Investor reviewing Tata Power performance on a tablet

Advancing aspirations to deliver value

What matters to our investors
Material topics
M1Climate change
M7Corporate governance
M8Future readiness and business-continuity
Capital linkage
FFinancial
SSocial and Relationship
SBOs
S3S8
UNSDGs
Affordable and Clean Energy Affordable and Clean Energy Affordable and Clean Energy

Our strategy prioritises building a clean, resilient and future-ready energy portfolio. By scaling our portfolio in renewables, rooftop solar, hydro and pumped hydro storage and expanding domestic manufacturing and smart infrastructure footprint, we seek to provide our investors with predictable returns. Careful capital allocation and consistent execution, help us generate long-term value, safeguarding investor expectations.

Metrics at a glance

Target till FY30
<1.5 times
Net Debt/Equity
>12%
RoE
<3.5 times
Net Debt Underlying EBITDA
Progress till FY26
1.18 times
Net Debt/Equity
11.6%
RoE
3.34 times
Net Debt Underlying EBITDA

Engaging with investors

How we engage

  • Scheduled analyst meets
  • Quarterly results call
  • Participation in investor conferences, roadshows
  • Plant visits

Frequency of interaction

  • Quarterly
  • Annually
  • Need-based

Stakeholder recommendations

  • Signing of Supplementary Power Purchase Agreement (SPPA) for Mundra power plant
  • Timely execution of renewable and transmission projects
  • Efficient capital allocation and maintaining healthy leverage ratios
  • Deliver Hydro Pumped Storage projects on time and budget
  • Tapping growth opportunities within power distribution business

Response to the stakeholders

  • We executed SPPA with Gujarat Urja Vikas Nigam Ltd. (GUVNL) and engagement with other procurers is ongoing
  • Quarterly update on expected execution milestones across the under-construction renewable and transmission portfolio
  • Addressing concerns over land and evacuation infrastructure
  • Continued focus on optimising the cost of debt, maintaining credit rating and sustaining prudent leverage metrics to fund growth capex
  • 1,000 MW Bhivpuri Pumped Hydro Project has secured key approvals, and construction is progressing as per schedule, with commissioning targeted for CY 2029. At the 1,800 MW Shirwata PSP, preliminary activities have commenced during the year
  • We have a track record of successfully turning around distribution businesses. With significant opportunities emerging in the distribution sector, we are well-positioned to capitalise on these prospects and create sustained value for stakeholders

Roadmap to 'Utility of the Future'

We view 'Utility of the Future' as the strategic framework for creating long-term investor value. Our integrated model, spanning clean generation, networks, storage, manufacturing, and customer solutions, enables focused capital allocation, strong risk management and resilient earnings. Anchored in a clear vision and delivered through disciplined execution, we are driving innovation and operational excellence to deliver predictable, sustainable value for our investors.

Key goals and progress

Financial growth trajectory (₹ crore)

Operational growth trajectory

70%
Clean and Green capacity of our overall capacity by 2030
>10,000 ckm
Total transmission capacity by 2030
10,000+
EV charging points to be installed by 2030
>30 GW
Total generation capacity by 2030 (including Thermal and Clean and Green)
~40 million
Distribution customers by 2030
3 million
Households to be reached through rooftop solar by 2030
>20 GW
Clean and Green capacity by 2030
7.5+ lakh
EV home chargers to be installed by 2030
>₹30k crore
Rooftop solar revenue by 2030

Enhancing investor value creation

Focus area

Creating long-term investor value through strategic growth, disciplined execution, and transparent disclosures, while fostering strong investor relationships built on trust, consistent engagement and alignment with our vision and performance.

