Tata Power Q2 PAT jumps 33% YoY to Rs 1,652 crore
Tata Power, the Tata Group's integrated power company, on Wednesday reported its highest-ever quarterly profit after tax (PAT) of Rs 1,652 crore for the second quarter of FY27, registering a 33% year-on-year (YoY) increase from Rs 1,245 crore reported in the corresponding quarter of the previous fiscal.
Revenue for the quarter rose 26% YoY to Rs 19,886 crore, compared with Rs 15,769 crore in Q2 FY26. EBITDA increased 5% to Rs 4,245 crore from Rs 4,032 crore in the year-ago quarter, according to the exchange filing submitted by the company.
The quarterly performance was supported by broad-based growth across generation, renewables, transmission and distribution, and emerging consumer-focused green businesses.
The company said regulated and long-term contracted businesses accounted for an increasing share of EBITDA, strengthening earnings resilience and providing greater predictability and visibility of cash flows and profitability.
For the first half of FY27, the company reported a record PAT of Rs 3,053 crore, up 22% year-on-year. Revenue stood at Rs 38,784 crore, while EBITDA reached Rs 8,494 crore, reflecting strong operational performance across its businesses. During H1 FY27, Tata Power invested around Rs 10,000 crore, its highest-ever half-yearly capital deployment, to build critical infrastructure and support India's growing energy requirements and transition towards a secure, reliable and sustainable energy future.
Business performance and operational highlights
India's electricity demand continued to grow during H1 FY27, driven by industrial and economic activity, agricultural consumption, rising household demand, increasing electric vehicle adoption and the expansion of the data centre ecosystem.
Extreme heatwaves and a delayed monsoon further accelerated cooling-related consumption, reinforcing the need for reliable and uninterrupted electricity supply.
Tata Power said its diversified portfolio of fuel-secure thermal generation assets, expanding renewable energy capacity, energy storage solutions and transmission and distribution infrastructure positioned it to address the evolving demand.
Conventional generation
The company's conventional generation assets delivered strong operating and financial performance, supported by plant availability of around 90% and higher plant load factors (PLFs).
The Mundra plant maintained availability of 89% during Q2 FY27 under the extended Section 11 directive and continues to operate at full capacity. The plant is currently operating under Section 11 until December-end.
Tata Power is also advancing discussions with multiple states for supplementary power purchase agreements (SPPAs), which are at an advanced stage.
During the quarter, the company commissioned the 120 MW Phase 7 capacity at its IEL waste heat recovery plant. MPL commissioned FGD Unit 2, following the commissioning of Unit 1 in FY26, contributing to improved profitability.
Trombay, Mundra, Jojobera and Maithon also reported strong operational performance.
The company received a letter of award (LOA) from SECI for the supply of 324 MW of power from its 1,000 MW Bhivpuri pumped storage project (PSP) in Maharashtra.
Renewables and solar manufacturing
Renewable businesses remained a key contributor to earnings growth, supported by 1.4 GW of capacity additions over the last 12 months, strong manufacturing margins and yields, and continued leadership in rooftop solar EPC.
Tata Power's utility-scale renewable capacity increased to 7.2 GW, comprising solar and wind. During H1 FY27, it installed 645 MW of utility-scale renewable projects and 101.2 MWh of storage projects.
The company's under-construction and pipeline portfolio stood at 4.9 GW, while its battery energy storage system (BESS) pipeline stood at 696 MWh.
During the period, Tata Power commissioned a 227.5 MW renewable energy project in Rajasthan, which will be integrated with a 115 MWh BESS. It also commissioned a 72.5 MW captive renewable project for Tata Steel in Rajasthan.
In rooftop solar, cumulative installed capacity reached 5.12 GWp. The company installed 426 MWp during Q2 FY27, maintaining its market leadership.
Its channel partner network expanded to 736 partners, with more than 100 new partners added during H1 FY27. The company continued expanding its Ghar Ghar Solar initiatives across Punjab, Haryana and Bihar.
In solar manufacturing, Tata Power produced 0.9 GW of solar cells and 1 GW of solar modules during Q2 FY27. Its module manufacturing operations achieved a yield of 97%, while the manufacturing business recorded growth in profitability and operational efficiency.
EV charging
Tata Power's public EV charging network expanded beyond 6,700 charging points, while home charging points crossed 2.5 lakh.
The company continued to expand its presence across strategic highway and urban charging corridors to strengthen its EV charging network.
Transmission and distribution
Tata Power's transmission portfolio reached 7,894 circuit kilometres under operation.
