TATAPOWERNSE1 August 2025

Tata Power Company Limited has informed the Exchange about Investor Presentation

Tata Power Company Limited

BSE Limited Corporate Relationship Department 1st Floor, New Trading Ring Rotunda Bldg., P. J. Towers Dalal Street, Fort Mumbai – 400 001. Scrip Code: 500400

Dear Sir/Madam,

August 1, 2025

National Stock Exchange of India Limited Exchange Plaza, 5th Floor Plot No. C/1, G Block Bandra-Kurla Complex Bandra (East) Mumbai – 400 051. Symbol: TATAPOWER

Presentation to Analysts

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, we forward herewith a presentation made to the Analysts today in connection with the Audited Standalone Financial Results and Unaudited Consolidated Financial Results of the Company for the quarter ended June 30, 2025.

The above information is also being made available on the Company’s website at www.tatapower.com

Yours Sincerely, For The Tata Power Company Limited

Vispi S. Patel Company Secretary FCS 7021

Encl: As above

The Tata Power Company Limited

F I N A N C I A L R E S U L T S – Q 1 F Y 2 6

1 A U G U S T 2 0 2 5

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. Any such extraneous or inconsistent information or representation, if given or made, should not be relied upon as having been authorized by or on behalf of the Company.

The Company may alter, modify or otherwise change in any manner the contents of this presentation, without obligation to notify any person of such revision or changes. This document is given solely for your information and for your use and may not be retained by you nor may this document, or any portion thereof, be shared, copied, reproduced or redistributed to any other person in any manner. The distribution of this presentation in certain jurisdictions may be restricted by law. Accordingly, any person in possession of this presentation should inform themselves about and observe any such restrictions. 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.

Agenda

04 About Tata Power

Sustainability: Manifesting a Greener Tomorrow

Industry Highlights

Business Highlights

42 Operational & Financial Highlights

46 Annexures

63 What sets us Apart

About: Tata Power Company

Limited (TPCL)

tatapower.com tatapower.com

India’s largest vertically-integrated power company

Generation

New-age Energy Solutions

Generation

~26.03 GW

~17.2 GW

~8.9 GW

Total Capacity (Operational + Under construction)

Clean & Green Energy (Including 10.2 GW Under Construction)

Thermal energy generation (Installed capacity)

Transmission

4,659 Ckm

Operational Transmission lines

2,414 Ckm

Transmission lines under construction

New-age Energy Solutions

Distribution

12.9 Mn

Customers in Distribution

Renewables

Transmission & Distribution

~4.9 GW

Integrated cell & module manufacturing capacity

2.8 GW

MoU signed for Pumped Hydro Project (PSP)

5,571

Public EV charging points energized across 620 cities and towns

Generation, Transmission and Distribution assets spread across India

Capacity Mix (Domestic + International)

8,860 MW Thermal

1,034 MW Wind

880 MW

Hydro

26,026 MW

Total capacity (Operational + Under construction)

443 MW Waste Heat Recovery /BFG

4,610 MW Solar

10,199* MW Clean & Green capacity under construction

Distribution of installed capacity (Domestic & International) (%)

Thermal

Clean and Green

Solar

Wind

Waste Heat/BFG

Hydro

Transmission assets

Distribution assets

Generation assets

Transmission and Distribution 12.9 Mn

4,659 Ckm

Customers in Distribution

Operational Transmission lines

2,414 Ckm

Transmission lines under construction

Assets located outside India

Georgia, Adjaristsqali

187 MW

Installed capacity

50%

TPCL stake

Zambia, Itezhi Tezhi (ITPC)

120 MW

Installed capacity

50%

TPCL stake

Bhutan, Khorlochhu

600 MW

Pipeline capacity

40%

TPCL stake

Bhutan, Dagachhu

126 MW

Installed capacity

26%

TPCL stake

Indonesia Coal Mines

78 MT

Total Capacity

Coal mines

Tata Power Share %

Kaltim Prima Coal (KPC) Baramulti Suksessarana (BSSR) Antang Gunung Meratus (AGM)

30% 26% 26%

Hydro

Coal Mines

Thermal Power Plant

Under Construction Hydro Plant

PT Citra , Indonesia

54 MW

Installed capacity

30%

TPCL stake

*Operational and Financial numbers on a 100% basis.

Q1 FY26Q1 FY25Q1 FY26Q1 FY25Q1 FY26Q1 FY25Production (MT)12.914.01.31.53.53.9Sales (MT)12.714.51.31.33.03.9Q1 FY26Q1 FY25Q1 FY26Q1 FY25Q1 FY26Q1 FY25Revenue (USDm)788.31154.054.360.7119.0180.8EBITDA (USDm)30.665.29.615.632.344.0PAT (USDm)10.043.63.58.723.429.9KPC BSSR AGM *Operational ParametersKPC BSSR AGM *Financial ParametersFinancial performance consistently improving over the years

Revenue (in ₹ Cr)

17,464

Q1FY26

FY25

FY24

FY23

FY22

FY21

64,502

61,542

56,033

42,576

33,239

Reported PAT^ (in ₹ Cr)

1,262

Q1FY26

FY25

FY24

FY23

FY22

FY21

4,775

4,280

3,810

2,156

1,439

EBITDA (in ₹ Cr)

3,930*

Q1FY26

FY25

FY24

FY23

FY22

FY21

14,468

12,701

10,068

8,192

7,978

ROE (%)

11.7%

Q1FY26

FY25

FY24

FY23

FY22

FY21

12.8

11.3

12.6

8.4

6.1

Underlying EBITDA (in ₹ Cr)

4,060**

Q1FY26

FY25

FY24

FY23

FY22

FY21

EPS (₹) ^^

3.31

Q1FY26

FY25

FY24

FY23

FY22

FY21

15,261

13,878

13,268

10,134

8,851

13.53

11.02

10.43

5.36

3.17

*Including other income | **Including Share of JV's and Associates | ^ Before Minority Interest | ^^Adjusted EPS (before exceptional items)

Clean & Green to account for ~66% capacity post project completions

Tata Power Capacity (IN MW)

Current Operational Capacity share (IN %)

4,085

835

880

443

724

15,827

679

8,860

3,049 26,026

2,800

1,902

1,725

26%

56%

Thermal

Solar

Hydro

Wind

Hybrid

WHRS

Capacity share post completion of projects (IN %)

Thermal

Solar

Wind

Hydro

WHRS

Hybrid

Operational

Wind

Solar

Hydro

Complex / FDRE

PSP

Hybrid

Total Clean & Green capacity

Project Pipeline

tatapower.com

10%

11%

34%

15%

18%

*WHRS: Waste Heat Recovery System

Solar

Hybrid

PSP

Hydro

Complex/FDRE

Wind

WHRS

Sustainability: At the core of all that we do

Net Zero B y 2 0 4 5

tatapower.com

Water Neutral B y 2 0 3 0

Zero Waste to Landfill B y 2 0 3 0

Our sustainability aspirations

Become Net Zero by 2045

E S G

Education : Train 21 lakh+ people in digital & financial inclusion by 2028. Enable 7.5 lakhs+ conservation and STEM education champions by 2028.

Improve Sustainability Disclosures and get listed in DJSI Emerging Markets list by 2027

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 etc.)

