To the Members,

The Directors are pleased to present to you the Seventh integrated report [prepared as per the framework set forth by the

International Integrated Reporting Framework and in accordance with Global Reporting Initiative (GRI) Standards 2021] and

One Hundred and Seventh Annual Report on the business and operations of the Company along with the Audited Financial

Statements for the financial year ended March 31, 2026.

1. Financial Results

(` crore)

*Including rate regulatory income/ (expense)

2. Financial Performance and the State of the Company's affairs 2.1. Consolidated

Operating Performance

The Company's consolidated operating revenue for FY26 stood at ` 63,681 crore as compared to ` 64,502 crore in FY25. Revenue performance from core businesses like

Renewables, Transmission & Distribution and Thermal

& Hydro, largely mitigated the impact of the shutdown of the Mundra Thermal Power Plant, resulting in only a marginal moderation in overall revenues.

Within the Renewables segment, revenue from the

Rooftop business more than doubled year-on-year, reflecting strong demand and execution capabilities. The fullscale operation of the 4.3 GW Solar Manufacturing facility significantly contributed to the topline growth during the year. Additionally, revenues from the

Renewable (RE) Generating business improved, driven by capacity additions and higher execution levels of third party Engineering Procurement & Construction (EPC) projects.

In the Transmission & Distribution segment, regulatory upside in Tata Power Delhi Distribution Limited (TPDDL), increased execution of Tariff Based Competitive Bidding (TBCB) projects, and sustained positive momentum across all distribution companies further reinforced the

Company's operational performance.

Within the Thermal & Hydro segment, the capitalisation of the Flue Gas Desulphurisation (FGD) plant at the Maithon Power Plant provided an incremental uplift to revenues, supporting overall segment performance.

EBITDA Performance

The Company's consolidated EBITDA for FY26 grew by 11% to ` 16,090 crore, as compared to ` 14,468 crore in FY25, reflecting improved operating performance across core businesses. The increase in EBITDA was primarily driven by higher contribution from the Solar Manufacturing and Rooftop businesses, supported by scaleup of operations and sustained execution momentum. Capacity additions across renewable generation companies (Gencos) further contributed to improved earnings during the year.

In the Transmission & Distribution segment, EBITDA growth was led by higher regulated returns, improved billing efficiency and reversal of Expected Credit

Loss (ECL) provisions, reflecting enhanced collection efficiency and improved quality of receivables.

Continued expansion of the asset base, particularly in

TBCB projects, also supported profitability.

The Thermal & Hydro segment witnessed moderation in EBITDA during the year, largely attributable to non-recurring items recognised in the previous year for

Trombay Thermal Power Plant, including fire insurance claim settlement, heat rate compensation and carrying cost, as well as lower margins from the Haldia merchant business. These impacts were partially offset by higher contribution arising from the capitalisation of the FGD project at the Maithon Power Plant. The overall increase in EBITDA was partially offset by the impact of the shutdown of the Mundra Thermal Power Plant.

PAT Performance

The Company's consolidated Reported Profit

After Tax (PAT) for FY26 crossed the milestone of ` 5,000 crore reflecting the resilience of its diversified business portfolio. This performance was achieved despite the Mundra Thermal Power Plant being shut for approximately nine months during the year, underscoring the strength of earnings from core businesses. Growth in revenues and EBITDA from Renewables, Solar Cell and

Module Manufacturing and Transmission & Distribution provided strong operating support to the bottom line.

In addition, the absence of higher exceptional expenses and losses recorded in the previous year aided normalization of profitability. Overall, the sustained PAT performance highlighted improved earnings quality and the Company's ability to absorb operational disruptions while continuing its strategic transition.

Profits from Joint Ventures (JVs) and Associates declined, primarily on account of lower earnings from coal companies, partially offset by recognition of MAT asset in

Industrial Energy Limited (IEL) and lower losses incurred by Tata Projects Limited.

2.2. Standalone

The Operating Revenue was at ` 12,969 crore in FY26 compared to ` 21,288 crore in FY25 on a standalone basis mainly due to the Mundra Thermal Power Plant being shut for approximately nine months during the year and regulatory upside in the previous year (PY). The PAT in FY26 was ` 1,125 crore as compared to ` 3,133 crore in FY25. The decrease was mainly due to Mundra station shutdown and lower dividend income. Refer Section 4 of Management Discussion and Analysis (MD&A) report for details.

No material changes and commitments have occurred after the close of the year under review till the date of this Report which affect the financial position of the Company.

2.3. Annual Performance

Details of the Company's annual financial performance as published on the Company's website and presented during the Analyst Meet, after declaration of annual results, can be accessed using the following link: https:// www.tatapower.com/.

2.4. Integrated Report

Continuing with our commitment towards a sustainable future and focus on governance-based reporting, the

Company has progressed to publish seventh Integrated

Report highlighting the Company's efforts to empower all categories of customers and stakeholders with future-ready, smart energy solutions.

3. Leverage Ratios and Cash from

Operations

The Company's Net Debt to Equity ratio remained stable at 1.2 on a consolidated basis in FY26. The Net Debt to Underlying EBITDA ratio increased to 3.3 in FY26 from 2.9 in FY25, primarily on account of capex incurred during the year, with corresponding EBITDA expected to accrue in the ensuing periods. Strong cash EBITDA from operations reinforces the Company's commitment to maintain comfortable debt position for sustainable growth. The highlights of financial performance of the

Company and ratios is presented in the Investors section of Integrated Report (Pages 98-105).

4. Issuance of Non-Convertible Debentures

During the year under review, the Company has issued and allotted 2,00,000 Non-Convertible Debentures (NCDs) of face value ` 1,00,000, each aggregating to ` 2,000 crore (100,000 - 7.05% Series I - Fixed rate,

Unsecured, Senior, Redeemable, Rated, Listed, Taxable,

Non-cumulative NCDs) and (1,00,000 - 7.25% Series II - Fixed rate, Unsecured, Senior, Redeemable, Rated, Listed, Taxable, Non-cumulative NCDs) to identified investors on a private placement basis. The NCDs are listed on the wholesale debt market segment of BSE Limited.

5. Credit Ratings

During the year under review, the Company has obtained credit ratings from various reputed agencies. For brief details of credit ratings, refer Page No.276 of Report on Corporate Governance.

6. Management Discussion and Analysis

The Management Discussion and Analysis, as required in terms of the Securities and Exchange Board of India

(Listing Obligations and Disclosure Requirements)

Regulations, 2015 (Listing Regulations), is annexed to this Report (Pages 224-253).

