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The above consolidated financial results of The Tata Power Company Limited (“the Holding Company”) and its subsidiaries (together referred to as "Group"), associates and joint ventures were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 4th February, 2026. <BR> <BR> 2. The Holding Company was supplying power from the Mundra Power Plant (“Plant”) till 30th June, 2025, based on the directions of the Ministry of Power (“MoP”) under Section 11 of the Electricity Act, 2003. Subsequently with effect from 3rd July, 2025, the Holding Company has temporarily suspended operations of the Plant to undertake pending overhauling activities aimed at resolving existing technical issues. Further, the Holding Company is currently in discussion with procurers for execution of a Supplementary Power Purchase Agreement (SPPA), and the impact, if any, will be considered once it is finalized. <BR> <BR> 3. During the quarter, the Holding Company has granted additional 50,73,760 (Fifty Lakh Seventy-Three Thousand Seven Hundred and Sixty) employee stock options to the eligible employees of the Holding Company and its subsidiaries, at an exercise price of INR 395.85 (Three Hundred Ninety-Five Rupees Eighty-Five Paise) per option exercisable into equivalent equity shares of INR 1 each subject to fulfilment of vesting conditions, under 'The Tata Power Company Limited - Employee Stock Option Plan 2023', as approved by shareholders of the Holding Company on 25th September, 2023. <BR> <BR> 4. On 21st November 2025, the Government of India notified the four new Labour Codes (the Code on Wages, 2019, the Code on Social Security, 2020, the Industrial Relations Code, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020) consolidating 29 labour laws. The Group has done a preliminary assessment and considered an impact of the changes and accordingly accounted additional expense of INR 78 crore towards gratuity and leave liabilities. Of this amount, INR 68 crore pertains to the regulated business and has been treated as pass-through in tariff, based on management’s internal assessment supported by external legal opinion. The Group continues to monitor the finalization of Central/State Rules and clarifications from the Government on other aspects of the Labour Codes and finalise the impact on the financial results including that of sub-contractor liabilities as and when such clarifications are issued/rules are notified. <BR> <BR> 5. On 26th September, 2023 the Singapore International Arbitration Centre (SIAC) had published a liability award whereby the Arbitral Tribunal held that the Holding Company was in breach of certain clauses of the Non- disclosure agreements entered into with Kleros Capital Partners Limited ('Kleros') and of its contractual duty of good faith and confidence. Further, on 1st July, 2025 and 27th August, 2025, the SIAC published a quantum award and final award (together referred to as 'awards') by a majority of 2:1, directing the Holding Company to pay Kleros damages for loss of opportunity of USD 490,320,000 with simple interest of 5.33% from 30th November, 2020 and cost of SGD 11,341,963.46 with simple interest of 5.33% from 1st July, 2025. The Holding Company has obtained a view from its legal counsel stating that the Holding Company has various justifiable grounds to seek setting aside the awards with high probability of a favorable outcome. Based on the legal advice Holding Company has filed an appeal on 23rd October, 2025, with the Singapore International Commercial Court (SICC) for setting aside the awards and does not foresee any affirmative payment obligation. Considering this, no provision has been recorded in the financial results for the quarter and nine months ended 31st December, 2025. <BR> <BR> 6. During the current quarter, the Delhi Electricity Regulatory Commission (DERC) released the True-up Order for FY 2022–23 in respect of Tata Power Delhi Distribution Limited (TPDDL), a subsidiary company. Similarly, in the previous quarter, the DERC had approved the tariff True-up Order for FY 2021–22. <BR> Accordingly, the Group has recognised regulatory assets of INR 727 crore and tax expense of INR 183 crore for the nine months ended 31st December, 2025 and regulatory assets of INR 460 crore and tax expense of INR 116 crore in the current quarter. <BR> <BR> 7. Subsequent to the quarter, the Holding Company has acquired 100% equity stake in Jejuri Hinjewadi Power Transmission Limited to Build-Own-Operate Transfer basis for providing transmission services. <BR> <BR> 8. The standalone audited financial results of the Holding Company are available for Investors at www.tatapower.com, www.nseindia.com and www.bseindia.com. <BR> <BR> <BR> RATIO DEFINITION: <BR> <BR> Debt Equity Ratio : Total Debt(1) / Total Equity(2) <BR> <BR> Debt Service Coverage Ratio : <BR> (Profit before exceptional items & tax + interest expenses + depreciation & amortisation - current tax expense) / (Interest expense + scheduled principal