Employability and Employment : 3.76 lakh+ youth to be trained and made employable by 2028 with over 40% outreach to women

Entrepreneurship : Enable 35,000+ community collectives (Self Help Group members) under Anokha Dhaaga by 2028

Impact Lives of 80mn by 2030 : Enabling Progressive practices in 4,000+ Community Institutions with 15% special outreach under Tata Affirmative Action. Train 7,000+ trainers in conservation education pedagogy

Gender Diversity : Improve Gender Diversity to 20% by 2028

Taking leaps towards our ESG goals

Parti cul ars

Des cri pti on

Ba s el i ne

Progres s

T arget

Val ue

Yea r

Val ue

Yea r

Va l ue

Year

Clean & Green portfolio

16%*

2015

44%

2025

70%

2030

Envi ronment

Net Zero (Absolute Carbon Emissions) Scope 1 and 2

Water consumption (Total Water Consumption)

41.5 Million Tonnes CO2e

2024

44.6 Million Tonnes CO2e

2025

313 Mn m3

2024

301 million m³

2025

Zero Waste to Landﬁll

40 Tonnes

2024

93 Tonnes

2025

Education

Employability & Employment

26.25 Lakh Beneficiaries

2.76 Lakh Beneficiaries

2024

26.65 Lakh Beneficiaries

3 Lakh Beneficiaries

2025

28.5 Lakh Beneficiaries

3.76 Lakh Beneficiaries

2045

2030

2028

Entrepreneurship

30,000 Beneficiaries

2024

30,500 Beneficiaries

2025

35,000 Beneficiaries

2028

S oci al

Gender diversity (%)

10%

2024

10%

2025

20%

2028

On goi ng a cti ons

• ~ 44% Clean and Green Capacity • ~ 65% Clean and Green Capacity, post project

completions

•

Incremental Scope 1 emissions increases is attributable to improved “Weighted-average PLF” of thermal portfolio

Improved waste-water utilisation

• Beneficial utilisation of Ash waste • Waste management plans for Biodegradable, Plastic and

E-waste

• CSR initiatives made a positive impact on 47.54 lakh lives directly benefitting across 18 Indian states during FY25. In Q1’FY26 8.26 lakhs beneficiaries covered • 5 nation-wide, long-term initiatives launched with Government and Tata Group synergies • Special outreach made in 19 aspirational districts including the focus of PWDs, SC/ST • ₹ 77.97 crores CSR investments made across 100 neighbourhoods in Tata Power Group. In Q1’FY26 investment of Rs. 8 Crores made

• Women employees across roles • 36% - Campus hires • 23 % - Finance and Accounting • 27 % - Digital and technology • 21 % - Women hires out of all hires • Policies supporting women in all life stages and mentorship program

Governance

DJSI Emerging Markets List (Absolute Score)

67/100

2023

2025

80/100

2027

• ESG Action Plan and gap analysis

*Base year 2015 for Clean & Green portfolio in alignment with Paris Agreement

Achieving 100% Clean & Green power generation by 2045

2015 Largely a coal-based company, having capacities to fulfil the energy demands of a developing India

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

100

Clean & Green (%)

Thermal (%)

*Subject to completion of contractual obligations and useful life

Gradually improving our ESG ratings

CDP – Climate Change

CDP – Water

S&P - CSA (Higher score is better)

MSCI

Sustainalytics (Lower score is better)

2025

2024

2023

2022

2021

2020

2019

B-*

BBB

40.0

37.4

38.5

41.2

38.6

As at 30th Jun 2025; Dates of published ratings: CDP – February 2025; S&P-CSA – November 2024; MSCI – April 2025; Sustainalytics – May 2025 *Common rating is provided since 2024 cycle

Powering Biodiversity Conservation

Present across 5 Ecosystems

Biodiversity Action Plans for all sites

TNFD pilot completed

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 Foundation, Godrej

Empowering Communities

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

47.54 lakhs (FY25) Outreach Reaching out by Strengthening Community Institutions

8.26 lakhs FY26(Q1)

110+

Districts in 18 states

Public Private Partnerships (Collaboration & Leverage)

Improving access & creating opportunities

Far Reaching Impact on Community and Co- ownership

Optimal Utilization of Resources

Green Jobs

Technology Enablement

Institutionalization & Standardization

Tree Mittra leveraged for social afforestation

Key Programmes Footprint and Inclusion Focus

CSR footprint

Tata Power footprint

Density areas

TP presence

19 Aspirational Districts

110+ Districts

18 States

AA Density map

Thought Leadership for Social Inclusivity

NGOs

Clinical

facilities

Corporates

Researchers

Government

Institutions

Volunteers

Parents and

Caregivers

• 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

• 18,000 families and caregivers in Maharashtra, NCR,

Odisha, Jharkhand, Tamil Nadu, Kerala, Andhra Pradesh, Karnataka via E-Sanidhya platform with NIEPID, MSJE- Govt. of India & Tata Elxsi; our tollfree helpline, home-care tutorials, dance-movement-play therapies & nutrition workshops, experiential immersions, street plays, fun-fairs, purple fests & Divya kala melas.

• Volunteers from over 12 Tata Group companies actively participate in awareness and skill-building initiatives.

• Working PwDs with for products hamper creation under Anokha Dhaaga, enabling PwD social -micro enterprises.

• Tata Affirmative Action ethos based special initiatives

ongoing with sanitation workers & other tribal women & farmers groups.

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

CSR & Sustainability Board Committee

Apex Leadership

SBU Heads

Corporate Sustainability Team

Sustainability SPOCS

Thermal, T&D, Hydros, Renewables, HR, CSR, Ethics, IA&RM, Environment, etc.

y g o o n h c e t

w e N

Leadership and Oversight on Sustainability

Advocacy

Leadership with care

Care for our environment (society at large) • • •

Environment conservation Efficient use of energy Investment in green technology

Initiatives that are based on, and are encompassing

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

Going beyond compliance

Architecture of Care

m e t s y S d n a

s e r u t c u r t S

a n o i t u t i t s n

Robust Governance Structure in place

Audit Committee

Nomination and Remuneration Committee

Shareholders

Board of Directors

Stakeholders Relationship 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

✓ Tata Code of Conduct for Insider Trading and Corporate

Disclosure Policy

✓ Dividend Policy

CSR & Sustainability Committee

✓ Policy for determining Material Subsidiaries

✓ Policy for determining Materiality for Disclosures

Risk Management Committee

✓ Remuneration Policy for Directors, Key Managerial Personnel

and Other Employees

✓ Charters of various Board appointed Committees and others

Awards & Recognition

Inclusive screening of Tanvi The Great. Hosted by Tata Power in partnership with @anupamkherstudio and as part of #PayAutention

Award for India's largest Energy Literacy movement – Club Enerji Eco Crew

Collaboration with Trent for 1000+ Tiara orders from Anokha Dhaaga for their wellness event in Bangalore

Industry Highlights

tatapower.com

Power Demand fell 1.3% Y-o-Y in Q1FY26 due to unfavourable base

India has one of the lowest power consumption per capita (IN KW H)

Ratio of Power Generation Growth to GDP growth above 1.0x in the past 5 years

Monthly Energy Requirement (IN BUs)

Coal-based plants' PLF % (IN %)

30,000

25,000

20,000

15,000

10,000

5,000

1,360 units

India’s Power Consumption Per Capita

6.0%

1.01x

0.91x

5.5%

4.8%

4.9%

FY15 - FY25

FY20 - FY25

GDP Growth (CAGR)

N o r w a y

C a n a d a

U S

J a p a n

R u s s i a

F r a n c e

G e r m a n y

C h n a

U K

B r a z i l

n d a

1.2x

1.1x

1.0x

0.9x

0.8x

0.7x

0.6x

0.5x

0.4x

175.0

155.0

135.0

115.0

14%

25%

85%

20%

80%

15%

75%

95.0

11%

4%5%

10%

-2%

70%

65%

60%

55%

50%

-1%

-6%

-4%

-5%

75.0

55.0

35.0

15.0

-5.0

Data represents per capita power consumption for CY23

Power Generation Growth (CAGR)

