Tata Power Company
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Tata Power Company (TATAPOWER) investor relations material

Tata Power Company Q3 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 25/26 earnings summary4 Feb, 2026

Executive summary

  • Q3 FY26 revenue ranged from ₹13,948.41 crore to ₹14,485 crore, with PAT stable at ₹1,194 crore, driven by strong performance in renewables, Odisha DISCOMs, and solar manufacturing.

  • Nine-month FY26 revenue reached up to ₹47,719 crore, with EBITDA at ₹11,874 crore (+11.6%) and PAT at ₹3,702 crore, reflecting resilient financial performance and growth in clean energy segments.

  • Power demand grew by nearly 7% year-over-year, with a rebound expected as summer demand rises.

  • Mundra plant remained non-operational, impacting profits, but resolution with Gujarat is near and discussions for supplementary agreements are ongoing.

  • Net debt increased to ₹56,074 crore due to capex, but the balance sheet remains strong with improving credit ratings.

Financial highlights

  • Q3 FY26 EBITDA rose to ₹3,913 crore (+12.4% YoY), with underlying EBITDA at ₹4,032 crore; nine-month EBITDA at ₹11,874 crore (+12%).

  • Q3 PAT was ₹1,194 crore; nine-month PAT at ₹3,702 crore (+7% YoY).

  • Solar cell and module manufacturing PAT surged to ₹251 crore in Q3 (vs. ₹112 crore last year); nine-month PAT at ₹592 crore, up 154%.

  • Odisha DISCOMs Q3 profit at ₹226 crore (vs. ₹86 crore last year); nine-month profit at ₹505 crore (vs. ₹164 crore), with AT&C losses reduced by 1.9% YTD.

  • Delhi Discom regulatory order provided a one-off EBITDA benefit of ₹460 crore and PAT impact of ₹344 crore in Q3.

Outlook and guidance

  • Clean & Green energy to account for ~66% of capacity post project completions, targeting 100% by 2045.

  • Renewable capacity addition target of 2.6 GW for the year, with 2.3 GW already achieved; next year, own capacity addition expected to be 2.5-3 GW.

  • Major hydro and pumped storage projects underway in Bhutan and India, with significant capacity additions expected through FY32.

  • Distribution sector reforms and PPP opportunities anticipated in the next 6-9 months.

  • Rooftop solar business expected to see sustained and significant growth, with government support and rising C&I demand.

Quantify arbitration award's impact if appeal fails
Mundra Plant restart timeline and SPPA status
Explain volatility in regulatory deferral balances
Mundra: Timeline for full plant operation?
New business margin sustainability outlook?
Distribution PPP: What states are targeted?
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Q4 25/2613 May, 2026
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Q4 25/2613 May, 2026

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Frequently asked questions

The Tata Power Company Limited is a major player in India's energy sector, focusing on the generation, transmission, and distribution of electricity. The company operates a diverse portfolio of power projects, including thermal, hydroelectric, solar, and wind energy, catering to both industrial and residential consumers. Tata Power is involved in renewable energy initiatives and has been expanding its footprint in solar and wind power generation, as well as in electric vehicle charging infrastructure. The company is headquartered in Mumbai, India, and its shares are listed on the NSE.

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