7. Dividend

Based on the Company's performance, the Board recommended a dividend of ` 2.50 per share on 3,19,53,39,547 equity shares of ` 1 each, subject to the approval of the Members. The final dividend on equity shares, if approved by the Members, would involve a cash outflow of ` 798.83 crore.

Pursuant to the Finance Act, 2020, dividend income is taxable in the hands of the Members effective April 1, 2020, and the Company is required to deduct tax at source (TDS) from dividend paid to the Members at prescribed rates as per the Income-Tax Act, 2025.

The Record date for the purpose of the final dividend for the financial year ended March 31, 2026, is Tuesday, June 23, 2026.

The Dividend Distribution Policy, in terms of Regulation

43A of the Listing Regulations, can be accessed on the

Company's website at https://www.tatapower.com/ corporate-policies/Dividend Policy.pdf

8. Current Business

The Company operates across the entire value chain of power business viz. Thermal, Hydro and Renewable

Electricity Generation, Transmission, Distribution, Power Trading, Power Services, Manufacturing of Solar Cell & Module, Solar EPC, Consumer facing businesses such as solar rooftop, electric vehicle (EV) charging, home automation and microgrid. Further, the Company has investment in Coal Mines for backward integration for its thermal plant coal requirement. The Company holds a leadership position in many of these segments.

There has been no change in the nature of business of the

Company during the year.

As of March 31, 2026, the Company has an installed generation capacity of 16,716 MW, of which 7,856 MW and 47% is derived from clean and green sources such as hydro, waste heat recovery, wind and solar.

The Company continues to progress its strategic partnership with Druk Green Power Corporation Limited (DGPC) in a landmark stride towards regional energy integration and low-carbon growth and net-zero ambitions. During the year, the Company entered into joint ventures with DGPC for the development of two hydropower projects in Bhutan viz. 600 MW Khorlochhu and 1,125 MW Dorjilung by acquiring 40% equity stakes in Khorlochhu Hydro Power Limited (KHPL) and Dorjilung Hydro Power Limited (DHPL), respectively. The Company invested ` 244 crore in KHPL in two tranches out of a total proposed investment of approximately ` 830 crore, and ` 50 crore in DHPL as the first tranche out of a total proposed investment of approximately `1,572 crore, corresponding to equity subscriptions representing

40% of the issued and paid-up share capital in each entity. Also, the Company collaborated with DGPC's clean energy which crosses 5,000 MW mark with the identification and addition of 404 MW Nyera Amari I & II Integrated Hydropower Project.

The Company being guided by its vision to empower a billion lives through sustainable, affordable and innovative energy solutions, continues to play a leading role in advancing India's green energy transition through its subsidiary Tata Power Renewable Energy Limited

(TPREL). With vertically integrated offerings across Solar, Wind, Hybrid, Storage and EV Charging solutions, the

Company has built a robust renewable energy portfolio of 11.6 GW, including 5.1 GW under various stages of implementation. The Solar EPC segment commissioned

2.5 GW of utility-scale projects and ended the year with a third party EPC order book of ` 766 crore.

The Company crossed 3,70,000 rooftop solar installations across India, maintaining its leadership as the Country's top rooftop solar provider. The cumulative capacity has reached over 4.8 GWp, contributing significantly to India's renewable energy journey. The rooftop segment posted a robust 115% year-on-year growth in revenue billing. The Company continues to support national solar initiatives, including the Pradhan

Mantri Surya Ghar Muft Bijli Yojana and its own 'GharGhar Solar' campaign. The Company remains a preferred partner for solar solutions with the year-end order book of ` 898 crore.

The Company proposes to enter solar value chain supply by upstreaming Solar PV ingot and wafer manufacturing with a planned capacity of up to 10 GW (in two phases of 5 GW each), aligned with Approved List of Models and Manufactures (ALMM) List III requirements. The estimated investment is ~` 6,500 crore, with a projected payback period of approximately five years.

TP Solar's manufacturing facility at Tirunelveli achieved production of 3,825 MW of modules and 3,759 MW of cells, with yield of 96% & 93% respectively reflecting consistent focus on operational excellence and efficiency enhancement. The manufacturing facility is now featured in the Bloomberg NEF (BNEF) Tier-1 Manufacturers List released in August 2025 and is also included in the ALMM

List II.

The Company continued to scale India's EV charging network. As of March 31, 2026, the Company energized more than 2,00,000 home chargers and 5,800+ public/ semi-public charging points nationwide. Additionally, 1,200+ e-bus charging points were installed. To alleviate range anxiety, the Company has deployed 1,160+ fast-charging points across 254+ key highway stretches.

The Company supplied power from the Mundra Thermal

Power Plant (Mundra Plant) upto June 30, 2025, based on the directions of the Ministry of Power (MoP) under

Section 11 of the Electricity Act, 2003. Effective July 3, 2025, the Company temporarily suspended operations of the Mundra Plant to undertake pending overhauling activities aimed at resolving existing technical issues. On March 23, 2026, with effect from April 1, 2025, the 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 has issued fresh directions under Section 11 permitting Mundra Plant operations from April 1, 2026 to June 30, 2026 with the terms of SPPA, during which period, management expects completion of the SPPA with the other procurers.

During the year, the Company has progressed its under construction transmission projects. The Company successfully delivered 732 circuit kilometres (ckm) of critical transmission lines, including the 765 kV Mainpuri Bara, Mainpuri Unnao, and 400 kV Gonda Tanda and Tanda Basti lines under the SEUPPTCL project. In addition, the Company commissioned 77 ckm of the 400 kV Koteshwar Rishikesh transmission line under the NRSS scheme. Letter of Intent (LOI) was received from RECPDCL for acquisition of Jejuri-Hinjewadi Power Transmission project of 226 ckm. The total transmission capacity now stands at 7,403 ckm, including 1,841 ckm under construction.

Odisha DISCOMs delivered strong performance with a

2% reduction in AT&C losses. Over 50 lakh smart meters were installed across distribution areas.

TPDDL, in collaboration with Nissin Electric Company

Limited, commissions India's first-ever Micro Substation with Power Voltage Transformer (PVT) at RG22 Grid, Delhi.

Tata Power Trading Company Limited (TPTCL) commences Cooling-as-a-Service (CaaS) business with pipeline of 2+ lakh tons of refrigeration and 25 new projects acquired worth ` 5.6 crore for Heating Ventilation and Air Conditioning (HVAC) optimization.

Detailed information about the Company's business portfolio can be found in the Business Strategies section and Business cluster review section of this Integrated Report (Pages 25 - 49).

9. Reserves

As per Standalone financials, the net movement in the reserves of the Company for FY26 and FY25 is as follows:

( ` crore)

The Board of Directors has approved the retention of the entire profit for FY26 in the retained earnings. An amount of ` 52 crore was transferred from Debenture Redemption Reserve to retained earnings in FY26.