Energy Requirement

Power Gen growth: GDP growth (RHS)

YoY Growth

Central Sector

All India

State Sector

Private Sector

Source: ember-climate.org

tatapower.com

Source: RBI, Ministry of Statistics & Program Implementation & Powermin

Source: CEA

Source: NPP

A p r 2 4

M a y 2 4

J u n 2 4

J u

2 4

A u g 2 4

S e p 2 4

O c t 2 4

N o v 2 4

D e c 2 4

J a n 2 5

F e b 2 5

M a r 2 5

A p r 2 5

M a y 2 5

J u n 2 5

-10%

A p r 2 4

M a y 2 4

J u n 2 4

J u

2 4

A u g 2 4

S e p 2 4

O c t 2 4

N o v 2 4

D e c 2 4

J a n 2 5

F e b 2 5

M a r 2 5

A p r 2 5

M a y 2 5

J u n 2 5

70%

67%

58%

RE accounted for 88% of Capacity additions in India during Q1FY26

Total Installed Capacity in India currently stands at 485 GW (IN GW)

~9.3 GW added in Jun25

(IN GW)

16.5 GW added in Q1FY26* (IN GW)

12 9

116

242

s d n a s u o h T

10.0

9.0

8.0

7.0

6.0

5.0

4.0

3.0

2.0

1.0

0.0

5.4

0.4

1.5

2.0

0.6

2.3

2.9

1.0

0.2

A p r

2 4

M a y 2 4

J u n 2 4

J u

2 4

A u g 2 4

S e p 2 4

O c t

2 4

N o v 2 4

D e c 2 4

J a n 2 5

F e b 2 5

M a r 2 5

A p r

2 5

M a y 2 5

J u n 2 5

0.7

23.9

1.4 0.1

15.0

3.3

5.9

F Y 2 4

4.1

0.8

3.7

F Y 2 5

0.6 0.0

10.6

0.1

1.6

1.7 2.0

Q 1 F Y 2 6

0.8

6.4

2.1 0.4

4.3

F Y 2 0

0.3 5.5

1.6 0.6

4.1

F Y 2 1

0.4 6.5

1.6 0.2 3.4

F Y 1 9

0.4

0.1

13.9 12.8

1.1 0.6 1.4

F Y 2 2

2.3 0.2 1.2

F Y 2 3

Renewables (incl. Hydro) continue to account for bulk of new capacity additions in Q1FY26 (IN %)

1% 5%

0.1% 4%

54%

46%

45%

13%

15%

13%

28%

31%

34%

F Y 1 9

F Y 2 0

F Y 2 1

77%

80%

58%

72%

64%

6% 3% 8%

F Y 2 2

14%

1% 7%

F Y 2 3

13%

23%

F Y 2 4

12%

11%

F Y 2 5

10%

12%

Q 1 F Y 2 6

Thermal

Hydro (incl. small Hydro)

Wind

Solar

Nuclear

Other Renewable (Biomass, Waste to Energy)

As on 30th June’2025 *4.4 GW of gas based capacity and 2.5 GW of coal based capacity was decommissioned in April 2025.

Source: Central Electricity Authority

tatapower.com

Cell & Module Prices Broadly stable at trough level; Indonesia Coal Declines

Price Movement of Polysilicon & Wafer

Price Movement* of Solar Cell & Module

Thermal Coal Prices (US$/t)

5.59

0.11

500

450

400

350

300

250

200

150

100

0.09

0.03

106.52

98.61

J u n - 2 1

S e p - 2 1

D e c - 2 1

M a r - 2 2

J u n - 2 2

S e p - 2 2

D e c - 2 2

M a r - 2 3

J u n - 2 3

S e p - 2 3

D e c - 2 3

M a r - 2 4

J u n - 2 4

S e p - 2 4

D e c - 2 4

M a r - 2 5

J u n - 2 5

Polysilicon (US$/kg)

Wafer RHS (US$/piece)

Cell (USD/piece)

Modules (USD/Watt)

Indonesia Coal(6322kcal/kg)

Australian Coal (6300 kcal / kg)

Source: Bloomberg

Source: Bloomberg, World Bank, and Global Coal

tatapower.com

*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 tatapower.com

0.010.060.110.160.210.260.31Jun-21Oct-21Feb-22Jun-22Oct-22Feb-23Jun-23Oct-23Feb-24Jun-24Oct-24Feb-25Jun-250.00.20.40.60.81.01.21.4071421283542Jun-21Oct-21Feb-22Jun-22Oct-22Feb-23Jun-23Oct-23Feb-24Jun-24Oct-24Feb-25Jun-25Q1FY26 Sees 13 GW of RE Auctions

Minimum e-reverse auction tariff’s in Q1FY26 (₹/kWh)

Renewable energy auction volumes (GW)

5.3

4.8

4.3

3.8

3.3

2.8

2.3

1.8

4.1

3.3

2.7

2.5

2.4

3.3

2.8

2.7 2.5

5.1

3.6 3.4 3.4

4.4

3.6

3.4 3.2

4.4

3.8

3.2

3.1

2.7

2.6

3.6

3.3

2.8

2.4

2.0

3.3

3.2 2.7

2.3

2.1

3.2

2.5

2.4

2.3

FY19

FY20

FY21

FY22

FY23

FY24

FY25

Q1FY26

60.0

50.0

40.0

30.0

20.0

10.0

1.4 0.6 7.3

5.4 0.8 2.5

34.6

1.7

6.2

10.6

9.3

6.6

3.1

19.4

2.5 0.1 1.9 1.5

11.1

0.3 2.5 1.5 3.1

6.7

0.4 1.1 2.2 6.8

FY21

FY22

FY23

FY24

FY25

4.8

4.3 3.2 0.7 Q1FY26

Solar

Wind

Hybrid

Hybrid (with storage)

Floating Solar

Solar

Wind

Storage

FDRE

Hybrid (S+W)*

Hybrid (S+ESS)**

Source:- Elekore, HSBC Research, JM Financial

Hybrid (S+W+ESS)***

*S+W = Solar + Wind **S+ESS = Solar + Energy storage solutions ***S+W+ESS = Solar + Wind + Energy storage solutions

Source:- JM Financials

Transmission auction bids should continue to gain momentum in FY26

₹9.3 tn transmission Capex anticipated in India between FY25-32E

Transmission auction bids expected to further rise in FY26 (IN ₹ Bn)

Intra-State, ₹2.7 tn

Inter-State, ₹6.6 tn

Inter-State Transmission System Intra-State Transmission System

FY26 Expected Bids

Transmission Auction (₹ bn)

1,577

1,759

506

Sr. No.

