TataPower Archives - Corporate Updates

Tata Power reported its highest-ever quarterly profit for the September quarter of FY27, with consolidated net profit rising 33% year-on-year to ₹1,652 crore. The strong performance was supported by growth across its renewable energy, power generation, transmission and distribution businesses, highlighting the company’s expanding presence in India’s clean energy sector.

The Tata Group company reported a consolidated profit after tax (PAT) of ₹1,652.04 crore for the second quarter, compared with ₹1,245.39 crore in the corresponding period last year. Revenue increased 26% to ₹19,886 crore from ₹15,769 crore a year earlier.

The company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 5% to ₹4,245 crore against ₹4,032 crore in the year-ago quarter. Profit before exceptional items and tax increased around 23% to ₹2,061 crore.

The quarterly performance reflects contributions from several business segments, including conventional power generation, renewable energy, solar manufacturing and electricity distribution. The company said its regulated and long-term contracted businesses were also providing greater stability to earnings and cash flows.
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Tata Power records strong first-half performance
The company also delivered its strongest-ever first-half performance in FY27. Consolidated net profit for the six months ended September stood at ₹3,053 crore, marking a 22% increase from ₹2,508 crore in the corresponding period last year.

Revenue for the first half grew 17% year-on-year to ₹38,784 crore, while EBITDA increased 7% to ₹8,494 crore.

Tata Power invested approximately ₹10,000 crore during the first half of FY27, marking its highest-ever capital expenditure for a six-month period. The investment was directed towards renewable energy projects, transmission infrastructure, pumped storage facilities and electricity distribution networks.

The company is continuing to expand its clean energy portfolio as India looks to increase renewable power generation and strengthen its electricity infrastructure.
Renewable energy and solar business drive growth
Renewable energy remained one of the key contributors to Tata Power’s quarterly performance. The company added 765 megawatts (MW) of clean and green generation capacity during the first half of FY27, taking its total installed clean and green capacity to 8.6 gigawatts (GW).

Its utility-scale renewable energy portfolio reached 7.2 GW, comprising solar and wind power projects. The company also has a renewable energy project pipeline of around 4.9 GW, indicating further opportunities for capacity expansion.

Solar manufacturing continued to support business growth. During the September quarter, Tata Power produced 0.9 GW of solar cells and 1 GW of solar modules. Its manufacturing operations benefited from an improved sales mix and a module yield of 97%.

The rooftop solar business also recorded healthy activity, with installations reaching 426 MWp during the quarter. Its cumulative rooftop solar installation capacity crossed 5.1 GWp.

The growing adoption of rooftop solar systems among households and businesses is expected to remain an important opportunity for the company, particularly as consumers look for alternatives to conventional electricity sources.

Tata Power is also expanding its battery energy storage capabilities to support the integration of renewable energy into the electricity grid.
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Power generation and distribution businesses strengthen operations
Tata Power’s conventional power generation business also contributed to the results. Its generation assets maintained plant availability of around 90%, reflecting improved operational performance.

The company’s Mundra power plant continued operating at high availability during the quarter under the extended Section 11 directive. Tata Power is also holding discussions with multiple states to secure supplementary power purchase agreements for the facility.

In the transmission and distribution segment, the company continued to expand its infrastructure to meet rising electricity demand.

Its transmission network reached 7,894 circuit kilometres under operation. The company also commissioned the Khurja-Jalpura 400-kV transmission line and associated substation, strengthening electricity transmission capacity.

Smart meter installations across its distribution companies crossed 60 lakh, supporting improved monitoring, billing and electricity distribution.

The company has also been investing in digital technologies and artificial intelligence to improve operational efficiency, predictive maintenance and customer services.
Tata Power shares gain after Q2 results
Tata Power shares gained around 2% in intraday trading on November 12 following the announcement of the quarterly results. The stock touched an intraday high of approximately ₹367 on the NSE before trading around ₹364 in early trade.

The earnings announcement attracted attention from brokerage firms, although their assessments of the company’s growth prospects and valuation differed.

Motilal Oswal maintained a Buy rating on the stock with a target price of ₹440. Elara Capital also retained its Buy recommendation, setting a target price of ₹485, citing renewable energy expansion, solar manufacturing and improving business performance.

Citi maintained a Buy rating with a target price of ₹525. However, JPMorgan retained a Neutral rating with a target of ₹423, while CLSA maintained a Hold recommendation with a target price of ₹415.

Analysts identified renewable energy capacity additions, solar manufacturing profitability and the company’s expanding regulated businesses as important growth drivers. However, execution delays, valuation concerns and pressure on solar manufacturing margins remain areas to watch.