10. Subsidiaries/Joint Ventures/Associates

As on March 31, 2026, the Company had 72 subsidiaries (including 14 wholly owned subsidiaries), 29 Joint Ventures (JVs) and 6 Associate companies. 3 companies, though classified as subsidiaries under the Companies Act, 2013 (the Act), have been accounted as JVs in accordance with Indian Accounting Standards (Ind AS). There has been no material change in business of the subsidiaries.

During the year under review, the following changes occurred in the Company's holding structure: a) The following company was acquired as a subsidiary through the transmission bidding process:

?? ? TP Jejuri Hinjewadi Power Transmission Limited (erstwhile Jejuri Hinjewadi Power Transmission Limited, name changed on March 6, 2026). b) The following companies has been classified as JVs of the Company:

?? ? Khorlochhu Hydro Power Limited

?? ? Dorjilung Hydro Power Limited

A report on the performance and financial position of each of the subsidiaries, JVs and Associates has been provided in Form AOC-1 as per Section 129(3) of the Act (Pages 666 - 671).

Further, pursuant to the provisions of Section 136 of the Act, the financial statements of the Company, consolidated financial statements along with relevant documents and separate audited financial statements in respect of subsidiaries are available on the website of the Company athttps://www.tatapower.com/subsidiary-financials.

The policy for determining material subsidiaries of the Company can be accessed at: https://www.tatapower.com/corporate-policies/Policy for determining material subsidiaries.pdf

11. Directors' Responsibility Statement

Based on the framework of Internal Financial Controls

(IFCs) and compliance systems established and maintained by the Company, the work performed by the internal, statutory and secretarial auditors and external consultants, including the audit of IFCs over financial reporting by the Statutory Auditors and the reviews performed by management and the relevant Board Committees, including the Audit Committee of Directors, the Board is of the opinion that the Company's IFCs were adequate and effective during FY26.

Pursuant to Section 134(5) of the Act, the Board of Directors, to the best of its knowledge and ability, confirm that: i. in the preparation of the annual accounts, the applicable accounting standards have been followed and there are no material departures; ii. they have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period; iii. they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; iv. they have prepared the annual accounts on a going concern basis; v. they have laid down internal financial controls to be followed by the Company and such internal financial controls are adequate and operating effectively; vi. they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

12. Directors and Key Managerial Personnel Re-appointment/appointment of

Directors

In accordance with the requirements of the Act and the Company's Articles of Association,

Mr. N. Chandrasekaran (DIN: 00121863) retires by rotation and is eligible for re- appointment. The resolution seeking Members' approval for his re-appointment forms part of the Notice.

Based on the recommendation of the Nomination and Remuneration Committee (NRC) and the

Board, and in accordance with the provisions of the Act and Listing Regulations, Mr. Pramod Agrawal (DIN: 00279727) was appointed as an Additional Director (Independent) of the Company, for a term of 5 years commencing from April 15, 2025 to April 14, 2030. The said appointment of Mr. Agrawal as an Independent

Director (ID) was approved by the Members at the AGM held on July 4, 2025.

Based on recommendation of NRC, Board and in accordance with provisions of the Act and Listing

Regulations, Ms. Nishi Vasudeva (DIN:03016991) was appointed as an Additional Director (Independent) of the

Company by the Board of Directors on May 12, 2026, for a term commencing from May 13, 2026 to March 29, 2031 (before attaining 75 years of age), subject to the approval of Members. The resolution seeking Members' approval for her appointment forms part of the Notice.

Cessation of Directors

During the financial year, there has been no cessation of any director in the Company.

Independent Directors

In terms of Section 149 of the Act, Ms. Anjali Bansal, Ms. Vibha Padalkar, Mr. Sanjay V. Bhandarkar, Mr. Ashok Sinha, Mr. Rajiv Mehrishi, Mr. Tarun Bajaj, Mr. Pramod Agrawal and Ms. Nishi Vasudeva are the IDs of the Company as on the date of this Report. In terms of Regulation 25(8) of the Listing Regulations, all IDs have confirmed that they are not aware of any circumstances or situation which exists or may be reasonably anticipated that could impact their ability to discharge their duties. The Directors have further confirmed that they are not debarred from holding the office of the director under any SEBI Order or any other such authority. Based upon the declarations received from the IDs, the Board of Directors has confirmed that they meet the criteria of independence as mentioned under Section 149(6) of the Act and Regulation 16(1)(b) of the Listing Regulations and that they are independent of the management.

In the opinion of the Board, there has been no change in the circumstances which may affect their status as IDs of the Company and the Board is satisfied of the integrity, expertise and experience (including proficiency in terms of Section 150(1) of the Act and applicable rules thereunder) of all IDs on the Board. Further, in terms of Section 150 read with Rule 6 of the Companies

(Appointment and Qualification of Directors) Rules,

2014, as amended, the IDs of the Company have included their names in the data bank of IDs maintained with the

Indian Institute of Corporate Affairs (IICA). During the year under review, the Non-Executive

Directors (NEDs) of the Company had no pecuniary relationship or transactions with the Company, other than sitting fees and commission, as applicable, received by them.

Key Managerial Personnel (KMPs)

In terms of Section 203 of the Act read with the

Companies (Appointment and Remuneration of

Managerial Personnel) Rules, 2014, the following are the KMPs of the Company as on March 31, 2026:

? ? Dr. Praveer Sinha, CEO & Managing Director

? ? Mr. Sanjeev Churiwala, Chief Financial Officer

? ? Mr. Vispi S. Patel, Company Secretary

During the year under review, there has been no change in the KMP of the Company.

13. Annual Evaluation of Board Performance and performance of its Committees and Individual Directors

The annual evaluation process of the Board of Directors, individual Directors and Committees was conducted in accordance with the provisions of the Act and the Listing

Regulations. The Board evaluated its performance after seeking inputs from all the Directors based on criteria such as the board composition and structure, effectiveness of board processes, information and functioning, etc.

The performance of the Committees was evaluated by the Board after seeking inputs from the committee members based on criteria such as the composition of committees, effectiveness of committee meetings, etc.

The said criteria were broadly aligned with the Guidance note and Master Circular on Board Evaluation issued by the Securities and Exchange Board of India (SEBI).

The Chairman of the Board had one-on-one meetings with the IDs and the Chairman of the NRC had one-on-one meetings with the Executive and Non-Executive, Non- Independent Directors.

In a separate meeting of IDs, performance of Non- Independent Directors, the Board as a whole and the

Chairman of the Company was evaluated, taking into account the views of the Executive Director and NEDs.

