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Result Highlights:
- Record profitability: Q2 FY27 PAT rises to an all-time high of ₹ 1,652 crore, up 33% YoY, driven by strong performance across all business clusters and H1 FY27 Reported PAT reaches ₹ 3,053 Cr up 22% YoY.
- PAT Before Exceptional Items is ₹ 1,521 crore, up 22% YoY for Q2 FY27 and ₹ 2,922 crore, up 17% YoY for H1 FY27
- Strong financial momentum: Revenue grows 26 % YoY to ₹ 19,886 crore, while EBITDA increases 5% YoY to ₹ 4,245 crore during Q2 FY27.
- Sustained H1 performance: H1 FY27 PAT, Revenue and EBITDA reach record levels, reinforcing the strength of Tata Power's diversified portfolio. Revenue grows 17 % YoY to ₹ 38,784 crore, while EBITDA increases 7% YoY to ₹ 8,494 crore in H1 FY27.
- Investing ahead of growth: Capital expenditure of ~ ₹10,000 crore in H1 FY27 reflects accelerated execution across renewable energy, transmission infrastructure, pumped storage and distribution networks. Renewables deployed ~₹6,000 crore of capex in H1 FY27.
Growth Levers:
- Installed 765 MW of Clean & Green generation capacity in H1 FY27, taking the total installed Clean & Green capacity to 8.6 GW
- Renewables continue to lead growth: Improved profitability driven by utility-scale projects, increasing rooftop solar adoption and solar manufacturing delivering robust margins.
- Solar manufacturing gains scale: in Q2 FY27 Produced 0.9 GW of solar cells (1.8 GW in H1 FY27) and 1 GW of solar modules (2.0 GW in H1 FY27), in addition profitability was aided by better sales mix and industry leading module yield of 97%
- Rooftop solar leadership strengthened: Market-leading position with 426 MWp installations in the quarter, reinforced through expanding installations, channel partnerships and consumer financing initiatives.
- Transmission and Distribution deliver strong earnings growth: Expansion of network assets and improved operational efficiencies continue to support profitability. Our Odisha discoms continues to build efficiencies, leading to reduced AT&C losses
- Building National & Regional energy security: Construction progresses on track for the 600 MW Khorlochhu Hydropower Project, where Tata Power has 40% stake and the 1,000 MW Bhivpuri Pumped Storage Project.
- Accelerating Clean Energy Integration: Executed a 60 MWh BESS project in Mumbai to support renewable energy growth, strengthen grid stability and deliver reliable 24x7 power.
National, November 11, 2026: Tata Power, one of India's largest integrated power companies, delivered its highest-ever quarterly Profit After Tax (PAT) of ₹ 1,652 crore in Q2 FY27, up 33% year-on-year, demonstrating the strength of its diversified and future-ready energy portfolio. Revenue rose 26% to ₹ 19,886 crore and EBITDA increased 5% to ₹ 4,245 crore during the quarter.
For H1 FY27, the Company reported record PAT of ₹ 3,053 crore, up 22% year-on-year, while Revenue grew to ₹ 38,784 crore and EBITDA reached ₹ 8,494 crore, reflecting strong operational performance across businesses.
The quarter's performance was driven by broad-based growth across Generation, Renewables, Transmission & Distribution and emerging consumer-focused green businesses. The quality and resilience of the earnings continue to strengthen, with regulated and long-term contracted businesses accounting for an increasing share of EBITDA, providing greater predictability and visibility of cash flows and profitability.
During H1 FY27, the Company invested ~₹10,000 crore, its highest half-yearly capital deployment, reinforcing its commitment to building critical infrastructure to meet India's growing energy needs and support its transition towards a secure, reliable and sustainable energy future.
India's electricity demand continued to witness sustained growth in H1 FY27, driven by industrial and economic activity, agricultural consumption, rising household demand, increasing EV adoption and the expanding data centre ecosystem. Extreme heatwaves and a delayed monsoon further accelerated cooling-related consumption, reinforcing the need for reliable and uninterrupted supply. Tata Power is well-positioned to address this evolving demand through its diversified portfolio of fuel-secure thermal generation assets, expanding renewable energy capacity, energy storage solutions and robust transmission and distribution infrastructure.
Renewable businesses remained a key driver of earnings growth, underpinned by 1.4 GW of capacity additions over the last twelve months, strong manufacturing margins and yields, and continued leadership in rooftop EPC with over 5.1 GWp of cumulative installations. Odisha distribution continued its strong operational performance, with AT&C losses improving by 5.7% over Q1 FY27. Following Cyclone Arnab, electricity supply was restored within 48-72 hours in affected area, highlighting the resilience of the tech powered network and operational capabilities of field teams. AI-led digitalisation is being scaled across operations to drive efficiency, predictive maintenance and improve customer experience.
