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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 11th November 2026. <br /> <br /> 2. The Holding Company supplied power from the Mundra Power Plant (‘Plant’) upto 30th June 2025, based on the directions of the Ministry of Power (‘MoP’) under Section 11 of the Electricity Act, 2003 since 16th April 2023. Effective 3rd July 2025, the Holding Company temporarily suspended operations of the Plant to undertake pending overhauling activities aimed at resolving existing technical issues. On 23rd March 2026, with effect from 1st April 2025, the Holding Company executed the supplementary power purchase agreement (‘SPPA’) with Gujarat Urja Vikas Nigam Limited (‘GUVNL’), with revised tariff and power supply framework, which superseded the earlier PPA for GUVNL’s contracted capacity. While approvals from the remaining procurers are in progress, the MoP issued directions under Section 11 on 22nd March 2026, permitting plant operations from 1st April 2026 to 30th June 2026 with the terms of the SPPA which was extended up to 30th September, 2026 by way of directions issued on 19th June 2026. Further on 25th September 2026, such directions have been extended till 31st December 2026. Management expects completion of the SPPA with the other procurers during this period. <br /> <br /> 3. On 26th September 2023 the Singapore International Arbitration Centre (‘SIAC’) published a liability award whereby the SIAC 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'), directing the Holding Company to pay Kleros damages for loss of opportunity of USD 490.32 million with simple interest of 5.33% from 30th November 2020 and cost of SGD 11.34 million with simple interest of 5.33% from 1st July 2025. <br /> <br /> On 23rd October 2025, the Holding Company had challenged the Awards before the Singapore International Commercial Court (‘SICC’) by filing applications to set aside the Awards. However, on 26th August, 2026, the SICC dismissed the Holding Company's applications to set aside these Awards (’SICC Award’), concluding that the SIAC had considered and determined the relevant issues and that there was no basis for the SICC to re-examine those matters. Further, the SICC passed judgments on 17th September 2026 and 18th September 2026, for enforcement of the Quantum Award and the Final Award respectively. The Holding Company has filed notices of appeal against the SICC Award before the Singapore Court of Appeal (‘Apex Court’) on 7th September, 2026 which were accepted on 15th September, 2026. Pursuant to the directions issued by the Court, the Holding Company is required to file its written submissions by 23rd November 2026, Kleros is required to file its submissions by 14th December 2026, and the Holding Company is required to file its reply submissions by 24th December 2026. The appeal has been listed for hearing on 19th January 2027. <br /> <br /> Subsequently, in an ex parte application filed by Kleros before the SICC, an order dated 26th October 2026, was passed directing officers of the Holding Company to appear before the Registrar on 8th December 2026 and provide details of the Holding Company's assets. Pursuant thereto, on 6th November 2026, notices were served on the Holding Company's wholly owned Singapore subsidiaries, Tata Power International Pte. Limited and Bhira Investments Pte. Limited, intimating attachment of the Holding Company's shareholding in the aforesaid entities by the Court-appointed Sheriff (Enforcement Officer) upto the value of SGD 830.77 million. The Sheriff also served a copy of the aforesaid order passed by the SICC. The Holding Company's shareholding in these entities is pledged in favour of the consortium of lenders of the respective subsidiaries. The Holding Company is in process of filing an objection to Enforcement proceedings. If Kleros disputes the grounds of objection, the Sheriff will direct the objector to file an application for release of the Shares. The Sheriff can only commence the sale or delivery process of the Shares after the Release Application is decided by the SICC which is further appealable. Pending the adjudication of the appeal before the Court of Appeal, the Holding Company will also seek deferment of sale of shares from the Sheriff. <br /> <br /> <br /> Based on the legal advice, the Holding Company continues to retain control over the financial and operating policies of these subsidiaries and also continues to have economic benefits arising from these subsidiaries and the Enforcement Order will only enable the Sheriff to sell these shares subject to the procedure as described above. <br /> <br /> Based on the legal advice received and the assessment of management duly approved by the Board of Directors, the Holding Company believes it has a high probability of succeeding on its grounds of appeal before the Apex Court, and hence the entire enforcement proceedings will become redundant. <br /> <br /> Accordingly, the Holding Company has concluded that no provision is required to be recognised in the financial results for the quarter and half year ended 30th September 2026. <br /> <br /> 4. During the quarter, the Holding Company's shareholding in Tata Projects Limited (‘TPL), an associate, reduced from 22.70% to 19.31% pursuant to rights issue raised by the associate, in which the Holding Company did not participate. Following the reduction in shareholding and reassessment of the rights and obligations under the applicable shareholder arrangements, the Holding Company concluded that it no longer has significant influence over TPL in accordance with Ind AS 28, Investments in Associates and Joint Ventures. Accordingly, TPL ceased to be an associate of the Holding Company from 11th September 2026, the date from which significant influence was determined to have ceased and the resulting gain from derecognition being amounting to INR 317.36 crore and tax expense of INR 14.25 crore has been recognized as an Exceptional item. <br /> <br /> 5. During the quarter, the Holding Company reassessed the classification of certain expenditure relating to its Slum Rehabilitation Authority (‘SRA’) project at Trombay, Chembur. Following completion of the rehabilitation phase and handover of rehabilitation units to the eligible occupants, management reviewed the intended use of the remaining development rights, land benefits and free sale FSI associated with the project. Based on the revised business strategy, the Holding