The Board and NRC reviewed the performance of individual directors on the basis of criteria such as the contribution of the individual director to the Board and committee meetings; like preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in meetings, etc. and the Board as a whole. In the Board meeting that followed the meetings of the IDs and NRC, the performance of the Board, its committees and individual Directors was also discussed.

Performance evaluation of IDs was done by the entire

Board.

The evaluation process endorsed the Board's confidence in the ethics standards of the Company, cohesiveness amongst the Board members, flexibility of the Board and management in navigating the various challenges faced from time to time and openness of the management in sharing strategic information with the Board.

14. Policy on Board Diversity and Director Attributes and Remuneration Policy for Directors, Key Managerial Personnel and other employees

In terms of the provisions of Section 178(3) of the Act and Regulation 19 read with Part D of Schedule II to the Listing

Regulations, the NRC is responsible for determining qualification, positive attributes and independence of a Director. The NRC is also responsible for recommending to the Board, a policy relating to the remuneration of the Directors, KMP and other employees. In line with this requirement, the Board has adopted the Policy on Board Diversity and Director Attributes and Remuneration Policy for Directors, KMP and other employees of the

Company which is also provided on the website at https:// www.tatapower.com/our-legacy/resource-center.

15. Board and Committees of the Board Board Meetings

5 Board Meetings were held during the year under review. For further details, please refer to the Report on Corporate Governance, which forms a part of this

Integrated Report.

Committees of the Board

The Committees of the Board focus on certain specific areas and make informed decisions in line with the delegated authority.

The following statutory Committees constituted by the Board function according to their respective roles and defined scope:

• Audit Committee of Directors

• Nomination and Remuneration Committee

• Corporate Social Responsibility and Sustainability

Committee

• Stakeholders' Relationship Committee

• Risk Management Committee

Details of composition, terms of reference and number of meetings held for respective Committees are given in the

Report on Corporate Governance, which forms a part of this Integrated Report.

The Company has adopted a Code of Conduct for its employees including the Managing Director. In addition, the Company has adopted a Code of Conduct for its Non- Executive Directors which includes Code of

Conduct for IDs, which suitably incorporates the duties of IDs as laid down in the Act. The same can be accessed at https://www.tatapower.com/corporate-policies/ CodeofConductforTataPowerNon-Executive Directors. pdf.

All Senior Management Personnel have affirmed compliance with the Tata Code of Conduct (TCoC).

The CEO & Managing Director has also confirmed and certified the same, forming part of the Report on Corporate Governance.

Familiarisation Programme for Directors

All Board Members of the Company are accorded every opportunity to familiarize themselves with the Company, its management, its operations and above all, the industry perspective and issues. For details of familiarisation programme refer the Report on Corporate Governance.

16. The Tata Power Company Limited Employee Stock Option Plan 2023

Pursuant to the Members' approval through Postal Ballot on September 25, 2023, the Company adopted the 'Tata Power Company Limited Employee Stock Option Plan 2023' (ESOP 2023), including extension to eligible employees of group companies. The Plan, covering up to 3,57,36,560 options, aims to drive long-term performance, retain key talent and enable employee participation in the Company's growth.

The Plan has been formulated in accordance with the provisions of the Act and the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 (SBEB&SE

Regulations). It is administered by the NRC, which also acts as the Compensation Committee for the purposes of the SBEB&SE Regulations.

ESOPs have been granted to eligible employees, as determined by the NRC, in accordance with the approved vesting schedule. The options are exercisable into fully paid-up equity shares of ` 1 each of the

Company, subject to the terms and conditions of the Plan and applicable laws and regulations in force.

The statutory disclosures as mandated under the

Act and SBEB&SE Regulations and a certificate from Secretarial Auditors, confirming implementation of the Scheme in accordance with SBEB&SE Regulations and

Members resolutions have been hosted on the website of the Company at https://www.tatapower.com/ investor-resource-center/employee-stock-option-plan-disclosure-tab. The same will also be available for electronic inspection by the Members during the AGM of the Company.

During the year under review, there have been 50,73,760 grants made by the Company to its eligible employees. Further, 1,97,470 stock options had been treated as lapsed and forfeited.

17. Conservation of Energy & Technology Absorption

The information on conservation of energy & technology absorption as stipulated under Section

134(3)(m) of the Act, read along with Rule 8 of the Companies (Accounts) Rules, 2014, is annexed as

Annexure - I .

18. Corporate Governance

Pursuant to Regulation 34 of the Listing Regulations,

Report on Corporate Governance along with the certificate from a Practicing Company Secretary certifying compliance with conditions of Corporate

Governance, forms part of this Integrated Report.

19. Vigil Mechanism

The Company believes in conducting of the affairs of its constituents in a fair and transparent manner by adopting the highest standards of professionalism, honesty, integrity and ethical behaviour. In line with the TCoC, any actual or potential violation, howsoever insignificant or perceived as such, would be a matter of serious concern for the Company. The role of the employees in pointing out such violations of the TCoC cannot be undermined.

Pursuant to Section 177(9) of the Act, a vigil mechanism was established for directors and employees to report to the management instances of unethical behaviour, actual or suspected, and fraud or violation of the Company's code of conduct or ethics policy. The Vigil Mechanism provides a mechanism for employees of the Company to approach the Chief Ethics Counsellor/Chairman of the Audit Committee of Directors of the Company for redressal. No person has been denied access to the Chairman of the Audit Committee of Directors.

20. Risk Management

The Board has formed a Risk Management Committee for overseeing the Company's risk management processes and systems and implementation of the risk management policy.

The Committee is responsible for monitoring and reviewing the risk management plan and ensuring its effectiveness. The Audit Committee of Directors has additional oversight in the area of financial risks and controls. The major risks identified by the businesses and functions are systematically addressed through mitigating actions on a continuing basis.

Internal Financial Control (IFC) Systems and their Adequacy

The Company has set up a robust internal audit function which reviews and ensures sustained effectiveness of IFC by adopting a systematic approach to its work. To fulfil the requirements of the Act, the internal audit team has integrated IFC into Risk Control Matrix

(RCMs) of enterprise processes. IFC controls were tested as part of approved annual internal audit plan.

The Company continued the Control Self-Assessment

(CSA) process through an online tool, whereby responses of all process owners are used to assess the effectiveness of internal controls in each process. This supports CEO/ CFO certifications for internal controls.

The Company has implemented an online Internal audit

Management tool (LASER) to manage the audit life cycle.

On review of the internal audit observations and actions taken on audit observations, we can state that there are no adverse observations having material impact on financials or material non-compliances which have not been acted upon.

