% 5% 89% 89% 0% PLF (%) 61% 65% -4%
Slide 57: Prayagraj Power Generation Co. Ltd. - Highlights
Prayagraj Power Generation Co. Ltd. - Highlights ₹ Crore unless stated Particulars Q3 FY26 Q3 FY25 Var 9M FY26 9M FY25 Var Quarter Variance Remarks Generation (MUs) 2,765 3,017 (252) 9,639 9,771 (133) Sales (MUs) 2,602 2,845 (243) 9,086 9,216 (130) Availability (%) 81% 87% -5% 92% 91% 1% PLF % 63% 6
Slide 58: Tata Power Delhi Distribution Ltd. - Highlights
Tata Power Delhi Distribution Ltd. - Highlights ₹ Crore unless stated Particulars Q3 FY26 Q3 FY25 Var 9M FY26 9M FY25 Var Quarter Variance Remarks Purchase (MUs) 2,368 2,416 (48) 9,243 9,259 (17) Sales (MUs) 2,242 2,279 (37) 8,742 8,739 3 Revenue Per Unit 10.8 9.4 1.4 9.0 9.6 (0.6) PPC Per Unit 6.2
Slide 59: Odisha Discoms – Highlights
Odisha Discoms – Highlights ₹ Crore unless stated TPCODL TPSODL TPWODL TPNODL Total Total Particulars Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Purchase (MUs) 2,649 2,611 1,039 1,031 2,321 2,792 1,766 1,650 7,775 8,084 Sales (MUs) 2,249 2,147 837 798 1,998 2,362
Slide 60: RE Generation
RE Generation ₹ Crore unless stated Particulars Q3 FY26 Q3 FY25 Var 9M FY26 9M FY25 Var Quarter Variance Remarks Capacity - Total (MW) 6,103 5,375 728 6,103 5,375 728 Added 357 MW capacity in the quarter Capacity - Wind (MW) 1,217 1,030 187 1,217 1,030 187 Capacity - Solar (MW) 4,885 4,345 541 4,885
Slide 61: Solar EPC – Highlights
Solar EPC* – Highlights ₹ Crore unless stated Particulars Q3 FY26 Q3 FY25 Var 9M FY26 9M FY25 Var Quarter Variance Remarks Operating Income 2,414 1,749 1,330 7,589 6,933 1,311 -Large projects & Group Captive 1,339 1,241 197 4,557 5,587 (2,059) 562 MW of utility scale project execution -Solar Rooftop
Slide 62: TP Solar (4.3 GW Cell & Module Plant) – Highlights
TP Solar (4.3 GW Cell & Module Plant) – Highlights ₹ Crore unless stated Particulars Q3 FY26 Q3 FY25 Var 9M FY26 9M FY25 Var Quarter Variance Remarks Module produced (MW) 990 927 63 2,909 2,420 489 Module yield of 96% Module sold (MW) 962 816 146 2,954 2,328 626 Cell produced (MW) 962 196 766 2,795
Slide 63: Renewables – Consolidated View
Renewables – Consolidated View ₹ Crore unless stated Key Parameters - Renewables Q3 FY26 Q3 FY25 9M FY26 9M FY25 Revenue 3,785 2,123 11,024 6,419 EBITDA 1,637 989 4,779 2,945 PAT (before exceptional items) 547 214 1,588 787 Gross Debt 33,330 26,986 33,330 26,986 Net Debt 31,030 26,675 31,030 26,675
Slide 64: Regulated Equity
Regulated Equity ₹ Crore unless stated Particulars Q3 FY26 Q2 FY26 Q1 FY26 Q4 FY25 Q3 FY25 -Generation Mumbai Generation 1,737 1,736 1,736 1,425 1,717 Jojobera 626 551 551 551 551 Maithon Power Limited (100%) 1,665 1,665 1,665 1,643 1,643 Industrial Energy Limited (100%) 724 724 723 723 722 -Transmi
Slide 65: Regulated Assets
Regulated Assets ₹ Crore unless stated Particulars Q3 FY26 Q2 FY26 Q1 FY26 Q4 FY25 Q3 FY25 -Generation Mumbai Generation 1,329 1,340 779 834 714 Jojobera 38 38 33 32 38 Maithon Power Limited (100%) (214) (192) (202) (326) (332) -Transmission Mumbai Transmission 1,479 1,553 1,637 1,711 1,534 -Distrib
Slide 66: Key Segments - Debt Profile
Key Segments - Debt Profile ₹ Crore unless stated Total Gross Debt (LT + ST) Company Q3 FY26 Q2 FY26 Q1 FY26 QoQ Tata Power (Standalone) 21,855 20,211 16,965 1,644 Maithon 1,589 1,591 1,426 (2) Coal SPVs + TPIPL 3,749 3,701 3,799 48 RE Gencos 28,631 27,890 26,571 741 TP Solar 4,417 4,400 4,389 17 TP
Slide 67: Tata Power - Debt Profile
Tata Power - Debt Profile ₹ Crore unless stated Consolidated Particulars Q3 FY26 Q2 FY26 Q3 FY25 Rupee Forex Total Total Total Long term 51,196 3,749 54,945 52,360 40,880 Short term 6,179 - 6,179 5,909 4,286 Current Maturity of LT 7,379 - 7,379 6,875 9,670 Total Debt 68,503 65,144 54,835 Less: Cash
Slide 68: What sets us apart
What sets us apart
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) Q3FY26 14,485 3,913 56,074 1,194 Thermal Generation, Renewables^ Transmission and Eliminations/ Others Coal & Hydro Distribution (Incl. corporate taxes, expenses
Slide 70: 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 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 — Q3 FY26 Earnings Presentation on 6ix