Annual Report 2025-26

Registered Office: Dhirubhai Ambani Knowledge City Reliance Centre, Ground Floor, Reliance Power Limited Thane Belapur Road, 19, Walchand Hirachand Marg, CIN: L40101MH1995PLC084687 Ko Bp aa llark rdh a Ei sra tan tee ,, M umbai - 400 001 Navi Mumbai 400 710 Tel: +91 22 4303 1000 www.reliancepower.co.in July 23, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, 5th Floor, Dalal Street, Fort, Plot No. C/1, G Block, Bandra Kurla Complex, Mumbai 400 001 Bandra (East), Mumbai 400 051 BSE Scrip Code : 532939 NSE Scrip Symbol: RPOWER Dear Sir(s), Sub.: Notice of 32nd Annual General Meeting and Annual Report 2025-26 We enclose herewith the Annual Report for the financial year 2025-26, including the Notice convening 32nd Annual General Meeting of the Members of the Company scheduled to be held on Friday, August 14, 2026 at 12.00 Noon (IST) through Video Conferencing / Other Audio-Visual Means. The Annual Report is being sent through electronic mode to those Members whose e-mail addresses are registered with the Company / Registrar and Transfer Agent (RTA) / Depository Participants (DPs). Further, in accordance with Regulation 36(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a letter with web links and QR code to access the Annual Report is also being sent to all such shareholders whose email addresses are not so registered. The Company will provide to its Members, the facility to cast their vote(s) on all resolutions set out in the Notice by electronic means (‘e-voting’). The detailed process to join meeting through video conferencing / other audio-visual means and e-voting are set out in Notice. The Annual Report containing the Notice is also uploaded on the Company’s website www.reliancepower.co.in and also on the website of the RTA, KFin Technologies Limited, at www.kfintech.com. Yours faithfully, For Reliance Power Limited Ramandeep Kaur Company Secretary Encl.: As above Annual Report 2025-26 Padma Vibhushan Dhirubhai H Ambani: The Karmayogi 28 December 1932 - Forever Visionary Founder of Reliance Pursue your goals even in the face of difficulties and convert adversities into opportunity. Reliance Power Limited Annual Report 2025-26 Corporate Information Board of Directors Registered Office Dr. Zohra Chatterji Reliance Centre, Ground Floor, Non-Executive, Independent Director 19, Walchand Hirachand Marg, Shri Ashok Ramaswamy Ballard Estate, Mumbai 400 001 Non-Executive, Independent Director CIN: L40101MH1995PLC084687 Tel: +91 22 4303 1000, Dr. Avinash Gupta E-mail: reliancepower.investors@reliancegroupindia.com Non-Executive, Independent Director Website: www.reliancepower.co.in Shri Vijay Kumar Sharma Non-Executive, Independent Director Registrar and Transfer Agent Shri Arup Ashok Gupta KFin Technologies Limited Non-Executive, Non- Independent Director Unit: Reliance Power Limited Shri Sachin Mohapatra Selenium, Tower – B, Plot No. 31 & 32 Non-Executive, Non- Independent Director Survey No. 116/22, 115/24, 115/25 Financial District, Nanakramguda Shri Neeraj Parakh Hyderabad, Telangana, India - 500 032 Executive Director, Chief Executive Officer and Chief Financial Officer Website: www.kfintech.com Company Secretary Investor Helpdesk Smt. Ramandeep Kaur Toll free no. (India): 1800 309 4001 E-mail: einward.ris@kfintech.com Auditors M/s. Pathak H. D. & Associates LLP Contents Statutory Pg Reports 02-108 Notice 02 Directors’ Report 20 Management Discussion and Analysis 41 Business Responsibility and Sustainability Report 52 Corporate Governance Report 83 Investor Information 102 Financial Pg Statements 109-281 Standalone Financial Statements 109 Consolidated Financial Statements 182 32nd Annual General Meeting on, Friday, August 14, 2026 at 12:00 Noon (IST) through Video Conferencing (VC) / Other Audio-Visual Means (OAVM) Reliance Power Limited Annual Report 2025-26 Notice NOTICE is hereby given that the 32nd Annual General Meeting Special Business: (‘AGM’) of the Members of Reliance Power Limited will