Tata Power Company (TATAPOWER) Q2 2026 earnings summary

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.