Key Highlights

Current

2032E

212

Transmission line Length (CKm)

Transformation Capacity (GVA)

Peak Electricity Demand

Inter-regional transmission capacity

Source: National Electricity Plan (NEP) –Mar’25

4.91 Lakhs

6.48 Lakhs

100

148

105

132

1,290

2,342

Source:- NEP, Tata Power Estimates, ICICI Securities

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY24

FY25 Q1FY26

235 GW

458 GW

119 GW

168 GW

India Distribution: On the mend but concerns remain

All India AT&C losses (%) have risen in FY24 after declining in the past two years

RDSS and LPS have helped reduce DISCOM overdues (IN ₹ Cr)

All India basis

6 6 2

5 5 2

7 5 2

6 2 2

7 3 2

5 1 2

6 1 2

7 0 2

3 2 2

4 6 1

1 6 1

1 5 1

2 1 Y F

3 1 Y F

4 1 Y F

5 1 Y F

6 1 Y F

7 1 Y F

8 1 Y F

9 1 Y F

0 2 Y F

1 2 Y F

2 2 Y F

3 2 Y F

4 2 Y F

AT&C (Aggregate Technical & Commercial) Losses (%)

Source: PFC Report

1,05,330

1,02,780

83,716

59,127

25,016

26,242

20,353

22,204

FY19

FY20

FY21

FY22

FY23

FY24

FY25

Current

Source: PRAAPTI portal

As On 31 July’25

While green shoots are visible in distribution sector, major concerns remain

Key challenges for State DISCOMs

Increased power purchase cost

Shift of subsidizing C&I customers to options of OA/GC/RTS

Limitation on taking RE benefits

Note: RDSS is Revamped Distribution Sector Scheme, LPS is Late Payment Surcharge

Business Highlights

tatapower.com

1 0 2 M W F l o a t i n g S o l a r P l a n t , K a y a m k u l a m , K e r e l a

Q1FY26: Key Highlights

Key Highlights

904 MW of cells produced with Yield of 89% & 949 MW of Modules produced with Yield of 95% at TP Solar’s 4.3GW plant

Tata Power Mumbai Distribution Reinforces Green Leadership with ~40% Clean Energy Supply to customers in FY25

Tata Power achieves record 45,500 Rooftop Installations with 270 MWp installed capacity in Q1FY26

Tata Power and Tata Motors Ink Deal for 131 MW Wind-Solar Hybrid Project, Powering Green Manufacturing.

Odisha DISCOMs AT&C reduced by 3.5% (on an average) against PY

TPCODL received award from the Institute of Cost Accountants of India in cost management practices and operational excellence

Tata Power Solar EPC executes a record 652 MW of large utility projects in Q1FY26

Tata Power Renewable receives Letter of Award (LoA) for 88MW RTC (272MW installed capacity) project from SJVN in the month of May 2025

Invested ₹120 Cr out of total investment of ~₹830 Cr for acquiring 40% equity stake in the 600 MW Khorlochhu Hydro Project in Bhutan in Jul’25

tatapower.com

TP Solar achieved maximum module and cell production (i.e 11 MW per day) achieved for 25 days and 12 days respectively in Q1FY26

Maithon Power Limited (MPL) Unit #1 commissioned Flue Gas Desulphurisation (FGD) in Q1FY26

Solar Rooftop – Q1FY26 Highlights

3rd Party Rooftop Order Book (In ₹ Cr)

Revenue of 3 rd Party Rooftop

(In ₹ Cr)

1,029

823

1036

1,242

Order book at the end of Q4 FY25

Orders received in Q1

Q1 Revenue

Order book at the end of Q1 FY26

Q1 FY26

Q4 FY25

823

864

Q1 FY25

399

3rd PARTY ROOFTOP • Order Book at Q1 FY26 stands at ₹ 1,242

crore

• 270 MWp Solar Rooftop installed in Q1 FY26 compared to 111MWp in Q1FY25 • Channel network crosses 596 partners

across 400+ districts

Share of Residential Rooftop has increased significantly in Q1FY26 compared to last year

Revenue (In ₹ Cr)

(In %)

29%

64%

36%

71%

Q1FY25

Q1FY26

283

116

Q1FY25

526

297

Q1FY26

tatapower.com

Rooftop Residential

Rooftop C&I

Rooftop Residential (crs)

Rooftop C&I (crs)

Tata Power – EZ Charge*

Cities and towns covered**

Public and Captive Charging Points

641

620

5,488

5,571

555

541

430

3,778

1,128

FY 22

FY 23

FY 24

FY 25

Q1 FY26

FY 22

FY 23

FY 24

FY 25

Q1 FY26

Home Chargers

Bus Charge Points

1,51,657

1,36,777

1,238

86,086

858

38,899

13,107

234

tatapower.com

FY 22

FY 23

FY 24

FY 25

Q1 FY26

FY 22

FY 23

FY 24

FY 25

Q1 FY26

*The above-mentioned data is on cumulative basis **Reduction in Cities & Town covered in Q1FY26 is due to relocation of some chargers from low utilization areas to higher utilization areas

Odisha Discoms – Q1 FY26 Highlights

Smart Meters Installed till Date

REDUCING AT&C LOSSES => PROMISING GROWTH (Excl. past arrears)

TPCODL

~4,10,551

TPSODL

~4,19,269

TPWODL

~5,27,193

TPNODL

~3,10,057

Q1 FY26

28.1%

Q1 FY25

31.4%

Q1 FY26

30.6%

Q1 FY25

33.0%

Q1 FY26

22.2%

Q1 FY25

25.7%

Q1 FY26

16.7%

Q1 FY25

21.4%

STRONG OPERATIONAL PERFORMANCE ACROSS ALL DISCOMS

T H E F T L O A D ( M W p )

M E T E R S R E P L A C E D ( i n l a k h s )

S U B S T A T I O N S A U T O M A T E D ( N o ’ s )

P R E - T A K E O V E R A R R E A R S C O L L E C T E D ( ₹ C r s )

Q 1 FY 26

Up t o Ju n ’ 25

Q 1 FY 26

Up t o Ju n ’ 25

Q 1 FY 26

Up t o Ju n ’ 25

Q 1 FY 26

Up t o Ju n ’ 25

494

0.7

13.1

348

0.8

11.3

446

0.6

9.2

132

0.4

10.0

254

177

480

309

235

5.3

465

213

706

tatapower.com

Key T&D segments have reported robust PAT (₹ Cr) growth over the years

209

183

240

147

162

303

318

316

197

227

FY 21

FY 22

FY 23 Mumbai Distribution

FY 24

428

439

440

453

FY25

843

FY 21

FY 22

FY 23

FY 24

FY25

Mumbai Transmission

439

236

253

308

FY 21

FY 22

FY 23

FY 24

FY25

TPDDL (Delhi Distribution)

tatapower.com

FY 22

FY 23

FY 24

FY25

Odisha DISCOM’s

PM Surya Ghar Yojna (PMSGY): Will be the focus area for coming years

Salient features of PMSGY Scheme

Why The Scheme Works

1 Cr

Households with Solar Rooftops

Sr. No.

Type of Residential Segment

Central Financial Assistance (CFA)

₹11,000 Cr

Budget allocated for FY25

₹20,000 Cr

Budget for FY26

3 Mn

Households Tata Power’s target for next 3 years

Advance payment by customer to installer, subsidy later to customer

Up to 2 kW

Between 2 kW and 3 kW

₹30,000 per kW or part thereof

₹18,000 for additional kW or part thereof

Capacity beyond 3 kW

No additional CFA

₹18,000 per kW

Group Housing Societies/ Residential Welfare Associations (GHS/RWA) etc., for common facilities, including EV Charging, up to 500 kW (@3 kW per house), with the upper limit being inclusive of individual rooftop plants installed by individual residents in the GHS/RWA

Cost to Customer ✓ Attractive subsidies till 3 kW ✓ Program beneficial for developers also as

the process requires front ending of payment by customer to vendor

Easy Process ✓ Feasibility check by DISCOM - simple

requirements and online process

✓ Short inspection & disbursement timelines ✓ National Portal for simplification of registration process (link). 1.45Cr registrations done

Finance Cost ✓ Cheap loans at ROI of ~7% ✓ PSU banks given disbursal targets ✓ Push to lenders from the GOI & RBI

Awareness ✓ Central government - leading the campaign ✓ Vendors offline campaigns ✓ Awareness programs

