1. Industry Developments
Global Power Sector
2024 was an eventful year for global power sector in more ways than one. Factors like increased economic activities and intense heatwaves pushed the global power demand higher. Increased share of non-fossil fuel generation in the supply mix limited the rise in fossil-fuel-based generation required to meet this surge in power demand. While solar-led renewable capacity addition set a record during the year, the coal capacity addition also registered its presence. Besides renewables, nuclear energy was also considered for decarbonisation of power sector. Innovative technologies like SMRs (Small Modular Reactor), Carbon Capture and Green Hydrogen were explored to speed up the clean energy transition.
Significant Rise in Global Power Demand
2024 was marked by a steady uptick in economic activities (global GDP rise of 3.3% and extreme weather conditions (warmest year ever recorded- As per WMO- World Meteorogical Organization). Consequently, significant 4.3% growth in global power demand (vis-a-vis a modest 2.5% in 2023- IEA Global Energy Review 2025) was observed during the year.
The rise in power demand also pushed the investments in power sector with investments around energy transition leading the pack. Annual investment in global energy transition surpassed US$2 trillion for the first time in 2024 and more than doubled since 2020. The top 3 sectors, electrified transport at US$757 billion, renewable energy at US$728 billion and power grids at US$390 billion, contributed to more than 90% of the investment (Source: BNEF). All three grew to new record levels, with electrified transport up 20% (despite fears of an EV slowdown), power grids up 15% and renewable energy up 8%.
Major Capacity Addition in Renewables
As per IEA, global renewable capacity addition surged by an estimated 25% to around 700 GW in 2024. Solar PV accounted for over three-quarters of renewable capacity additions, followed by wind (17%) and hydropower (4%) (Source: IEA). 550GW of Solar PV capacity was added in the year taking the cumulative installed capacity to 2.2 TW. Solar PV based capacity in India as well passed the milestone of 100GW whereas wind capacity crossed 50GW. Helped by the commissioning of large projects in China, Africa and Southeast Asia, the global hydropower capacity rose by over 25 GW. On the other hand, it was a mixed bag for transition away from coal. In 2024, China commissioned about 30GW of coal-based capacity and commenced construction of about 95GW of additional capacities. However, the coal-based capacity outside China shrank by ~9 GW in the year, supported by the UK which became the first major economy and G7 nation to completely phase out coal for power generation. Furthermore exit of the U.S. from the Just Energy Transition Partnership (JETP) in March 2025 may adversely impact and prolong, the coal phase-out plans of countries like Indonesia and Vietnam.
Increasing role of Share of Renewable Generation in Supply Mix
Global renewable generation was up 10% y-o-y in 2024 which was double the 5% increase in 2023. Increasing share of non-fossil-based generation in the supply mix limited the uptick in coal-based generation to 1% in 2024 (1.7% in 2023). Hydropower generation, which had dipped 2% in 2023 due to severe droughts in many regions, bounced back in 2024 with 4% y-o-y increase. Similarly, the global nuclear generation rose 3.5% in 2024, after a 2.1% increase in 2023 (Source: IEA).
Amongst renewables, solar generation surged by 30% in 2024, the highest growth rate since 2017, with a record rise of 475 GWh y-o-y. Both, emerging as well as advanced economies witnessed a solar boom. More than half of the growth in solar PV generation came from China where the solar generation jumped by 46%. Likewise, solar generation in European Union surpassed coal-based generation and contributed to about 10% in generation mix. Rise in share of renewables in the supply mix had a positive impact on the global power sector emissions. Despite increase in fossil-fuel-based generation, the rise of global CO? emissions from power generation was tapered to 1% in 2024, following a 1.4% rise in 2023. While European Union logged a significant 12% reduction in CO ? emission, increased fossil-fuel-based generation led to 5% rise in CO2 emissions from India.
Buildup of Global Nuclear Momentum (Especially SMR)
Along with renewables, nuclear energy was considered an option for decarbonisation of power sector. As of February 2025, a total of 62 nuclear reactors were under construction across 15 countries around the world with a total capacity of nearly 70 GW (Source: IEA). Key drivers like new policies, investments, and technological advancements (including Small Modular Reactors) led the global buildup of nuclear energy momentum in 2024. Many countries planned to enhance the role of nuclear energy in their power system. India too, announced an ambitious target of installing 100 GW nuclear capacity by 2047.
Big tech giants like Amazon, Microsoft, Meta and Google are exploring the SMR as low-carbon but firm energy option for their upcoming data centres. African countries like Ghana and Rwanda signed MoUs with nuclear technology companies for construction of SMRs. Latin American countries like Peru and El Salvador looked at the SMR technology as an option for remote regions that are not connected to power grids. While securing financing for SMRs (and nuclear projects, in general) can be complex due to their capital intensity, the long project lifetime, regulatory processes and country-specific risks, enablers like continued innovation, adequate government support and new business models can help bring down the cost of SMRs and accelerate the deployment of SMRs.
Deeper Penetration of EVs
EV sector displayed robust growth in 2024 with uptake shifting from early adopters to the mass market phase in many countries. In 2024, investment in electrified transport surpassed renewable energy, to reach US$757 billion
(Source: BNEF). Electric vehicle (EV) sales rose significantly, with over 17.9 million (as of Dec 1, 2024) EVs sold globally, marking a 20% increase from 2023 (Source: BNEF). To support this growth, EV charging installations increased by ~20% to 4.8 million (as of Dec 19, 2024) charging points in 2024 (Source: BNEF).
Novel technologies like Vehicle-to-Everything (V2X) witnessed significant announcements in 2024. Australia announced new standards for Vehicle-to-Home(V2H) and Vehicle-to-Grid (V2G) charging, whereas Automaker Nissan announced to launch affordable V2G technology in 2026. The Dutch city of Utrecht planned to launch the first large-scale car-sharing service in Europe that uses cars equipped with V2G technology.
Push for Carbon Capture to Meet Climate Commitments
Several countries recognized the role of Carbon Capture technology in managing emissions and energy security and integrated it with their national strategies to fight climate change. While Austrian strategy focused on three key technologies: Carbon Capture and Storage (CCS), Carbon Capture and Utilization (CCU), and Carbon Dioxide Removal (CDR), France set a target of capturing 4 8 MT of CO? per annum (MTPA- Million Tonnes Per Annum) before 2030 which would increase to 12 - 20 MTPA by 2040 and 30-50 MTPA by 2050. Brazil put in place its first legal framework for CCUS, focusing on regulating and inspecting activities involving the capture, transportation, and geological storage of CO?. Countries also made significant financial commitments to the carbon capture projects. While the UK pledged about US$ 28.5 billion for the development of new CCS clusters, Denmark earmarked about US$4.2 billion to support new CCS initiatives. On similar lines, Japan announced it would offer subsidies for CCS projects.
Encouraging Developments in the Green Hydrogen Sector
Green Hydrogen sector witnessed multiple encouraging developments. Finlands first green hydrogen plant (capacity 20 MW) started commercial production in early 2025. Morocco approved green hydrogen projects worth US$32.7 billion to produce ammonia, industrial fuel, and green steel. Saudi Arabia planned to invest US$10 billion in green hydrogen projects. Likewise, Australia?s Senate approved a production incentive of US$1.25 per kg of green hydrogen produced between 2027 2028 and 2039 2040 for up to 10 years.
At the same time, the nascent sector faced issues like unclear demand signals, financing hurdles, delays to incentives, regulatory uncertainties, licensing and permitting issues and operational challenges. A few European companies like BP, Repsol cancelled or put on hold their green hydrogen projects citing burgeoning costs and regulatory hurdles.
Indian Power Sector
In FY 2024-25, Indias power sector witnessed significant progress across energy generation, transmission, and distribution sectors. Per capita electricity consumption surged to 1,395 kWh in 2023-24, reflecting a 45.8% increase (438 kWh) from 957 kWh in 2013-14 (Source: PIB). The sector demonstrated resilience by being able to reduce both monthly energy and peak demand shortages to an average of 0.09% and 0.03% in FY 2024-25 (Source: CEA). Energy requirements, grew by 4.2%, reaching 1,695 billion units (BU) (Source: CEA). To address the considerable rise in peak demand, under Section 11 guidelines, the Ministry of Power (MoP) mandated domestic thermal plants to continue blending imported coal. The mandate was extended several times through the year until June 2025. Meanwhile gas-based power plants were required to run at full capacity from May to June 2024. The Ministry also recommended minimizing planned maintenance during this period to maximize power generation and ensure energy security. In the distribution sector, Aggregate Technical and Commercial losses (AT&C) increased from 15.3% in FY23 to 16.3% in FY 2023-24 (Source: 13th Annual Integrated Rating & Ranking: Power Distribution Utilities), driven by a decrease in collection efficiency from 97.3% (FY23) to 96.4% (FY 2023 24). While in the transmission sector, the central government approved projects for 50.9 GW of inter-state transmission projects costing Rs. 60,676 Cr (Source: PIB). These projects are aimed at building new transmission corridors and upgrading existing infrastructure.
In line with the Ministry of New and Renewable Energy?s (MNRE) directive to tender 50 GW of renewable capacity annually to meet the target of installing 500 GW of non-fossil capacity by 2030, India auctioned a record-high 59 GW of renewable capacities in 2024 (Source: BNEF). This surge was primarily driven by the rise in complex tenders. Alongside these developments, the ‘PM Surya Ghar Muft Bijli Yojana? received an overwhelming response, with 7 lakh installations completed averaging an impressive 70,000 per month by December 2024 (Source: PIB) . During FY2024-25, India added more than 5GW of rooftop solar capacity to reach 17GW of cumulative installations demonstrating a growth of 43% over FY2023-24. Further strengthening the renewable energy sector, Battery Energy Storage System (BESS) tenders doubled in 2024 (5 tenders) compared to the previous year, while tariffs fell to record lows, reflecting growing momentum in energy storage adoption. Electric vehicle (EV) sales in India crossed 1.9 million units in 2024 (Source: Vahan Dashboard), growing by ~27% y-o-y boosted by consumer preference and subsidies provided by the government. To further accelerate electrification in transport sector, the government introduced the ?PM E-Drive Scheme‘, allocating Rs. 10,900 crore to promote EV adoption, establish charging infrastructure, and develop a robust EV manufacturing ecosystem in India. Further, guidelines for installation and operation of Electric Vehicle charging infrastructure - 2024 were issued in Sept 2024. These guidelines aim to create a robust, safe, reliable, and accessible EV charging network and enhance the viability of charging stations.
Generation
India?s installed generation capacity stood at 475 GW (Source: CEA) as of March 31, 2025 with a capacity addition of 33 GW in FY 2024-25. The share of thermal capacities in the total installed generation capacity declined from 62% in FY20 to 52% in FY 2024-25, while the share of renewable capacities grew from 24% to 36%. Approximately 86% of the total capacity additions of 33 GW in FY 2024-25 came from renewable sources (Solar - ~24 GW and other renewables - ~5 GW). Around 4 GW of coal-based plants were commissioned, constituting another 11% of the additions.
Thermal Generation
To address the increasing peak demand and the government?s focus on ensuring energy security, the government awarded 19.2 GW of new coal-based thermal capacity as of January 1, 2025. By the end of the fiscal year, the total installed capacity of coal and lignite-based thermal plants stood at 247 GW. Additionally, 29.2 GW of capacity was under construction, with 13.4 GW expected to be commissioned in the next 1-2 years. A further 36.3 GW was in various stages of planning, clearances, and bidding. Beyond the new capacity additions, 2024 witnessed increased activity with many discoms coming up with tenders for greenfield thermal projects while the market saw a few acquisition activities of thermal assets. Meanwhile, NTPC, the central thermal generation PSU , approved coal-fired generation projects worth Rs. 797.4 billion, translating to 6.4 GW of generation capacity. These initiatives align with the government?s efforts to accelerate capacity expansion and meet rising energy demands.
