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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹14,900 Cr
verified against source
Revenue YoY
11%
reported change
EBITDA
₹4,216 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Tata Power delivered a strong Q4 FY26 with PAT of ₹1,416 crore (+8% YoY) and full-year PAT crossing ₹5,000 crore for the first time, driven by robust performance across generation, transmission, distribution, and solar manufacturing. The solar cell and module plant PAT doubled to ₹857 crore, while rooftop solar installations doubled. The Mundra plant is now operating under the supplementary PPA with Gujarat, and agreements with other four states are expected within 4-6 weeks, removing a key overhang. Management guided for ₹25,000 crore capex in FY27, focusing on 2.5 GW of renewable capacity addition (solar, wind, hybrid) and pumped hydro. Risks include potential delays in transmission infrastructure and regulatory asset amortization in Delhi.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to spend ₹25,000 crore in FY27, including delayed projects from FY26.
- Target to commission 2.5 GW of renewable capacity (solar, wind, hybrid) in FY27.
- Expects rooftop solar business to grow 50-60% in FY27, maintaining ~20% market share.
- Expects to finalize supplementary PPAs with remaining four states within 4-6 weeks.
Risks flagged
- Delays in transmission lines and right-of-way issues caused capex shortfall in FY26 and may persist.
- Supreme Court has directed amortization of regulatory assets by 2032; any deviation could impact cash flows.
- Potential new taxes on coal exports from Indonesia could increase costs, though coal is pass-through in PPAs.
- Curtailment due to inadequate evacuation infrastructure impacted PLF in FY26; management is now cautious on new projects.
Key quotes
- We have now concluded the SPA with Gujarat and we are in the process of finalizing it with all the other four states which we expect in next four to six weeks we will complete.
- We are definitely looking to enhance our market share and our target is that in next three years we will 20%.
- We are now doing detailed DPR of projects to be set up. These are small modular 2 into 220 megawatt plants.
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