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Tata Power Company (TATAPOWER) investor relations material
Tata Power Company Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary11 Nov, 2025
Executive summary
Achieved 24th consecutive quarter of PAT growth, with Q2 FY26 PAT at ₹1,245 crore, up 13.9% year-over-year, despite operational challenges from an extended monsoon and Mundra plant downtime.
Q2 FY26 revenue rose to ₹15,769 crore, up 3.4% year-over-year, with H1 FY26 revenue at ₹33,579.98 crore and underlying EBITDA at ₹8,220 crore.
Odisha Discom, solar cell/module manufacturing, and rooftop businesses delivered exceptional PAT growth, with Odisha Discom PAT up 362% year-over-year.
Clean & Green energy now forms 44% of capacity, targeting 66% post-project completions and 100% by 2045.
Renewables and T&D segments drove growth, while legal and operational uncertainties persist around the Mundra Plant and arbitration award.
Financial highlights
PAT grew 14% year-over-year for the quarter, with Q2 FY26 PAT at ₹1,245 crore and H1 PAT at ₹2,508 crore.
Q2 FY26 EBITDA was ₹4,032 crore, up 5.9% year-over-year; underlying EBITDA (including JVs/associates) was ₹4,161 crore.
Odisha Discom PAT: ₹174 crore for the quarter, ₹279 crore for H1.
Solar cell/module manufacturing PAT: ₹240 crore for the quarter, ₹340 crore for H1; revenue grew 26% year-over-year in Q2.
Rooftop PAT: ₹123 crore for the quarter, ₹213 crore for H1; rooftop revenue up 158% year-over-year.
Outlook and guidance
Targeting 700 MW renewable capacity addition in Q3 and 600 MW in Q4, aiming to cross 7 GW of operating renewable assets by year-end.
Clean & Green portfolio to reach 70% of total capacity by 2030 and 100% by 2045; Net Zero targeted by 2045.
Mundra Power Plant operations remain suspended for overhauling; discussions for a supplementary PPA are ongoing.
Rooftop and solar manufacturing businesses expected to continue strong growth.
Transmission auction bids and capex expected to rise, with ₹9.2 trillion capex anticipated in India by FY32.
Mundra resolution: What is the expected timeline for other states?
Ingot/wafer plant: What CapEx is expected post-subsidies?
Given H1, how will 2-2.5 GW annual RE additions be met?
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Next Tata Power Company earnings date
Q3 25/263 Feb, 2026
Next Tata Power Company earnings date
Q3 25/263 Feb, 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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