Hydro Generation
In a move to develop the hydropower potential of NorthEastern Region (NER), the Union cabinet approved the proposal for providing Central Financial Assistance (CFA) to the State Governments of NER through a joint venture between the NER State governments and the Central Public Sector Undertakings. The Rs. 4,136 Cr outlay scheme will be implemented from FY 2024-25 to FY 2031-32 and would support development of 15 GW of hydropower. The implementation of this scheme will ensure sharing of risk and responsibilities in a more equitable manner, thereby, encouraging participation of State governments. The issues such as land acquisition, rehabilitation and resettlement and local law and order issues would be reduced with State Governments becoming stakeholders.
Nuclear Generation
Recognising nuclear power as a critical component for achieving energy security and sustainability, the government introduced the Nuclear Energy Mission for Viksit Bharat in February 2025. The government has allocated Rs. 20,000 crore for this initiative, aiming to develop at least five indigenously designed and operational SmallModular Reactors by 2033. The mission aligns with Indias commitment to achieving ~20 GW (NEP plan) of nuclear energy capacity by 2032, a milestone deemed essential for reducing carbon emissions and meeting future energy demands. The government has initiated steps to increase nuclear power capacity from the current 8,180 MW to 22,480 MW by 2031-32. This expansion includes the construction and commissioning of ten reactors, totalling 8,000 MW, across Gujarat, Rajasthan, Tamil Nadu, Haryana, Karnataka, and Madhya Pradesh. Additionally, the government plans to enter into partnerships with private sector players with the motive of setting up Bharat Small Reactors, research & development of Bharat Small Reactor and research and development of newer technologies for nuclear energy.
Renewable Generation
The unwavering focus on the renewable energy sector propelled India?s capacity to new heights over the years. This fiscal year also saw installed solar and wind capacities cross 100 GW and 50 GW respectively. The share of the country?s installed renewable energy capacity in the total installed generation capacity surged from 24% (87 GW) in FY 2019-20 to 36% (172 GW) as of FY 2024-25. The share of renewable generation in total electricity generation also increased from 10% to 14% during this period.
Following the Ministry of New and Renewable Energy?s (MNRE) directive to tender 50 GW of renewable capacities annually to meet the target of installing 500 GW of non-fossil capacity by 2030, India auctioned a record-high 59 GW (Source: BNEF) of renewable capacities in 2024. This figure, more than double than that of 2023, was primarily driven by an increase in complex bids (62% share, 37 GW). Among the different kinds of complex bids, hybrid (combination of solar and wind capacities) tenders alone accounted for more than 50% share of the total complex tenders. The weighted average tariff for wind auctions increased by 13% to Rs. 3,607/MWh compared to 2023. This rise was driven by SECI?s shift to single-stage bidding approach for wind power auctions, moving away from e-reverse auctions, which pushed prices higher. Meanwhile, solar tariffs saw a 2% decline, reaching a weighted average of Rs. 2,597/MWh. Since tariffs for hybrid capacities typically follow the trends of both solar and wind, they also have risen, reaching Rs. 3,415/MWh in 2024.
To effectively integrate the growing share of variable renewable energy sources and address the need for storage solutions to ensure Round-the-Clock (RTC) power supply, during FY 2024-25, the government aimed to approve 15 Hydro PSPs of 25,500 MW capacity (Source: PIB). As of March 31, 2025, 4.8 GW of PSP capacity was operational, with 8.95 GW under construction. An additional capacity of 66 GW is under survey and investigation (Source: CEA). While in the Battery Energy Storage (BESS) space, the number of BESS tenders has seen multifold increase in 2024. Tariffs of the non-VGF (Viability Gap Funding) auctions dropped to one-third of those quoted in 2022 (Kerala BESS - 10 MW in 2022). SECIS BESS II-1000 MW auction in Sep 2024 had average tariffs of 46 lakh/MW/year (Source: BNEF) recording a drop of 66% over the past two years. Auction tariffs declined owing to the global downtrend in ion battery prices. Prices of lithium-ion batteries nearly 31% to $115/kWh (Source: BNEF) in 2024 from 2022. However, signing offtake agreements with discoms remains a hurdle for standalone storage projects. Despite multiple auctions that have already been conducted, several projects are still waiting to sign offtake agreements. To promote RTS adoption, the government had launched PM Surya Ghar Muft Bijli Yojana, last year in February 2024. With an outlay of Rs. 75,021 crore, the initiative targeted installation of rooftop solar in one crore households by 2027. The scheme received enthusiastic response. By December 2024, 7 lakh installations were achieved, marking an average of 70,000 per month (Source: PIB). States such as Gujarat, Maharashtra, Kerala, and Uttar Pradesh demonstrated exceptional progress, reflecting robust infrastructure and stakeholder collaboration. The scheme led to a significant growth in the sector driving the cumulative capacity of Rooftop Solar in last one year up by 43%. The country added 5.1GW to the cumulative FY24 capacity of 11.8GW taking the FY25 cumulative capacity to 17GW.
During the year, the Offshore Wind segment witnessed positive development. The government approved the Viability Gap Funding (VGF) scheme for offshore wind projects at a total outlay of Rs. 7453 crore, including an outlay of Rs. 6853 crore for installation and commissioning of 1 GW of offshore wind energy projects (500 MW each off the coast of Gujarat and Tamil Nadu), and grant of Rs. 600 crore for upgradation of two ports to meet logistics requirements for offshore wind energy projects.
Distribution
The distribution sector witnessed promising developments during the year. Privatisation of Chandigarh discom was completed officially. Meanwhile, the government of Pradesh started the process to privatise two of the state?s five discoms- Dakshinanchal Vidyut Vitran Nigam and Purvanchal Vidyut Vitran Nigam. Likewise, the government of Andaman and Nicobar Islands initiated the bidding process for the complete privatisation of electricity distribution and retail supply within the union territory. The participation of private players in the sector can potentially enhance the efficiency and reliability of the services being provided to consumers while also improving the financial health of the discoms.
Alongside these developments, as of December 2024, the government also approved smart metering works covering 19.79 Crore smart meters, system metering works covering 52.53 lakh distribution transformer (DT) meters and 2.1 lakh feeder meters under RDSS. RDSS stands for Revamped
Distribution Sector Scheme, which was approved in July 2021 with an outlay of over Rs. 3 lakh crore for a period of five years from FY 2021-22 to FY 2025-26. The scheme aims at providing financial assistance to discoms for modernisation and strengthening of distribution infrastructure. By Feb -2024, out of the sanctioned 22 crore smart meters under the National Smart Grid Mission (NSGM), 21.8 crore meters were already installed (Source: National Smart Grid Mission portal). Notably, Telangana and Odisha have achieved 100% installation, while others, such as Goa were yet to commence installation.
Transmission
India?s transmission line and substation capacity stood at ~4.94 lakh ckm and 13.38 lakh MVA, respectively, as of March 31, 2025, reflecting an increase of about 8,830 ckm and 86,433 MVA since March 2024. With the aim of integrating 500 GW of Renewable Energy installed capacity by the year 2030, along with meeting 366 GW peak electricity demand projected as per 20th EPS, the government released the detailed National Electricity Plan (Transmission) in October 2024. As per the Plan, over 1,91,000 ckm of transmission lines and 1270 GVA of transformation capacity is planned to be added during the ten-year period from 2021-22 to 2031-32. In addition, 33 GW of HVDC bi-pole links are also planned. The Transmission Plan also covers Cross border interconnections with Nepal, Bhutan, Myanmar, Bangladesh, Sri Lanka, as well as probable interconnections with Saudi Arabia, UAE etc. The transmission plan highlights new technology options in the transmission sector like hybrid substations, monopole structures, insulated cross arms, dynamic line rating, high performance conductors, upgradation of maximum operating voltage to 1200 kV AC as well as skill development in Transmission Sector.
FY 2024-25 saw a record number of bids submission (45 Nos.) and auctions (47 Nos.) through the tariff-based competitive bids for transmission projects, in a single financial year. The total value of bids submitted reached Rs. 1.53 lakh crore, while the auctioned bids amounted to Uttar Rs. 1.58 lakh crore. Notably, for the first time ever, two High Voltage Direct Current (HVDC) schemes were auctioned under the Tariff-Based Competitive Bidding (TBCB) mode, with a combined value of approximately Rs. 50,000 crore. Additionally, nine ISTS (Inter-State Transmission System) schemes were successfully commissioned during the year. Around 19 states and union territories issued guidelines for TBCB implementation, with Uttar Pradesh, Madhya Pradesh, and Maharashtra actively implementing intrastate schemes under this model. Gujarat and Tamil Nadu are also expected to follow suit soon.
Electric Vehicle
India?s electric vehicle sales jumped 27% y-o-y in 2024 to around 1.9 million units, constituting ~7.4% of the total vehicles sold. This was on the back of a slew of encouraging announcements by both the state governments and the private players. The UP government secured a Rs. 2,000 crore subsidy under the Pradhan Mantri E-Drive Yojana to build a network of charging stations which will be established along major roads and in metropolitan areas. The proposal would employ a Public-Private Partnership (PPP) approach, which will stimulate private investment and accelerate infrastructure development. As per Ministry of Power, 25,202 electric vehicle public charging stations are installed in the country as of November 2024, with Karnataka (5765) taking the lead followed by Maharashtra (3728).
Power Trading
As of January 2025, ~199 BUs of electricity have been traded in the short-term power market, compared to a total of 182 BUs traded till January 2024. Approximately 59% of this volume has been traded through Power Exchanges, while about 27% have been traded in bilateral mode through traders as well as direct mode, and the remaining volume through DSM. Due to high competition amongst power traders, trading margins have remained under pressure. While most of the market is dominated by a few major players, including Tata Power Trading Co. Ltd., the rest of the traders operate in limited market segments or regional pockets.
The average clearing price for Day Ahead Market (DAM) in FY 2024-25 was ~ 4.47 per unit, decreasing by nearly 15% as compared to the previous fiscal. The prices discovered in the tenders floated by Distribution companies for the upcoming months of 2025 range from Rs. 5.50-6.50/kWh.
Regulatory and Policy Developments
A. Act, Rules and Regulations pertaining to Electricity Sector
1. Indian_Electricity_Grid_Code_(First_Amendment)_ Regulations,_2024_by_CERC-_
Some of the changes made-
(i) For Renewable Generation and Energy Storage, duration of injection of infirm power reduced from one year to 45 days from FTC approval (ii) Relaxation in trial run conditions for Wind and Pumped Storage (iii) Compensation to Generators for operating below the minimum turndown level (iv) For section 62 plants, un-requisitioned surplus can be sold in the DAM, without the consent of the beneficiary
2._ Draft__Amendment_in_Late_Payment_Surcharge_(LPS)_ Rules_2022_by_MoP-_
The scope of the rules expanded to include all transmission licensees, both intra and inter-state. Additionally, for outstanding dues arising from court orders but not communicated by discoms, the settlement will follow the courts order or be rescheduled according to the LPS rule, with discoms required to communicate the repayment schedule within ninety days.
3._ DSM_Regulations_2024_and_subsequent_amendment_ by_CERC-_
The new regulations have updated the deviation charge (DC) mechanism for various sellers, including general sellers, RoR hydro, and WS sellers, with specific deviation bands and charges based on over or under injection. For WS sellers, the deviation volume bands have been narrowed, making the rules more stringent from April 2026 onwards.
