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 ₹1,194.33 crore, driven by strong performance in renewables, Odisha DISCOMs, and solar manufacturing.

• 9M FY26 revenue reached up to ₹47,719 crore, with EBITDA at ₹11,874 crore (+11.6%) 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.

• Mundra plant remained non-operational, impacting profits, but resolution with Gujarat is near and discussions for supplementary agreements are ongoing.

• 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 and 16% for nine months.

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

• Solar cell and module manufacturing PAT surged to ₹251 crore in Q3 (vs. ₹112 crore last year); nine-month PAT up 154% to ₹592 crore.

• Odisha DISCOMs' PAT surged 163% YoY in Q3, and AT&C losses reduced by 1.9% YTD.

• Delhi Discom received a one-off regulatory order, adding ₹460 crore to Q3 EBITDA.

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 for execution over the next two years.

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

• Rooftop and solar businesses expected to see sustained and significant growth, driven by government programs and rising C&I demand.

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