Tata Power on Monday reported an 11% year-on-year rise in consolidated net profit to Rs 1,176 crore for the first quarter of FY27, marginally beating analysts’ estimates, driven by steady operational performance across businesses.
The company had posted a net profit of Rs 1,060 crore in the year-ago quarter. Analysts had estimated profit at around Rs 1,144 crore.
Revenue from operations rose 5.6% to Rs 19,051 crore during the April-June quarter from Rs 18,035 crore a year earlier, surpassing analysts’ estimate of Rs 18,549 crore.
However, EBITDA declined 3% year-on-year to Rs 4,013 crore from Rs 4,139 crore in the corresponding quarter last year, although it was higher than analysts’ expectation of Rs 3,953 crore.
“This quarter marks several strategic milestones that will shape our next phase of growth. With more than Rs 5,000 crore deployed towards capex during Q1, we have begun FY27 with a strong project implementation roadmap,” said Praveer Sinha, CEO and managing director of Tata Power.
He said the return of the Mundra power plant to full operations, industry-leading growth in the rooftop solar business and expanding cross-border energy partnerships have further strengthened the company’s position as an integrated power player.
Addressing a media call on Monday, Sinha said Tata Power is in discussions with Haryana, Rajasthan and Punjab to sign supplementary power purchase agreements (SPPAs) for its Mundra thermal power plant, with the agreements expected to be finalised by August. The company has already signed an SPPA with Gujarat Urja Vikas Nigam (GUVNL), while the Centre has extended the validity of Section 11 directions until September 2026.
Agreements with the remaining states, including Maharashtra, are expected to be completed by September, he said.
“The same SPPA that has been agreed with Gujarat has also been accepted by the other states. It now has to go through the respective government and Cabinet approval processes in some states. We are confident of completing all these agreements by September,” Sinha said.
The Mundra plant contributed Rs 20 crore to profit after tax and Rs 447 crore to EBITDA during the quarter.
On the renewable energy front, Sinha said Tata Power commissioned 226 MW of renewable capacity during the quarter and has another over 500 MW ready for commissioning in the coming weeks. The company had a total installed renewable capacity of 6.7 GW at the end of June.
Commenting on capital expenditure, Sinha said the company has made a strong start to the fiscal year.
“Typically, most of the capex is incurred in the latter part of the year. Fortunately, we have already made significant investments in our renewable energy and utility-scale projects,” he said.
Tata Power plans to invest Rs 40,000 crore in transmission projects by 2030, of which Rs 15,000 crore will be spent in Mumbai, with the remaining investment earmarked for tariff-based competitive bidding (TBCB) projects.
The company also plans to establish an ingot and wafer manufacturing facility in Odisha in two phases. The first phase is expected to be commissioned by early 2028, followed by the second phase about six months later.