4._ Draft_4thAmendment_in_Sharing_Regulations,_CERC_ _
Treatment of transmission charges and losses, including applicability and trajectory of ISTS waiver to various technologies. Further, Extension of project COD beyond June 30, 2025; on account of any Force Majeure event including non-availability of transmission or for reasons not attributable to the REGS.
B. Guidelines/Procedures/Frameworks pertaining to Electricity Sector
1._ MNRE_notification_on_ALMM_for_Solar_Cells,_2024-_
Starting June 1, 2026, all solar projects under ALMM must source solar PV modules from ALMM List-I, which in turn must use cells from ALMM List-II. Projects with bids submitted before the issuance of this order are exempt from the mandatory use of ALMM-listed cells, but those with bids submitted after must comply.
2._ Modified_the_scheme_for_Budgetary_Support_for_ enabling_Infrastructure_for_Hydro_Projects_(including_ PSP)-
The scheme, issued by MoP, provides budgetary support for the enabling infrastructure of hydroelectric projects, covering costs like roads, bridges, transmission lines, and communication infrastructure for projects above 25 MW capacity.
_3._ Procedure_for_Verification_of_Captive_Status_for_Inter-state_Sale_of_Power-
CEA is the verifying authority. Apart from 26% equity and 51% consumption criteria on an aggregate basis; captive consumers are also required to meet the proportionality criteria i.e., consume power in proportion to their respective share in the equity.
4._ Operational_guidelines_for_saturation_of_government_ buildings_with_Rooftop_Solar_under_PM_Surya_Ghar-_ Muft_Bijli_Yojana,_MNRE-_
All Government rooftops under the administrative control of Central Government Ministries/Departments, including autonomous bodies, subordinate offices etc. shall be saturated with rooftop solar to the extent that is technically feasible by December 31, 2025. The same shall be done through CAPEX or RESCO mode.
_5._ Final_Procedure_for_Compliance_Market_under_the_ Carbon_Market_by_BEE-
Compliance mechanism is for the Obligated Entities (to be specified by the Central Government), which will have to achieve the target - GHG emission intensity - during the compliance period (annually). If they can overachieve the target, they will be issued CCC(Carbon Credit Cetificate) for the emission reduction below the target. If they underachieve, they will have to purchase CCC for the shortfall in emission reduction. The CCC can be traded on the exchange as per the CERC regulations.
6._ Final_Phasing_Plan_for_implementation_of_flexible_ operation_(40%_Technical_Minimum)_of_coal_based_ thermal_generating_stations_issued_by_CEA-_
Implementation shall happen in four phases and various generating stations have been allocated under each phase with timelines for completion of upgrading/ retrofitting for flexible operation including the study and field tests
_7._ Tariff_Based_Competitive_Bidding_Guidelines_for_ Procurement_of_Storage_Capacity/_Stored_Energy_ from_Pumped_Storage_Plants_(PSPs)_by_MoP-
Outlines a framework for developers and procurers to procure storage capacity or stored energy from existing, under construction, or new PSP projects through a single-stage, two-part bidding process. The guidelines specify two procurement modes, with the procurer either identifying the site or allowing the bidder to do so, and establish bidding parameters such as storage charge or composite
8._ Guidelines_for_Installation_and_Operation_of_Battery_ Swapping_and_Charging_Stations_by_MoP-_
The objective is to:
(i) To promote swapping of batteries as an alternative method of powering EV
(ii) To promote battery as a service, and (iii) To develop a battery swapping ecosystem. This shall be applicable to swappable battery providers, and owners and operators of battery charging stations and battery swapping stations located anywhere.
2. Tata Power Business Portfolio, Opportunities and Outlook
The Company?s generation business operates under various business models across divisions in the domestic, as well as international markets, with the PPA/Fixed Tariff model contributing to the largest share of the generation segment. The following is a summary of the different business models under which various generation assets of the Company operate::
| Generation Model type | Returns | Project | Capacity_ (MW) | %_Overall_ Capacity |
| Thermal Regulated Tariff | Regulated Return on Equity (ROE) | Mumbai operation-Trombay, Maithon Jojobera (Unit No 2 and 3), TPDDL-Rithala | 2,328 | 15% |
| Other PPA/FixedTariff(Bid/ | Bilateral Agreement + Bid Driven | Jojobera (Unit 1 and 4) Mundra, Kalinganagar-IEL-40 MW | 4,378 | 28% |
| Captive | Bilateral Captive Agreement | IEL (Unit 5), CKP (Indonecia) | 174 | 1% |
| Under Platform Management | PPA Based | Prayagraj | 1,980 | 13% |
| Sub-Total | 8,860 | 56% | ||
| Clean and Green PPA / Fixed Tariff (Renewables) | Feed In Tariff + Bid DrivenWind, Solar and Hybrid Projects (Domestic), TPTCL, TPDDL | 4,872 | 31% | |
| Regulated Tariff | Regulated Return on Equity (ROE) | Mumbai operations-Hydro | 447 | 3% |
| Other PPA/FixedTariff(Bid/ | Bilateral Agreement + Bid Driven | Itezhi-Tezhi Hydro Projects, Geor- gia Hydro | 307 | 2% |
| Captive | Bilateral Captive Agreement | IEL (Unit 6, KPO), Captive Renew- able project | 801 | 5% |
| Merchant | Market Driven | Haldia, Dagachhu, Renew- ables-Solar-TPTCL | 446 | 3% |
| Sub-Total | 6,873 | 44% | ||
| Total | 15,733 | 100 |
The Company has significantly expanded its footprint in the power distribution business through the PPP model and is now present in the following areas.
| Model | Returns | Distribution_Area_/_Entity | No._of_ Customers (in_mn) |
| Distribution Licensee | Regulated Return on Equity (ROE) | Mumbai Distribution | 0.80 |
| Public-Private-Partnership (PPP) | Regulated + Bid conditions driven | TPDDL, TPCODL, TPWODL, TPSODL and TPNODL | 11.85 |
| Distribution Franchisee (DF) | Input energy growth and investment driven | TPADL | 0.17 |
| Total | 12.82 |
The Indian market continues to be the primary focus of business for the Company. Currently, the domestic market accounts for more than 96% of its generation capacity. As highlighted earlier, the Company has plans in place to grow in the areas of renewable generation, transmission, distribution and new and service-led businesses.
THERMAL AND HYDRO GENERATION
Committed to achieving net zero by 2045, the Company is taking decisive steps to limit its reliance on coal-based projects, with no plans to expand its current portfolio. As part of this strategy, it will offset carbon dioxide (CO 2) emissions to attain net-zero greenhouse gas levels. By prioritizing carbon neutrality, the Company aims to significantly lower emissions, reduce air pollutant concentrations, and enhance overall air quality. While no greenfield or brownfield are anticipated in the near future, the Company remains dedicated to sustainably managing its existing thermal and hydro operations and will explore inorganic opportunities in hydro power generation assets.
Tata Power and Druk Green Power Corporation have partnered to develop 5,000 MW of clean energy projects in Bhutan. Out of 5,000 MW, your company has entered into definitive agreement for 600 MW greenfield Khorlochhu Hydro Project which has started the project activities. Tata Power has signed an MoU with the Government of Maharashtra to develop 2,800 MW of pumped hydro storage projects, with an estimated investment of around Rs. 13,000 Crore. The 1,800 MW project will be in Shirawata, Pune, and the 1,000 MW project in Bhivpuri, Raigad. This MoU underscores Tata Power?s commitment to a sustainable future, ensuring grid stability and transforming the energy landscape. Out of 2,800 MW your Company has obtained all the necessary approvals for 1,000 MW Bhivpuri Hydro Pump Storage project and is set to begin construction in H1 FY26 with commissioning targeted by Aug 2028. Work on the 1,800 MW Shirawata project is expected to start in later part of the year and will get commissioned in 2030. These projects not only signify a commitment to clean energy adoption but also represent a strategic move to enhance grid stability and facilitate the seamless integration of renewable energy sources. With their considerable capacity, scalability, and efficiency, these projects are poised to revolutionise the energy landscape, paving the way for a more sustainable tomorrow. These align with broader efforts to mitigate climate change and reduce reliance on fossil fuels, reflecting the Company?s vision of positively contributing to the environment and society. Through such ventures, the Company continues to lead the transformation of the energy sector, leaving a lasting impact for future generations.
SOLAR CELL AND MODULE MANUFACTURING PLANT
Tata Power through its subsidiary TP Solar Limited has begun producing solar cells at one of India?s largest single-location 4.3 GW solar cell and 4.3 GW module manufacturing plant in Tirunelveli, Tamil Nadu. With a Rs. 4,300 crore investment, this facility enhances domestic production, cuts import dependence, and drives Indias clean energy shift. Equipped with advanced TOPCon and Mono PERC technologies, it ensures high-efficiency solar cells and modules for the growing renewable energy sector. All 4 cell lines ramped-up and achieved First Cell Out (FCO) of TOPCon pilot cell line.
Consumer Businesses
The Company has major plans to scale up consumer businesses, including rooftop solar, EV charging, microgrids, energy efficiency solutions, and home automation.
EV CHARGING
Rising fuel costs and increasing awareness of climate change are driving individuals toward greener mobility solutions, particularly electric vehicles (EVs). This year has witnessed significant growth in car sales, with numerous automotive OEMs launching or showcasing prototypes of upcoming EV models. Several highly anticipated models have demonstrated impressive sales figures, reinforcing a positive outlook for the future of electric mobility.
Furthermore, both Union and State governments have introduced various policies at the national and state levels to accelerate EV adoption and facilitate a seamless transition to e-mobility.
In response, Tata Power EV Charging Solutions Ltd. is at the forefront of pioneering next-generation EV charging solutions across all segments, including home charging, public charging, fleet charging, and e-bus charging. We provide dynamic and adaptable solutions to meet the evolving needs of these segments, ensuring industry leadership and delivering an exceptional charging experience to our customers. We have successfully energized 5,488 public, semi-public, bus charging and captive charging points across 600+ cities and towns, serving a growing community of more than 3 lakh registered customers on our mobile application.
Additionally, we have installed 1.35+ lakh home chargers across India till date and deployed over 1,238 e-bus charging points in key cities, including Delhi, Mumbai, Bengaluru, Jammu, and others till date.
Furthermore, Tata Power EV Charging Solutions Ltd. is closely monitoring the growth of the 2W, 3W, and e-truck segments, collaborating with key stakeholders to explore opportunities and drive innovation in these emerging markets.
New Initiatives:
Free Charging with Tata Motors: Launched a free charging programme for customers purchasing EVs after mid-September 2025. This initiative offers them six months of complimentary charging across the entire Tata Power public charging network.
EV Mitra with SBI: Collaborated with State Bank of India to offer EV Mitra loans at preferential interest rates exclusively for Tata Power customers.
Network Expansion: Channel Partner Model to expand our reach and better serve customers across diverse geographies. This initiative will empower our team to enhance accessibility and accelerate EV adoption
ROOFTOP SOLAR
Tata Power has achieved a remarkable milestone by surpassing 1,50,000 rooftop solar installations across India. Operating in over 700 cities under Tata Power Renewable Energy Ltd. (TPREL), the company delivers innovative solutions through its Tata Power Solaroof brand, offering up to 80% electricity cost savings, a 25-year warranty, and a payback period of 4-7 years. Flexible financing options with 20+ financial partners and alignment with initiatives like Pradhan Mantri Surya Ghar Muft Bijli Yojana support widespread solar adoption. A robust network of 600+ channel partners and 225+ service partners ensures seamless nationwide service. Campaigns such as Aapki Roof, Aapki Takat have raised awareness, encouraging energy independence. TPCL has cemented its leadership as the nations No. 1 rooftop solar provider. The total capacity of its rooftop solar installations nationwide has now reached around 3 GW.