Initiatives and progress during FY26

  • Continued participation in investor conferences and non-deal roadshows across key global markets
  • Regular analyst and investor interactions through results calls and briefings
  • Ongoing dialogue with brokerages to address investor queries and expectations

Pillars of investor value creation

Driving earnings growth
Targeting revenues of ₹1,00,000 crore, EBITDA of ₹30,000 crore, and PAT (before exceptional) of ₹10,000 crore by FY30
Strengthening financial resilience
Pursuing growth while maintaining a solid balance sheet, with Net Debt/Underlying EBITDA below 3.5x and Net Debt/Equity below 1.5x by FY30
Enhancing shareholder returns
Focused on improving RoE alongside sustaining growth
Embedding sustainability
Advancing towards Net Zero by 2045 and Water Neutrality by 2030, ensuring long-term value creation

Managing financial capital and growth prospects

Focus area

Advancing strategic investments with a focus on operational excellence, and strengthening our financial position through a prudent mix of funding and disciplined balance sheet management.

We are scaling renewables, ingots and wafer manufacturing facilities and expanding in transmission and customer-centric offerings across distribution, rooftop solar, EV charging, and low-carbon solutions. Positioned to capture emerging opportunities, we remain focused on sustainable growth, enhanced returns and long-term value creation.

Initiatives and progress during FY26

  • Sustained a healthy debt profile, supported by strong operating cash flows and judicious capital allocation
  • Net Debt increased by ₹11,450 crore despite peak capex of ₹15,979 crore, reflecting improved internal cash accruals
  • Maintained leverage metrics in line with long-term targets and funding requirements

Debt management

Return on Average Net Worth

(RoANW)* (%)

Return on Average Net Worth (RoANW): FY26 11.6, FY25 12.8, FY24 11.3, FY23 12.6, FY22 9.5

Return on Average Capital Employed

(RoACE)** (%)

Return on Average Capital Employed (RoACE): FY26 7.8, FY25 8.8, FY24 8.6, FY23 8.7, FY22 7.2

Net Debt (₹ crore)

 

Net Debt (₹ crore): FY26 56,122, FY25 44,672, FY24 38,125, FY23 35,328, FY22 39,708

Net Debt to Equity (no. of times)

 

Net Debt to Equity (no. of times): FY26 1.18, FY25 1.05, FY24 0.99, FY23 1.03, FY22 1.53

Net Debt to Reported EBITDA (no. of times)

 

Net Debt to Reported EBITDA (no. of times): FY26 3.49, FY25 3.09, FY24 3.00, FY23 3.51, FY22 4.85

Net Debt to Underlying EBITDA (no. of times)

 

Net Debt to Underlying EBITDA (no. of times): FY26 3.34, FY25 2.93, FY24 2.75, FY23 2.66, FY22 3.92

Interest Coverage Ratio (no. of times)

 

Interest Coverage Ratio (no. of times): FY26 2.15, FY25 2.20, FY24 1.92, FY23 1.52, FY22 1.31

*Before exceptional item.

Notes

*Return on Average Net Worth (RoANW) before exceptional items % = PAT before exceptional items/Average Equity

**Return on Average Capital Employed (RoACE) before exceptional items % = NOPAT/Average Capital employed

Capital Employed = Total Equity + Total Net Debt + Lease liability

NOPAT = PAT before exceptional item + Finance Cost - Other Income - Tax shield on Net Finance Cost

Net Debt to Equity = Net Debt/Equity, Net Debt = Total Debt - Cash & Cash Equivalents - Other Bank Balance - Current Investment - Loan from Related Party

Net Debt to Reported EBITDA = Net Debt/Earnings before Interest, Tax, Depreciation & Amortisation

Net Debt to Underlying EBITDA = Net Debt/(Earnings before Interest, Tax, Depreciation & Amortisation + Share of profit from JV & Associates)

Interest Coverage Ratio = Earnings before Interest and Tax/Finance cost

Credit ratings (Consolidated)

FY22 FY23 FY24 FY25 FY26
CRISIL AA /Stable AA /Stable AA /Positive AA+/Stable AA+/Stable
India Ratings AA /Stable AA /Stable AA+/Stable AA+/Stable AA+/Stable
ICRA AA /Stable AA /Stable AA /Positive AA+/Stable AA+/Stable
CARE AA /Stable AA /Stable AA /Positive AA+/Stable AA+/Stable
S&P Global BB /Stable BB+/Stable BB+/Stable BBB-/Positive BBB/Stable
Moody's Ba2 /Stable Ba2 /Stable Ba1 /Stable Ba1 /Positive Ba1 /Positive