The company fully commissioned the 164-circuit-kilometre Khurja-Jalpura 400 kV transmission line and associated GIS substation, with 162 circuit kilometres commissioned during Q2 FY27.
It also received Maharashtra Electricity Regulatory Commission (MERC) approvals for multiple Mumbai transmission projects involving an estimated investment of Rs 4,000 crore.
Smart meter installations across its distribution companies (DISCOMs) crossed 60 lakh, supporting the digitalisation of distribution infrastructure.
The distribution business reported strong profitability, supported by operational improvements and network modernisation.
In Odisha, DISCOMs continued to improve reliability, reduce losses and strengthen customer service. Aggregate technical and commercial (AT&C) losses declined to 21%, improving by 5.7% over Q1 FY27.
Following Cyclone Arnab, electricity supply in affected areas was restored within 48-72 hours, highlighting the resilience of the technology-enabled network and the operational capabilities of field teams.
The company is also scaling AI-led digitalisation across operations to improve efficiency, predictive maintenance and customer experience.
Pumped storage projects
Tata Power continued to advance its pumped storage hydro portfolio, with construction at the Bhivpuri pumped storage project progressing on schedule.
The company's board has also approved the capital commitment for the Shirwata project.
ALSO READ: Anthropic IPO buzz: CFO Krishna Rao’s stake could be worth $703 million as AI firm eyes $1.4 trillion valuation
Management commentary
Commenting on the results, Praveer Sinha, CEO and managing director of Tata Power, said the company had delivered its highest-ever quarterly profit, with strong contributions from all businesses.
He said the performance underscored the strength of Tata Power's integrated energy platform and consistent execution across its portfolio.
"While our regulated and contracted businesses provide resilient cash flows; renewables, rooftop solar, storage, and customer-facing solutions are enhancing growth momentum," Sinha said.
He added that the company's Rs 10,000 crore capital deployment during the first half of the year was accelerating renewable capacity addition, transmission expansion, pumped storage development and digital distribution infrastructure. Backed by a robust project pipeline, disciplined capital allocation and improving profitability across businesses, Tata Power is positioned to deliver sustained profitable growth while supporting India's energy transition and strengthening its energy security, he said.
Tata Power share price
Ahead of the results announcement, Tata Power shares ended flat at around Rs 360 apiece on the NSE. The stock has declined nearly 6% so far in 2026.
The company had a market capitalisation of Rs 1,15,032.22 crore on the NSE.
Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here
Revenue for the quarter rose 26% YoY to Rs 19,886 crore, compared with Rs 15,769 crore in Q2 FY26. EBITDA increased 5% to Rs 4,245 crore from Rs 4,032 crore in the year-ago quarter, according to the exchange filing submitted by the company.
The quarterly performance was supported by broad-based growth across generation, renewables, transmission and distribution, and emerging consumer-focused green businesses.
The company said regulated and long-term contracted businesses accounted for an increasing share of EBITDA, strengthening earnings resilience and providing greater predictability and visibility of cash flows and profitability.
For the first half of FY27, the company reported a record PAT of Rs 3,053 crore, up 22% year-on-year. Revenue stood at Rs 38,784 crore, while EBITDA reached Rs 8,494 crore, reflecting strong operational performance across its businesses. During H1 FY27, Tata Power invested around Rs 10,000 crore, its highest-ever half-yearly capital deployment, to build critical infrastructure and support India's growing energy requirements and transition towards a secure, reliable and sustainable energy future.
Business performance and operational highlights
India's electricity demand continued to grow during H1 FY27, driven by industrial and economic activity, agricultural consumption, rising household demand, increasing electric vehicle adoption and the expansion of the data centre ecosystem.
Extreme heatwaves and a delayed monsoon further accelerated cooling-related consumption, reinforcing the need for reliable and uninterrupted electricity supply.
Tata Power said its diversified portfolio of fuel-secure thermal generation assets, expanding renewable energy capacity, energy storage solutions and transmission and distribution infrastructure positioned it to address the evolving demand.
Conventional generation
The company's conventional generation assets delivered strong operating and financial performance, supported by plant availability of around 90% and higher plant load factors (PLFs).
The Mundra plant maintained availability of 89% during Q2 FY27 under the extended Section 11 directive and continues to operate at full capacity. The plant is currently operating under Section 11 until December-end.
Tata Power is also advancing discussions with multiple states for supplementary power purchase agreements (SPPAs), which are at an advanced stage.
