Tata Power on Tuesday posted a marginal drop of 0.8% in its net profit for the second quarter ended September at Rs 919 crore compared with Rs 927 crore in Q2FY25. Analyst estimates had pegged the profit at Rs 937 crore. Sequentially, the profit was down 13%.
The company reported a 1% drop in revenue at Rs 15,545 crore, missing analysts estimate of Rs 16,352 crore. In Q2FY25, it posted a revenue of Rs 15,698 crore.
Ebitda fell 12% at Rs 3,302 crore in Q2FY26 compared with Rs 3,745 crore in Q2FY25, and missing estimates of Rs 3,460 crore.
Praveer Sinha, managing director and CEO, Tata Power, said the growth continues across conventional generation, clean energy and consumer-focused distribution.
Tata Power is well-positioned to expand further with 10 GW of clean capacity under construction, including a healthy pipeline of 5 GW hybrid and FDRE projects, he said.
The company’s backward-integrated solar manufacturing facilities are operating at full capacity, with ALMM-listed modules and cells supporting the “Make in India” clean energy push.
The rooftop solar segment continues to lead the industry with record installations, while its discoms drive service excellence across a growing customer base of over 13 million, it said. “With proposed amendments to the Electricity Act, Tata Power is well-positioned to expand its distribution footprint to 40 million consumers by 2030,” he said.
Profit from its renewables business went up 70% to Rs 511 crore in Q2 FY26, Ebitda went up 57% to Rs 1,575 crore, while revenue was up 89% to Rs 3,613 crore, reflecting strength of strategic investment in solar manufacturing and the rooftop business delivering stellar gains.
Solar cell and module manufacturing achieved an output of 928 MW cells and 970 MW modules in Q2. As much as 809 MW DCR modules despatched in Q2, the highest-ever single quarter despatch, it said.
The rooftop solar order book stood at Rs 1,116 crore, while the distribution business’s PAT grew 34% y-o-y to Rs 557 crore in Q2.
The company is actively exploring the upcoming opportunities in power distribution in Maharashtra, Goa and Uttar Pradesh, Tata Power said in a release.
In the transmission business, it is advancing six projects totalling over 2,400 Ckm and on track to surpass operational capacity of 7,000 Ckm by FY28. In smart metering, the company installed ~950,000 smart meters in Q2.
During the earnings’ call, Sinha said the firm will explore distribution in all states if opportunities open up. He further said the company is examining the opportunities in thermal and nuclear power. For nuclear power, it is examining technologies available in various countries and potential sites in various states and awaiting changes to the Atomic Energy Act and Civil Liability for Nuclear Damage Act. “For thermal projects, we are examining where we can set up plants,” he said.
On its Mundra facility, Sinha said the firm is in talks with the Gujarat government to finalise terms of a power purchase agreement (PPA) and is hopeful of finalising it by the end of this month.
On exports of modules, he said the company will look at global markets once their domestic commitments are over.
10 GW wafer plant planned
Tata Power is looking to set up a 10 GW wafer and ingot plant in the country, Sinha said. It is currently examining sites and technology among other things, and will finalise the plan in a few months. He, however, did not divulge the investment figures.