HOME AUTOMATION
Tata Power EZ Home has firmly established itself as a pioneer in providing smart, sustainable energy solutions that cater to the evolving demands of modern, connected living. In FY 2024-25, the Company introduced groundbreaking products, including the Smart EV Home Charging Box, SOS Panic Button, and extended a colour variance in Premium Modular Touch Switches. The company secured a notable 10,000-unit order for EV Charging Boxes, and its order book in FY 2024-25 surpassed 40,743 units, amounting to Rs. 10.24 crore.
To amplify the market presence, Tata Power EZ Home actively participated in prominent expos across major cities like Delhi, Mumbai, Hyderabad, Bangalore, and Coimbatore, Pune while also strategically utilising digital platforms, with 224 posts and subscriptions to online publications. Additionally, we run a campaign for capturing customer experience with video shoot through our Channel partner. With 21,000+ customers and 120,000+ devices in use, Tata Power EZ Home continues to lead innovation with several key initiatives. The company has also filed a patent for Messaging-Based EV Charging Control System, introduced Robo-calling in Panic Switch for enhanced safety, and integrated various distributed energy resources with algorithm-based control through advanced power management solutions. In collaboration with Imperial College, UK, Tata Power EZ Home has also published a paper titled "Leveraging Automation and Incentives to Enhance Power Demand Flexibility." This reflects Tata Power EZ Home?s ongoing commitment to sustainability and its leadership in the home automation sector.
3. Business Performance
The Company?s consolidated operations are categorised into four segments: Thermal & Hydro, Transmission & Distribution, Renewables, and Others. A report on the performance and financial position of each subsidiary, JV, and associate company is provided in Form AOC-1. In FY 2024-25, the Companys financial performance was driven by improved operational efficiency, strategic capacity expansions, and favourable regulatory developments, higher availability, enhanced PLF contributed to revenue growth, alongside improved billing efficiency in Odisha DISCOMs and transmission projects. Additional gains came from increased contributions in Rooftop EPC, capacity additions, and the new solar manufacturing facility, though challenges such as outages, a fire in U5-Trombay, and lower EPC execution, and prior-year regulatory benefits MPL and Jojobera created some offsets. Profits from Ventures (JVs) and Associates decreased primarily due to lower profits from Indonesian coal mines, driven by reduced coal prices, and losses incurred by Tata Projects Limited this year, compared to the profit earned in the previous year. Despite these challenges, the Company maintained resilience, leveraging strategic expansions and operational improvements to drive sustained performance
Renewables
RE Generating Companies (5,550 MW capacity)
Type of Entity: Subsidiary [Tata Power Renewable Energy Limited (TPREL), TP Saurya Limited, Tata Power Green Energy Limited, TP Kirnali Limited and Captive Cos (42 Nos)]
| Particulars | FY25 | FY24 |
| Sales (MUs) | 9,624 | 7,962 |
| Revenue from Operations (in Rs. crore) | 3,808 | 3,426 |
| PAT (in Rs. crore)(before exception) | 602 | 583 |
The Company?s higher sales were due to addition of 1 GW capacity during the year and that led to higher revenue and PAT.
At the end of FY 2024-25, total renewable portfolio stands at 10.9 GW including 5.4 GW of projects under various stages of implementation. The total operational capacity is 5.5 GW, which includes 4.5 GW of solar and 1.0 GW of wind capacity.
EPC Division
Type of entity: Division
| Particulars | FY25 | FY24 |
| Revenue from Operations (in Rs. crore) | 5,392 | 6,278 |
| PAT (in Rs. crore) | 377 | 309 |
The EPC Division has consistently showcased strong performance, driven by the increasing demand for renewable energy in the country and the enhanced capabilities of the Company, which have been progressively developed, despite several external market challenges that affected the renewables sector in India during FY 2024-25. Throughout the year, the divisions profit after tax (PAT) grew by around 22 % year-on-year, primarily due to the successful execution of large-scale utility projects and improved margins in rooftop solar. As of 31,2025, the Company holds an open order book valued at over Rs. 4,000+ crore for large-scale utility projects, along with more than Rs. 1,036 crore in orders for rooftop projects
TP Solar Limited -TPSL
Type of Entity: Wholly-owned subsidiary of TPREL
| Particulars | FY25 | FY24 |
| Revenue from Operations (in Rs. crore) | 5,337 | 233 |
| PAT (in Rs. crore) | 422 | (36) |
TP Solar Limited, located in Tirunelveli, Tamil Nadu, completed the construction of its 4.3 GW cell and 4.3 GW module manufacturing facility and commenced commercial production in December 2024. TPSL produces high-quality bifacial modules. Post commissioning, TP Solar has become one of the largest integrated cell and module manufacturers in India, utilising industry-leading technology
TP Renewable Microgrid Limited (TPRMG)
Type of entity: Wholly-owned subsidiary
| Particulars | FY25 | FY24 |
| Revenue from Operations (in Rs. crore) | 14 | 8 |
| PAT (in Rs. crore) | (20) | (30) |
The Company has been alleviating economic and energy poverty through access to clean, affordable, reliable and quality electric power supply to rural consumers. The Company has solarised 200 villages in the states of Uttar Pradesh (Bahraich, Gonda, Balarampur, Sharavasti, Siddharth Nagar, Sitapur, Sant Kabir Nagar & Lakhimpur Districts) and Bihar (Muzaffarpur, Vaishali & Samastipur) and is serving ~23,500 happy rural consumers through a renewable microgrid.
The Company?s focus has always been on leveraging technologies for business advantages and service to rural communities. Being a lead adopter of technologies in rural landscape, the Company has been pioneering in deploying alternate technology to replace diesel-based standby supply at microgrids by rolling out bio-methane hub and spoke model in UP. While the bio-methane generation plant at hub is under construction, as an intermediate solution, bio-CNG cylinders cascade along with gas generators are deployed at three microgrid locations in Gonda. The Company is further piloting usage of Dual Fuel kit in its Standby diesel generator to reduce consumption of diesel. In addition, higher capacity biogas generators are also being explored to meet higher quantum of loads however depending upon non-fossil fuels only.
The Company continues to focus upon rural consumers and their needs. Apart from providing clean, affordable, reliable power supply to rural consumers, the Company has rolled out various value-added services during the year to enhance the Company has been rolling out various consumer-centric initiatives from time to time such as the launch of ‘customer awareness programme? with a focus on electrical safety, ‘Less is More? initiative with a focus on the use of energy efficient appliances, ‘rural marketing and new connections campaign? with a focus on enhancing customer access through a specially designed mobile van, ‘DG to MG? conversion flagship programme with a focus on eliminating usage of fossil fuel, e.g. Diesel, "Entrepreneur Development & Growth" programme with a focus on green job creation for local youth, women empowerment programme with a focus on empowering women entrepreneurs.
Tata Power Hydros (447 MW)
Type of entity: Division
| Particulars | FY25 | FY24 |
| Sales (MUs) * | 1,545 | 1,536 |
* Includes sales to Company?s Distribution Division During the year, generation were marginally higher with respect to FY 2023-24. Availability for the year was 99.02% against 99.01% in previous year. Auxiliary Power Consumption (APC) continued to reduce through various energy conservation measures. During the year, Auxiliary Power Consumption (APC) was 1.50% against 1.65% in previous year.
Mundra, Coal and Related Infrastructure Companies
Mundra Thermal Plant (4,150 MW)
Type of entity: Division
| Particulars | FY25 | FY24 |
| Sales (MUs) | 21,776 | 18,671 |
The Mundra plant operated under Section 11 of the Electricity Act, 2003, issued by the Ministry of Power (MoP), from April 16, 2023 to 31 March 2025, resulting in an increase in sales volume. The plant continues to engage with procuring states to find a solution for its long-term commercial viability, and discussions for a supplementary Power Purchase Agreement (SPPA) with procurers are ongoing. Efforts to reduce losses include initiatives such as sourcing low-cost coal from other geographies and increasing the blending of low-calorific-value coal. Construction work for setting up the flue gas desulphurisation (FGD) is expected to be completed as per the agreed timelines
Coal And Related Infrastructure Companies
The Company, through its subsidiary, holds a 30% stake in PT Kaltim Prima Coal (KPC), which is a strategic asset used to hedge against imported coal price exposure at Mundra oftheconsumers?business. The Thermal Plant and is an important part of the supply chain for its coal off-take requirements. Additionally, the Company holds a 26% stake in PT Baramulti Suksessarana Tbk (BSSR) and PT Antang Gunung Meratus (AGM) through its subsidiary.
During the previous year, the Company completed the sale of PT Arutmin Indonesia and related infrastructure companies (classified as held for sale) and recognised a profit of 38 crore (net of withholding taxes)
PT Kaltim Prima Coal, Indonesia
| Particulars | FY25 | FY24 |
| Coal Production (million tonnes) | 53.0 | 56.8 |
The coal price realisation for the year was at US$72.86/ tonne as compared to US$83.66/tonne in the previous year due to lower coal prices in the market.
PT Baramulti Suksessarana Tbk and PT Antang Gunung Meratus, Indonesia
| Particulars | FY25 | FY24 |
| Coal Production (million tonnes) | 19.7 | 22.7 |
The coal price realisation for the year was at USD 44.0/ tonne as compared to US$49.1/tonne in the previous year which is in line with the overall lesser demand for coal.
PT Nusa Tambang Pratama, Indonesia (Infrastructure Company)
| Particulars | FY25 | FY24 |
| Revenue from Operations* (in Rs. crore) | 733 | 704 |
| PAT* (in Rs. crore) | 395 | 359 |
* Figures are on 100% basis. The Company?s share is 30%
Revenue has been higher due to higher usage of port . PAT has been primarily higher due to higher revenue as well as lower forex loss compared to last year.
Trust Energy Resources Pte. Limited - TERPL
The following is estimated revenue/PAT FY 2024-2025
| Particulars | FY25 | FY24 |
| Revenue from Operations (Rs. crore) | 961 | 913 |
| PAT (Rs. crore) | 202 | 1,449 |
Revenue has increased marginally due to higher number of shipments In FY 2023-24 PAT increased mainly due to one-time exceptional gain of Rs. 1,240 crore from the sale of shares in PT Sumber Energi.
Tata Power International Pte. Limited - TPIPL
Tata Power International holds 50% in Adjaristsqali Netherlands B.V. (ABV) which has 180 MW Hydro Project in Georgia, 26% in Resurgent Power Ventures Pte Ltd. and 26% in PT Baramulti Suksessarana TBK.
Thermal Generation
Maithon Power Limited- MPL (1,050 MW)
Type of entity: Subsidiary (Tata Power: 74%, DVC: 26%)
| Particulars | FY25 | FY24 |
| Sales (MUs) | 7,138 | 8,017 |
| Revenue from Operations (in Rs. crore) | 2,954 | 3,360 |
| PAT (in Rs. crore) | 346 | 449 |
The Company has set up and operates up a thermal power generation plant (comprising of two units of 525 MW each) at Maithon, Jharkhand with a total capacity of 1050 MW. In the current year, PAT is lower mainly due to regulatory upside amounting to 86 crore in FY 2023-24 and lower availability as compared to previous year due to forced outages which has resulted in lower PLF and impacted heat rate adversely. Construction work for setting up the flue desulphurisation (FGD) is expected to be completed as per the agreed timelines CRISIL has reaffirmed its credit rating for MPL to ‘Crisil Stable/Crisil A1+?.