Program re- designed to simplify, fast track implementation and lower the cost of ownership

Tata Power has been ranked #1 Solar Rooftop EPC company

Rooftop Solar has grown at 47% CAGR between 2020-24 (In MW)

India has 18.42 GW of installed solar rooftop capacity as on *CY24 (In MW)

6,387

2,357

9,900

5,152

3,368

2,196

746

1,039

411

2 0 2 1

1,351

358

659

334

2 0 2 0

2,640

2,855

731

1,085

3,220

1,659

1,381

250

2 0 2 2

389

2 0 2 3

810

2 0 2 4

Commercial

Industrial

Residential

Commercial

Industrial

Split by Business Model Total Installed Capacity (In MW)

2,772

15,648

Source:- Bridge to India (CY24 report) , *CY-Calendar Year

OPEX Model

CAPEX Model

tatapower.com

Note: CAPEX model: Consumer pays for the entire cost including equipment, installation, operation and maintenance OPEX model: The capital cost is borne by the developer. Consumer pays tariff for the power consumed

Tata Power has recently received a LoA for SJVN 88MW RTC Project

SJVN 460MW* FDRE

Tariff (₹/unit)

4.38

NTPC 200MW* FDRE

4.71

MSEDCL 400MW* PH IV Hybrid

SJVN RTC 88MW* Hybrid

3.60

e-RA date

7 Nov 2023

22 Mar 2024

16 Aug 2024

Installed capacity (MW)

1,317 MW

585 MW

501 MW

Tender type

Capacity sizing (x)

FDRE

~3x

FDRE

~3x

Hybrid

~1.3x

Commercial Operation

May, 2026

April, 2027

November, 2026

LoA status

PPA status

Received

Signed

Received

Signed

Received

Signed

*PPA Capacity Abbreviations: FDRE- Firm and Dispatchable Renewable Energy, e-RA- Electronic Reverse Auction, LoA- Letter of Award

4.91

27 Feb 2025

272 MW

Hybrid

~3x

Received

Pending

Pumped Storage Hydro Plants (PSP) - Project Update

BHIVPURI PSP

Key Highlights

1,000 MW

Type Existing Off-stream

Upper Reservoir Thokarwadi ~348 MCM (million cubic meters)

Lower Reservoir New ~4.6 MCM

Daily Generation 8,000 MWhr

Tentative Capital Investment ₹ 5,666 Crores

Timeline Construction Activities: Started Completion: Aug-2028

tatapower.com

SHIRWATA PSP

Key Highlights

1,800 MW

Type Off-stream

Upper Reservoir New -15 MCM

Lower Reservoir Existing Shirwata Dam 197 MCM

Daily Generation 10,800 MWhr

Tentative Capital Investment ₹7,850 Crores

Timeline Construction to begin: Nov-2025 Completion: End-2029

MoU with Druk Green Power to develop 5,100 MW clean energy projects in Bhutan

15 GW

Bhutan’s vision 2040 for hydro

5 GW

Bhutan’s vision 2040 for solar

740 MW

2.4 GW

Total installed capacity in Bhutan

126 MW

364 MW

1,125 MW

600 MW

Bhutan

Chamkharchhu IV HPP

Dorjilung HPP

Khorlochhu HPP

Existing hydro station

Proposed Hydro Power Plants (HPP)

Potential Plants (HPP/ PSP)

Dagachhu HPP

Gongri HPP

Jerichhu PSP

1,800 MW

2.8 GW

Projects under execution

10.9 GW

Proposed projects

Plant name

Installed capacity (MW)

Design energy (GWh)

Project status

Khorlochhu HPP

Dorjilung HPP

Gongri HPP

Jeri Pumped Storage

Chamkharchhu-IV HPP

Solar project

Total

600

1,125

740

1,800

364

500

5,129

2,524

4,504

2,721

3,942

1,501

15,192

Construction started

Pre-Construction has started

DPR in progress

PFS (2015)

Construction has begun at the ₹6,900 Cr Khorlochhu HPP that is expected to be commissioned in Sept 2029

Khorlochhu hydro power project details

600 MW Total project capacity

40% Tata Power Stake

90.62% Average TG efficiency

752.20 M Minimum head

Double circuit 400 KV line to Goling through Yangbari s/s Proposed power evacuation

1.12% Aux power consumption

>95% Availability

48% Plant load factor

145 Km Transmission line (to be constructed by Bhutan Power corporation)

Vertical Pelton @ 375 RPM Type of turbine

Construction commenced

October 2024

59 Months

Project completion period

September 2029

Project expected to commission

2/3rd of transmission projects are expected to commission in CY25

Year

Project

Tata Power Stake Under Construction

Capex

Date Of Commissioning

Revenue

2027

Gopalpur Transmission Limited

2026

Paradeep Transmission Limited

Bikaner Transmission Limited

Jalpura Khurja Power Transmission Limited

South East U. P. Power Transmission Company Limited

2025

Northern Region System Strengthening Scheme

100%

26%

377 Ckt Kms

₹2,671 Cr

December, 2027

₹310 Cr

384 Ckt Kms

₹2,291 Cr

November, 2026

682 Ckt Kms

₹1,534 Cr

December, 2025

162 Ckt Kms

₹744 Cr

October, 2025

₹256 Cr

₹163 Cr

₹92 Cr

732 Ckt Kms

₹4,735 Cr

September, 2025

₹544 Cr

77 Ckt Kms

₹529 Cr

September, 2025

₹49 Cr

Operational & Financial Highlights

tatapower.com

Q1 FY26 Operational Highlights

Generation - Availability IN %

Plant Load or Capacity Utilization Factor IN %

AT&C Losses - Distribution IN %

100

7.4

7.8

7.6

7.4

5.4

4.5

0.6

0.2

(0.4)

Thermal (excl. Mundra)

Mundra

MO Hydro

WIND

SOLAR

Thermal (excl. Mundra)

Q1 FY25

Q4 FY25

Q1 FY26

Mundra

MO Hydro

WIND

SOLAR

MO- Distribution

TPDDL

TPADL

tatapower.com

Financial Highlights – Q1 FY26 (IN ₹ Cr)

Posted Y-o-Y PAT growth for the 23rd consecutive quarter

Revenue

Q1 FY26

Q4 FY25

Q1 FY25

3.9%

0.8%

17,464

17,328

16,810

EBITDA*

Q1 FY26

Q4 FY25

Q1 FY25

17.3%

Underlying EBITDA (including share of JVs and Associates)

3,930

3,829

3,350

2.6%

Q1 FY26

Q4 FY25

Q1 FY25

PAT (before exceptional items)

Q1 FY26

Q4 FY25

Q1 FY25

tatapower.com

6.1%

-2.0%

1,262

1,288

1,189

*Reported EBITDA includes other income

Reported PAT (after exceptional items)

Q1 FY26

Q4 FY25

Q1 FY25

6.1%

-3.4%

Receivables

Q1 FY26

Q4 FY25

Q1 FY25

1,262

1,306

1,189

Q4FY25: Deemed Dilution gain in Tata Projects ₹ 162 Cr partially offset by impairment of Goodwill of (₹ 106 Cr ) & assets of (₹ 38 Cr) in RE

4,060

3,911

3,639

8,382

6,933

8,779

11.6%

3.8%

Comfortable Debt Position For Sustainable Growth

Net Debt (IN ₹ Cr)

Q1 FY26

Q4 FY25

Q1 FY25

47,578

44,672

42,467

Net Debt has increased Q-o-Q due to higher capex and WC requirements

(IN ₹ Cr)