21. Details of Significant and Material Orders

No significant and material orders were passed by the regulators or courts or tribunals impacting the going concern status of the Company's operations in future. There was no application made or proceeding pending against the Company under the Insolvency and

Bankruptcy Code, 2016 (31 of 2016) during the year under review.

22. Statutory Auditors

At the 103rd AGM held on July 7, 2022, the Members approved the re-appointment of M/s. S R B C & CO. LLP (SRBC) (ICAI Firm Registration Number: 324982E/ E300003), as the Statutory Auditors of the Company for a second term of 5 (five) consecutive years commencing from the conclusion of the 103 rd AGM till the conclusion of the 108th AGM to be held in the year 2027. Based on the recommendation of the Audit Committee of Directors, the Board of Directors at its meeting held on February 4, 2026 has recommended the appointment of BSR & Co. LLP, Chartered Accountants, (ICAI Firm Registration No. 101248W/ W-100022), as the Statutory Auditors of the Company, for a term of 5 (five) consecutive years, from the conclusion of the 108 th AGM of the Company to be held in the year 2027 till the conclusion of the 113th AGM to be held in the year 2032.

The proposed appointment will be placed before the

Members for their approval at the 108 th AGM to be held in the year 2027.

The standalone and consolidated financial statements of the Company have been prepared in accordance with Ind

AS notified under Section 133 of the Act.

The Statutory Auditor's report does not contain any qualifications, reservations, adverse remarks or disclaimers. The Statutory Auditors of the Company have not reported any fraud to the Audit Committee of Directors as specified under Section 143(12) of the Act, during the year under review.

The Statutory Auditors were present in the last AGM.

23. Cost Auditor and Cost Audit Report

M/s. Sanjay Gupta and Associates (Firm Registration No. 000212), Cost Accountants, were appointed as Cost Auditors of the Company. The Board, based on the recommendation of the Audit Committee of Directors has approved their appointment, for conducting the cost audit for FY27. A resolution seeking approval of the

Members for ratifying the remuneration of ` 6,50,000 (Rupees Six lakh fifty thousand) plus applicable taxes, travel and actual out- of-pocket expenses payable to the Cost Auditors for FY27 is provided in the Notice of the ensuing AGM.

Maintenance of cost records as specified by the Central Government under Section 148(1) of the Act is not applicable to the Company. The Cost Audit Report does not contain any qualifications, reservations, adverse remarks or disclaimers.

24. Secretarial Auditor and Secretarial Audit

Report

At the 106th AGM held on July 4, 2025, the Members approved the appointment of M/s Makarand M. Joshi & Co., Practicing Company Secretaries (Firm Registration Number:P2009MH007000), as the Secretarial Auditor of the Company for a period of 5 (five) consecutive years, i.e., from FY25-26 up to FY29-30.

The Secretarial Audit Report confirms that the Company has complied with the provisions of the Act, Rules, Regulations and Guidelines and that there were no deviations or non- compliances. The Secretarial Audit Report is annexed as Annexure-II . The Secretarial Audit Report does not contain any qualifications, reservations or adverse remarks or disclaimers.

Pursuant to the requirements of the Listing Regulations, Tata Power Delhi Distribution Limited and TP Western Odisha Distribution Limited, being Material Unlisted Subsidiaries of the Company, have undergone secretarial audits for FY26 by their respective Practising Company Secretaries. The Secretarial Audit Reports confirm compliance with the applicable provisions of the Act, Rules, Regulations and Guidelines and do not contain any observations relating to non-compliance or deviations.

The Secretarial Audit Reports of Tata Power Delhi Distribution Limited and TP Western Odisha Distribution

Limited are annexed hereto. The Secretarial Audit

Report of Tata Power Renewable Energy Limited, being the Company's material Debt Listed subsidiary, has not been annexed.

25. Secretarial Standards

The Company has devised proper systems to ensure compliance with the provisions of all applicable Secretarial Standards issued by the Institute of Company Secretaries of India and that such systems are adequate and operating effectively.

26. Loans, Guarantees, Securities and Investments

The Company, being an infrastructure company, is exempt from the provisions as applicable to loans, guarantees, securities and investments under Section

186 of the Act. Therefore, no details are required to be provided.

27. Related Party Transactions

In line with the requirements of the Act and the Listing Regulations, the Company has formulated a Policy on Related Party Transactions (RPTs) and the same can be accessed using the following link:https://www.tatapower. com/corporate-policies/Related Party Transactions Policy.pdf .

During the year under review, all transactions entered into with related parties were approved by the Audit

Committee of Directors. Certain transactions, which were repetitive in nature, were approved through omnibus approval route. As per the Listing Regulations, where the annual consolidated turnover exceeds

` 40,000 crore, a related party transaction is considered material if the transaction(s) to be entered into individually or taken together with previous transactions during a financial year exceeds ` 3,000 crore plus 2.5% of the annual consolidated turnover of the listed entity or ` 5,000 crore, whichever is lower during a financial year. Accordingly, the materiality threshold for RPTs for the year under review was `3,600 crore and requires the Members' approval. The Company sought and obtained the necessary Members' approval for the year under review. However, none of the transactions with related parties fall under the scope of Section 188(1) of the Act.

Accordingly, the disclosure of related party transactions as required under Section 134(3)(h) of the Act in Form AOC-2 is not applicable to the Company for FY26 and hence, does not form part of this integrated report.

28. Sustainability

The Company is committed to the Tata Group values and the nation's vision for sustainable growth and energy security for all. In addition, strong focus is placed on staying abreast of international practices and societal imperatives, in alignment with the United Nations

Sustainable Development Goals (UNSDGs). 47% of the Company's generating capacity comes from clean energy sources like solar, wind, hydro and waste heat recovery with further additions being made through utility scale solar, wind -solar hybrid along with energy storage systems and pumped storage projects. The Company is also conscious of rising gen-next consumer sentiment around environmentally responsible lifestyle and consumption and has created multiple products and services that enable customers to make small changes today for a greener tomorrow.

The Company has announced its sustainability aspirations in alignment with the Tata Group's vision of sustainability leadership in Project Aalingana. The ambition is to become Net Zero by 2045 by transitioning away from thermal operations subject to fulfilment of contractual obligations and useful lives, Water Neutral and Zero

Waste to Landfill by 2030 and No Net Loss to Biodiversity by 2030. Decisive measures have been put into motion to steer this transformation journey. The Company's efforts on this path have been validated and acknowledged by external sustainability experts, with the Company consistently leading the energy sector rankings, domestic and global. The Company has made climate strategy commitments aligned to leading international guidance initiatives like Science Based Targets initiative (SBTi). The Company has received validation from the SBTi for its near-term decarbonization targets. This milestone establishes the Company as the sole Indian Integrated

Power entity with validated SBTi targets, in line with the well-below 2°C trajectory.

