Rooftop Solar Installations
1.7 GW
+100% YoY
Rooftop solar installations doubled in FY26, capturing ~20% market share.
TATAPOWER
Energy
15 May 2026
Tata Power Company Limited — Q4 FY26
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.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
Solar Manufacturing PAT
₹857 crore
+100% YoY
PAT from solar cell and module manufacturing more than doubled in FY26.
Renewable Pipeline
5 GW
flat
5 GW of renewable projects under implementation, 50% to be completed in FY27.
Net Debt to EBITDA
3.3x
flat
Leverage remains stable at 3.3x net debt to EBITDA despite ₹13,000 crore capex.
Management Guidance
Capex of ₹25,000 crore in FY27
Management expects to spend ₹25,000 crore in FY27, including delayed projects from FY26.
Management guidance capex2.5 GW renewable capacity addition in FY27
Target to commission 2.5 GW of renewable capacity (solar, wind, hybrid) in FY27.
Management guidance growthRooftop solar growth of 50-60% in FY27
Expects rooftop solar business to grow 50-60% in FY27, maintaining ~20% market share.
Management guidance growthMundra SPA with four states in 4-6 weeks
Expects to finalize supplementary PPAs with remaining four states within 4-6 weeks.
Management guidance otherKey Risks
Transmission infrastructure delays
Delays in transmission lines and right-of-way issues caused capex shortfall in FY26 and may persist.
medium · management_commentaryRegulatory asset amortization in Delhi
Supreme Court has directed amortization of regulatory assets by 2032; any deviation could impact cash flows.
medium · analyst_questionIndonesian coal tax/royalty changes
Potential new taxes on coal exports from Indonesia could increase costs, though coal is pass-through in PPAs.
low · analyst_questionCurtailment risk for renewable projects
Curtailment due to inadequate evacuation infrastructure impacted PLF in FY26; management is now cautious on new projects.
medium · data_observationNotable 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.
Frequently Asked Questions
What was Tata Power's revenue in Q4 FY26?
Tata Power reported revenue of ₹14,900 Cr in Q4 FY26, representing a +11% change compared to the same quarter last year.
What guidance did Tata Power management give for FY27?
Capex of ₹25,000 crore in FY27: Management expects to spend ₹25,000 crore in FY27, including delayed projects from FY26. 2.5 GW renewable capacity addition in FY27: Target to commission 2.5 GW of renewable capacity (solar, wind, hybrid) in FY27. Rooftop solar growth of 50-60% in FY27: Expects rooftop solar business to grow 50-60% in FY27, maintaining ~20% market share. Mundra SPA with four states in 4-6 weeks: Expects to finalize supplementary PPAs with remaining four states within 4-6 weeks.
What are the key risks for Tata Power in FY27?
Key risks include Transmission infrastructure delays — Delays in transmission lines and right-of-way issues caused capex shortfall in FY26 and may persist.; Regulatory asset amortization in Delhi — Supreme Court has directed amortization of regulatory assets by 2032; any deviation could impact cash flows.; Indonesian coal tax/royalty changes — Potential new taxes on coal exports from Indonesia could increase costs, though coal is pass-through in PPAs.; Curtailment risk for renewable projects — Curtailment due to inadequate evacuation infrastructure impacted PLF in FY26; management is now cautious on new projects..
Did Tata Power meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Tata Power Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.