Tata Power announced its financial results for the first quarter ended June 30, 2026 (Q1FY27). The company reported a Profit After Tax (PAT) of ₹1,401 crore, representing an 11% year-on-year (YoY) increase from ₹1,262 crore in Q1FY26. Revenue stood at ₹18,898 crore, up 8% YoY from ₹17,464 crore, while EBITDA reached ₹4,249 crore, also showing an 8% YoY growth from ₹3,930 crore.
The company deployed its highest-ever quarterly capital expenditure of ₹5,375 crore, signaling strong investment activity across its business segments.
Business Segment Performance
Core Business (Generation, Transmission & Distribution, Renewables): Demonstrated strong performance with 12% revenue growth, 12% EBITDA growth, and 14% PAT growth YoY.
Renewables Business: PAT increased to ₹612 crore, up 15% YoY. The total renewable portfolio now stands at 12 GW, comprising 6.7 GW operational capacity (5.4 GW solar, 1.3 GW wind) and 5.3 GW under construction.
Solar Cell and Module Manufacturing (TP Solar): PAT grew to ₹371 crore in Q1FY27, representing a 3.9x growth YoY. The segment achieved its highest-ever quarterly production with 1,001 MW of modules and 862 MW of cells manufactured, driving revenue to ₹2,462 crore. The company is progressing with the development of a 10 GW photovoltaic ingot and wafer manufacturing facility in two phases of 5 GW each, having signed an MoU with Gopalpur SEZ for 128 acres of land.
Rooftop Solar: PAT grew to ₹145 crore in Q1FY27, showing 1.7x growth YoY. The business installed 371 MWp during the quarter (up 37% YoY), generating revenue of ₹1,350 crore. Cumulative installed capacity now stands at 5.2 GWp serving over 4.8 lakh customers, supported by 3,778 authorized Channel Partners and Retailers. The order book stands at ₹639 crore.
Transmission & Distribution Business: Reported PAT of ₹492 crore (up 11% YoY) and EBITDA of ₹1,541 crore (up 14% YoY).
Odisha DISCOMs: PAT grew to ₹111 crore, up 6% YoY, becoming the first private utility to cross 1 crore registered customer base in a single state.
Strategic Developments and Projects
Transmission Business: Secured a Letter of Intent from REC Power Development & Consultancy (RECPDCL) for the Ryapte intra-state TBCB project in Karnataka of 491 Ckm with a capex of over ₹4,000 crore. This expands the total transmission portfolio to 7,894 Ckm. The under-construction transmission portfolio stands at 2,332 Ckm, with the 164 Ckm TP Jalpura Khurja Transmission Limited project planned for commissioning in FY27.
Mundra Plant: Resumed full 4,150 MW operations from April 1, 2026, and is currently running under Section 11 directions from the Ministry of Power, which have been extended until September 30, 2026. The plant continues to supply power to all procurers. The SPPA with GUVNL has been signed, and discussions with other States are underway.
Cross-Border Partnerships: Uttar Pradesh Electricity Regulatory Commission (UPERC) cleared Uttar Pradesh Power Corporation Limited (UPPCL)'s 511 MW long-term purchase from the 600 MW Khorlochhu project in Bhutan under a 30-year power purchase agreement with TPTCL. Additionally, Tata Power signed an MoU with Bhutan's Druk Green Power Corporation for the 404 MW Nyera Amari I & II Integrated Hydropower Project in Bhutan.
Pumped Hydro Storage: Secured a Letter of Award from SECI to supply 324 MW for 40 years from its 1,000 MW Pumped Hydro Storage Project at Bhivpuri, Maharashtra. At the Bhivpuri project, the upper reservoir has been constructed, and Civil, Electro-Mechanical, Hydro-Mechanical, and GIS packages have been awarded.
Electric Mobility: The Tata Power EZ Charge network now spans over 2.4 lakh home chargers, 5,900+ public/semi-public/fleet charging points, and 1,200+ e-bus charging points across 717 cities and towns, with over 6 lakh registered users and approximately 476 million green miles covered. The company commissioned ultra-fast charging stations with Indian Oil on the Delhi-Mumbai Expressway and signed an MoU with Varanasi Smart City to expand EV charging infrastructure.
Operational Highlights
Generation: Traditional Generation maintained average availability of 96.2% with minimal to zero forced outages during the quarter.
Project Commissioning: Commissioned Ladakh's first commercial rooftop solar project (50 kWp system in Leh) and the 100.8 MW Jewali Wind Project in Dharashiv, Maharashtra, which generates approximately 299 million units annually.
Mumbai Infrastructure: Announced plans to upgrade Mumbai's Transmission and Distribution network by 2031, including a 400 kV ring network.
ESG Recognition: Retained MSCI 'A' rating, improved S&P Global Corporate Sustainability Assessment score to 77 (from 68), and received CDP 'B' for both Climate Change and Water Security.
Management Commentary
Dr. Praveer Sinha, CEO and Managing Director, stated: "India's energy sector is entering its next phase of transformation where the focus is shifting to delivering reliable, round-the-clock clean energy. At Tata Power, we have positioned ourselves ahead of this curve through our integrated and bundled supply of RTC Renewable power through solar, wind, battery storage and pumped storage projects." He added that the quarter marks several strategic milestones that will shape the company's next phase of growth.
Company Overview
Tata Power is a vertically integrated power company with total operational and under-construction capacity surpassing 26 GW, including approximately 17.7 GW of clean and green energy capacity and around 8.8 GW of thermal generation capacity. The company has over 7,800 circuit kilometres of transmission lines and serves over 13 million customers across its distribution businesses. It has established 4.9 GW of integrated solar cell and module manufacturing capacity and signed 2.8 GW of pumped hydro storage projects. The company remains committed to achieving Net Zero by 2045.
Disclaimer
The document contains forward-looking statements subject to various risks and uncertainties, including changes in economic conditions, demand/supply and price conditions, business environment fluctuations, and government regulations. The company does not undertake any obligation to publicly update or revise any forward-looking statements.