Industrial Energy Limited- IEL (483 MW)
Type of entity: Subsidiary (Tata Power: 74%, Tata Steel: 26%) (Joint Venture under Ind AS)
| Particulars | FY25 | FY24 |
| Generation Sales (MUs) | 3,016 | 2,854 |
| Revenue from Operations (in Rs. crore) | 327 | 336 |
| PAT (in Rs. crore) | 117 | 120 |
Figures are on a 100% basis. The Company?s share is 74% IEL operates a 120 MW tolling coal-based plant in Jojobera. It also operates a 120 MW co-generation plant (Powerhouse #6) in Jamshedpur, inside the Tata Steel plant, which is based on blast furnace and coke oven gas. It also operates three units of co-generation plant at Kalinganagar, Odisha and all the three units of 67.5 MW each are under operation by deploying production gases from Tata Steel?s plant. Additionally, it also has 40 MW of standby DG plant asset at Kalinga Nagar, Odisha.
PAT for the year is lower due to lower other income including one-time income due to DGPP Building sale and lower deferred tax in the current year as compared to previous year.
IEL is in the advanced stages of the implementation of 120 MW PH7 captive power plant at Jamshedpur. The project is expected to be commissioned by August 2025. Further, the Company is in an advanced stage of executing Domjuri Solar Plant (15 MW). Also, the construction work for setting up of the flue gas desulphurisation (FGD) is expected to complete as per the agreed timelines.
Trombay (930 MW)
Type of entity: Division
| Particulars | FY25 | FY24 |
| Sales (MUs)* | 4,420 | 4,839 |
* Includes sales to Company?s Distribution Division During the year, generation were lower with respect to FY 2023-24. Availability for the year was 76.7% against 94.4% in previous year due to fire incident at Unit-5. During the year, Auxiliary Power Consumption (APC) were marginally lower with respect to FY 2023-24. Auxiliary Power Consumption (APC) for the year was 5.6 % against 6.2% in previous year.
Jojobera (428 MW)
Type of entity: Division
| Particulars | FY25 | FY24 |
| Sales (MUs) | 2,904 | 2,980 |
Jojobera plant achieved availability of 95.1% in FY 2024-25 as compared to last year?s availability of 96.9%. Impact on availability in FY 2024-25 is due to annual shutdown of 2 units and additional short shutdown of another unit for boiler recertification as compared to the shutdown of two units in FY 2023-24.
Haldia (120 MW)
Type of entity: Division
| Particulars | FY25 | FY24 |
| Sales (MUs) | 902 | 871 |
Haldia has maintained its highest performance in FY 2024-25 through various process interventions and successful mitigation of internal challenges. The division achieved a plant load factor (PLF) of 92 % for FY 2024-25 and attained the lowest auxiliary consumption rate of 6.9%, the best value since inception.
Transmission
Mumbai Transmission
Type of entity: Division
| Particulars | FY25 | FY24 |
| Grid Availability (%) | 99.8 | 99.9 |
| Transmission - ckm | 1,291 | 1,284 |
The transmission assets in the Mumbai license area achieved a grid availability of 99.8 % in FY 2024-25, surpassing the MERC norm of 98%. The transmission division operates in city of Mumbai and MMR region, extending upto hydro generating stations in Raigad district, Maharashtra.
Powerlinks Transmission Limited PTL
Type of entity: Subsidiary (Tata Power: 51%, PGCIL: 49%) (Joint Venture under Ind AS)
| Particulars | FY25 | FY24 |
| Revenue from Operations (in Rs. crore) | 123 | 127 |
| PAT (in Rs. crore) | 79 | 82 |
*figures are on 100% basis. The Company?s share is 51% The average availability of the lines was maintained at 99.98%.
TP Bikaner III Neemrana II Transmission Limited
Type of entity: Wholly-owned Subsidiary
| Particulars | FY25 | FY24 |
| Transmission ckm- under construction | 682 | 682 |
| PAT (in Rs. crore) | 2 | (1) |
Tata Power acquired TP Bikaner III Neemrana II Transmission Limited on December 27, 2023, through Tariff Based Competitive Bidding (TBCB) process. This SPV is formed to establish inter-state transmission system for evacuation of 7.7 GW of renewable energy from Bikaner Complex in Rajasthan. Currently, the project is under construction and is likely to be commissioned in Q3 of financial year 2025-26 with a license to operate for 35 years.
TP Jalpura Khurja Power Transmission Limited TPJKPTL
Type of entity: Wholly-owned Subsidiary
| Particulars | FY25 |
| Transmission ckm- under construction | 162 |
| PAT (in Rs. crore) | 2 |
Tata Power acquired Jalpura Khurja Power Transmission Limited on April 5, 2024, through Tariff Based Competitive Bidding (TBCB) process. This SPV is formed to establish the Company?s first greenfield intra-state transmission system in Uttar Pradesh. Currently, the project of 162 ckm is under construction and is likely to be commissioned in Q3 of financial year 2025-26 with a license to operate for 35 years.
TP Paradeep Transmission Limited
Type of entity: Wholly-owned Subsidiary
| Particulars | FY25 |
| Transmission ckm- under construction | 384 |
| PAT (in Rs. crore) | 0.38 |
The Tata Power Company Limited has won the bid to acquire TP Paradeep Transmission Ltd (Formerly known as Paradeep Transmission Ltd), The project, taking shape in Odisha, involves, among other elements, setting up of the 765/400kV Paradeep GIS substation and a 190-km double-circuit 765kV double-circuit line from this substation to the Angul substation. There is also a 12-km 400kV double-circuit line from the upcoming Paradeep GIS substation to OPTCL?s substation at Paradeep. Project is expected to be commissioned in December 2027.
TP Gopalpur Transmission Limited
Type of entity: Wholly-owned Subsidiary
| Particulars | FY25 |
| Transmission ckm- under construction | 377 |
| PAT (in Rs. crore) | 0.36 |
Tata Power has won the bid to acquire TP Gopalpur Transmission Limited (Formerly known as ERES-XXXIX Power Transmission Limited). The projectinvolvessetting up of a 765/400kV, 2?1500 MVA
GIS substation at Gopalpur in Odisha, 199 km of 765kV line and 25 km of 400kV line along with associated works. The 765kV line will connect the upcoming Gopalpur GIS substation to the 400kV GIS substation at Gopalpur being built by state utility Odisha Power Transmission Corporation Limited (OPTCL). Project is expected to be commissioned in November 2026.
DISTRIBUTION
Mumbai Distribution
Type of entity: Division
The highlights of the Mumbai Distribution Business are as follows:
| Particulars | FY25 | FY24 |
| Sales (MUs) | 6,004 | 5,793 |
| Consumer Base (Nos.) | 7,96,449 | 7,68,740 |
Empowering Digital Customer Experience:
Tata Power Mumbai Distribution has achieved 90% digital payment adoption and 55% e-bill opt-ins among Mumbai consumers, driven by proactive campaigns across email, WhatsApp, and social media, reaching over 7.9 lac+ consumers and making services more convenient and sustainable.
Deepening Consumer Engagement and Doorstep Services:
Through initiatives like "Naam Badlav Pakhwada" (handling 9200+ name change requests) and "MILAN
- Customer Connect Camps" (engaging 5000+ customers in FY 2024-25), Tata Power Mumbai Distribution is bringing services closer to consumers, enhancing trust and accessibility.
Tata Power Skill Development Institute (TPSDI) has trained over 1200+ technicians on standardised O&M practices, with 363 technicians benefitting in FY 25 - helping consumers maintain their assets more efficiently through expert-led training programmes
During festive periods like Ganpati Utsav and Navratri, Tata Power swiftly facilitated 160+ temporary connections, demonstrating agility and customer focus, while generating an additional Rs. 50 lakh revenue through enhanced service delivery. Additionally, the "Nukkad Natak" initiative was successfully conducted at various Ganapati Pandals to spread public safety awareness.
Smart meter installed till March 31, 2025 is 2.08 lakh.
Tata Power to install 100MW Battery Energy Storage System (BESS) in Mumbai, centrally monitored and controlled from Tata Power?s Power System Control Center (PSCC).
100 MW BESS will be installed across 10 strategic locations in Mumbai over the next two years.
Will ensure uninterrupted power supply to critical infrastructure such as the Metro, Hospitals, Airport, and Data Centres during grid disturbances, and will support grid through islanding to prevent blackouts
Mumbai Distribution was recognised at the 18th India Energy Summit & 12th Innovation with Impact Awards for DISCOMs 2024, organised by the Indian Chamber of Commerce (ICC), under the following categories:
Green Energy (Category A)
Efficient Operations (Category B)
Technology Adoption (Category D)
Innovation with Impact (Category F)
Two teams represented at the international level for Quality Circle and both secured Gold Awards. In the Mumbai Chapter, nine teams participated, winning eight Gold Awards and one Silver Award. At the National Level, seven teams achieved "Par Excellence" awards.
Tata Power Delhi Distribution Limited TPDDL
Type of entity: Subsidiary (Tata Power: 51%, Government of National Capital Territory (NCT) of Delhi: 49%)
| Particulars | FY25 | FY24 |
| Sales (MUs) | 10,807 | 10,024 |
| Revenue from Operations (in Rs. crore) | 9,925 | 9,304 |
| PAT (in Rs. crore) | 842 | 453 |
TPDDL supplies electricity to the northern and western parts of Delhi.
In FY 2024-25, TPDDL?s registered customer base increased to 21.03 lakh from 20.26 lakh in the previous financial year. -AT&C losses for the year stood at 5.4 %, down from 5.9% last year. The Company liquidated approximately Rs. 1,085 crore of regulatory assets during the financial year. During the current year TPDDL has received pending regulatory revenue true up orders leading recognition of revenue amounting to Rs. 472 crore which has incrementally contributed Rs. 333 crore PAT for the financial year 2024-25. TPDDL successfully met a peak load of 2,481 MW in FY 2024-25 with 100% system availability at 66/33kV. The System Average Interruption Frequency Index (SAIFI) improved to 6.8 from 8.4 in the previous year - a 19% improvement achieved through dedicated system improvement and maintenance using a TQM approach. The System Average Interruption Duration Index (SAIDI) also improved from 10.10 to 8.7 hours. Key achievements and highlights include:
Tata Power-DDL has secured the highest rating of A+ in the Consumer Service Rating of Discoms published by the Ministry of Power for FY 2023-24 and achieved a scoring of 89.8 (80.2 in FY 2023-24) in the 13th Integrated Rating and Ranking of Discoms report for the assessment year FY 2023-24 published by the Ministry of Power.
Tata Power-DDL has secured 2nd rank nationally and top performer in all parameters in the Distribution Utilities Ranking (DUR) Report published by the Ministry of Power for the first time for FY 2023-24.
Tata Power-DDL has achieved a score of 83.9 in the Smart Grid Index 2024 (80.4 in LY), showcasing the best practices in the following four parameters: - Monitoring and Control - Green Energy
- Security
- Customer Empowerment and Satisfaction
Tata Power-DDL has been awarded with the prestigious Deming Prize, and is now the first power distribution company globally to be honoured for its Total Quality Management (TQM) practices.
Tata Power-DDL has been awarded in 5 categories at the 18th India Energy Summit and 12 th Innovation with Impact Awards for Discoms 2024 organized by the Indian Chamber of Commerce (ICC).
Tata Power-DDL has executed MoU with the India Smart Grid Forum (ISGF) to collaborate on a ground-breaking Vehicle-to-Grid (V2G) Technology Demonstration Project.
Installed over 6.03 lakh smart meters till March 31, 2025.
TP Ajmer Distribution Limited TPADL
Type of entity: Wholly-owned Subsidiary
| Particulars | FY25 | FY24 |
| Sales (MUs) | 639 | 555 |
| Revenue from Operation (in Rs. crore) | 507 | 442 |
| PAT (in Rs. crore) | 11 | 8 |
TPADL has operated as a power supply and distribution franchisee in Ajmer city for eight years, covering approximately 190 sq km. In FY 2024-25, it served 1.69 lakh consumers with a peak demand of 126.17 MW, a 2% increase from the previous year.