The Company’s Conventional generation assets delivered strong operating and financial performance. Mundra plant continues to operate at full capacity and runs currently under Section 11 till December end. Company is actively advancing discussions with multiple states to secure Supplementary Power Purchase Agreements (SPPAs), which are at an advanced stage.
Tata Power is also advancing its pumped storage hydro portfolio, with construction at Bhivpuri PSP progressing on schedule and Board approval secured for the capital commitment for the Shirwata project, reinforcing its commitment to building long-duration energy storage capacity to support India’s evolving power requirements.
| Particulars | Q2 FY27 | Q2 FY26 | % Change YoY | H1 FY27 | H1 FY26 | % Change YoY |
|---|---|---|---|---|---|---|
| Revenue | 19,886 | 15,769 | 26% | 38,784 | 33,233 | 17% |
| EBITDA | 4,245 | 4,032 | 5% | 8,494 | 7,961 | 7% |
| Reported PAT | 1,652 | 1,245 | 33% | 3,053 | 2,508 | 22% |
Dr Praveer Sinha, CEO & MD said, “We delivered our highest-ever quarterly profit, with strong contributions from all businesses, underscoring the strength of Tata Power’s integrated energy platform and consistent execution across our portfolio. While our regulated and contracted businesses provide resilient cash flows; renewables, rooftop solar, storage, and customer-facing solutions are enhancing growth momentum. Our ₹10,000 crore capital deployment in the first half of the year is 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 our businesses, we are well poised to deliver sustained profitable growth while supporting India’s energy transition and strengthening its energy security.”
BUSINESS HIGHLIGHTS
Generation: Delivering Reliable Operations and Strengthening Energy Security
- Maintained strong operating performance across the Conventional generation portfolio, supported by high plant availability ~90% and higher PLFs
- Mundra continued to maintain high availability of 89% during Q2 FY27 under the extended Section 11 directive, ensuring system reliability.
- Commissioned PH#7 120 MW capacity at IEL waste heat recovery plant, strengthening generation capability.
- MPL commissioned FGD Unit#2 while Unit#1 was commissioned in FY26 which is contributing to increased profitability
- Trombay, Mundra, Jojobera and Maithon delivered strong operational performance
- SECI LOA received for 324 MW Power Supply from its 1,000 MW Bhivpuri PSP project in Maharashtra
- Pumped Storage Projects achieved key execution milestones and remained on schedule.
Renewables: Scaling Rapidly Across Utility-Scale, Battery Storage and Manufacturing Expanding Utility-Scale Renewable Portfolio
- Utility-scale renewable capacity increased to 7.2 GW, including solar and wind. Installed 645 MW of utility-scale renewable projects and 101.2 MWh of storage projects during H1 FY27.
- Under-construction including Pipeline stands at 4.9 GW, & BESS 696 MWh providing strong medium-term growth visibility.
- Commissioned a 227.5 MW renewable project in Rajasthan to be integrated with 115 MWh BESS, enhancing dispatchable renewable capability.
- Commissioned a 72.5 MW captive renewable project for Tata Steel in Rajasthan.
Rooftop Solar: Consolidating Market Leadership
- Cumulative solar rooftop installed capacity 5.12 GWp.
- Installed 426 MWp in Q2 FY27, maintaining market leadership.
- Expanded channel partner network to 736 partners, strengthening nationwide reach by adding 100+ new channel partner in H1 FY27.
- Continued rapid expansion through flagship Ghar Ghar Solar initiatives across Punjab, Haryana and Bihar.
Solar Manufacturing: Building India's Energy Independence
- Produced 0.9 GW of solar cells and 1 GW of solar modules during Q2 FY27.
- Plant continues to run on industry leading yield, module achieved 97% yield
- Manufacturing business delivered strong growth in profitability and operational efficiency.
EV Charging: Scaling e-mobility
- Public charging network expanded beyond 6,700 charging points, while home charging points crossed 2.5 lakh.
- Continued expansion across strategic highway and urban charging corridors, strengthening India's EV ecosystem.
Transmission & Distribution: Expanding Networks, Enhancing Reliability
- Transmission portfolio reached 7,894 circuit kilometres under operation.
- Fully Commissioned the 164 ckt Kms Khurja-Jalpura 400 kV transmission line and associated GIS substation (162 Ckt kms commissioned in the Q2 FY27).
- Received MERC approvals for multiple Mumbai transmission projects with an estimated investment of ₹4,000 crore.
- Smart meter installations across DISCOMs surpassed 60 lakh, accelerating distribution digitalisation.
Distribution: Delivering Operational Excellence and Customer-Centric Growth
- Distribution businesses delivered strong profitability supported by operational improvements and network modernisation.
- Odisha DISCOMs continued to improve reliability, reduce losses and strengthen customer service, reducing AT&C losses to 21.0 % improved by 5.7% over Q1 FY27