28.1 Care for our community/community relations

The Company together with its group companies, continues to create sustainable social impact through its

CSR initiatives across more than 100 locations in India, including over 20 aspirational districts. Through its thematic CSR framework of Powering Transformations, the Company has positively impacted over 52 lakh beneficiaries and supported more than 3,000 community institutions, while fostering strong and enduring relationships at regional, state and national levels.

The collective stories of transformation, livelihoods, community leadership and social impact have been brought together under the unified platform "Vidyut Dhaara".

The Company's CSR approach is designed to balance long term strategic impact with local community needs, with approximately 40% of resources dedicated to flagship programmes and 60% directed towards region specific initiatives. To drive greater scale and sustainability, the Tata Power Community Development Trust serves as the nodal agency for implementing long term, pan India programmes, building strategic partnerships and leveraging synergies with Governments, National

Missions, Tata Group companies and like-minded institutions.

The Company's CSR interventions are aligned with Tata values, the United Nations Sustainable Development Goals (SDGs), regional priorities and its CSR policy centred around the 4Es: Education, Employability, Entrepreneurship and Essential Enablers. Key focus areas include STEM and foundational education, digital literacy, technical and green skills development, entrepreneurship promotion, clean energy awareness, conservation initiatives and livelihood enhancement for underserved communities, including women, Scheduled Castes, Scheduled Tribes and neurodiverse individuals and their families. Inclusivity, affirmative action and employee volunteering remain integral to the

CSR framework, with more than 50% of beneficiaries belonging to affirmative action target groups and over 3 lakh volunteering hours contributed by employees and their families.

The Company intends to further strengthen its CSR impact through initiatives focused on water stewardship, biodiversity education, strategic collaborations with State Governments and National Missions, expansion of successful models such as EV Farmer Field Schools, targeted programmes for sanitation workers, public education on clean energy, innovation through academic partnerships and the development of open access knowledge platforms to advance its social and environmental objectives.

The CSR policy of the Company has been provided on the Company's website at https://www.tatapower. com/corporate-policies/Corporate%20Social%20 Responsibility%20(CSR)%20Policy%20-%202024.pdf.

The Company's standalone CSR spend for FY26 was ` 19.14 crore against` 13.83 crore obligation (calculated as per Section 135 of the Act). On a consolidated basis, the Company's Group entities expenditure on CSR activities stood at ` 100.54 crore against the CSR obligation of ` 94.58 crore (calculated as per Section 135 of the Act) in FY26.

Details of the consolidated CSR activities of the Company and its key subsidiaries are described in Communities section of Integrated Report (Pages 146 - 167) as well as in the Business Responsibility and Sustainability Report (BRSR). A brief of CSR activities (standalone) is annexed as

Annexure - III .

28.2 Sustainability Reporting

The Company has voluntarily adopted the International

Integrated Reporting Council (IIRC)-IR Framework to prepare its seventh Integrated Report in FY26. The Company has again prepared BRSR with disclosures on both Essential and Leadership Indicators this year. The content of the report is in accordance with the Global

Reporting Initiative (GRI) 2021 standards and aligns to the National Guidelines for Responsible Business Conduct (NGRBC) on Social, Environmental and Economic responsibilities of the business as well as the United

Nations SDGs. The Integrated Report communicates the Company's performance on financial and non-financial aspects to all stakeholders, underlying the priority of our leadership and strategy towards value creation as well as commitment to a more sustainable future with low-carbon smart energy solutions.

1. Environment

The Company remains focused on achieving operational excellence through the continuous adoption of industry best practices that enhance key efficiency parameters such as heat rate and auxiliary power consumption. These efforts contribute to reduced resource usage and lower carbon emissions, reinforcing its commitment to sustainable operations and environmental responsibility.

In line with evolving regulatory expectations, the Company acknowledges that ESG ratings referenced in disclosures must be issued by

SEBI registered ESG Rating Providers (ERPs), as governed by the 2024 Master Circular and subsequent clarifications in April, 2025. While global platforms such as CDP continue to serve as important voluntary disclosure frameworks for investors and stakeholders, they are not substitutes for SEBI-regulated ratings under BRSR or BRSR Core requirements.

As part of its environmental transparency initiatives, the Company has achieved a "B" rating under CDP, reflecting its performance in climate related disclosures. It continues to prioritize efficient water usage, responsible recycling and robust waste management practices, ensuring full compliance with all applicable environmental regulations. Strengthening its water stewardship efforts, the

Company has implemented a Rainwater Harvesting policy across its operational locations and adopted a water neutrality approach aligned with national guidelines. Residual water assessments are conducted after reduction, reuse and recycling measures, forming the basis for basin-level water neutrality initiatives.

During FY26, key thermal generation sites viz. Maithon, Prayagraj, Jojobera, Trombay and

Mundra along with renewable O&M operations, achieved "Water Neutrality Aspiring (Scope 1)" certification under the CII NITI Aayog framework. This milestone reflects significant progress toward the Company's long-term goal of achieving water neutrality by 2030.

The Company has also advanced its Zero Waste to

Landfill (ZWTL) program through comprehensive waste inventorization, segregation and circularity practices across all business segments. Notably, the Prayagraj Thermal Power Plant has attained a "Platinum" ZWTL certification, supported by initiatives such as zero liquid discharge and 100% ash utilization. This standardized approach is being extended across all operations to ensure consistent data integrity and third-party validation.

Inadditiontostrengtheningenvironmentalpractices, the Company is expanding its renewable energy portfolio through investments in emerging green technologies, including pump storage, microgrids,

EV charging infrastructure, rooftop solar and smart energy solutions. Supported by a robust Climate

Change Policy, these initiatives aim to mitigate climate risks, reduce emissions and build long-term resilience. Recognition through the "Excellence in Environment Management" award at the 19 th CII ITC Sustainability Awards further underscores the Company's leadership in sustainable development and environmental governance.

These forward-thinking initiatives reinforce the

Company's unwavering commitment to sustainable, green growth, while also empowering customers with energy-efficient, future-ready and smart energy solutions. A comprehensive overview of the Company's environmental protection and biodiversity conservation efforts can be found in the Environment section of the Integrated Report

(Pages 168 - 191).