be 4. Remuneration to Cost Auditors held on Friday, August 14, 2026 at 12:00 Noon (IST) through Video Conferencing / Other Audio-Visual Means, to transact the To consider and, if thought fit, to pass the following following business: resolution as an Ordinary Resolution: “RESOLVED THAT pursuant to the provisions of Section Ordinary Business: 148 and other applicable provisions, if any, of the 1. To consider and adopt Companies Act, 2013 (the ‘Act’) read with the Companies (Audit and Auditors) Rules, 2014 (including any statutory a) the audited financial statement of the Company for the modification(s) or re-enactment(s) thereof, for the time financial year ended March 31, 2026 and the reports being in force), M/s. N. Ritesh & Associates, Cost of the Board of Directors and Auditors thereon, and Accountants (Firm Registration No. R100675) appointed as the Cost Auditors of the Company, for the financial b) the audited consolidated financial statement of the year ending March 31, 2027, be paid a remuneration of Company for the financial year ended March 31, 2026 15,000/- (Rupees Fifteen Thousand Only) excluding and the report of the Auditors thereon. applicable taxes and out of pocket expenses, if any. 2. To appoint a Director in place of Shri Sachin RESOLVED FURTHER THAT the Board of Directors of Mohapatra (DIN: 07791421), who retires by rotation the Company be and is hereby authorised to do all acts under the provisions of the Companies Act, 2013 and take all such steps as may be necessary, proper or and being eligible, offers himself for re-appointment. expedient to give effect to this resolution.” 3. Appointment of Statutory Auditors and fix their remuneration 5. Appointment of Dr. Avinash Gupta (DIN: 02784546) as an Independent Director To consider and, if thought fit, to pass the following resolution as an Ordinary Resolution: To consider and, if thought fit, to pass the following resolution as a Special Resolution: “RESOLVED THAT pursuant to the provisions of Sections 139, 142 and other applicable provisions, if any, of the “RESOLVED THAT pursuant to the provisions of Section Companies Act, 2013 read with the Companies (Audit 149, 150 and 152 read with Schedule IV and all other and Auditors) Rules, 2014 (including any statutory applicable provisions, if any, of the Companies Act, modification(s) or re-enactment(s) thereof for the time 2013 (the “Act”) and the Companies (Appointment and being in force) and based on the recommendation of Qualification of Directors) Rules, 2014 (including any the Audit Committee and the Board of Directors, M/s. statutory modification(s) or re-enactment(s) thereof for Kailash Chand Jain & Co., Chartered Accountants (Firm the time being in force) and the applicable provisions of Registration No. 112318W), be and are hereby appointed Securities and Exchange Board of India (Listing Obligations as Statutory Auditors of the Company for a term of five and Disclosure Requirements) Regulations, 2015 (“Listing consecutive years, to hold office from the conclusion of Regulations”), as amended from time to time, Dr. Avinash 32nd Annual General Meeting till the conclusion of the 37th Gupta (DIN: 02784546), who was appointed as an Additional Annual General Meeting of the Company. Director in the category of an Independent Director, by the Board pursuant to the provisions of Section 161 of the Act RESOLVED FURTHER THAT the Board of Directors of and the Articles of Association of the Company and who is the Company be and is hereby authorised to finalise the qualified for being appointed as an Independent Director terms and conditions of appointment, including fixation of and in respect of whom the Company has received a notice the remuneration of the Statutory Auditors in consultation in writing under Section 160(1) of the Act from a member with the Audit Committee and the Statutory Auditors and to proposing his candidature for the office of Direc [Showing first 8,000 characters — download PDF for full document]