Key performance metrics

Revenue (₹ crore)

 

Revenue (₹ crore): FY26 63,681, FY25 64,502, FY24 61,542, FY23 56,033, FY22 42,576

Net Profit After Tax* (₹ crore)

 

Net Profit After Tax (₹ crore): FY26 5,212, FY25 5,197, FY24 4,109, FY23 3,810, FY22 2,440

EBITDA (₹ crore)

 

EBITDA (₹ crore): FY26 16,090, FY25 14,468, FY24 12,701, FY23 10,068, FY22 8,191

Free Cash Flow (₹ crore)

 

Free Cash Flow (₹ crore) after and before capex, FY22–FY26

*Before exceptional item.

Economic value added (₹ crore)

Particulars FY22 FY23 FY24 FY25 FY26
Revenue generated1 43,496 57,471 63,366 66,016 65,424
Economic value distributed 43,335 56,608 60,704 62,286 62,049
Operating costs2 34,773 47,173 50,358 51,227 49,363
Employee wages and benefits 3,612 3,624 4,036 4,373 4,694
Payments to providers of financial capital3 4,214 4,895 5,663 6,034 6,740
Payments to government by country4 695 871 589 587 1,164
Community investments-CSR5 35 45 58 66 88
Economic value retained = Revenue generated less economic value distributed 160 863 2,662 3,730 3,375
Notes

1. Revenue generated including other income and movement in regulatory deferral balance.

2. Operating cost including cost of power purchased, cost of fuel, transmission charges, raw material consumed, purchase of finished goods, increase/decrease in WIP, depreciation and other expenses excluding CSR.

3. Payment to providers of capital includes finance cost paid; dividend paid to shareholders and distribution on unsecured perpetual securities.

4. Payments to government by country include income tax paid (net of refund received).

5. CSR includes both spent and unspent amount of Tata Power and its subsidiaries.

Engagement in action

Redirecting capex for long-term value creation

We believe that disciplined capital deployment underpins resilient value creation over the long term. We are prioritising capital deployment in scalable, low-carbon businesses while steadily shifting from legacy assets to renewables, transmission and distribution. This enhances earnings visibility, improves returns, strengthens our balance sheet and reduces risks.

Wind turbines over a sunflower field

A portfolio in transition

Capital employed

as of March 2026 (%)

Capital employed as of March 2026: Thermal excl. Mundra 27%, Clean and Green 46%, T&D 19%, Mundra and Coal 2%, Others 6%

Capital employed

as of March 30e (%)

Capital employed as of March 30e: Thermal excl. Mundra 30%, Clean and Green 53%, T&D 13%, Mundra and Coal 1%, Others 3%
Thermal excl. Mundra Clean and Green T&D Mundra and Coal Others

Deepening trust through transparency

By maintaining financial prudence, Tata Power continues to deliver long-term value through steady capital appreciation, consistent returns and sustainable growth. We emphasise transparency, providing shareholders with seamless access to essential information and our corporate governance framework. This ensures our investors remain well-informed and confident in our operational integrity.

Our dedicated Stakeholders' Relationship Committee ensures that all investor queries are addressed promptly, while our Investor Relations team continuously engages with institutional and retail shareholders. We seek shareholder feedback and consider our investors key partners in advancing inclusive growth.

Institutional holding pattern

Institutional investors continued to demonstrate confidence in our long-term growth prospects, with insurance companies, domestic institutional investors and foreign portfolio investors collectively accounting for over 28% of our shareholding in FY26.