44,672

-3,584

-320

1,395

276

1,437

43,877

3,701

47,578

Balance Sheet continues to be strong 2.93

YTDFY26

Q4 FY25 Net Debt

Cash from Operations

Income from JVs

Others

WC Changes

Interest payments & Dividend paid

Business as Usual Debt

Capex

Q1 FY26 Net Debt

FY25

FY24

FY23

FY22

FY21

FY20

FY19

1.08

1.05

0.99

1.03

2.93

2.75

2.66

1.53

1.43

1.99

2.19

3.92

4.09

4.70

5.19

*Credit Upgrades indicated by deepening shades of blue

Net Debt to Equity

Net Debt to Underlying EBITDA *Based on Trailing twelve months

tatapower.com

Credit Rating* (Consolidated)FY22FY23FY24FY25CurrentCRISILAA /StableAA /StableAA /PositiveAA+/StableAA+/StableIndia RatingsAA /StableAA /StableAA+ /StableAA+/StableAA+/StableICRAAA /StableAA /StableAA /PositiveAA+/StableAA+/StableCAREAA /StableAA /StableAA /PositiveAA+/StableAA+/StableS&P GlobalBB /StableBB+ /StableBB+ /StableBBB-/PositiveBBB-/PositiveMoody’sBa2 /StableBa2 /StableBa1 /StableBa1 /PositiveBa1 /PositiveAnnexures

tatapower.com tatapower.com

1 2 6 M W p F l o a t i n g S o l a r O m k a r e s h w a r , M a d h y a P r a d e s h

46 46

Entity-wise Consolidated Performance – Q1 FY26

₹ Crore unless stated

Previous year numbers are restated for RE and Others including eliminations *TPCL stake-74%; **TPCL stake-51%; ***Tata Power currently owns 88.57% stake in Renewables (TPREL). # Eliminations include inter-company transactions; ^^ including other income

tatapower.com

47 47

ParticularsQ1 FY26Q1 FY25Q1 FY26Q1 FY25Q1 FY26Q1 FY25Consolidated before exceptional items17,464 16,810 3,930 3,350 1,262 1,189 Standalone & Key SubsidiariesTata Power (Standalone)5,148 5,493 1,472 1,798 520 737 Maithon Power (MPL) *771 819 169 168 90 89 Delhi Discom (TPDDL) **2,400 3,217 332 578 134 287 Power Trading (TPTCL)100 105 24 38 17 25 Solar EPC ***2,508 2,171 287 80 198 19 Renewable Generation (RE Gencos) ***1,135 1,002 1,034 903 226 229 TP Solar (4.3 GW Cell & module Manufacturing Plant)1,613 1,068 299 114 100 54 Coal SPVs incl. TPIPL (Investment Companies)1,281 - 21 5 (66) (94) TERPL (Shipping Co)196 287 58 91 29 59 TP Central Odisha Dist Ltd (TPCODL)**1,698 1,638 123 102 2 2 TP Southern Odisha Dist Ltd (TPSODL)**637 587 138 79 37 8 TP Western Odisha Dist Ltd (TPWODL)**1,607 1,789 151 98 21 5 TP Northern Odisha Dist Ltd (TPNODL)**1,222 1,142 172 125 45 26 Others712 276 47 19 7 (8) TOTAL - A21,030 19,595 4,327 4,198 1,360 1,438 Joint Venture and Associates130 289 TOTAL - B21,030 19,595 4,327 4,198 1,490 1,727 Eliminations#(3,566) (2,785) (397) (848) (227) (538) Exceptional Items- - - - - - TOTAL - C17,464 16,810 3,930 3,350 1,262 1,189 Op IncomeEBITDA^^PATCluster-wise Consolidated Performance – Q1 FY26

₹ Crore unless stated

Previous year numbers are restated for RE and Others including eliminations *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; ## Change in Tax rate in PY.

tatapower.com

48 48

ParticularsQ1 FY26Q1 FY25Q1 FY26Q1 FY25Q1 FY26Q1 FY25Consolidated before exceptional items17,464 16,810 3,930 3,350 1,262 1,189 Thermal Generation, Coal and Hydro4,844 5,217 974 947 502 548 Maithon Power Limited (MPL) *771 819 169 168 90 89 Traditional Generation (incl. Mumbai and Hydro) ##1,266 1,563 261 388 182 245 IEL *- - - - 22 18 Resurgent (incl. PPGCL)- - - - 32 37 Others (Incl. eliminations#) ##27 32 33 38 28 28 Mundra, Coal and Shipping ##2,780 2,803 511 354 147 131 Renewables "3,626 2,382 1,567 954 531 273 RE Gencos (Incl. CSL)1,135 1,002 1,034 903 226 229 Solar EPC 2,508 2,171 287 80 198 19 TP Solar (4.3 GW Cell & module Manufacturing Plant)1,613 1,068 299 114 100 54 Others (Incl. eliminations#)(1,631) (1,858) (54) (143) 7 (29) T&D10,078 10,473 1,345 1,434 440 512 TransmissionMumbai317 329 242 245 97 83 Powerlinks **- - - - 10 10 Distribution and ServicesMumbai1,178 1,240 130 164 54 56 Odisha **5,164 5,156 585 403 105 41 Delhi **2,400 3,217 332 578 134 287 Others (T&D incl, TPADL**, TPTCL and eliminations#)1,019 531 57 44 41 35 Others (Incl. Tata Projects, Nelco and inter cluster eliminations#)(1,084) (1,263) 44 15 (210) (144) Consolidated before exceptional items17,464 16,810 3,930 3,350 1,262 1,189 Exceptional items- - - - - - Consolidated after exceptional items17,464 16,810 3,930 3,350 1,262 1,189 Op IncomeEBITDA^^PATTata Power (Consolidated) Performance

₹ Crore unless stated

tatapower.com

49 49

ParticularsQ1 FY26Q1 FY25VarQuarter Variance RemarksOperating Income17,464 16,810 654 Higher execution in renewables and EPC projects partially offset by lower PLF in MO-G & MPL and lower sales across DiscomsOperating Expenses13,896 13,707 (189) Operating Profit3,568 3,103 465 Other Income362 247 115 EBITDA3,930 3,350 580 Finance cost1,279 1,176 (103) Depreciation1,161 973 (188) PBT before share of Assoc & JVs1,490 1,201 289 Share of Associates & JV's results130 289 (159) Lower profit from Coal companies & Tata ProjectsPBT after share of JV1,619 1,490 129 Tax Expenses357 302 (55) Net Profit before exceptional items1,262 1,189 73 Exceptional Items (Net of Tax)- - - Net Profit for the period *1,262 1,189 73 * As per line item 11 in the SEBI AdvTata Power (Standalone) Financial Performance

₹ Crore unless stated

Abbreviation-FOB-Free on Board MYT-Multi Year Tariff

tatapower.com

50 50

ParticularsQ1 FY26Q1 FY25VarQuarter Variance RemarksOperating Income 5,148 5,493 (345)Lower Power tariffs, interest entitlements and operational gains across MO-D & MO-G partially offset by Higher coal FOB prices and annual availability assumptions at MundraOperating Expenses 4,197 4,460 263 Operating Profit 951 1,033 (82)Other Income 521 765 (244)Due to lower Dividend Income from subsidiaries & JVs and lower merger benefit due to change in MYT regulationsEBITDA 1,472 1,798 (326)Finance cost 497 549 52 Depreciation 306 298 (8)PBT 669 952 (283)Tax Expenses 149 215 66 PAT (before exceptional items)520 737 (217) Exceptional items - - - PAT for the period* 520 737 (217)* Line no. 7 of advertisementMaithon Power Limited - Highlights

