Tata Power Company (TATAPOWER) Q3 24/25 earnings summary

Executive summary

• Achieved 21 consecutive quarters of PAT growth, with robust fundamentals and highest ever 9M EBITDA.

• Clean & Green portfolio at 43%, targeting 70% by 2030 and Net Zero by 2045, with SBTi-validated targets.

• Significant progress in renewables, rooftop solar, and manufacturing capacity expansion, including 1.1 GW capacity added YoY.

• Strong operational performance across generation, renewables, and distribution segments.

• Consolidated Q3 FY25 revenue was ₹15,391.06 crore, with net profit at ₹1,187.54 crore.

Financial highlights

• Q3 FY25 revenue at ₹15,391.06 crore, up 1.9% YoY; EBITDA at ₹3,481 crore, up 7.1% YoY; PAT at ₹1,187.54 crore, up 10.4% YoY.

• 9M FY25 revenue at ₹47,174 crore, up 4.2% YoY; EBITDA at ₹10,639 crore, up 13.9% YoY; PAT at ₹3,909 crore, up 30.3% YoY.

• Renewable business EBITDA rose by 38% YoY; rooftop business revenue exceeded INR 500 crore for the first time in a quarter.

• Net debt stands at ₹44,706 crore; debt to equity at 1.09; net debt to underlying EBITDA at 2.98.

• Consolidated EBITDA margin for Q3 FY25 was 15%, with a net profit margin of 8%.

Outlook and guidance

• Focus on expanding clean energy portfolio to 70% by 2030 and achieving Net Zero by 2045.

• Renewable capacity addition guidance of 2-2.5 GW per year for FY 2026 and FY 2027.

• Targeting 3 million rooftop solar households in next 3 years under PM Surya Ghar Yojna.

• Expectation of continued strong power demand due to intense summer and government policy support.

• Anticipate improved performance in distribution and further stabilization in manufacturing in the next financial year.