Tata Power Company (TATAPOWER) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 revenue ranged from ₹13,948.41 crore to ₹14,485 crore, with PAT stable at ₹1,194 crore, driven by strong renewables, Odisha DISCOMs, and solar manufacturing, despite Mundra plant suspension.

• Nine-month FY26 revenue reached up to ₹47,719 crore, with EBITDA at ₹11,874 crore (+11.6% YoY) and PAT at ₹3,702 crore, reflecting resilient financial performance and growth in clean energy segments.

• Net debt increased to ₹56,074 crore due to capex, but the balance sheet remains strong with improving credit ratings.

• The Board approved the results on 4th February 2026.

Financial highlights

• Q3 FY26 EBITDA rose to ₹3,913 crore (+12.4% YoY), with operating margin at 18% for the quarter.

• Q3 PAT was ₹1,194 crore; nine-month PAT up 7% YoY to ₹3,702 crore.

• Solar cell and module manufacturing PAT surged to ₹251 crore in Q3 (from ₹112 crore YoY); rooftop PAT at ₹111 crore (from ₹60 crore YoY).

• Odisha DISCOMs PAT rose to ₹226 crore in Q3 (from ₹86 crore YoY), with AT&C losses reduced by 1.9% YTD.

• Delhi DISCOM EBITDA benefited from a one-off regulatory order, with a Q3 EBITDA impact of ₹460 crore and PAT impact of ₹344 crore.

Outlook and guidance

• Clean & Green energy to account for ~66% of capacity post project completions, targeting 100% by 2045.

• Expects to add 2.7 GW of renewable capacity in FY26, with a pipeline of 5.2 GW to be executed over two years.

• Major hydro and pumped storage projects underway in Bhutan and India, with significant capacity additions expected through FY32.

• Distribution sector reforms and PPP opportunities anticipated in the next 6-9 months.

• Rooftop solar and module manufacturing expected to see sustained and growing profitability.