₹ Crore unless stated

tatapower.com

51 51

ParticularsQ1 FY26Q1 FY25VarQuarter Variance RemarksGeneration (MUs)1,8322,067(235)Sales (MUs)1,8302,042(212)Availability (%) (Plant)95%99%PLF (%)80%90%FinancialsOperating Income771 819 (48)Lower Plant availability and PLF due to lower demandFuel Cost516 563 (47)Lower Operating expenseOther operating expense88 91 (3)Operating profit167 165 2Other Income2 3 (1)EBITDA 169 168 1Finance cost22 24 (2) Depreciation44 42 2 PBT103 102 1 Tax13 13 0 PAT90 89 1 Prayagraj Power Generation Co. Ltd. - Highlights

₹ Crore unless stated

tatapower.com

52 52

ParticularsQ1 FY26Q1 FY25VarQuarter Variance RemarksGeneration (MUs)3,5253,549(24)Sales (MUs)3,3273,354(27)Availability (%)98%90%PLF % 82%82%FinancialsOperating Income1,3421,358(16)Lower merchant salesOperating expenses1,0371,01720Higher fuel costOperating profit306342(36)Other Income301614EBITDA 336358(22)Finance cost174177(3)Depreciation52511PAT110129(19)Tata Power Delhi Distribution Ltd. - Highlights

₹ Crore unless stated

tatapower.com

53 53

ParticularsQ1 FY26Q1 FY25VarQuarter Variance RemarksPurchase (MUs)3,2973,362(65)Sales (MUs)3,1153,165(50)Revenue Per Unit7.6 10.0(2.4)PPC Per Unit5.6 7.2(1.6)AT&C losses (%)4%7%FinancialsOperating Income2,4003,217(817)Lower power demand due to early monsoon; Regulatory upside in PY Power Purchase 1,8502,437(586) Other Operating Exp.2192146Operating Exp.2,0702,650(580)Operating Profit330567(237)Other Income110(9)EBITDA332578(246)Finance cost5167(16)Depreciation100973PBT181413(232)Tax47126(79)PAT134287(153)Q1 FY26 Odisha Discoms – Highlights

₹ Crore unless stated

(* Excl. past arrears)

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ParticularsQ1 FY26Q1 FY25Q1 FY26Q1 FY25Q1 FY26Q1 FY25Q1 FY26Q1 FY25Purchase (MUs)3,538 3,622 1,248 1,286 2,963 3,320 2,096 2,141 Sales (MUs)2,826 2,860 968 971 2,478 2,750 1,844 1,838 Revenue per unit5.8 5.5 6.6 6.0 6.0 6.1 6.3 5.9 Power Cost per unit3.4 3.4 2.1 2.2 4.1 4.4 3.8 3.7 Actual Technical losses (%)20%21%22%24%16%17%12%14%Actual AT&C losses* (%) 28%31%31%33%22%26%17%21%Vesting order Target AT&C (%)18%20%27%30%19%21%16%18%Income from Operation1,698 1,638 637 587 1,607 1,789 1,222 1,142 EBITDA123 102 138 79 151 98 172 125 PAT2 2 37 8 21 5 45 26 TPCODLTPSODLTPWODLTPNODL₹ Crore unless stated

RE Generation*

All renewable generation companies including WREL (Walwhan) and CSL (Chirasthayee Solar Limited) O&M-Operation & Maintenance

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ParticularsQ1 FY26Q1 FY25VarQuarter Variance RemarksCapacity - Total (MW)5,6344,768866Capacity - Wind (MW)1,0301,030-Capacity - Solar (MW)4,6043,737867Generation (MUs) 3,0112,515496Sales (MUs)2,9282,449479Avg PLF (%) - Solar24.4%25.8%Avg PLF (%) - Wind27.1%21.7%FinancialsOperating Income1,1351,002133Capacity addition & higher Wind PLF partially offset by lower Solar PLFOperating Expenses1861815Lower O&M costOperating profit949821128Other income85823EBITDA1,034903131Finance cost41035159Higher borrowings for capacity additionDepreciation31426351Capitalisation of assetsPBT30928821Tax826022PAT226229(3)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

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Q1 FY26 Q1 FY25 Var Quarter Variance RemarksOperating Income2,5082,171337 -Large projects & Group Captive1,6851,772(87) -Solar Rooftop 823399424Operating expenses2,2232,095128Operating profit28476208Other income34(1)EBITDA28780207 -Large projects & Group Captive16542123 -Solar Rooftop 1223884Margin11.5%3.7% -Large projects & Group Captive9.8%2.4% -Solar Rooftop 14.8%9.6%Finance cost432(28)Depreciation1721(4)PBT26627239Tax69861PAT19819179Margin7.9%0.9%Lower execution from In house projects offset by higher execution from 3rd party projectsTP Solar (4.3GW Cell & Module Plant) – Highlights

₹ Crore unless stated

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Particulars Q1 FY26 Q1 FY25 Var Quarter Variance RemarksModule produced (MW)949614 335Module sold (MW)966593 373Cell produced (MW)904- 904FinancialsOperating Income1,6131,068545Full ramp up of cell & module production lineOperating expenses1,321954367Operating profit292114178Other income7- 7EBITDA299114185Margin19%11%Finance cost1013368Higher borrowings for capacity additionDepreciation771661Capitalisation of assetsPBT1216656Tax211110PAT1005446Margin6%5%Renewables – Consolidated View

₹ Crore unless stated

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Key Parameters - RenewablesQ1 FY26Q1 FY25Revenue3,626 2,382 EBITDA1,567 954 PAT (before exceptional items)531 273 Gross Debt31,254 22,881 Net Debt29,091 22,607 Net Worth13,992 13,190 Regulated Equity

₹ Crore unless stated

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ParticularsQ1 FY26Q4 FY25Q3 FY25Q2 FY25Q1 FY25-Generation Mumbai Generation 1,736 1,425 1,717 1,718 1,738 Jojobera 551 551 551 551 551 Maithon Power Limited (100%) 1,665 1,643 1,643 1,684 1,684 Industrial Energy Limited (100%) 723 723 722 721 721 -Transmission Mumbai Transmission 2,221 2,206 2,111 2,103 2,108 Powerlinks Transmission (100%) 468 468 468 468 468 -Distribution Mumbai Distribution 1,152 1,147 1,099 1,092 1,089 Tata Power Delhi Distribution (100%) 2,083 2,070 2,052 2,035 2,018 TP Central Odisha Dist Ltd (100%) 854 849 719 695 705 TP Southern Odisha Dist Ltd (100%) 678 678 511 511 511 TP Western Odisha Dist Ltd (100%) 847 840 732 687 672 TP Northern Odisha Dist Ltd (100%) 720 720 564 564 564 Total 13,697 13,320 12,888 12,829 12,829 Regulated Assets

₹ Crore unless stated

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ParticularsQ1 FY26Q4 FY25Q3 FY25Q2 FY25Q1 FY25-Generation Mumbai Generation 779 834 714 694 711 Jojobera 33 32 38 39 34 Maithon Power Limited (100%) (202) (326) (332) (311) (291)-Transmission Mumbai Transmission 1,637 1,711 1,534 1,455 1,361 -Distribution Mumbai Distribution 1,037 1,174 1,383 1,773 2,001 Tata Power Delhi Distribution (100%) 3,666 4,236 4,516 4,711 5,063 TP Central Odisha Dist Ltd (100%) 290 289 40 (5) (64) TP Southern Odisha Dist Ltd (100%) 1,244 1,138 886 763 680 TP Western Odisha Dist Ltd (100%) 108 (139) (457) (544) 626 TP Northern Odisha Dist Ltd (100%) 416 326 191 160 119 Total 9,009 9,276 8,514 8,736 10,240 Key Segments - Debt Profile