Company intends to hold these assets for long-term capital appreciation and future economic benefits rather than development of a residential building and sale of units. Accordingly, pursuant to the requirements of Ind AS 40 - Investment Property, and upon evidence of a change in use, INR 582.38 crore has been reclassified from Inventories – “Properties Under Development” to Investment Property at cost. Based on an independent valuation carried out, the fair value of the above investment property was assessed to be lower than its carrying amount and, accordingly, the Holding Company has recognised an impairment provision of INR 102.28 crore and tax income of INR 25.75 crore on above loss has been recognised, which has been disclosed as an Exceptional Item. <br /> <br /> 6. During the quarter, based on current operational performance, the Group has reassessed the recoverability of its investment based on the actual units generated during the period in Adjaristsqali Netherlands B.V. (‘ABV’) which is a Joint Venture, held for sale through its wholly owned subsidiary Tata Power International Limited (‘TPIPL’) and accordingly has recognized an impairment provision of INR 95.90 crore as an Exceptional item. <br /> <br /> 7. Subsequent to 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 /> <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 /> <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 /> 2026-04-012026-09-30UnauditedConsolidated386872000000716750000039403950000038876700000199500000-57071000002355980000027917100000254641000002531417000003634518000003058770000011918000003177950000048931000004609800000950290000097050000023247100000000728190000030529000000217360000032702600000254204000005108600000275383000005164300000319560000017.957.94007.957.940.01620.01960.0248Cost of Power Purchased62449900000Cost of Fuel46329400000Transmission Charges3783900000Other Expenses19213000000Cost of Power Purchased124092200000Cost of Fuel85011300000Transmission Charges7517200000Other Expenses3652100000087667470000017963070000048010000001651460000011554500000001348522000002748690000011495400000373600000487965000008815240000061197000001136936000001431993400000564344000009228400000573451000002135520000081066100000275000000493832000002186530000000214414000002965288000001032210000083648000000182249230000031956000004112882000004144838000007882650000049331030000063515950000000054798900000689958400000348225000005321110000001417069000009196989000001033052000006847900000813250000008817290000017205340000036353150000036159800000603490000020849000000407811100000114240000052960000013291820000001822492300000Finance Lease Receivables7976100000Other Financial Assets40820400000Other non-current assets106706300000Non-current Tax Assets (Net)6987300000Unbilled Revenue32068800000Finance Lease Receivables890200000Other current financial assets16424200000Other current assets21441400000Lease Liabilities48205900000Other non-current financial liabilities6593000000Other non-current liabilities141706900000Lease Liabilities4746400000Acceptances50953200000Other current financial liabilities116353800000Other current liabilities36159800000Thermal & Hydro58831400000Renewables37454800000Transmission and Distribution119372600000Others1073100000Thermal & Hydro110759700000Renewables75169400000Transmission and Distribution233779600000Others21375000002167319000004218462000001806590000034365800000198666000000387480400000Thermal & Hydro10666600000Renewables12301400000Transmission and Distribution9866400000Others-1233300000Thermal & Hydro21649000000Renewables24405400000Transmission and Distribution17616300000Others-200010000031601100000616706000001384930000027917100000-4046700000-62784000002179850000040031900000Thermal & Hydro424122600000Renewables626826500000Transmission and Distribution570483100000Others1063060000016320628000001904295000001822492300000Thermal & Hydro63857500000Renewables73085700000Transmission and Distribution327459400000Others17400000004661426000008630394000001329182000000Thermal & 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 hydro pump storage, coal - mining, trading, shipping 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 /> Un-alloacable Assets and Un-allocable Liabilities 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 Half-year ended <br /> Particulars 30-September-26 30-September-26 <br /> (Unaudited) (Unaudited) <br /> <br /> Revenue from Operations 19,635.94 38,687.20 <br /> Add/(Less): Total Movement in Regulatory Deferral Balances (Net) 250.14 97.05 <br /> Add/(Less): Unallocable Revenue (19.48) (36.21) <br /> Total Segment Revenue and Net Movement in Regulatory <br /> Deferral Balances as reported above 19,866.60 38,748.0427917100000-11181800000-178448000004498100000-3609500000-3685700000129100000-2339000000185383000000-68690000099300000254641000000-100510000026840000009991300000-198200000-593500000385000004667900000256600000-5187000007281900000-37800000008252400000-112033000000313006000006308010000000017120000000613681000000003074400000494800000000484400000983262000000000000000000000061174000004156100000019488800000-70659100000012210000084300000000002069771000001819023000002649600000142705000003200460000009704400000-14183300000-2347430000030000000-234443000004327450000019830200000Remeasurement of Defined Benefit Plan-594900000Movement in Regulatory Deferral Balances421900000Equity Instrument classified as FVTOCI-1620200000Share of Other Comprehensive Income/(Loss) of Associates and Joint Ventures accounted for using the Equity Method (net of tax)79800000-1713400000Remeasurement of Defined Benefit Plan-1027100000Movement in Regulatory Deferral Balances843900000Equity Instrument classified as FVTOCI1006100000Share of Other Comprehensive Income/(Loss) of Associates and Joint Ventures accounted for using the Equity Method (net of tax)127100000950000000-28630000075700000Exchange Differences in translating the financial statements of foreign operations826700000Effective portion of cash flow hedge2555800000Share of Other Comprehensive Income/(Loss) of Associates and Joint Ventures accounted for using the Equity Method (net of tax)1106000003493100000Exchange Differences in translating the financial statements of foreign operations710800000Effective portion of cash flow hedge643800000Share of Other Comprehensive Income/(Loss) of Associates and Joint Ventures accounted for using the Equity Method (net of tax)144800000149940000063490000020010000014311000002173600000UnauditedtrueSRBC & CO LLPtrue2029-02-28