Tata Power Company (TATAPOWER) Q2 2026 earnings summary

Executive summary

• Q2 FY26 revenue rose to ₹15,769 Cr, up 3.4% YoY, with PAT at ₹1,245 Cr, reflecting 13.9% YoY growth before exceptional items.

• H1 FY26 revenue reached ₹33,579.98 Cr, with underlying EBITDA at ₹8,220 Cr and PAT at ₹2,508 Cr.

• Achieved 24th consecutive quarter of PAT growth, with Odisha DISCOMs PAT up 362% YoY and solar manufacturing and rooftop segments delivering exceptional growth.

• 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

• Q2 FY26 EBITDA was ₹4,032 Cr, up 5.9% YoY; underlying EBITDA (including JVs/associates) was ₹4,161 Cr.

• Odisha DISCOMs PAT reached ₹174 Cr for the quarter and ₹279 Cr for H1.

• Solar cell and module manufacturing PAT was ₹240 Cr for the quarter and ₹340 Cr for H1; revenue grew 26% YoY in Q2.

• Rooftop PAT was ₹123 Cr for the quarter and ₹213 Cr for H1; rooftop revenue up 158% YoY.

• Net profit margin for the half-year was 8%; EPS for H1 was ₹6.98.

Outlook and guidance

• Clean & Green portfolio to reach 70% of total capacity by 2030 and 100% by 2045.

• Targeting 700 MW renewable capacity addition in Q3 and 600 MW in Q4, aiming to surpass 7 GW of operating renewable assets by year-end.

• Mundra Power Plant operations remain suspended for overhauling; discussions for a supplementary PPA are ongoing.

• Net Zero targeted by 2045, water neutrality and zero waste to landfill by 2030.

• Expecting robust future performance, especially after Mundra resolution and further renewable capacity additions.