PAT increased mainly due to higher billing efficiency and higher other income compared to the previous year. Various initiatives were implemented to enhance customer-centricity and reliability, leading to improved business performance and billing efficiency rising to 92.10% from 91.73% in the last year. Additionally, provisional billing increased from 0.46% to 0.52%, and digital payments increased to 81% from 77% in FY 2023-24.
TP Central Odisha Distribution Limited TPCODL
Type of entity: Subsidiary (Tata Power: 51%, GRIDCO Ltd: 49%)
| Particulars | FY25 | FY24 |
| Sales (MUs) | 9,692 | 8,853 |
| Revenue from Operations (in Rs. crore) | 6,105 | 5,444 |
| PAT (in Rs. crore) | 150 | 63 |
TPCODL serves electricity distribution in Central Odisha. The AT&;C Loss (excluding past arrears) improved to 19.6% from 21.9% in the previous year. Billing efficiency has increased to 80.9% from 78.4%.
In previous financial year TPCODL had made higher ECL provision as compared to current financial year and in addition improvement in billing & AT&C loss reduction helped to record higher PAT for the financial year 2024-25.In FY 2024-25, TPCODL served a registered consumer base of 33.25 lakh across a 29,354 sq.km area in central Odisha.TPCODL achieved a System Average Interruption Duration Index (SAIDI) of 210 hours and a System Average Interruption Frequency Index (SAIFI) of 248.
Rated A+ in 13th Integrated Rating and Ranking of Discoms by Ministry of Power.
Rated A in the 4th Consumer Service Rating of Discoms (CSRD) by Ministry of Power.
1.13 lakh new connections with a load of 350 MW energised.
Booked theft load of 143 MW and recovered Rs. 51.45 crore.
1.30 lakh defective single phase and three phase meters replaced.
2.87 lakh smart meters installed under smart meter rollout project.
9.60 lakh customers adopted digital payment
Received Skoch Awards for Corporate Governance, Digital Transformation through Online Bill Payment and Digital Procurement Process.
TP Northern Odisha Distribution Limited TPNODL
Type of entity: Subsidiary (Tata Power: 51%, GRIDCO Ltd: 49%)
| Particulars | FY25 | FY24 |
| Sales (MUs) | 6,468 | 6,017 |
| Revenue from Operations (in Rs. crore) | 4,313 | 3,803 |
| PAT (in Rs. crore) | 158 | 133 |
TPNODL servers electricity supply to northern part of Odisha.In FY 2024-25, TPNODL had a registered customer base of 19.99 lakh, spanning across an area of 27,920 sq. km. in Northern parts of Odisha. The AT&C Loss (excluding past arrears) stood at 12.6% as against 14.2% in the previous year. Billing efficiency has increased to 87.5% from 85.4%. TPNODL achieved the System Average Interruption Duration Index (SAIDI) to a level of 291.83 hours and System Average Interruption Frequency Index (SAIFI) of 517.47 PAT has increased during the year mainly due to improvement in AT&C losses and higher capitalisation of assets.
Key initiatives undertaken by TPNODL during the year are:
Achieved A+ Rating by TPNODL at the 13th Annual Integrated Rating and Ranking of Power Distribution Utilities issued by Ministry of Power, Government of India.
Implementation of Integrated Call Centre for seamless services for the Consumers
Booked theft load of 106.56 MW and recovered Rs. 29.66 crore (Excl. penalty amount recovered through EC)
2.63 lakh smart meters installed under smart meter rollout project.
Remote operation of 150 primary substation (PSS) and unmanned 81 PSS at micro-SCADA (Supervisory Control and Data Acquisition)
TP Southern Odisha Distribution Limited TPSODL
Type of entity: Subsidiary (Tata Power: 51%, GRIDCO Ltd: 49%) As desired, please find the below information:
| Particulars | FY25 | FY24 |
| Sales (MUs) | 3,507 | 3,195 |
| Revenue from Operations (in Rs. crore) | 2,429 | 2,096 |
| PAT (in Rs. crore) | 59 | 37 |
Electricity supply to southern part of Odisha is handled by TPSODL.In FY 2024-25, TPSODL had a registered customer base of 22.5 lakh, spanning across an area of 48,751 sq. km. in the southern part of Odisha. The AT&C Loss (excluding past arrears) stood at 20.8% as against 25.9% in the previous year. (Reduction in AT&C loss by 5.1% from previous year). Billing efficiency has increased to 76.6% from 73.5%.
PAT has increased during the year mainly due to improvement in AT&C losses.
Key achievements:
Was recognised as a "Great Place To Work" and with the Asia Leadership Award "Best Organisation To Work For Women in Power Sector"
Corporate office transformed into green (Energy Neutral) office with the commissioning of 100KW Roof Top Solar Plant. A total of 396KW solar panels installed on TPSODL buildings situated at 16 locations including the corporate office
Process automation was implemented for the seamless integration of any network changes in GIS
Submitted patent for in-house developed DC voltage stabiliser through current balancing technology
168 nos. of PSS Integrated with SCADA
Operation of tampered meter testing lab at Berhampur
Total Smart Meters installed till March 31, 2025 the reporting year: 3.32 lakh
Total load booked by the Enforcement Team during FY 2024-25: 100MW
Total new load added in the reporting year: 274 MW
Total capitalisation of Rs. 701 Cr was done which includes capitalisation towards OERC approved capex, meter capex, GRIDCO contribution and 6% deposit work
TP Western Odisha Distribution Limited TPWODL
Type of entity: Subsidiary (Tata Power: 51%, GRIDCO Ltd: 49%)
| Particulars | FY25 | FY24 |
| Sales (MUs) | 9,912 | 10,644 |
| Revenue from Operations (in Rs. crore) | 6,816 | 7,077 |
| PAT (in Rs. crore) | 73 | 75 |
Westen part of Odisha?s electricity supply is looked after by TPWODL.In FY 2024-25, TPWODL had a registered customer base of 21. 67 lakh. It has a vast distribution area in the Western part of Odisha covering 48,373 sq. km across nine revenue districts. The AT&C Loss (excluding past arrears) stood at 17.1% as against 16.1% in the previous year FY 2023-24. PAT for the year has decreased mainly due to higher AT&C losses.
System Average Interruption Duration Index (SAIDI) is measured to 315 hours whereas System Average Interruption Frequency Index (SAIFI) is 394 nos.
Key achievements and highlights are as below:
Achieved an A+ rating for the third consecutive time in the 13th Edition of Integrated Rating of Power Distribution Utilities.
TPWODL has been ranked as 3rd Distribution utility across all major DISCOMs (other than urban utilities) by the rankings declared by REC. Overall 10th rank among 66 utilities across India including urban utilities.
TPWODL has been recognised with the "National Energy Conservation Award 2024" by Ministry of Power (second prize in the Discom sector). It was also conferred with the 24th Edition of the ICSI National Award for excellence in Corporate Governance.
Billing efficiency has increased to 83.8% from 83.5%
All three NABL accredited meter testing labs have tested ~ 1.5 lakh meters, including (Consumer Complaint & Consumer Owned meters) and 5000 CT & PT so far.
Smart meter installed till March 31, 2025 is 4.47 lakh
To improve power system reliability, APSCC made functional for 8 divisions, commissioned 4 nos of 33/11kV Primary Sub-Stations (PSS) and introduced Advanced Distribution Management System (ADMS).
To enhance safety and technical competency, 4 Hands-On Technical Training (HOTT) centres were made functional across circles
Enforcement load of 124.54 MW was booked and recovered 39.76 crore
OCR meter reading has reached an all-time high of 91.12%
To enhance customer centricity, TPWODL introduced a chat bot for "No Supply Complaint registration", Direct message link on Twitter, "Pay & Win" scheme for encouraging timely payment of bills and "24x7 dedicated e-care desk" to address grievances.
TPWODL has rolled out the "TQM Way of Working" across the organisation. The organisation was awarded 4 Gold Awards at ICQCC 2024, 7 Par Excellence Awards at NCQCC 2024, secured 2nd position in the 37th CII Odisha State Level QC Competition, and a winner at the 37th CII Eastern Region QC Competition, reaffirming its commitment to quality in everyday life.
Tata Power Trading Company Limited TPTCL
Type of entity: Wholly-owned subsidiary
| Particulars | FY25 | FY24 |
| Traded (MUs) | 20,703 | 20,663 |
| Revenue from Operations (in Rs. crore) | 449 | 249 |
| PAT (in Rs. crore) | 88 | 67 |
TPTCL is the electricity trading arm of the Company.PAT achieved in FY 2024-25 is higher due to several factors, including higher trading margin per unit due to new long-term contracts, and exceptional income received on account of resolution of litigation with one of the clients. TPTCL has made significant strides in expanding its energy portfolio, successfully operationalising the 200MW TP Saurya plant in March 2024 in collaboration with TPREL.
TP Power Plus Limited TPPPL
Type of entity: Wholly-owned subsidiary
| Particulars | FY25 | FY24 |
| Smart Meters Installed & Commis- sioned | 6,14,303 | 249 |
| PAT (in Rs. crore) | (4) | (3) |
Chhattisgarh State Power Distribution Co. Ltd (CSPDCL) initiated a tender for appointing an advanced metering infrastructure (AMI) service provider for consumer smart prepaid metering in Chhattisgarh under the Government of India?s RDSS Scheme. Tata Power took part and emerged as the successful bidder for Package-2, encompassing Raipur city and Raipur rural areas. Subsequently, TP Power Plus Limited, a Special Purpose Vehicle, was established on August 2, 2023, with the objective of installing and maintaining smart meters in Raipur and its surrounding areas.
International Business
Dagachhu Hydro Power Corporation Limited DHPC (126 MW)
Type of entity: Associate (Tata Power 26%, DGPC and Affiliates: 74%)
| Particulars | FY25 | FY24 |
| Sales (Mus) | 428 | 367 |
| Revenue from Operations | 164 | 157 |
| PAT | 28 | 22 |
Figures are on 100% basis. The Company?s share is 26% DHPC is 126 MW hydro power plant in Bhutan with Public Private partnership and serves power demands of Bhutan and as well of certain portion of power generated is traded in India. Incremental PAT is due to higher MUs sold during the year
Adjaristsqali Netherlands B.V. (ABV)
Type of entity: Joint Venture (TPIPL: 50%, Clean Energy Invest: 50%) ABV, through its wholly-owned subsidiary - Adjaristsqali Georgia LLC (AGL) has developed a 187 MW hydropower project (Shuakhevi and Skhalta projects) on the Adjaristsqali River and its tributaries in Georgia. This is one of the largest infrastructure investments in Georgia. Investment in ABV is shown as ‘assets held for sale?.
Itezhi tezhi Power Corporation Limited (ITPC)
Type of entity: Joint Venture (Tata Power 50%, Zesco Ltd: 50%) ITPC has developed a 120 MW hydropower project on Kafue River in Zambia. Investment in ITPC is shown as ‘assets held for sale?.
During the year, the Board of Directors of ITPC has declared dividend and accordingly the Group has recognised Rs. 294 crore as other Income.
Digital Initiatives
Digital Transformation at Tata Power: Empowering Operations, Consumers, and Employees
Tata Power is at the forefront of digital transformation within the energy sector. With a focused strategy on leveraging cutting-edge technologies, the company is systematically developing and deploying digital platforms and solutions across its core business verticals Generation, Transmission, Distribution, and Renewables.