₹ Crore unless stated

Note: TPREL has successfully concluded the merger of 23 subsidiaries including WREL, TPSSL (Solar EPC business) and CSL in Q2FY25

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Q1 FY26Q4 FY25QoQQ1 FY25YoYTata Power (Standalone)16,965 16,777 188 19,072 (2,107) Maithon1,426 1,276 150 1,402 24 Coal SPVs + TPIPL3,799 4,001 (202) 4,177 (378) RE Gencos26,571 24,590 1,981 19,632 6,939 New Capacity additionTP Solar4,389 4,732 (343) 3,250 1,139 TPDDL1,199 1,319 (120) 1,723 (524) Odisha DISCOMs4,696 4,531 165 3,057 1,639 Others1,103 919 184 85 1,018 Total Debt60,148 58,146 2,002 52,398 7,750 CompanyTotal Gross Debt (LT + ST)Quarterly movement RemarksTata power - Debt Profile

₹ Crore unless stated

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Q4 FY25Q1 FY25RupeeForexTotalTotalTotalLong term47,87785448,730 44,13038,424Short term2,3992032,602 4,4966,529Current Maturity of LT6,0732,7438,816 9,5207,444Total Debt60,148 58,146 52,397 Less: Cash & Cash Equivalents12,367 13,053 9,240 Less: Related Party Debt203 420 690 Net External Debt47,578 44,672 42,467 Networth44,036 42,605 39,455 Net Debt to Equity 1.08 1.05 1.08 ParticularsConsolidatedQ1 FY26What sets us apart

Deeply entrenched power company with history of more than 100 years

1910-1955

•

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)

1956-2000

•

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

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

2012-2013

• 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

2011 • Commissioned first solar asset of 3 MW at Mulshi, Maharashtra

• Unit 1 of 525 MW Maithon Power Limited (MPL) commissioned

2007

•

• 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

•

2014-2015

• 2014: Entered into

agreement to sell 30% stake in Arutmin for $401 Mn

• 2015: Commissioned

the 126 MW Dagachhu Hydro Power Corporation in Bhutan

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

2021

•

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%)

2020

• •

Sold 3 ships for $213 Mn Tata Sons infuse ₹2,600 Cr; raise promoter holding to 47% from 37% • Completed sale of

•

Defence 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%)

2018-2019

• 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

•

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

2022 • 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)

2025

•

Tata Power crosses 1GW of RE capacity addition in FY25 Tata Power marks major milestone with 1.5 Lakh+ Rooftop Solar Installations, ~ 3 GW Capacity; Expands Footprint across 700+ Cities

• All 4 cell lines ramped-up and

•

achieved First Cell Out (FCO) of TOPCon pilot cell line Tata Power crosses the milestone of ₹ 5,000 Cr of Adjusted PAT for the year in FY25

2024

•

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

• Won MSEDCL Hybrid Project of 501 MW (400 MW PPA) with tariff of ₹3.6/unit TP Solar commissioned 4.3GW Module and 4.0GW Cell capacity

•

Diversified business and hence stable margins

Tata Power Company Limited (TPCL) Q1FY26

Revenue (₹ Cr) 17,464

EBITDA (₹ Cr) 3,930

Net Debt (₹ Cr) 47,578

PAT*** (₹ Cr) 1,262

Thermal Generation, Coal & Hydro

Renewables^

Transmission and Distribution

Eliminations/ Others (Incl. corporate taxes, expenses and interest)

Revenue (₹ Cr) 4,844

EBITDA (₹ Cr) 974

PAT (₹ Cr) 502

Revenue (₹ Cr) 3,626

EBITDA (₹ Cr) 1,567

PAT*** (₹ Cr) 531

Revenue (₹ Cr ) 10,078

EBITDA (₹ Cr ) 1,345

PAT (₹ Cr ) 440

Revenue (₹ Cr ) (1,084)

EBITDA (₹ Cr ) 44

PAT (₹ Cr ) (210)

CAPACITY

FUEL

STAKE

THERMAL

Mundra Trombay Maithon (MPL) Prayagraj (PPGCL)* Jojobera Haldia IEL Rithala PT CKP

Coal 4,150 MW Coal/Gas 930 MW Coal 1,050 MW Coal 1,980 MW Coal 428 MW 120 MW WHRS 483 MW Coal/ WHRS Gas 108 MW Coal 54 MW

INDONESIA COAL MINES, SHIPPING & INFRA

MINE Kaltim Prima (KPC) BSSR & AGM NTP (Coal Infra) TERPL (Coal Shipping)**

HYDRO Bhira

Bhivpuri

Khopoli Dagachhu Itezhi Tezhi

Adjaristsqali UNDER CONSTRUCTION

Khorlochhu HPP Bhivpuri PSP

Shirwata PSP Dorjilung HPP

CAPACITY 60 MT 18 MT - -

CAPACITY 300 MW

75 MW

72 MW 126 MW 120 MW

187 MW

600 MW 1,000 MW

1,800 MW 1,125 MW

100% 100% 74% 20% 100% 100% 74% 51% 30%

STAKE 30% 26% 30% 100%

STAKE 100%

100%

100% 26% 50%

50%

40% 100%

100% -

RENEWABLES

Solar Power Wind Energy

UNDER CONSTRUCTION

Solar Power Hybrid Wind Complex/FDRE

EV CUMMULATIVE CHARGING POINTS

Public Home E-Bus

SOLAR EPC ORDER BOOK

PARTICULARS

Utility Scale EPC-Third Party Rooftop EPC

SOLAR CELL AND MODULE CAPACITY

Module Cell

DISTRIBUTION LICENSE

CUSTOMERS

STAKE

Mumbai Tata Power Delhi (TPDDL) Odisha

0.79 Mn 2.13 Mn 9.84 Mn

DISTRIBUTION FRANCHISE

CUSTOMERS

Ajmer (TPADL)

0.17 Mn

POWER TRADING COMPANY

TPTCL

100% 51% 51%

STAKE

100%

STAKE

100%

ENTITY

Tata Projects Nelco Corporate

BUSINESS MODEL EPC Communication

STAKE

23% 50%

EBITDA Margins

19%

18%

21%

22%

CAPACITY

4,610 MW 1,034 MW

679 MW 3,049 MW 45 MW 1902 MW

5,571 1,51,657 1,238

TRANSMISSION

CIRCUIT KM

STAKE

CAPACITY/ ORDER BOOK

₹2,735 Cr ₹1,242 Cr

4,900 MW 4,900 MW

Mumbai Powerlinks SEUPPTCL NRSS XXXVI UNDER CONSTRUCTION SEUPPTCL NRSS XXXVI Jalpura Khurja Bikaner Neemrana Paradeep Transmission Gopalpur Transmission

1,317 2,328 789 225

732 77 162 682 384 377

100% 51% 26% 26%

26% 26% 100% 100% 100% 100%

21%

35%

42%

FY22

29%

32%

38%

30%

27%

36%

FY23 EBITDA Share

FY24

Thermal Generation, Coal & Hydro

29%

30%

38%

FY25

*Resurgent owns 75% in Prayagraj | **TERPL is a wholly owned subsidiary of Tata Power International Pte Ltd., which is wholly owned by Tata Power | ***Adjusted PAT before Minority Interest | ^Tata Power currently owns 88.57% stake in Renewables (TPREL).

Renewables

Transmission & Distribution

Eliminations/Others

JVs and associates

Standalone divisions

Subsidiary 65

Thank You!

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