2. Health and Safety

The Company is consciously committed to the health and safety of all employees and stakeholders, with a defined safety vision: "To be a leader in safe work practices in the global power and energy business." The Company employs a proactive and pre-emptive approach to occupational health and safety, ensuring comprehensive engagement across all levels. Consequently, 100% of employees and BA workforce have been trained on various aspects of the Occupational Health and Safety Management

System. Continuous improvement in management systems has enabled hazard elimination and risk reduction, driving the goal of "No Harm, No Injuries." In FY26, the Company enhanced safety practices through the deployment of advanced technologies such as digitalization, automation, artificial intelligence (AI-ML), CCTV surveillance with VA, video analytics, virtual reality, elimination initiatives and mechanization to mitigate risks. Key technological advancements include:

?? ? Upgradation of Mobile Based Application

(SAP EHSM & Suraksha Prahari) to facilitate stakeholder safety observation reporting.

?? ? Deployment of Helmet-Mounted Cameras at ground level to ensure adherence to Standard Operating Procedures (SOPs) through real time monitoring and tracking of field activities.

?? ? Implementation of Remote Work Assistance via the "Vani/Roshni Platform" to provide real-time safety guidance, enable prompt decision-making, and strengthen on-site risk mitigation.

?? ? Digitalizing the submission of Technology

Interventions, Business Associates (BA) field safety audits, and Toolbox Talks (TBTs) through the SAP EHSM system to ensure structured reporting, improved traceability, and enhanced compliance monitoring.

?? ? Video based learning at Division, Theme based learning videos.

Safety Strengthening Initiatives

The following initiatives were undertaken to further reinforce safety performance:

?? ? Strengthening of Site Implementation Teams (SIT) to enhance overall effectiveness and improve operational performance.

?? ? Identification of Critical Risks and Corrective/ Preventive Actions (CAPA).

?? ? Safety Interventions Across Divisions/

Businesses - 491 interventions in FY26.

?? ? Incident-Based Learning - Horizontal deployment of safety learnings across the organization (including sharing of videos for wider publicity/awareness)

?? ? Annual Safety Booklet covering key KPIs and critical safety aspects.

?? ? Annual Safety Conclave - Knowledge-sharing event with external industry experts like DSS+ and Yokohama Tyres etc.

?? ? Psychological Safety & Felt Leadership Sessions for middle management.

?? ? Safety-II- Safety Leadership through proactive Safety: SOP & Work Instruction improvement.

Through these concerted efforts, the Company aims to elevate safety standards and achieve excellence in occupational health and safety in FY26 and beyond. A detailed overview of health and safety initiatives is available in the Employees section of the

Integrated Report (Pages 120-141).

3. Customer Relationship

The Company is working consistently towards becoming a 'Utility of the Future' with pioneering energy solutions to create a sustainable future. Building lasting relationships with all our stakeholders, especially our customers, is a responsibility which is owned and cherished. Our focus in our routine operations revolves around our customer affection statement, 'To earn the affection of customers by delivering superior value and superior experience thereby making them ambassadors'. The Company ensures 100% health and safety communication for products and services through safety signage in and around substations and public places.

The Company has pledged to continue being a bias free and inclusive organisation. Towards this commitment, as a first among Indian power utilities, the first Divyang managed Customer Relation Centre in Mumbai is operational to serve all consumers with delight. Customer Relation Centre also aims in giving a dignified livelihood by encouraging Persons with Disabilities (partial) to fearlessly aspire and achieve their dreams. With UJALA, Bills in Braille, the visually impaired are also empowered to understand their power supply bills and pay bills on time. The introduction of dedicated counters across all Customer Relation Centres in Mumbai for Senior Citizens and Persons with Disabilities, lends further credence to the brand which is synonymous with care for its customers.

The Company has achieved an annualized sale of

535 Million Units (Mus) in Green Power in FY26, on cumulative basis for around 50,000+ consumers. With the power to choose 100% Green Power for entire consumption, this model has received a boost across all DISCOMS in India. Many states have followed to implement this solution within their regulatory framework. In caring for the environment, various measures were adopted to encourage consumers to adopt a digital lifestyle. Around 60% of our consumers are now E-Bill consumers and have supported in paperless billing.

In addition, the Company achieved benchmark of

91% in digital payment amount from its consumers.

Further, adoption of digital billing and payment will save an estimated 40 lakh sheets of paper yearly (Mumbai).

Demand Side Management (DSM) program awareness for Energy-Efficient appliances has resulted in sale of around 4,000+ 5 star rated appliances in FY26 with cumulative savings of 2.5 Mu's and reducing carbon emissions by 2,000+ tonnes. Till FY26, more than 1,00,000 appliances have been delivered, resulting in cumulative saving of approximately 56 MU's and reducing carbon emissions by 50,196 tons:

?? ? On cumulative basis, Energy Audit done for 300+ large C&I customers, with recommendations for 1.5 Mu's of annual energy savings & 1,500+ tonnes reduction in carbon emissions.

?? ? BDR program In FY26, 366 HT consumers participated contributing to load curtailment of 18.15 MW & also load increment of 20.63 MW during non-peak hours.

?? ? Residential consumers: Over 1500 Smart Meter consumers participated in Demand Response program and were instantaneously rewarded by UPI after event closure.

A detailed description of the customer relation measures is given in Customers section of Integrated Report (Pages 110 - 119).

4. Human Resource Management

The Company continues to strongly believe in leveraging its human capital as a strategic enabler, not only to accelerate the green energy transition, but also to drive sustainability, innovation and customercentric solutions, while delivering consistent and longterm shareholder value.

TheHumanResources(HR)strategyremainsfocused on attracting, developing and retaining highquality talent to support the company's expanding business portfolio and growth aspirations. Equal emphasis is placed on building a robust internal leadership pipeline, ensuring leadership continuity and capability readiness across current and emerging businesses. The talent philosophy is centred on creating an enabling environment where employees actively contribute to the company's sustainability agenda, collaborate across diverse teams and access opportunities for professional and career growth.

The HR function plays a critical role in optimizing workforce costs through productivity enhancement, meeting talent requirements in highgrowth and futureoriented areas, building capabilities in emerging domains and preparing the organization for scale, transformation and future business integrations. Focused efforts continue to engage frontline employees as well as critical and niche skill segments. The Company's threetier Leadership

Academy Framework, supported by its Future Skills Academies, continues to ensure a strong and futureready pipeline of leaders and skilled professionals to enable sustainable growth. During the year, the leadership development framework was further integrated across the Company, TPDDL and Odisha Discoms, ensuring consistency, scale and enterprisewide governance of leadership capability building.