Shareholding pattern (%)

Particulars FY22 FY23 FY24 FY25 FY26
Promoters 46.86 46.86 46.86 46.86 46.86
Insurance Companies 10.8 10.81 9.61 5.44 7.77
Domestic Institutional Investors 5.08 3.66 6.19 10.76 10.51
Foreign Portfolio Investors 10.83 9.46 9.45 9.39 10.04
Others 26.43 29.21 27.89 27.55 24.82

Outperforming the market

Our share price performance has significantly surpassed sectoral and broader market benchmarks, reaching an indexed value of 383 over the last five years, well ahead of the BSE Power Index, NSE Energy Index, Nifty 50 and BSE Sensex.

Tata Power vs NSE benchmark

Tata Power vs NSE benchmark, Mar-2021 to Mar-2026: Tata Power 383, NSE Energy Index 193, Nifty 50 153

Tata Power vs BSE benchmark index (indexed)

Tata Power vs BSE benchmark index, Mar-2021 to Mar-2026: Tata Power 383, BSE Power 269, BSE Sensex 147

Ensuring oversight and accountability

Prioritising investor interests for sustainable success

Tata Power establishes a systematic approach to oversight, ethical standards, and transparent accountability, ensuring that shareholder interests remain central to our decision-making processes. The Company provides shareholders with seamless access to relevant information, governance policies, and service request mechanisms, fostering informed participation and trust. A dedicated Stakeholders' Relationship Committee oversees the timely and effective redressal of investor grievances, reinforcing our commitment to fairness, transparency, and responsible governance. Through continuous engagement with institutional and retail shareholders, our Investor Relations team promotes open communication and strengthens stakeholder confidence. We value shareholder feedback and regard our shareholders as integral partners in our journey towards sustainable and inclusive growth.

Initiatives

Fostering communication and transparency
  • Timely dissemination of financial results, corporate announcements and regulatory disclosures
  • Quarterly earnings calls, investor presentations and conferences, analyst meets and management interactions
  • Regular shareholder communications and awareness programmes
  • Dedicated investor helpdesk, email support and helpline facilities
  • Prompt resolution of investor grievances through SCORES, ODR and internal mechanisms
  • Continuous efforts to improve transparency, accessibility and shareholder experience through digital initiatives and process improvements
Technology assistance

Investor Service Portal

SWAYAM is a secure, user-friendly web-based application that enables shareholders to access various services effortlessly. The application is available at https://swayam.in.mpms.mufg.com/

Chatbot

iDIA is a chatbot developed using conversational technology to provide investors with a 24/7 intuitive platform for queries. Investors can interact with iDIA by logging in at https://in.mpms.mufg.com/

FAQs

Answers to common queries are available at https://web.in.mpms.mufg.com/faq.html

Shareholder outreach
  • Promotion of demat conversion drive to encourage conversion of physical shares to demat form
  • SEBI has simplified the process for issuance of duplicate share certificates by enhancing the value threshold for documentation from ₹5 lakh to ₹10 lakh and standardising the documentation requirements, as set out below:
    Documentation for duplicate share certificates
    Value up to ₹10,000
    Undertaking on plain paper (no notarisation required)
    Value > ₹10,000 and up to ₹10,00,000
    Affidavit-cum-Indemnity Bond
    Value > ₹10,00,000
    Affidavit-cum-Indemnity Bond along with FIR/Police Complaint and Newspaper Advertisement
  • The Company actively supported the IEPF Authority's "Saksham Niveshak" initiative through targeted shareholder outreach and awareness programmes, encouraging shareholders to update their KYC details and claim unpaid or unclaimed dividends and shares in a timely manner before their transfer to the IEPF
  • SEBI has introduced a special window, valid until February 4, 2027, for the re-lodgement of pending or rejected physical share transfer requests that were originally lodged prior to April 1, 2019. Shares transferred pursuant to such requests will be credited only in dematerialised form and will remain locked in for a period of one year from the date of registration
  • Details of the services available to investors, their rights and responsibilities, prescribed timelines for various investor related activities, key Do's and Don'ts, and the grievance redressal mechanism are available at https://in.mpms.mufg.com/investorcharter.html
Contact for share related queries, requests or assistance