The company has retained its FY27 capital expenditure guidance of ₹25,000 crore and is targeting the commissioning of 2.5 GW of renewable energy capacity during the financial year.
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Management focuses on long-term energy growth
Commenting on the results, Tata Power CEO and Managing Director Praveer Sinha said the company had achieved its highest-ever quarterly profit, supported by contributions from its different business segments.

He highlighted the importance of renewable energy, rooftop solar, energy storage and customer-focused solutions in strengthening the company’s growth outlook.

The ₹10,000-crore investment during the first half, he said, would help accelerate renewable capacity additions, transmission expansion, pumped storage development and digital distribution infrastructure.

Separately, Tata Power announced the appointment of Sanjay Banga as its next CEO and managing director for a five-year term beginning May 1, 2027.

Tata Power has chosen Odisha over Andhra Pradesh for setting up one of India’s largest integrated solar manufacturing facilities, marking a major boost for the state’s clean energy ambitions. The company will invest around ₹25,000 crore to establish a 10 GW solar ingot and wafer manufacturing plant, a project expected to strengthen India’s domestic solar supply chain and reduce dependence on imports.

Construction of the ambitious project is expected to begin in October 2026, with commercial production likely to commence in phases over the next few years. The investment is being seen as a significant milestone in India’s push to become self-reliant in solar manufacturing while supporting its renewable energy targets.

The upcoming facility will manufacture solar ingots and wafers, two of the most critical components used in producing solar cells and photovoltaic (PV) modules. At present, India imports a large share of these components, particularly from China. The new plant is expected to help bridge this gap by creating a robust domestic manufacturing ecosystem.

According to Tata Power, Odisha emerged as the preferred location after an extensive evaluation of multiple states, including Andhra Pradesh. Factors such as land availability, infrastructure, logistics, government support and access to industrial resources played an important role in the final decision.

The integrated facility will have an annual production capacity of 10 gigawatts (GW), making it one of the largest investments in India’s renewable energy manufacturing sector. By producing ingots and wafers within the country, Tata Power aims to support India’s growing solar industry while ensuring greater supply chain resilience.

The project is expected to generate thousands of direct and indirect employment opportunities during both the construction and operational phases. Local businesses, transport providers, engineering firms and ancillary industries are also likely to benefit as the manufacturing ecosystem develops around the plant.

For Odisha, securing the Tata Power investment represents another major achievement in attracting large-scale industrial projects. The state has been actively positioning itself as a destination for investments in green energy, advanced manufacturing and clean technologies. Officials believe the project will further strengthen Odisha’s reputation as an emerging renewable energy hub.

The investment also aligns with the Central government’s vision of building a self-reliant clean energy ecosystem under initiatives such as ‘Make in India’ and the Production Linked Incentive (PLI) scheme. By expanding domestic manufacturing capacity, India hopes to reduce import dependence, improve energy security and create globally competitive manufacturing capabilities.

Demand for solar equipment is expected to rise sharply as India works towards achieving its ambitious renewable energy goals. The country has committed to rapidly expanding solar power generation over the coming decades to meet growing electricity demand while reducing carbon emissions. Domestic manufacturing of critical components will play an essential role in supporting this transition.

Industry experts believe projects like Tata Power’s integrated solar manufacturing facility will help India become a stronger player in the global renewable energy supply chain. Manufacturing ingots and wafers locally can lower production costs, improve availability of raw materials and encourage further investment across the solar value chain.

The project also reflects a broader trend among Indian companies to invest in upstream solar manufacturing rather than relying solely on imported components. Developing capabilities across the entire solar value chain—from ingots and wafers to cells and modules—is considered crucial for long-term competitiveness and energy independence.

Apart from strengthening manufacturing, the facility is expected to encourage research, innovation and skill development in advanced solar technologies. As production scales up, specialised jobs in engineering, automation, quality control and renewable energy manufacturing are likely to increase, creating new opportunities for the local workforce.

For Tata Power, the investment reinforces its long-term commitment to India’s clean energy transition. The company has been expanding its presence across renewable power generation, solar rooftop solutions, electric vehicle charging infrastructure and green energy technologies. The new manufacturing facility adds another important dimension to its renewable energy portfolio.

The decision to locate the project in Odisha also highlights the increasing competition among states to attract investments in future-ready industries. While Andhra Pradesh was also under consideration, Odisha‘s industrial ecosystem and policy support ultimately tipped the balance in its favour.

As construction begins later this year, the project is expected to become a cornerstone of India’s solar manufacturing ambitions. Beyond producing critical solar components, the facility will help create jobs, strengthen domestic supply chains and support the country’s goal of building a globally competitive renewable energy sector. With one of the largest solar wafer and ingot plants on the horizon, Tata Power’s investment signals growing confidence in India’s clean energy future.