The Tata Power Company Limited announced its audited financial results for the quarter and full year ended March 31, 2026. On a consolidated basis, the company reported a net profit of ₹5,117.56 crore for FY26, marking an improvement from ₹4,775.37 crore recorded in FY25. The Board recommended a final dividend of ₹2.50 per equity share of ₹1 each (at 250%) for FY26, subject to shareholder approval at the 107th Annual General Meeting scheduled for July 7, 2026. The results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on May 12, 2026.

Consolidated Financial Performance

Tata Power's consolidated total income for FY26 stood at ₹64,171.66 crore, compared to ₹66,992.17 crore in FY25. Revenue from operations was ₹62,428.59 crore for FY26 versus ₹65,478.24 crore in FY25. Total expenses for the year were ₹59,401.41 crore, down from ₹60,367.67 crore in the prior year. The profit before tax for FY26 was ₹6,635.99 crore, compared to ₹6,319.62 crore in FY25. Net profit attributable to owners of the company for FY26 was ₹3,747.19 crore, compared to ₹3,971.00 crore in FY25. Earnings per equity share (of ₹1 each) after net movement in regulatory deferral balances stood at ₹11.72 (basic) and ₹11.71 (diluted) for FY26, versus ₹12.42 (basic) and ₹12.41 (diluted) in FY25.

The following table summarises the key consolidated financial results:

Q4 EBITDA Performance

On a quarterly basis, Tata Power's Q4 EBITDA stood at ₹2,600 crore, compared to ₹3,246 crore in the same quarter of the previous year. The EBITDA margin for Q4 came in at 17.44%, compared to 18.98% in the corresponding prior-year period, reflecting the year-on-year contraction in operating profitability. Q4 revenue from operations was ₹14,900.20 crore versus ₹17,095.88 crore in Q4 of the prior year.

Consolidated Segment Performance

The Transmission and Distribution segment was the largest contributor to consolidated segment results for FY26 at ₹4,398.59 crore, followed by Renewables at ₹4,340.93 crore and Thermal & Hydro at ₹1,964.61 crore. The Renewables segment recorded notable growth in segment revenue and net movement in regulatory deferral balances, rising to ₹15,027.82 crore in FY26 from ₹9,876.36 crore in FY25. Thermal & Hydro segment revenue declined to ₹11,635.93 crore in FY26 from ₹19,739.07 crore in FY25.

Standalone Financial Performance

On a standalone basis, Tata Power reported net profit of ₹1,124.66 crore for FY26, compared to ₹3,132.68 crore in FY25. Standalone total income for FY26 was ₹15,067.69 crore, against ₹24,848.91 crore in FY25. Revenue from operations on a standalone basis stood at ₹13,225.50 crore in FY26, compared to ₹22,359.44 crore in FY25. The significant decline in standalone revenue and profit is primarily attributable to the temporary suspension of the Mundra Power Plant effective July 3, 2025, for overhauling activities. On March 23, 2026, the company executed a supplementary power purchase agreement (SPPA) with Gujarat Urja Vikas Nigam Limited (GUVNL) with effect from April 1, 2025, with revised tariff and power supply framework, and the Ministry of Power issued fresh directions permitting plant operations from April 1, 2026 to June 30, 2026 under the SPPA terms.

Dividend and Key Corporate Developments

The Board recommended a final dividend of ₹2.50 per equity share of ₹1 each (at 250%) for FY26. The record date for dividend payment has been fixed as June 23, 2026, and the dividend, if approved at the AGM, will be paid on or after July 10, 2026. The paid-up equity share capital of the company stands at ₹319.56 crore.

During the quarter, Tata Power entered into a joint venture with Druk Green Power Corporation (DGPC) of Bhutan for the development of the 1,125 MW Dorjilung Hydro Power Project, acquiring a 40% equity stake in Dorjilung Hydro Power Limited (DHPL). The company invested ₹50 crore as the first tranche out of a total proposed investment of approximately ₹1,572 crore, subscribing to 50,00,000 equity shares of Nu. 100 each, representing 40% of the issued and paid-up equity share capital of DHPL.