RTA

MUFG Intime India Private Limited
Unit: The Tata Power Company Limited,
C-101, Embassy 247, L.B.S Marg,
Vikhroli (West), Mumbai - 400 083
Tel: 810 811 8484
investor.helpdesk@in.mpms.mufg or by writing to csg-unit@in.mpms.mufg

Company

Mr. Vispi S. Patel
Company Secretary
The Tata Power Company Limited
Bombay House, 24, Homi Mody Street,
Mumbai - 400 001
Tel.: 022 6665 8282
investorcomplaints@tatapower.com

Key investor updates

Transfer details to IEPF

  • In accordance with the Companies Act, 2013, shares and unclaimed dividends up to FY18 have been transferred to the IEPF. Details are available on the Company's website and at www.iepf.gov.in
  • Unclaimed dividend for FY19, will be transferred to the IEPF after July 17, 2026
  • Shareholders who have not encashed dividends from FY19 onwards are advised to submit their claims to the Company/RTA before the due date

Process for IEPF claim

  • Contact the Company or its RTA and submit the requisite documents to obtain an Entitlement Letter (EL)
  • File Form IEPF-5 online through the IEPF Authority portal and upload the EL along with the prescribed supporting documents
  • Upload the postal receipt under the "Pending for Action" tab on the IEPF portal
  • Submit the duly signed and self attested copy of Form IEPF-5, together with the supporting documents, to the Company for verification and onward submission to the IEPF Authority
  • Track the status of the claim through the "Grievances Ticketing System" available on the MCA portal at https://www.mca.gov.in/content/mca/global/en/home.html

Grievance Redressal Mechanism

  • Shareholders may first approach the Company or its RTA for resolution of their queries or grievances
  • In the event a grievance remains unresolved, it may be escalated to SEBI through the SCORES platform at https://scores.sebi.gov.in/
  • If the grievance continues to remain unresolved after exhaustion of the SCORES process, the matter may be referred to the Online Dispute Resolution (ODR) platform at https://smartodr.in/login

Dividend & TDS

  • The computation of tax on dividends paid for FY25 has been completed and TDS certificates have been issued to the respective shareholders
  • Shareholders have been informed about the procedure for claiming tax exemption on dividends for FY26, along with the applicable statutory provisions
  • Shareholders seeking tax exemption for FY26 are required to submit the prescribed declarations and supporting documents on or before June 22, 2026
Information at glance
Particulars Details
Date and Time of AGM Tuesday, July 7, 2026 at 10:30 a.m. (IST)
Access to Annual Report www.tatapower.com/investor-relations/annual-reports.aspx
EVEN 139362
Live webcast of AGM https://www.evoting.nsdl.com
Cut-off date for e-Voting Tuesday, June 30, 2026
E-voting Start Date Friday, July 3, 2026
E-voting End Date Monday, July 6, 2026
Last date to register email address for receipt of Annual Report Tuesday, June 30, 2026
Submission of AGM/Annual Report queries Tuesday, June 30, 2026
Link for Participation through VC/OAVM www.evoting.nsdl.com
Speaker Registration Start Date Tuesday, June 30, 2026 at 9:00 a.m. (IST)
Speaker Registration End Date Friday, July 3, 2026 till 5:00 p.m. (IST)
E-mail correspondence for Speaker Registration investorcomplaints@tatapower.com
Record Date for payment of dividend for FY26 Tuesday, June 23, 2026
Dividend for FY26 ₹2.50 per equity share of ₹1 each (250%)
Dividend Payment Date On or after Friday, July 10, 2026
Last date for submission for TDS related documents Monday, June 22, 2026
Last date to claim shares/unpaid dividend for FY19 Friday, July 17, 2026
Information on Tax on Dividend https://www.tatapower.com/investor-resource-center/tds-on-dividend-tab
KYC and Nomination Form https://web.in.mpms.mufg.com/client-downloads.html
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