Tata Power Q1 PAT rises 11% to Rs 1,401 crore; capex hits record Rs 5,375 crore
Tata Power Company Limited reported a consolidated profit after tax (PAT) of Rs 1,401 crore for the quarter ended June 30, 2026, up 11% year-on-year from Rs 1,262 crore in Q1FY26, supported by growth across its generation, transmission and distribution, and renewable energy businesses.
Revenue increased 8% year-on-year to Rs 18,898 crore, while earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 8% to Rs 4,249 crore. The company deployed Rs 5,375 crore in capital expenditure during the quarter, its highest-ever quarterly capex.
The core businesses of generation, transmission and distribution, and renewables recorded 12% year-on-year growth in revenue and EBITDA, while PAT from these businesses increased 14%.
Renewables
The renewables business reported PAT of Rs 612 crore, up 15% year-on-year, driven by capacity additions, higher solar manufacturing sales and growth in the rooftop solar business.
PAT from solar cell and module manufacturing increased 3.9x year-on-year to Rs 371 crore. TP Solar recorded its highest quarterly production, manufacturing 1,001 MW of modules and 862 MW of cells during the period.
The rooftop solar business reported PAT of Rs 145 crore, a 1.7x year-on-year increase. Tata Power installed 371 MWp of rooftop solar capacity during the quarter, taking its cumulative installed capacity to 5.2 GWp.
The company is also progressing with plans for a 10 GW photovoltaic ingot and wafer manufacturing facility. The project will be developed in two phases of 5 GW each. Tata Power has signed a Memorandum of Understanding (MoU) with Gopalpur Special Economic Zone (SEZ) for 128 acres of land, while land development and environmental clearance activities are underway.
Power supply
The transmission and distribution business recorded PAT of Rs 492 crore, an 11% year-on-year increase. PAT from the Odisha distribution companies (DISCOMs) rose 6% to Rs 111 crore, with their registered customer base crossing 1 crore.
Tata Power’s 4,150 MW Mundra plant resumed full operations from April 1, 2026. The plant is currently operating under Section 11 directions issued by the Ministry of Power, which have been extended until September 30, 2026.
The company has signed a supplementary Power Purchase Agreement (PPA) with Gujarat Urja Vikas Nigam Limited (GUVNL), while discussions with other states are ongoing.
Storage
Tata Power has secured a Letter of Award (LoA) from Solar Energy Corporation of India (SECI) for 324 MW from its 1,000 MW Bhivpuri Pumped Storage Project in Maharashtra under a 40-year agreement.
The upper reservoir for the project has been constructed. Civil, electro-mechanical, hydro-mechanical and Gas Insulated Switchgear (GIS) packages have also been awarded.
In transmission, Tata Power secured a Letter of Intent (LoI) from REC Power Development & Consultancy for the Ryapte intra-state Tariff-Based Competitive Bidding (TBCB) project in Karnataka. The project covers 491 ckm and entails capex of more than Rs 4,000 crore. The award takes Tata Power’s total transmission portfolio to 7,894 ckm.
Bhutan projects
Tata Power is also progressing with its cross-border energy portfolio in Bhutan. The Uttar Pradesh Electricity Regulatory Commission has cleared Uttar Pradesh Power Corporation Limited’s (UPPCL) long-term purchase of 511 MW from the 600 MW Kholrokhhu project in Bhutan, for which a 30-year PPA is in place.
Separately, Tata Power and Bhutan’s Druk Green Power Corporation signed an MoU for the 404 MW Nyeru Amari I & II integrated hydropower project in Bhutan.
Debt issuance
Tata Power’s Board of Directors has approved the issuance of non-convertible debentures (NCDs), bonds or other debt securities of up to an aggregate Rs 4,500 crore through private placement. The proceeds will be used, among other purposes, to refinance existing loans.
Tata Power’s electric vehicle (EV) charging network now includes more than 2.4 lakh home chargers and over 5,900 public, semi-public and fleet charging points across 717 cities.