In line with its "Build and Grow from Within" philosophy, the Company primarily relies on structured campus recruitment to strengthen its longterm talent pool, with lateral hiring undertaken selectively for specialized and niche roles. The Tata

Power Cadre Development Program (TPCDP) continues to identify and nurture highpotential early career talent from leading campuses, providing them with immersive learning experiences, functional and leadership training, innovation projects, batchbased networking and structured mentorship. A strong focus on performance excellence is complemented by sustained efforts to enhance employee engagement and overall employee experience.

The Company's future leaders are identified and developed through the Talent NXT program, ensuring leadership readiness for critical roles. In FY26, the Company further strengthened leadership continuity through the development and piloting of a structured, competency based succession capability framework, supported by readiness assessments, development journeys and governance mechanisms. The three tier leadership development framework continues to foster leadership capability across levels, while the Future Skills Academies strengthen organizational capabilities in line with evolving business and energytransition requirements. A key lever the HR function remains futureproofing careers through systematic reskilling and redeployment. A culture of continuous learning and internal mobility is reinforced through job rotations, structured career progression pathways and a welldefined succession planning process, which continues to be recognized as a best practice within the Tata Group.

The Company places strong emphasis on holistic employee wellbeing through its 'A Fuller Life' program, addressing physical, mental, social and financial wellbeing. In its commitment to building a more inclusive and equitable workplace, focused efforts continue to enhance Gender Diversity, Generational Diversity and the inclusion of Persons with Disabilities (PwD), supported by enabling policies, inclusive infrastructure, leadership programs and sensitization initiatives.

Employee engagement continues to be a key focus area and is governed through a structured, closedloop framework encompassing listening, action planning, leadership ownership and outcome tracking. During the year, employee engagement levels improved significantly compared to the previous period, with the Company achieving an engagement score of 83%, reflecting stronger employee connect, actionoriented interventions and leadership involvement. Engagement outcomes are closely linked with business performance, productivity, safety and employee experience.

The Company also progressed on its HR transformation agenda through increased adoption of datadriven and digital interventions, including continuous employee listening, analytics based insights and simplification and unification of HR systems and processes, enhancing decision making, transparency and employee experience. A robust and well articulated Employee Value Proposition (EVP), branded as Purpose. Full and anchored on the pillars of Sustainability, Oneness and Growth, continues to guide the Company's people practices and employer branding efforts. The EVP clearly represents what the Company stands for as an employer and reflects its commitment to creating a compelling, purposeled and engaging employee experience.

To remain agile and responsive in a dynamic business environment, the Company continues to review and strengthen its people policies, systems and practices, ensuring alignment with current and future workforce requirements and reinforcing its position as an employer of choice.

A detailed description is provided in the Employees section of the Integrated Report (Pages 120 141).

28.3 Business Responsibility & Sustainability Report (BRSR)

In accordance with Regulation 34(2)(f) of the Listing Regulations, BRSR, covering disclosures on the Company's performance on Environment, Social and Governance parameters for FY26 in the prescribed format, is part of this Integrated Report. Cross-references are provided in relevant sections of the Integrated Report with suitable references to the BRSR.

In terms of Listing Regulations, the Company has obtained, BRSR Reasonable assurance on BRSR Core Indicators from TUV India Private Limited.

28.4 Prevention of Sexual Harassment

The Company has zero tolerance for sexual harassment at the workplace and has adopted a Policy on Prevention, Prohibition and Redressal of Sexual Harassment at the workplace, to provide protection to employees at the workplace and for the prevention and redressal of complaints of sexual harassment and for matters connected or incidental thereto, with the objective of providing a safe working environment, where employees feel secure.

During FY26, the Company further strengthened its commitment to creating a safe, respectful and inclusive workplace by introducing a genderneutral Policy on Prevention of Sexual Harassment (POSH), extending protection and redressal mechanisms to all employees, irrespective of gender. The policy is supported by duly constituted Internal Committees, ensuring confidentiality, impartiality, fairness and timely resolution of complaints in accordance with applicable laws and internal governance standards.

Focused efforts continued to reinforce awareness and sensitization on POSH through training and outreach initiatives, aimed at fostering a culture of dignity, respect and psychological safety across the organization. POSH compliance and effectiveness form an integral part of the Company's governance, risk and people management framework and are periodically reviewed by management.

Disclosure under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act,

2013 as at March 31, 2026 along with additional details pertaining to complaints pending for more than 90 days, have been provided in the Report on Corporate

Governance as well as BRSR.

29. Annual Return

Pursuant to Section 92(3) and 134(3)(a) of the Act and the Companies (Management and Administration) Rules,

2014, the Annual Return for FY26 is available on the website of the Company athttps://www.tatapower.com/ annual-return-mgt-7.

30. Particulars of Employees and Remuneration

The information required under Section 197(12) of the Act read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is attached as Annexure - IV .

The Statement containing the particulars of top ten employees and the employees drawing remuneration in excess of limits prescribed under Section 197(12) of the Act read with Rule 5(2) and (3) of the Companies

(Appointment and Remuneration of Managerial

Personnel) Rules, 2014 is an annexure forming part of this Report. In terms of the proviso to Section 136(1) of the Act, the Report and Accounts are being sent to the Members excluding the aforesaid annexure. The said statement is also available for inspection with the

Company. Any Member interested in obtaining a copy of the same may write to the Company Secretary at investorcomplaints@tatapower.com.

Officers of the organisation are classified into five management work levels i.e. MA, MB, MC, MD and ME. The work levels are further divided into grades. Non- management employees are across different grades and have been classified as unskilled, semi-skilled, skilled and highly skilled.

31. Disclosure under Maternity Benefit Act, 1961

The Company has complied with the applicable provisions relating to the Maternity Benefit Act, 1961 for FY26 and has established a systematic mechanism to ensure continued adherence to the statutory requirements.

32. Deposits from Public

The Company has not accepted any deposits from public and as such, no amount on account of principal or interest on deposits from public was outstanding as on the date of the March 31, 2026.

33. Foreign Exchange - Earnings and Outgo

The information on Foreign Exchange - Earnings and Outgo as stipulated under Section 134(3)(m) of the Act, read along with Rule 8 of the Companies (Accounts) Rules, 2014, are provided below:

( ` crore)

34. Acknowledgements

On behalf of the Directors of the Company, I would like to place on record our deep appreciation to our shareholders, customers, business partners, vendors, bankers, financial institutions and academic institutions for all the support rendered during the year.

The Directors are thankful to the Government of India, the various ministries of the State Governments, the Central and State electricity regulatory authorities, communities in the neighbourhood of our operations, municipal authorities and local authorities in areas where we are operational in India; as also partners, governments and stakeholders in international geographies where the Company operates, for all the support rendered during the year.

Finally, we appreciate and value the contributions made by all our employees and their families for making the

Company what it is.

On behalf of the Board of Directors,