Dear Stakeholders,
It gives me great pleasure to write to you after a year of transformational progress across all our business lines, marked by remarkable resilience and a steadfast commitment to long-term sustainable growth.

FY2025 was a year of mixed outcomes. While our financial results are not in line with our expectations, we continued our journey of operational excellence, digital integration, and strategic growth in our focused sectors.

I am pleased to inform you that we have taken control of most of our legacy projects towards completion. The strong performance of our recently acquired projects, aligned with our strategic goals, reaffirms the success of our pivot.

Tata Projects has successfully manoeuvred ourselves to align our growth goals with India’s push towards becoming a Global Manufacturing hub, while we continue to win and execute nation-building infrastructure. Strategic wins across focused sectors in FY2025 included Microsoft Data Centres; India’s first semiconductor fabrication facility of Tata Electronics in Assam and Gujarat; Agratas’ advanced battery manufacturing facility; Indore Metro and Pune Metro Line #3; and Tata Power’s Bhivpuri Pumped Storage project. Our green portfolio contributed 38% of our revenue in FY2025. We are actively supporting India’s energy transition through projects in Clean Energy, battery manufacturing, FGD installations and nuclear power. We are also proud to be entrusted with mega projects from global customers, reflecting our growing reputation as a preferred partner for complex, state-of-the-art facilities in emerging sectors.

Our Phoenix Transformation Programme continues to drive simplification, speed, and empowerment across the organisation. This enterprise-wide change journey is sharpening our strategic alignment and building future-ready capabilities. We are embedding technology across every stage of project delivery, leveraging BIM, IoT, AI, and digital twins to enhance visibility, improve predictability, and elevate safety and quality.

Sustainability is imbibed at the core of our business operations. Our Net Zero roadmap, launched in FY2025, sets ambitious targets for decarbonising our operations, with a 25% reduction in Scope 1 and 2 emissions by 2030 and paving our journey to Net Zero by 2045. Our use of low-carbon materials, renewable energy, and smart resource management reflects our commitment to future-ready and environmentally responsible infrastructure. Adoption of modular construction, advanced materials like nanogence catalysts, and circular economy principles to reduce waste and optimise resources are not only improving project outcomes but also reinforcing our commitment to sustainability.

People remain our most valuable asset. We are investing deeply in building a future-ready workforce—through targeted learning, leadership development, and diversity-led initiatives. Our early-career programme, Make Your Mark, is developing next-gen talent. For emerging and senior leaders, initiatives like Blue Mint and DAKSH are creating a robust pipeline of transformation-ready leadership, while the She Leads platform pioneers developing, engaging and supporting women leaders. Programmes like Skill Shakti and Nirmaan Nayak are closing the skilled labour gap and preparing our workforce for a tech- and sustainability-driven future.

Being recognised as an Emerging Industry Leader through the globally acclaimed Tata Business Excellence Model (TBEM) is a proud milestone. It reflects our collective commitment to excellence and continuous improvement. Platforms like Innoways 2.0 are fostering a bottom-up culture of innovation, unlocking new ideas that improve efficiency, quality, and outcomes across the organisation.

Going forward, we are focused on accelerating growth through strategic execution and project predictability, while reinforcing financial discipline, lean operations and supply chain resilience.

On behalf of the leadership team at Tata Projects, I extend my deepest gratitude to our employees, clients, investors, and partners. Your unwavering trust and support drive our mission forward. Together, we are building the infrastructure of tomorrow and contributing meaningfully to India’s journey toward becoming Viksit Bharat.

Let us continue to build with resilience, lead with innovation, and grow with purpose.

Warm regards,

Vinayak Pai
Managing Director