Financial Performance Summary

Quarterly Performance (Q2 FY27 vs Q2 FY26):

  • Revenue: ₹19,886 crore (up 26% YoY from ₹15,769 crore)
  • EBITDA: ₹4,245 crore (up 5% YoY from ₹4,032 crore)
  • Reported PAT: ₹1,652 crore (up 33% YoY from ₹1,245 crore)
  • PAT Before Exceptional Items: ₹1,521 crore (up 22% YoY)

Half-Yearly Performance (H1 FY27 vs H1 FY26):

  • Revenue: ₹38,784 crore (up 17% YoY from ₹33,233 crore)
  • EBITDA: ₹8,494 crore (up 7% YoY from ₹7,961 crore)
  • Reported PAT: ₹3,053 crore (up 22% YoY from ₹2,508 crore)
  • PAT Before Exceptional Items: ₹2,922 crore (up 17% YoY)

Capital Expenditure and Investment

  • Capital Expenditure of nearly ₹10,000 crore deployed in H1 FY27
  • Renewables segment deployed approximately ₹6,000 crore of capex in H1 FY27
  • On track to meet annual guidance for India's Clean Energy and Grid Infrastructure Build-Out

Business Segment Performance

Generation Business:

  • Maintained strong operating performance with high plant availability ~90% and higher PLFs
  • Mundra plant operating at full capacity with 89% availability under extended Section 11 directive until December end
  • Commissioned PH#7 120 MW capacity at IEL waste heat recovery plant
  • MPL commissioned FGD Unit#2 (Unit#1 commissioned in FY26)
  • Received SECI LOA for 324 MW Power Supply from 1,000 MW Bhivpuri PSP project

Renewables Platform:

  • Total installed Clean & Green capacity: 8.6 GW
  • Installed 765 MW of Clean & Green generation capacity in H1 FY27
  • Utility-scale renewable capacity increased to 7.2 GW
  • Installed 645 MW of utility-scale renewable projects in H1 FY27
  • Installed 101.2 MWh of storage projects during H1 FY27
  • Under-construction pipeline: 4.9 GW & BESS 696 MWh
  • Commissioned 227.5 MW renewable project in Rajasthan with 115 MWh BESS
  • Commissioned 72.5 MW captive renewable project for Tata Steel in Rajasthan

Solar Manufacturing:

  • Q2 FY27 Production: 0.9 GW solar cells, 1 GW solar modules
  • H1 FY27 Production: 1.8 GW solar cells, 2.0 GW solar modules
  • Industry leading module yield of 97%
  • Strong growth in profitability and operational efficiency

Rooftop Solar:

  • Cumulative solar rooftop installed capacity: 5.12 GWp
  • Q2 FY27 installations: 426 MWp
  • Expanded channel partner network to 736 partners (added 100+ in H1 FY27)
  • Ghar Ghar Solar initiatives expanded across Punjab, Haryana and Bihar

EV Charging:

  • Public charging network: beyond 6,700 charging points
  • Home charging points: crossed 2.5 lakh
  • Continued expansion across strategic highway and urban charging corridors

Transmission & Distribution:

  • Transmission portfolio: 7,894 circuit kilometres under operation
  • Commissioned 164 ckt Kms Khurja-Jalpura 400 kV transmission line and associated GIS substation (162 Ckt kms commissioned in Q2 FY27)
  • Received MERC approvals for multiple Mumbai transmission projects with estimated investment of ₹4,000 crore
  • Smart meter installations across DISCOMs surpassed 60 lakh

Distribution Business:

  • Odisha DISCOMs reduced AT&C losses to 21.0% (improved by 5.7% over Q1 FY27)
  • Strong operational performance post-Cyclone Arnab with electricity restored within 48-72 hours
  • AI-led digitalisation being scaled across operations

Strategic Initiatives and Projects

  • 600 MW Khorlochhu Hydropower Project (Tata Power has 40% stake) - construction on track
  • 1,000 MW Bhivpuri Pumped Storage Project - construction on track
  • Executed 60 MWh BESS project in Mumbai to support renewable energy growth
  • Board approval secured for capital commitment for Shirwata project
  • Active discussions with multiple states to secure Supplementary Power Purchase Agreements (SPPAs) at advanced stages

Management Commentary

Dr Praveer Sinha, CEO & MD stated: \"We delivered our highest-ever quarterly profit, with strong contributions from all businesses, underscoring the strength of Tata Power's integrated energy platform and consistent execution across our portfolio. While our regulated and contracted businesses provide resilient cash flows; renewables, rooftop solar, storage, and customer-facing solutions are enhancing growth momentum. Our ₹10,000 crore capital deployment in the first half of the year is accelerating renewable capacity addition, transmission expansion, pumped storage development, and digital distribution infrastructure. Backed by a robust project pipeline, disciplined capital allocation, and improving profitability across our businesses, we are well poised to deliver sustained profitable growth while supporting India's energy transition and strengthening its energy security.\"

Company Overview Context

  • Total operational and under-construction capacity surpassing 27 GW
  • Approximately 18.3 GW of clean and green energy capacity (including projects under construction)
  • Around 8.8 GW of thermal generation capacity
  • Transmission footprint: over 7,800 circuit kilometres of transmission lines
  • Serves over 13 million customers across distribution businesses
  • 4.9 GW of integrated solar cell and module manufacturing capacity
  • 2.8 GW of pumped hydro storage projects signed
  • EV charging network: over 7,000 public charging points across 793 cities and towns
  • Committed to achieving Net Zero by 2045