Quick Summary: Tata Power posted a consolidated PAT of ₹1,262 crore in Q1 FY26, up 6% YoY, supported by strong growth in renewables, rooftop solar, and manufacturing. Revenue grew 4% YoY to ₹17,464 crore, while EBITDA rose 17% YoY to ₹3,930 crore.
Full Article: Tata Power, India’s largest integrated power utility, reported another strong quarter with consolidated Profit After Tax (PAT) of ₹1,262 crore, registering 6% YoY growth for the quarter ended June 30, 2025. This marks the 23rd consecutive quarter of YoY profit growth for the company.
The company’s revenue stood at ₹17,464 crore, up 4% YoY, while EBITDA increased 17% YoY to ₹3,930 crore. Underlying EBITDA, including JV and associate share, reached ₹4,060 crore.
Business Segment Highlights
Renewables & Rooftop Solar
-
Renewable energy PAT rose 95% YoY to ₹531 crore.
-
Commissioned 652 MW of projects in Q1, including 270 MW rooftop solar, up 143% YoY.
-
Rooftop solar revenue more than doubled to ₹823 crore, with over 45,500 installations in Q1.
-
TP Solar, the manufacturing arm, produced 949 MW modules and 904 MW solar cells, reporting ₹100 crore PAT and ₹1,613 crore revenue.
Transmission & Distribution
-
T&D segment PAT (adjusted for last year’s one-offs) grew 26% YoY to ₹440 crore.
-
Odisha Discoms PAT surged 156% YoY to ₹105 crore.
-
AT&C losses reduced by over 5% YoY across Odisha distribution areas.
Generation
-
Thermal and Hydro plants maintained high availability (98–100%).
-
Generation portfolio (installed + under construction) stood at ~26 GW, with 65% from clean energy sources.
Strategic Updates & Partnerships
-
Signed 200 MW FDRE PPA with NTPC; signed 88 MW RTC project with SJVN.
-
Partnered with Tata Motors for a 131 MW wind-solar hybrid project.
-
Launched lifestyle solar products MySine and Solaroof Design Spaces.
Financial Performance (YoY):
Consolidated Financial Performance (Q1 FY26 vs Q1 FY25):
-
Revenue increased to ₹17,464 crore, up 3.9% from ₹16,810 crore.
-
EBITDA rose to ₹3,930 crore, marking a 17.3% YoY growth.
-
Operating Profit (EBIT before other income) stood at ₹3,568 crore, up 15%.
-
Other Income jumped 46.6% to ₹362 crore, compared to ₹247 crore last year.
-
Finance Cost increased by 8.8% to ₹1,279 crore.
-
Depreciation rose 19.3% to ₹1,161 crore.
-
Profit Before Tax (before JV/associates) grew 24.1% to ₹1,490 crore.
-
Share of profit from JVs and Associates declined 55% to ₹130 crore.
-
PAT (after tax and share of JV/associates) stood at ₹1,262 crore, up 6.1% YoY.
Standalone Financial Performance (Q1 FY26 vs Q1 FY25):
-
Revenue declined to ₹5,148 crore, down 6.3% from ₹5,493 crore.
-
EBITDA dropped 18.1% to ₹1,472 crore, compared to ₹1,798 crore.
-
Operating Profit fell 7.9% to ₹951 crore.
-
Other Income decreased by 31.9% to ₹521 crore.
-
Finance Cost reduced 9.5% to ₹497 crore.
-
Depreciation slightly increased by 2.7% to ₹306 crore.
-
Profit Before Tax stood at ₹669 crore, down 29.7% YoY.
-
Tax Expense reduced 30.7% to ₹149 crore.
-
Net Profit (PAT) declined to ₹520 crore, registering a 29.4% drop YoY.
Debt & Investment
-
Capex in Q1 FY26: ₹3,701 crore.
-
Net debt increased to ₹47,578 crore due to higher capex and working capital.
-
Credit ratings remain stable across major agencies, with recent upgrades.
Outlook
Tata Power aims to:
-
Reach 40 million distribution customers by 2030 (currently 13 million).
-
Add 1.6 GW of renewable capacity in FY26.
-
Ramp up solar cell/module production under TP Solar’s 4.3 GW plant.
-
Lead rooftop adoption under the PM Surya Ghar Yojana, targeting 3 million homes in 3 years.
Tata Power’s Q1 FY26 performance reflects strong momentum in its clean energy and solar manufacturing segments, even as the standalone business saw some pressure due to lower income and higher depreciation. The company continues to maintain its strategic focus on scaling renewables, expanding distribution, and advancing towards its Net Zero goals. With a robust project pipeline, growing rooftop solar footprint, and sustained profitability across 23 consecutive quarters