Announcement under Regulation 30(LODR) - Earnings Call Transcripts for Q1 FY27.

July 31, 2026 BSE Limited National Stock Exchange of India Limited Corporate Relationship Department Exchange Plaza, 5th Floor 1st Floor, New Trading Ring Plot No. C/1, G Block Rotunda Bldg., P. J. Towers Bandra-Kurla Complex Dalal Street, Fort Bandra (East) Mumbai – 400 001. Mumbai – 400 051. Scrip Code: 500400 Symbol: TATAPOWER Dear Sir/Madam, Earnings Call Transcripts Pursuant to Regulation 46(2)(oa) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, the transcript of the audio call recording of the Company’s Analyst Call held on Tuesday, July 28, 2026, on the Audited Standalone Financial Results and Unaudited Consolidated Financial Results of the Company for the quarter ended June 30, 2026 is attached herewith. The transcript of recording can also be accessed on the Company’s website using the following link: https://www.tatapower.com/investor-resource-center/analyst-call-transcript-tab This is for your information and records. Yours Sincerely, For The Tata Power Company Limited Vispi S. Patel Company Secretary FCS 7021 Encl: As above “The Tata Power Company Limited Q1 FY27 Earnings Conference Call” July 28, 2026 MANAGEMENT: DR. PRAVEER SINHA - CEO & MANAGING DIRECTOR, THE TATA POWER COMPANY LIMITED MR. SANJEEV CHURIWALA - CHIEF FINANCIAL OFFICER, THE TATA POWER COMPANY LIMITED MR. RAJESH DAGA - GROUP FINANCIAL CONTROLLER, THE TATA POWER COMPANY LIMITED MR. KASTURI SOUNDARARAJAN - CHIEF TREASURY & INVESTOR RELATIONS, THE TATA POWER COMPANY LIMITED MR. ANSHUL VERDIA - HEAD, INVESTOR RELATIONS, THE TATA POWER COMPANY LIMITED Page 1 of 20 The Tata Power Company Limited July 28, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Tata Power Q1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listener mode and there will be an opportunity to ask questions after the presentation concludes. Should you need assistance in the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note, this conference is being recorded. I now hand the conference over to Dr. Praveer Sinha, CEO and Managing Director of Tata Power for his opening remarks. Thank you, and over to you, sir. Praveer Sinha: Thank you very much. Good morning, everyone, and thanks for joining us over the call. We normally do call after the quarter results around 6:00. But this time, I was told that all of you are tied up in another event, and that's why we thought we'll do it on the next day in the morning. So thank you all for joining. I'm joined by my colleagues, CFO Sanjeev Churiwala ; Rajesh Daga- Group Financial Controller; Kasturi Soundararajan- Chief Treasury; Anshul Verdia; and all my other colleagues who are here from the finance department. Before I delve into the quarter performance, let me share with you some information on the power sector. The power demand growth has been very strong in the first quarter. It was nearly 8.5% increase. In fact, in the month of May, it was nearly 11% and June was 9.8%. We continue to see similar demand in this month also, July has been consistently in the range of 260 to 270 gigawatts. Rains have been delayed and wherever it has happened, it has been very inadequate. So, I think we can expect a longish summer this year and with very little of rain in the most of the parts of the country, which is leading to cooling requirement, and that's why you see a large increase in consumption of power. We also see that going forward, there will be a large increase in demand because it's not only the cooling, but also industrial growth has picked up, and there is good demand in the industrial sector. So I think it's good for the power sector, especially with the type of investment and capacity addition that is taking place all over the country. Moving to the financial performance of the company. Tata Power has done exceedingly well, INR 1,401 crores of PAT in the quarter, which is an 11% increase. And so also the EBITDA increase has been 8% to INR 4,249 crores. And also we have shown increase in revenue. Page 2 of 20 The Tata Power Company Limited July 28, 2026 But what is important is, and I thought that this time, I will take the opportunity to share with you that this is not a one-off sort of thing. This is the 27th consecutive quarter where we have seen increase in our PAT and EBITDA. And that is because there is a very strong foundation of our existing operations and the new businesses that are getting added. In fact, I was looking at some of the numbers, and we have shared with you in Slide 19 to 21 that how over a period of time, if we compare whether it was the Q1 of FY 2024 or 2025 or 2026, we have consistently every year shown an increase in revenue, increase in EBITDA and an increase in PAT. In fact, the CAGR revenue is 8%, EBITDA is 12% and PAT is 7%. And this, again, if we break into different components, you will see that we have done exceedingly well. Let's look at the transmission business, how it has performed again in last 4 years, each quarter, it has done -- again, you will see that the transmission business has shown a revenue increase of 45% CAGR, 19% in EBITDA, and 27% in PAT. Mumbai Transmission itself has shown 7% CAGR in revenue, 11% in EBITDA and 21% in PAT. And this will continue because we have a huge pipeline of investment, which is there in Mumbai transmission, nearly INR 10,000 crores of investment will happen in the next 5 years. And this is on a regulated basis. So we not only get the regulated, but also certain upsides because of better performance on the efficiency and availability of this transmission system. Similarly, on TBCB projects, which are getting implemented, some are now in the final stages of completion. One will get completed, the Jalpura-Khurja line in the next few days. The other one, the Bikaner-Neemrana line will also get commissioned by October. So again, huge pipeline of projects, and you will see the benefits of that accruing in the subsequent quarters. Let's look at our distribution business. Again, consistently, we have done very good. If we look at the total distribution business, the revenue has gone up, the EBITDA has gone up and so also the PAT has gone up. And this, we are seeing consistent performance. And typically, in distribution business, Q1 is not the best of the quarter because of the huge challenges which one has, especially in summer months in terms of billing and Page 3 of 20 The Tata Power Company Limited July 28, 2026 collection. But I think what is important is that how consistently, even in quarter 1, we have been showing an improvement in all these parameters. Similarly, if we see our renewable cluster, it has done exceedingly well on an overall basis. The revenue has gone up by 22%, the EBITDA by 23% and the PAT by 37%. But it's important that when we talk of revenue of renewable cluster, we also go and see where exactly this benefit is coming from. The generation business, we have seen revenue grow by 11% on a CAGR basis, EBITDA by 10% and PAT by 2%. And mind you, we have not been setting up a large number of our own projects because we were tied up in doing third party projects. Now this year, we will set up 2,500 megawatt to 2,700 megawatt. Already 200 was commissioned and another 500 will get commissioned in the next few weeks. The delay was not from our side. We were ready on 30th June, we had done all the testing. The transmission system got delayed and now that has been commissioned one of them and the testing is going for commissioning our plant and the balance will happen by next 2 weeks' time. So I think you will see huge capacity addition in the renewables and its impact. Right now, we are at 6.7 gigawatts. We add 2.5 gigawatts. We'll cross 9 gigawatts by the end of this financial year. And the impact of it will start being seen in the subsequent quarter and also in FY28. Rooftop business has done exceedingly well. Our revenue has grown [Showing first 8,000 characters — download PDF for full document]