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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.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 renewables, Odisha DISCOMs, and solar manufacturing, despite Mundra plant suspension.
Nine-month FY26 revenue reached up to ₹47,719 crore, with EBITDA at ₹11,874 crore (+11.6% YoY) and PAT at ₹3,702 crore, reflecting resilient financial performance and growth in clean energy segments.
Net debt increased to ₹56,074 crore due to capex, but the balance sheet remains strong with improving credit ratings.
The Board approved the results on 4th February 2026.
Financial highlights
Q3 FY26 EBITDA rose to ₹3,913 crore (+12.4% YoY), with operating margin at 18% for the quarter.
Q3 PAT was ₹1,194 crore; nine-month PAT up 7% YoY to ₹3,702 crore.
Solar cell and module manufacturing PAT surged to ₹251 crore in Q3 (from ₹112 crore YoY); rooftop PAT at ₹111 crore (from ₹60 crore YoY).
Odisha DISCOMs PAT rose to ₹226 crore in Q3 (from ₹86 crore YoY), with AT&C losses reduced by 1.9% YTD.
Delhi DISCOM EBITDA benefited from a one-off regulatory order, with a Q3 EBITDA impact of ₹460 crore and PAT impact of ₹344 crore.
Outlook and guidance
Clean & Green energy to account for ~66% of capacity post project completions, targeting 100% by 2045.
Expects to add 2.7 GW of renewable capacity in FY26, with a pipeline of 5.2 GW to be executed over two years.
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 and module manufacturing expected to see sustained and growing profitability.
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