This digital integration is enabling a wide spectrum of use cases that are revolutionising the way Tata Power operates. From real-time monitoring and predictive maintenance in grid operations to smart energy management in consumer services, the impact is evident across every level of the value chain.
Key outcomes include:
Improved Operational Intelligent systems and data-driven decision-making are streamlining grid maintenance, reducing downtime, and optimising asset performance.
Enhanced Field Service Management: Digital tools are equipping field teams with real-time insights, enabling faster issue resolution, better resource utilisation, and seamless coordination.
Superior Consumer Experience: With intuitive digital touchpoints and smart service delivery, customers benefit from greater transparency, faster service, and proactive engagement.
Boosted Employee Productivity: Internal digital platforms and automation are reducing manual workloads, simplifying processes, and empowering employees to focus on value-added activities.
Tata Powers commitment to digital innovation is not only modernising its operations but also setting a benchmark the power industry in India and beyond.
Initiatives to enhance operational efficiency:
Generation Sales Platform Developed a machine learning-powered solution to forecast energy prices and bilateral contract rates by analysing historical data patterns and identifying future trends. This solution leverages advanced predictive analytics to provide accurate insights, enabling businesses to make informed decisions and optimize pricing strategies
Coal Under Recovery Module Developed comprehensive analytical model of coal prices with simulation capability across multiple procurement strategies along with data insights, trend analysis and patterns
Smart Soot Blower Model - Developed AI/ML-based soot blowing operations by leveraging advanced analytics to enhance the overall efficiency of boiler by optimising the cleaning process and reducing energy losses.
Plant Startup System Created robust system combined with advanced analytics, digital workflows, and real-time monitoring to guide operators through each phase of the start-up, ensuring optimal performance and minimising operational risks.
Modernization of ERP System
Tata Power modernised its ERP system to SAP S/4 Hana to bring in the advanced capabilities of cloud to create a scalable system equipped with real-time analytics and additional features. This has enabled Tata Power to bring in more agile cloud-based solutions, enhancing overall business capability to drive innovation, improve decision-making, and respond quickly to market changes.
Advanced Dashboard and Reporting Solution for DISCOMs
As part of our strategic digital transformation roadmap, we have initiated the implementation of an advanced dashboard and reporting solution, laying a strong foundation for data-driven operations within one of our DISCOMs. This solution, currently in its initial phase, is designed to enable real-time, hourly tracking of service requests with detailed insights on ageing, case types, and SLA compliance across all hierarchy levels. It also aims to streamline the monitoring of metering, billing, and collections by comparing target versus actual performance for key activities such as meter replacements, readings, spot billing, and enforcement. Once fully rolled out over the next year, the platform will offer comprehensive trend analysis and performance insights - hourly, daily, monthly, and year-over-year - to support proactive decision-making and drive operational excellence across all DISCOMs.
Digital Initiatives of the Renewable Energy (RE) Cluster Rooftop SPG (Solar Power Generation) Kit end to end process automation for PMSGY Scheme -
Integrated CRM and ERP systems enable end to end process flow starting from Channel Partner PO creation till order fulfilment and warranty issuance to end customers. It involved:
Digital system for retailer onboarding and Billing
Sales order automation
Material serialization for traceability
Warehouse process automation
Channel Partner mobile app
AI/ML based quality Inspection Tool (WIP) This enabled substantial cycle time reduction across the value chain, helping scale residential rooftop operations to handle higher volumes driven by PMSGY.
Renewable Business System 2.0
Implemented a data lake for a renewable cluster with a vision to have zero excel-based reporting which derives key KPIs for management. We have collaborated with leading cloud partner AWS to have a robust central data repository. On top of this we have built multiple dashboards for rooftop marketing, rooftop sales operations, EV, operational dashboards for solar manufacturing plant, finance and procurement functions.
Land Acquisition Management System -
Digitised processes pertaining to land acquisition management with an approval workflow mechanism to manage the end-to-end process and establish transparency with traceability. System includes features like Master and Land Library Management, Acquisition tracking and GIS integration, CTU (Central Transmission Utilities) connectivity and legal issues tracker. Using this solution currently about 27000 acres of land acquisition is getting managed, and this has improved visibility of acquisition stages.
Weather Portal for Renewables and T&D Cluster
A unique value proposition was delivered for weather monitoring and forecast comprising of a centralised weather monitoring approach, overlaying actual weather data from Tata Powers weather monitoring stations with multiple weather forecast subscriptions in a single platform and provides accuracy insights and benchmarking information.
EV Charging platform
Continuing the journey with EZ Charge, our EV charging platform and mobile app have been upgraded to support the 10x growth projected over the next five years. The platform addresses customer needs across all key use cases charging on the go, at work, and at home offering a comprehensive and seamless EV charging experience. Key features include EV roaming with auto OEMs, fleet operations support, voucher and discount management, WhatsApp integration, auto-charge capability, and easy digital payments all integrated into a cloud-based smart charging station management system.
The platform has successfully managed over 3.8 million charging sessions to date, with an average of 1 lakh sessions per month and a total of 2.1 million sessions in FY 2024-25 alone. Additionally, Tata Power has installed 1.35+ lakh home chargers across India, reinforcing its leadership in enabling EV adoption nationwide
4. Financial Performance Standalone
The Company recorded a PAT of 3,133 crore in FY 2024-25 as against 2,230 crore in FY 2023-24. The diluted earnings per share were at 9.79 for FY 2024-25 as against 6.97 in FY 2023-24 The analysis of major items of the Standalone Financial Statements is shown below.
Revenue
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Revenue from Operations | 22,359 | 20,093 | 2,266 | 11% |
| Regulatory Deferral Balances including | (1,071) | 204 | (1,275) | (625%) |
| Deferred Tax Recoverable/ (Payable) | ||||
| Total | 21,288 | 20,297 | 991 | 5% |
Revenue growth is contributed by favourable regulatory order and higher generation in thermal business, higher capitalisation in transmission business, favourable regulatory order in distribution businesswhichareoffset by lower availability in thermal business and regulatory upside in Jojobera in PY.
Other Income
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Interest Income | 182 | 147 | 35 | 24% |
| Dividend Income | 2,029 | 1,609 | 420 | 26% |
| Gain/(Loss) on In- vestments | 48 | 20 | 28 | 140% |
| Other Non- operating Income | 230 | 76 | 154 | 203% |
| Total | 2,489 | 1,852 | 637 | 34% |
The increase is mainly due to higher dividend income from subsidiaries and joint ventures and insurance claim received against material damage due to fire at Unit 5 Trombay plant.
Cost of Power Purchased and Cost of Fuel
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Cost of Power Purchased | 1,562 | 1,308 | 254 | 19% |
| Cost of Fuel | 12,248 | 12,285 | (37) | (0%) |
| Total | 21,288 | 20,297 | 991 | 5% |
Cost of power purchased has increased due to higher MUs purchased offset by lower power purchase price. Cost of fuel has decreased mainly due to lower fuel prices.
Transmission Charges
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Transmission | 441 | 335 | 106 | 32% |
| Charges |
Transmission charges are higher in Mumbai regulated business on account of Multi-year Tariff (MYT) order issued by MERC which was applicable for part period in the previous year.
Employee Benefit Expenses
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Employee Benefit | 790 | 795 | (5) | (1%) |
| Expenses |
No major variance during the year.
Finance Costs
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Finance Costs | 2,095 | 2,257 | (162) | (7%) |
Finance cost has decreased mainly due to repayment of debentures & term loans during the year.
Depreciation and Amortisation
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Depreciation and | 1,194 | 1,188 | 6 | 1% |
| Amortisation |
No major variance during the year.
Operations and Other Expenses
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Repairs and maintenance | 588 | 492 | 96 | 20% |
| Others | 1,095 | 830 | 265 | 32% |
| Total | 1,683 | 1,322 | 361 | 27% |
Other expenses are higher mainly due to higher forex loss, plant maintenance cost and compensation for shortfall in shipment pertaining to Mundra plant as per the contract.
Tax Expenses / (Credit)
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Current Tax in Re- spect of Earlier Year | Nil | (93) | 93 | (100%) |
| Deferred Tax | 483 | 430 | 53 | 12% |
| Deferred Tax Relat- ing to Earlier Year | Nil | (56) | 56 | (100%) |
| Total_ | 483 | 281 | 202 | 72% |
During the year, the Company reversed deferred tax assets on account of utilisation of unabsorbed depreciation during the year.
Property, Plant and Equipment, Capital Work-in-Progress and Other Intangible Assets
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Property, Plant and | 20,545 | 20,674 | (129) | (1%) |
| Equipment | ||||
| Right of Use Assets | 2,779 | 2,848 | (69) | (2%) |
| Intangible Assets | 38 | 20 | 18 | 90% |
| Capital_Work-in- Progress | 2,249 | 1,799 | 450 | 25% |
| Total | 25,611 | 25,341 | 270 | 1% |
The above assets have increased due to increase in capex spend in Mumbai Transmission and FGD projects in thermal plants offset by depreciation and amortisation in FY 2024-25.
Non-Current Investments
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Investment in | 11,938 | 11,161 | 777 | 7% |
| Subsidiary, JV and Associate | ||||
| Statutory Invest- ments | 221 | 206 | 15 | 7% |
| Others | 1,896 | 1,647 | 249 | 15% |
| Total | 14,055 | 13,014 | 1,041 | 8% |
Non-current investments increased mainly due to infusion of additional investments in Odisha Discoms, acquisition of TP Jalpura Khurja Power Transmission Limited, TP Paradeep Transmission Limited & TP Gopalpur Transmission Limited, aimed at enhancing the evacuation of renewable energy in India and further increase in fair valuation of quoted investments.
Current Investments
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Mutual Funds | 200 | 392 | (192) | (49%) |
| (Unquoted) |
Current Investments are lower mainly due to realization of mutual funds.
Trade Receivables
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Non-current | 941 | Nil | 941 | 100% |
| Current | 1,514 | 1,582 | (68) | (4%) |
| Total | 2,455 | 1,582 | 873 | 55% |
Increase is mainly due to higher receivables in Mundra plant and Mumbai Regulated Business of Transmission & Distribution.
Loans
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Non-current | 198 | 4 | 194 | 4850% |
| Current | 90 | Nil | 90 | 100% |
| Total | 288 | 4 | 284 | 7100% |
Increase is mainly due to loans given to subsidiaries.
Finance Lease Receivable
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Non-current | 405 | 468 | (63) | (13%) |
| Current | 68 | 60 | 8 | 13% |
| Total | 473 | 528 | (55) | (10%) |
Finance Lease Receivable has decreased due to recovery of lease rentals.
Other Financial Assets
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Non-current | 80 | 81 | (1) | (1%) |
| Current | 146 | 64 | 82 | 128% |
| Total | 226 | 145 | 81 | 56% |
Current Financial assets have increased mainly due to insurance claims receivable.
Other Assets
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Non-current | 3,065 | 2,941 | 124 | 4% |
| Current | 237 | 415 | (178) | (43%) |
| Total | 3,302 | 3,356 | (54) | (2%) |
No major variance during the year.
Assets Classified as Held for Sale
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Land | 216 | 300 | (84) | (28%) |
| Investments | 276 | 276 | Nil | Nil |
| Loan and other receivables (including interest accrued) | 4 | 4 | Nil | Nil |
| Total | 496 | 580 | (84) | (15%) |
Decrease is due to sale of land at Naraj Marthapur.
Liability Classified as Held for Sale
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Other Liabilities | 114 | 114 | Nil | Nil |
| Total | 114 | 114 | Nil | Nil |
This liability pertains to advance received towards sale of Dehrand Land.
