Dear Stakeholders,
As we reflect on FY2025, I am proud of the resilience and transformation that Tata Projects has demonstrated in a year marked by global uncertainty and evolving industry dynamics.

The past year we bid farewell to Mr Ratan Tata, Chairman Emeritus of the Tata Group. The profound sense of loss accompanying this moment was tempered by reflection and gratitude as we looked back on Mr Tata’s visionary leadership and unwavering commitment to values that have left an indelible mark on the Tata Group and the Indian industry at large. His legacy continues to inspire our pursuit of purposedriven growth.

FY2025 began with cautious optimism. Global economic recovery was anticipated, supported by easing inflation and falling interest rates. However, this narrative evolved amid rising policy uncertainties and shifting trade dynamics. As a result, global GDP growth slowed to 2.3% in 2025, down from 2.8% in 2024.

Against this backdrop, the global construction industry is undergoing a transformative shift. While material costs have begun to stabilise, they remain elevated in emerging markets, squeezing margins for smaller players. Labour shortages persist in advanced economies, impacting project timelines and profitability. Technological innovation is at the forefront of this transformation. The adoption of AI, robotics, modular construction, and digital twins is accelerating productivity and enabling predictive project management. The rise of datadriven construction practices is redefining how projects are designed, executed, and maintained.

India, in contrast, demonstrated remarkable resilience in FY2025. With an estimated GDP growth of 6.5%, it retained its position as one of the fastest-growing major economies of the world, driven by robust infrastructure investments and a clear national vision for “Viksit Bharat @2047.” This momentum, supported by flagship government initiatives such as PM Gati Shakti, Bharatmala, Sagarmala, and the National Infrastructure Pipeline, is setting the stage for a new era of opportunity.

A particularly transformative development has been Government of India’s strategic push to establish India as a global hub for advanced manufacturing. With significant policy support, capital outlay, and ecosystem development, this initiative is expected to catalyse high-value infrastructure across semiconductors, electronics, advanced battery manufacturing and clean energy. Tata Projects is proud to be at the forefront of this movement, creating state-of-the-art facilities and supporting the nation’s ambition for technological self-reliance.

At Tata Projects, we have aligned ourselves with this vision through purposeful execution, technological innovation, and sustainability-led transformation. After executing nation building projects such as the country’s new Parliament House, the Atal Setu Sea bridge in Mumbai and Trisonic Wind Tunnel for the Indian Space and Research Organization (ISRO), the Company is poised to lead infrastructure transformation across the country.

FY2025 has also marked a strategic pivot for the Company in terms of digital-first execution. Embedment of digital-first execution models across sites, leveraging technologies like BIM, IoT, AI, and interactive innovation pathways to enhance project predictability, safety, transparency, low carbon construction techniques and ESG implementation across sites have not only enabled the Company to meet existing expectations, but also set benchmarks for winning major projects.

At Tata Projects, construction sustainability is not just a goal— it is a guiding principle embedded across our operations. Decarbonising our construction sites remains one of the top priorities. We are actively transforming our project delivery models to reduce environmental impact through the adoption of modular construction, advanced materials, and circular economy practices. We have developed our comprehensive Net Zero roadmap, aligned with Tata Group Project Aalingana.

We also recognise that our people are our greatest strength. At Tata Projects, we are deeply committed to building a futureready workforce through strategic talent acquisition, robust retention practices, and continuous development across all levels of the organisation. From frontline workers to senior leadership, we are investing in capability-building initiatives that empower our teams to thrive in a dynamic and digitally evolving infrastructure landscape.

Looking ahead, the opportunities before us are vast. India’s infrastructure push, combined with rising private capex in sectors like semiconductors, energy storage, and data centres, presents a fertile ground for growth. Tata Projects is well-positioned to lead this transformation, with deep domain expertise, robust risk management, and a technology-enabled delivery model.

I extend my heartfelt gratitude to our employees, clients, investors, and partners. Your unwavering support and belief in our vision continue to inspire us. Together, we will build a resilient, inclusive, and prosperous India.

Warm regards,

Dr. Praveer Sinha
Chairman