The company also recognised an additional expense of ₹74 crore (consolidated) towards gratuity and leave encashment liabilities pursuant to the Government of India notifying four Labour Codes on November 21, 2025. Of this, ₹62 crore pertains to the regulated business and has been considered as a pass-through in tariff. On a standalone basis, an additional expense of ₹15 crore was recognised, of which ₹10 crore pertains to the regulated business.

Arbitration Matter and Key Risks

The company disclosed a significant pending legal matter. The Singapore International Arbitration Centre (SIAC) published a quantum award on July 1, 2025 and a final award on August 27, 2025, directing Tata Power to pay Kleros Capital Partners Limited damages of USD 490,320,000 with simple interest of 5.33% from November 30, 2020, and costs of SGD 11,341,963.46 with simple interest of 5.33% from July 1, 2025. Based on legal counsel advice, the company filed an appeal on October 23, 2025 with the Singapore International Commercial Court (SICC) for setting aside the awards. The company does not foresee any affirmative payment obligation, and accordingly, no provision has been recorded in the financial results for the quarter and year ended March 31, 2026. The hearings on the case are completed and the order is reserved. The statutory auditors have issued an emphasis of matter in this regard, though their opinion is not modified.

During the quarter, the company also recognised an impairment provision of ₹94 crore as an exceptional item on its investment in Adjaristsqali Netherlands B.V. (ABV), a joint venture held for sale. Additionally, a deferred tax asset of ₹250 crore was recognised on previously unrecognised business losses during the quarter, based on reasonable certainty of generating taxable profits.

Tata Power has announced the appointment of Ms. Nishi Vasudeva (DIN: 03016991) as an Additional Non-Executive Independent Director, following approval by its Board of Directors at a meeting held on May 12, 2026. The appointment is subject to the approval of the Company's shareholders and has been disclosed in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Appointment Details

The key particulars of Ms. Vasudeva's appointment are outlined below:

The Board Meeting commenced at 2.00 p.m. (IST) and concluded at 4.05 p.m. (IST). The appointment was made based on the recommendation of the Nomination and Remuneration Committee.

Profile of Ms. Nishi Vasudeva

Ms. Nishi Vasudeva is a distinguished Indian business executive with over 38 years of experience in the petroleum industry. She is widely recognised as the first woman in India to lead an organisation within the energy sector, and among a select few globally to have served as the head of an oil company.

Ms. Vasudeva served as the Chairperson and Managing Director (CMD) of Hindustan Petroleum Corporation Limited (HPCL), a Fortune 500 company, until March 2016. In this role, she was responsible for:

• Establishing the organisation's vision and long-term objectives
• Enhancing growth and profitability
• Fostering a high-performance culture focused on operational excellence
• Sustaining value creation for stakeholders

She also served as Chairperson of the Board for several HPCL joint venture companies in collaboration with reputed multinational firms and Indian corporates. Her career at HPCL encompassed leadership positions across Marketing, Corporate Strategy, Planning, and Information Systems, and she led key business transformation and organisational restructuring projects. She has additionally been a Member of several Committees for the development of policy for the Hydrocarbon sector in India.

Awards and Academic Background

Ms. Vasudeva has earned several prestigious recognitions throughout her career. She is the first Indian to receive the Platts "Global CEO of the Year" award in the Energy sector. She has also received the SCOPE Individual Leadership Award for Excellence in Public Sector Management, conferred by the President of India, along with multiple other honours.

Academically, she holds a B.A. in Economics (Honours) from Delhi University and an MBA from IIM Calcutta.

Regulatory Disclosure

The appointment has been disclosed pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Master Circular HO/49/14/14(7)2025-CFDDPOD2/I/3762/2026 dated January 30, 2026. The information has been made available on the Company's website at www.tatapower.com .