Regulatory Deferral Account Asset
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Regulatory Deferral | 1,174 | 2,245 | (1,071) | (48%) |
| Asset |
Regulatory Deferral Assets (Net) pertains to liquidation in regulatory receivables in Mumbai Distribution business.
Total Equity
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Equity Share Capital | 320 | 320 | Nil | Nil |
| Other Equity | 18,046 | 15,468 | 2,578 | 16% |
| Total_Equity | 18,366 | 15,788 | 2,578 | 16% |
Total equity of the Company has increased mainly due to the profit earned during the year net of dividend paid.
Borrowings
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Non-current | 12,613 | 13,373 | (760) | (6%) |
| Current | 4,359 | 6,153 | (1,794) | (29%) |
| Total | 16,972 | 19,526 | (2,554) | (13%) |
Borrowing decreased due to repayment of borrowings from higher cash flow from operations.
Lease Liability
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Non-current | 2,731 | 2,732 | (1) | (0%) |
| Current | 363 | 355 | 8 | 2% |
| Total | 3,094 | 3,087 | 7 | 0% |
No major variance during the year.
Trade Payables
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Current | 5,347 | 3,896 | 1,451 | 37% |
Trade payable increased mainly on account of payable for fuel in Mundra and Mumbai regulated business.
Other Financial Liabilities
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Non-current | 50 | 30 | 20 | 67% |
| Current | 2,043 | 2,430 | (387) | (16%) |
| Total | 2,093 | 2,460 | (367) | (15%) |
Other Financial Liabilities decreased due to repayment of factoring liabilities pertaining to Mumbai Generation business which is offset by increase in Security Deposit by consumers & liability towards derivative contract taken for hedging forex exposure.
Acceptance
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Non-current | 2,771 | 2,588 | 183 | 7% |
Higher supplier credit facilities availed pertaining to payable for coal purchase across thermal cluster.
Other Liabilities
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Non-current | 1,083 | 978 | 105 | 11% |
| Current | 703 | 619 | 84 | 14% |
| Total | 1,786 | 1,597 | 189 | 12% |
Other Liabilities increased mainly due to increase in deferred revenue liability pertaining to Mundra Plant & statutory liabilities.
Provisions
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Non-current | 269 | 281 | (12) | (4%) |
| Current | 30 | 28 | 2 | 7% |
| Total | 299 | 309 | (10) | (3%) |
No major movement in provisions during the year.
Tax Assets/(Liabilities)
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Non-Current Tax Assets | 294 | 463 | (169) | (37 %) |
| Deferred Tax Lia- bilities | (1,660) | (996) | (664) | 67% |
| Current Tax Liabil- ities | (144) | (129) | (15) | 12% |
| Total | (1,510) | (662) | (848) | 128% |
Deferred Tax Liability (Net)
During the year, the Company reversed deferred tax assets on account of utilisation of unabsorbed depreciation due to higher profits during the year. Further, the Company deferred tax liability on fair valuation of investments.
Non-Current Tax Assets and Current Tax liability
During the current year, the Company has received refund for earlier years.
5. Financial Performance Consolidated
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Revenue from Operations* | 64,502 | 61,542 | 2,960 | 5% |
| Depreciation and Amortisation | 4,117 | 3,786 | 331 | 9% |
| Finance Costs | 4,702 | 4,633 | 69 | 1% |
| Exceptional Items | (422) | 273 | (695) | (255 %) |
| Profit Before Taxes | 6,320 | 5,732 | 588 | 10% |
| Profit_for_the_year | 4,775 | 4,280 | 495 | 12% |
*Includes Regulatory Income/ (Expenses)
Revenue from operation increased primarily due to higher sales across the distribution business, construction revenue from new transmission projects, favourable regulatory order in TPDDL and thermal business, further increase in revenue from the sale of solar modules.
Depreciation increased primarily due to increased capitalisation related to growth assets
Finance costs (net of capitalisation) has remained unchanged during the year.
Exceptional items in the current year includes:
- Pursuant to merger of Walwhan Renewable Energy Limited (including its 19 subsidiaries),TP Wind Power Limited, Tata Power Solar Systems Limited and Chirasthaayee Saurya Limited with Tata Power Renewable Energy Limited, the Group recognised net tax charge of Rs. 300 crore & provision of stamp duty of Rs. 140 crore
- Non-cash impairment charge of goodwill & PPE of Rs. 144 Cr related to renewable business
- Gain on dilution of investments in Tata Projects amounting to Rs. 162 crore
Property, Plant and Equipment, Investment Property and Intangible Assets
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Property, plant and equipment | 70,261 | 59,624 | 10,637 | 18% |
| Right to use assets | 5,090 | 4,369 | 721 | 17% |
| Intangible Assets | 1,372 | 1,459 | (87) | (6%) |
| Capital Work-in- | 12,679 | 11,561 | 1,118 | 10% |
| Progress | ||||
| Total | 89,402 | 77,013 | 12,389 | 16% |
Increased mainly on account of higher capex in renewables business, Odisha Discoms and Mumbai Regulated Business
Goodwill
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Goodwill | 1,651 | 1,757 | (106) | (6%) |
Decrease is on account of non-cash impairment charge related to renewable business.
Non-Current Investments
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Investments in Joint Ventures and Associates | 12,894 | 12,984 | (90) | (1%) |
| Statutory Investments | 221 | 206 | 15 | 7% |
| Others | 1,899 | 1,649 | 250 | 15% |
| Total | 15,014 | 14,839 | 175 | 1% |
Increase is mainly due to fair valuation of Quoted Investments which is partly offset by loss in Tata Projects
Current Investments
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Investments in | 1,302 | 1,478 | (176) | (12%) |
| Mutual Funds | ||||
| Total | 1,302_ | 1,478 | (176) | (12%) |
Current Investments are lower mainly due to realization of mutual funds across the group companies.
Trade Receivables
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Non-current | 1,223 | 273 | 950 | 348% |
| Current | 5,710 | 7,402 | (1,692) | (23%) |
| Total | 6,933 | 7,675 | (742) | (10%) |
Decrease is mainly due to higher collection in renewable business, higher ECL provision in Odisha Discoms partly offset by higher receivable in Mundra Plant.
Unbilled Revenue
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Current | 2,737 | 2,552 | 185 | 7% |
Increase is mainly due to distribution business.
Loans
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Non-current | 2 | 2 | (0) | 0% |
| Current | 12 | 11 | 1 | 9% |
| Total | 14 | 13 | 1 | 8% |
There is no major movement in loan during the year.
Finance Lease Receivable
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Non-current | 527 | 562 | (35) | (6%) |
| Current | 74 | 66 | 8 | 12 % |
| Total | 601 | 628 | (26) | (4%) |
There is no major movement in the Finance Lease Receivable during the year.
Other Financial Assets
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Non-current | 2,169 | 2,085 | 84 | 4% |
| Current | 656 | 471 | 185 | 39% |
| Total | 2,825 | 2,556 | 269 | 11% |
Financial assets have increased mainly due to receivables under service concession agreement & insurance claims receivable
Other Assets
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Non-current | 8,394 | 5,174 | 3,220 | 62% |
| Current | 1,941 | 1,704 | 237 | 14% |
| Total | 10,335 | 6,878 | 3,457 | 50% |
Non-current assets increased mainly due to increase in recoverable from consumers in Mumbai Regulated Business of Generation and Transmission, capital advance & government grants receivable in renewable business and increase in contract assets related to Transmission bid out projects offset by decrease in unbilled revenue pertaining to Mundra plant. Current assets have increased mainly due to increase in balance with government authorities.
Assets/ (Liability) Classified as Held for Sale
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Assets Classified as | 1,145 | 1,201 | (56) | (5%) |
| Held for Sale | ||||
| (Less): Liability | (114) | (114) | Nil | 0% |
| Classified as Held for Sale | ||||
| Total_(Net) | 1,031 | 1,087 | (56) | (5%) |
Decrease is mainly due to sale of land at Naraj Marthapur.
Regulatory Deferral Account Asset/ (Liability)
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Regulatory Deferral | 7,164 | 8,299 | (1,135) | (14%) |
| Asset | ||||
| Less: Regulatory | (139) | (716) | 577 | (81%) |
| Deferral Liability | ||||
| Total_Regulatory_ | 7,025 | 7,583 | (558) | (7%) |
| Deferral_ _Asset_ (Net) |
Regulatory Deferral Assets (Net) pertains to regulatory receivables in TPDDL, Odisha Discoms and Mumbai Distribution Business. This has decreased mainly due to liquidation in TPDDL & Mumbai Distribution Business partly offset by increase in Odisha Discoms.
Total Equity
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Equity Share | 320 | 320 | Nil | 0% |
| Capital | ||||
| Other Equity | 35,521 | 32,035 | 3,486 | 11% |
| Total_ | 35,841 | 32,355 | 3,486 | 11% |
Total equity of the Company has increased mainly due to the profit earned (net of dividend paid) during the year.
Borrowings
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Non-current | 44,130 | 37,392 | 6,738 | 18% |
| Current | 14,016 | 12,088 | 1,928 | 16% |
| Total | 58,146 | 49,480 | 8,666 | 18% |
Increase in borrowing is mainly due to funding for growth projects in renewables and T&D business.
Lease Liability
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Non-current | 4,196 | 3,742 | 454 | 12% |
| Current | 524 | 467 | 57 | 12% |
| Total | 4,720 | 4,209 | 511 | 12% |
Increase is mainly due to new lease agreement entered in renewable business.
Acceptances
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Current | 5,130 | 5,317 | (187) | (4%) |
Supplier?s credit facilities related to renewable business has decreased which is offset by increase in facility taken coal suppliers.
Trade Payables
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Current | 8,855 | 8,776 | 79 | 1% |
No major movement during the year.
Other Financial Liabilities
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Non-current | 674 | 547 | 127 | 23% |
| Current | 12,427 | 10,985 | 1,442 | 13% |
| Total | 13,101 | 11,532 | 1,569 | 14% |
Other non-current financial liabilities have increased mainly due to increase in retention money payable in Odisha DISCOMs Other Current Financial Liabilities have increased mainly due to higher payables for capital supplies and services in renewables business & higher security deposit in Odisha DISCOMs
Provisions
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Non-current | 2,549 | 1,865 | 684 | 37% |
| Current | 438 | 294 | 144 | 49% |
| Total | 2,987 | 2,159 | 828 | 38% |
Non-Current Provision has increased mainly due to the increase in provision for employee benefits in Odisha DISCOMs Current Provision has increased mainly due to stamp duty payable on account of merger of renewable companies
Other Liabilities
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_ Change |
| Non-current | 12,931 | 11,973 | 958 | 8% |
| Current | 3,672 | 3,880 | (208) | (5%) |
| Total | 16,603 | 15,853 | 750 | 5% |
Other non-current liabilities have increased due to higher deferred revenue on account of service line contribution in Odisha Discoms Other Current Liabilities has decreased mainly due to decrease in advances from customers in renewable business.
Tax Assets/ (Liabilities)
(in Rs. crore)
| Particulars | FY25 | FY24 | Change | %_Change |
| Non-current Tax Assets | 746 | 586 | 160 | 27% |
| Deferred Tax Assets | 518 | 499 | 19 | 4% |
| Current Tax Assets | Nil | 8 | (8) | (100%) |
| Current Tax Liabilities | (208) | (292) | 84 | (29%) |
| Deferred Tax Liabilities | (4,104) | (2,772) | (1,332) | 48% |
| Total_(Net) | (3,048) | (1,971) | (1,077) | 55% |
Total tax liabilities (net) have increased mainly due to increase in deferred tax charge in TPCL on account of fair valuation of investments and recognition of business loss, TPDDL on account of opting for lower tax regime and renewable business on account of merger impact.
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+91 9892691696
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