repayment of long-term debt and lease liabilities during the period(3)) <BR> <BR> Interest Service Coverage Ratio : <BR> (Profit before exceptional items and tax + Interest expense) / Interest expense <BR> <BR> (1) Total Debt: Long term borrowings (including current maturities of long term borrowings), lease liabilities (current and non current), short term borrowings and interest accrued on debts <BR> (2) Total Equity : Issued share capital, other equity and non-controlling interest <BR> (3) For the purpose of computation, scheduled principal repayment of long term borrowings does not include refinancing/prepayments (including prepayment by exercise of call/put option). <BR> <BR> 2025-04-012025-12-31UnauditedConsolidated4752839000001187790000048716180000061533300000341100000-918500000345996000003961530000035308600000274769700000445249100000419127000000419127000006818500000455100000011369500000190320000032446400000000457400000037020400000422350000041243900000275128000009507600000317021000009541800000319560000018.68.6008.68.60.01630.01690.0232Cost of Power Purchased40471400000Cost of Fuel12598200000Transmission Charges3356000000Other Expenses18339800000Cost of Power Purchased149718800000Cost of Fuel61621000000Transmission Charges11079500000Other Expenses52350400000Thermal & Hydro20220400000Renewables37854300000Transmission and Distribution96262400000Others1039700000Thermal & Hydro92020900000Renewables110243900000Transmission and Distribution306397600000Others31711000001553768000005118335000001060310000034996900000144773700000476836600000Thermal & Hydro2243000000Renewables11607400000Transmission and Distribution12975300000Others-101900000Thermal & Hydro14897800000Renewables34258800000Transmission and Distribution30398100000Others-68350000026723800000788712000001363660000039615300000-2309100000-91340000001539630000048389900000Thermal & Hydro408460600000Renewables557035900000Transmission and Distribution491918600000Others1619200000014736071000001938297000001667436800000Thermal & Hydro55011600000Renewables68816500000Transmission and Distribution285105800000Others16726000004106065000008003531000001210959600000Thermal & Hydro: Comprises of generation of power from hydroelectric sources and thermal sources (coal, gas and oil) from plants owned and operated under lease arrangement and related ancillary services. It also comprises of coal - mining, trading, shipping, hydro pump storage and related infra business. <BR> <BR> Renewables: Comprises of generation of power from renewable energy sources i.e. wind and solar. It also comprises rooftop solar projects, electric vehicle charging stations, manufacturing of solar cell and module, EPC and maintenance services with respect to solar. <BR> <BR> Transmission and Distribution: Comprises of transmission and distribution network, sale of power to retail customers through distribution network and related ancillary services. It also comprises of power trading business. <BR> <BR> Others: Comprises of project management contracts/infrastructure management services, property under development and satellite communication. <BR> <BR> * Includes assets and related liabilities held for sale <BR> <BR> The Operating Segments have been reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker. <BR> <BR> RECONCILIATION OF REVENUE AND TOTAL NET MOVEMENT IN REGULATORY DEFERRAL BALANCES <BR> <BR> Quarter ended Nine months ended <BR> Particulars 31-December-25 31-December-25 <BR> (Unaudited) (Unaudited) <BR> <BR> Revenue from Operations 13,948.41 47,528.39 <BR> Add/(Less): Total Movement in Regulatory Deferral Balances (Net) 536.92 190.32 <BR> Add/(Less): Unallocable Revenue (7.96) (35.05) <BR> Total Segment Revenue and Net Movement in Regulatory <BR> Deferral Balances as reported above 14,477.37 47,683.66Remeasurement of Defined Benefit Plan-988700000Net movement in Regulatory Deferral Balances912300000Equity Instrument classified as FVTOCI-3157400000Share of Other Comprehensive Income/(Loss) of Associates and Joint Ventures accounted for using the Equity Method (net of tax)-4300000-3238100000Remeasurement of Defined Benefit Plan-3141200000Net movement in Regulatory Deferral Balances2736900000Equity Instrument classified as FVTOCI-144200000Share of Other Comprehensive Income/(Loss) of Associates and Joint Ventures accounted for using the Equity Method (net of tax)-52700000-601200000-522100000-277000000Exchange Differences in translating the financial statements of foreign operations755800000Effective portion of cash flow hedge380800000Share of Other Comprehensive Income/(Loss) of Associates and Joint Ventures accounted for using the Equity Method (net of tax)1769000001313500000Exchange Differences in translating the financial statements of foreign operations2987600000Effective portion of cash flow hedge501700000Share of Other Comprehensive Income/(Loss) of Associates and Joint Ventures accounted for using the Equity Method (net of tax)1162600000465190000080800000104200000-14833000004223500000UnauditedtrueSRBC & CO LLPtrue2026-02-28