During the quarter, the company commissioned the 120 MW Phase 7 capacity at its IEL waste heat recovery plant. MPL commissioned FGD Unit 2, following the commissioning of Unit 1 in FY26, contributing to improved profitability.
Trombay, Mundra, Jojobera and Maithon also reported strong operational performance.
The company received a letter of award (LOA) from SECI for the supply of 324 MW of power from its 1,000 MW Bhivpuri pumped storage project (PSP) in Maharashtra.
Renewables and solar manufacturing
Renewable businesses remained a key contributor to earnings growth, supported by 1.4 GW of capacity additions over the last 12 months, strong manufacturing margins and yields, and continued leadership in rooftop solar EPC.
Tata Power's utility-scale renewable capacity increased to 7.2 GW, comprising solar and wind. During H1 FY27, it installed 645 MW of utility-scale renewable projects and 101.2 MWh of storage projects.
The company's under-construction and pipeline portfolio stood at 4.9 GW, while its battery energy storage system (BESS) pipeline stood at 696 MWh.
During the period, Tata Power commissioned a 227.5 MW renewable energy project in Rajasthan, which will be integrated with a 115 MWh BESS. It also commissioned a 72.5 MW captive renewable project for Tata Steel in Rajasthan.
In rooftop solar, cumulative installed capacity reached 5.12 GWp. The company installed 426 MWp during Q2 FY27, maintaining its market leadership.
Its channel partner network expanded to 736 partners, with more than 100 new partners added during H1 FY27. The company continued expanding its Ghar Ghar Solar initiatives across Punjab, Haryana and Bihar.
In solar manufacturing, Tata Power produced 0.9 GW of solar cells and 1 GW of solar modules during Q2 FY27. Its module manufacturing operations achieved a yield of 97%, while the manufacturing business recorded growth in profitability and operational efficiency.
EV charging
Tata Power's public EV charging network expanded beyond 6,700 charging points, while home charging points crossed 2.5 lakh.
The company continued to expand its presence across strategic highway and urban charging corridors to strengthen its EV charging network.
Transmission and distribution
Tata Power's transmission portfolio reached 7,894 circuit kilometres under operation.
The company fully commissioned the 164-circuit-kilometre Khurja-Jalpura 400 kV transmission line and associated GIS substation, with 162 circuit kilometres commissioned during Q2 FY27.
It also received Maharashtra Electricity Regulatory Commission (MERC) approvals for multiple Mumbai transmission projects involving an estimated investment of Rs 4,000 crore.
Smart meter installations across its distribution companies (DISCOMs) crossed 60 lakh, supporting the digitalisation of distribution infrastructure.
The distribution business reported strong profitability, supported by operational improvements and network modernisation.
In Odisha, DISCOMs continued to improve reliability, reduce losses and strengthen customer service. Aggregate technical and commercial (AT&C) losses declined to 21%, improving by 5.7% over Q1 FY27.
Following Cyclone Arnab, electricity supply in affected areas was restored within 48-72 hours, highlighting the resilience of the technology-enabled network and the operational capabilities of field teams.
The company is also scaling AI-led digitalisation across operations to improve efficiency, predictive maintenance and customer experience.
Pumped storage projects
Tata Power continued to advance its pumped storage hydro portfolio, with construction at the Bhivpuri pumped storage project progressing on schedule.
The company's board has also approved the capital commitment for the Shirwata project.
ALSO READ: Anthropic IPO buzz: CFO Krishna Rao’s stake could be worth $703 million as AI firm eyes $1.4 trillion valuation
Management commentary
Commenting on the results, Praveer Sinha, CEO and managing director of Tata Power, said the company had delivered its highest-ever quarterly profit, with strong contributions from all businesses.
He said the performance underscored the strength of Tata Power's integrated energy platform and consistent execution across its portfolio.
"While our regulated and contracted businesses provide resilient cash flows; renewables, rooftop solar, storage, and customer-facing solutions are enhancing growth momentum," Sinha said.
He added that the company's Rs 10,000 crore capital deployment during the first half of the year was accelerating renewable capacity addition, transmission expansion, pumped storage development and digital distribution infrastructure. Backed by a robust project pipeline, disciplined capital allocation and improving profitability across businesses, Tata Power is positioned to deliver sustained profitable growth while supporting India's energy transition and strengthening its energy security, he said.
Tata Power share price
Ahead of the results announcement, Tata Power shares ended flat at around Rs 360 apiece on the NSE. The stock has declined nearly 6% so far in 2026.
The company had a market capitalisation of Rs 1,15,032.22 crore on the NSE.
Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here
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