Tata Power Company (TATAPOWER) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 reported PAT reached ₹1,652.04 crore, up 33% YoY; growth was supported by generation, renewables, solar manufacturing and transmission and distribution.

• H1 FY27 reported PAT rose 22% YoY to ₹3,052.90 crore; H1 operating cash flow was ₹6,136.81 crore versus an outflow of ₹398.52 crore in H1 FY26.

• H1 capex reached ~₹10,000 crore; management expects H2 to benefit as delayed and recently implemented projects progress.

Financial highlights

• Q2 operating income rose 26% YoY to ₹19,886 crore; EBITDA was ₹4,245 crore versus ₹4,032 crore in Q2 FY26, and reported PAT rose 33% to ₹1,652 crore.

• EBITDA excluding the ₹267 crore prior-period regulatory deferral movement grew 12.8% YoY; PAT before exceptional items was ₹1,521 crore, up 22% YoY on the financial-table basis.

• Q2 consolidated revenue from operations was ₹19,635.94 crore versus ₹15,544.91 crore YoY; consolidated net profit was ₹1,652.04 crore versus ₹1,245.39 crore.

• H1 operating income was ₹38,784 crore, up 17% YoY; EBITDA was ₹8,494 crore, up 7%, and reported PAT was ₹3,052.90 crore, up 22%.

Outlook and guidance

• FY capex target is nearly ₹25,000 crore; H1 spending was ~₹10,000 crore, including ~₹6,000 crore for renewables.

• FY renewable capacity-addition target remains 2.5 GW despite Q1 and Q2 delays; delayed evacuation lines are expected by December or January.

• FY30 aspirations include total capacity above 30 GW, clean and green capacity above 20 GW, revenue of ₹1,00,000 crore, EBITDA of ₹30,000 crore and PAT of ₹10,000 crore.

• 87% of the renewable project pipeline is tied to long-term PPAs; clean and green capacity is targeted at at least 70% by 2030.