Tata Power to set up 10 GW wafer and ingot facility

Tata Power plans to establish a 10 GW wafer and ingot manufacturing facility as part of its ongoing backward integration in the solar value chain. Chief Executive Officer and Managing Director Praveer Sinha confirmed the plan during the company’s Q2 FY26 earnings call on Tuesday, adding that the firm is finalizing the plant’s location and technology selection.

This will be Tata Power’s first entry into wafer and ingot manufacturing. The company currently operates 4.9 GW of integrated solar cell and module capacity. Sinha said the firm has adequate capacity in these segments and will now focus on expanding upstream manufacturing.

For the quarter ended September 30, 2025, Tata Power reported a marginal rise of 0.8% in consolidated net profit at Rs 934 crore compared with Rs 927 crore in Q2 FY25, missing analyst estimates of Rs 937 crore. Revenue declined 1% year-on-year to Rs 15,545 crore from Rs 15,693 crore in the same quarter last year. Earnings before interest, tax, depreciation, and amortization (EBITDA) fell 12% to Rs 3,045 crore, against Rs 3,745 crore in Q2 FY25.

The rooftop solar business posted a 70% rise in profit to Rs 511 crore, while the distribution segment’s profit after tax grew 34% to Rs 577 crore. Revenue from the solar EPC segment increased 89% to Rs 3,613 crore, supported by strong execution and a growing order pipeline.

Tata Power’s solar manufacturing operations achieved output of 928 MW of cells and 970 MW of modules during the quarter. The company continues to strengthen its clean energy and consumer-focused businesses, supported by 10 GW of clean energy capacity under construction and a pipeline of 6,500 MW of solar and Firm and Dispatchable Renewable Energy (FDRE) projects.

In a parallel development, Tata Power announced a strategic investment to acquire a 40% equity stake in a Special Purpose Vehicle for the 1,125 MW Dorjilung Hydro Electric Project in Bhutan. The investment, valued at about Rs 1,572 crore, will be completed in tranches through cash consideration. The first tranche is expected within six months, following a Shareholders Agreement with Druk Green Power Corporation Limited. The project, estimated to cost Rs 13,100 crore, aligns with Tata Power’s strategy to scale its clean and green portfolio.