TATAPOWER Q1 FY27 earnings call.
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Revenue
₹19,051 Cr
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EBITDA
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Tata Power delivered a strong Q1 FY27 with management highlighting 27 consecutive quarters of PAT growth, driven by robust demand (8.5% YoY increase in Q1) and operational excellence across segments. The renewable cluster performed exceptionally with 22% revenue growth and 37% PAT growth, while rooftop solar nearly doubled revenue YoY to ₹4,800 crore with 60-70% growth guidance for FY27. The company commissioned 200 MW of renewable capacity with 500 MW expected shortly, targeting 2.5-2.7 GW additions in FY27 to reach 9+ GW total. Capex of ₹5,300 crore was deployed in Q1 with ₹25,000 crore full-year guidance, while net debt/EBITDA remains comfortable at 3.41x. Key risks include Odisha discom collection delays expected to normalize in Q2, renewable curtailment of ~5% due to transmission bottlenecks, and TBCB projects not yet commissioned (revenues to flow from Q2 onwards). Management expressed confidence in Mundra plant sustainability with state approvals expected by August-September.
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Guidance to track
- 200 MW already commissioned by June 30, another 500 MW expected within weeks, with balance capacity spread across subsequent quarters. Current portfolio at 6.7 GW will cross 9 GW by year-end.
- After doubling revenue to ₹4,800 crore in FY26, management expects continued strong growth of 60-70% driven by robust demand, channel partner expansion, and new battery storage offerings for residential and industrial segments.
- Pipeline of sight for 500 MW nearly ready with commissioning expected in Q2. TBCB projects (Agra and Fatehgarh lines) will also get commissioned by October, enabling revenue recognition to start flowing.
- Q2 capex expected at ₹6,000-6,500 crore as PSP work accelerates and renewable commissioning consumes significant capital. Capital allocation split between new projects with clear line of sight and existing T&D pipeline.
Risks flagged
- Government payment delays for drinking water and street lighting departments, combined with non-disconnection mandate until mid-June, impacted collections. Management expects recovery in Q2 but this represents timing risk on cash flows.
- Transmission bottlenecks causing approximately 5% curtailment across projects, including Tata Power's portfolio. While evacuation lines are in progress, this constrains near-term generation and revenue recognition.
- Legacy TPCP projects still in final stages of closure; losses have widened in Q1. Management indicates one more quarter of impact before turnaround in TPCP financial performance materializes with new project pipeline.
- Under the new supplementary PPA arrangement, Mundra plant operates on cost-reflective basis without return on equity. While fixed costs are covered, upside from coal arbitrage and equity returns is eliminated until long-term SPA is finalized.
Key quotes
- This is the 27th consecutive quarter where we have seen increase in our PAT and that is because there's a very strong foundation of our existing operations and the new businesses that are getting added.
- Two years back I used to do thousand units a month and now I do 30,000 units a month. So there is a huge change that has happened and for doing that the whole backend process systems have been implemented.
- The rooftop business will continue. In fact every year we have seen the rooftop business doing exceedingly well. In fact last year we grew by 100%. And this year also we have plans to grow by about 60 to 70%.
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