Tata Power Company (TATAPOWER) Q4 25/26 earnings summary

Executive summary

• Achieved record full-year PAT exceeding ₹5,117.56 crore, with EBITDA up 11.2% to ₹16,798 crore year-over-year, driven by strong performance across generation, transmission, distribution, and renewables.

• Q4 FY26 PAT before exceptional items rose 17.2% YoY to ₹1,510 crore; Q4 EBITDA was ₹4,216 crore, up 10.1% YoY.

• Solar cell and module manufacturing, rooftop solar, and Odisha Discom delivered significant profit growth, with Odisha Discom PAT nearly doubling.

• Mundra plant issues resolved with SPPA concluded for Gujarat and advanced negotiations with other states; plant now operating under new tariff arrangements.

• Board recommended a final dividend of ₹2.50 per equity share, subject to shareholder approval.

Financial highlights

• FY26 EBITDA reached ₹16,798 crore, up 11.2% YoY; Q4 EBITDA at ₹4,216 crore, up 10.1%.

• FY26 PAT after exceptional items was ₹5,118 crore; EPS for FY26 was ₹12.0.

• Odisha Discom PAT rose to ₹809 crore from ₹439 crore YoY; renewables segment PAT was ₹1,994 crore.

• Deferred tax asset recognition of ₹250 crore positively impacted consolidated profit.

• Consolidated revenue from operations for FY26 was ₹62,428.59 crore, down from ₹65,478.24 crore in FY25.

Outlook and guidance

• FY27 CapEx guidance maintained at ₹25,000 crore, with deferred projects from FY26 to be completed.

• Clean & Green energy to reach 66% of total capacity post project completions; targeting 100% Clean & Green power generation by 2045.

• Rooftop solar business expected to grow by 50%-60% in FY27, targeting 20% market share over three years.

• Odisha Discom performance expected to peak in FY27, with further AT&C loss reductions planned.

• Management expects completion of SPPA with remaining procurers and continued monitoring of regulatory changes.