Tata Power Company Limited (TATAPOWER)
₹353.85 +1.16% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Tata Power's revenue was ₹19,051 Cr (+5.6% year on year, +27.9% on the previous quarter), and net profit ₹1,401 Cr (+11.0% year on year); the operating margin was 21.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹19,051 | +5.6% | +27.9% |
| Operating profit | ₹4,013 | -3.0% | +54.4% |
| Net profit | ₹1,401 | +11.0% | -1.1% |
| EPS (₹) | 3.68 | +11.2% | +17.9% |
| Operating margin | 21.1% | — | — |
TATAPOWER delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 48.37% of the TATAPOWER shares traded on NSE were taken to delivery, against the stock's own 20-session average of 48.22%. That is close to its usual level. In TATAPOWER futures, open interest fell 1.29% while the futures price rose 1.07%: short covering (shorts closing out).
Delivery in the last 5 sessions: 38.7% · 50.6% · 39.0% · 48.4% · 48.4%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Tata Power has announced an opportunity pipeline exceeding 2.8 GW to support the data centre and AI ecosystem across 18 leading global and domestic operators. The pipeline comprises approximately 430 MW of upcoming load in distribution, 1,236 MW of transmission-linked opportunities, and 1,150 MW of green energy capacity under active engagement. Grid upgrades in the Mumbai Metropolitan Region form part of the company's ₹15,000 crore Mumbai Grid Upgradation and Expansion Plan. This is a non-regulatory press release detailing commercial pipeline engagements across 29 active workstreams rather than finalized, binding power purchase agreements.
- Opportunity pipeline of over 2.8 GW across 18 data centre operators and 29 active workstreams
- Breakdown includes ~430 MW distribution load, 1,236 MW transmission opportunities, and 1,150 MW green energy
- Transmission infrastructure supported by Tata Power's ₹15,000 crore Mumbai Grid Upgradation Plan
- Total operational and under-construction portfolio surpasses 26 GW (17.7 GW clean energy, 8.8 GW thermal)
Tata Power Company Limited announced the cessation of three Non-Executive Independent Directors effective close of business hours on October 13, 2026. The departing directors are Ms. Anjali Bansal, Ms. Vibha Padalkar, and Mr. Sanjay Vijay Bhandarkar, all completing their statutory second consecutive terms. This is a routine governance transition driven by tenure completion under SEBI regulations rather than abrupt resignations. Tata Power, with a market cap of ₹1,50,002 Cr and TTM revenue of ₹63,445 Cr, will likely announce board reconstitution to maintain required independent director ratios.
- Cessation of 3 Independent Directors effective October 13, 2026, at close of business hours
- Directors stepping down: Ms. Anjali Bansal, Ms. Vibha Padalkar, and Mr. Sanjay Vijay Bhandarkar
- Reason for departure is scheduled completion of their second consecutive terms under listing regulations
- No premature resignations or contentious issues reported in the filing
Tata Power has signed a non-binding Memorandum of Understanding (MoU) with Imperial College London to collaborate on research, technology, and knowledge exchange. The partnership targets grid flexibility, energy storage, digital energy systems, AI/ML applications, and industrial decarbonisation. The filing explicitly notes this is not a disclosure under Regulation 30 of SEBI LODR, indicating no immediate commercial or financial commitments have been established. Tata Power highlighted its broader footprint comprising over 26 GW of operational and under-construction capacity, including 17.7 GW clean energy.
- MoU signed to explore R&D collaboration in grid flexibility, energy storage, and AI/ML applications
- Company highlights total operational and under-construction capacity surpassing 26 GW
- Clean and green portfolio stands at ~17.7 GW (including under construction) alongside 8.8 GW thermal capacity
- Other operational milestones cited include 4.9 GW solar manufacturing capacity, 2.8 GW pumped hydro storage, and >7,000 EV charging points
- No financial outlay, commercial terms, or revenue targets were disclosed in the agreement
Tata Power Renewable Energy Limited (TPREL) commissioned 419 MW of utility-scale projects and 131.2 MWhr of battery storage in Q2 FY27, marking an execution jump of over 130% YoY versus 182 MW in Q2 FY26. For H1 FY27, total utility-scale execution stood at 645 MW alongside 161.2 MWhr of battery storage. TPREL's cumulative utility-scale operational portfolio has now expanded to 7.2 GW (5.8 GW solar, 1.3 GW wind) and 281.2 MWhr of storage capacity. The company expects an aggressive ramp-up in H2 FY27, targeting >2 GW of execution to reach ~9.3 GW operational capacity by year-end, progressing toward ~12 GW in FY28.
- Q2 FY27 utility-scale commissioning reached 419 MW, rising over 130% YoY compared to 182 MW in Q2 FY26
- Added 131.2 MWhr of battery storage in Q2 FY27, bringing cumulative operational storage capacity to 281.2 MWhr
- H1 FY27 total project delivery reached 645 MW of utility-scale RE and 161.2 MWhr of storage
- H2 FY27 execution pipeline targets over 2 GW (1,075 MW solar, 969 MW wind, and 274 MWhr BESS)
- Overall operational capacity aimed to touch ~9.3 GW by end-FY27 and ~12 GW in FY28
TP Solar Limited, a wholly owned manufacturing arm of Tata Power Renewable Energy Limited, reported producing 1 GW of solar modules and 0.9 GW of solar cells in Q2 FY27. For the first half of the fiscal year (H1), total output stood at 2 GW of modules and 1.8 GW of cells from its Tirunelveli facility in Tamil Nadu. The total investment in this 4.3 GW integrated plant is approximately ₹4,300 crore (equivalent to ~6.8% of TTM revenue of ₹63,445 crore). The output is Domestic Content Requirement (DCR) compliant and ALMM approved, supporting the company's captive supply and external sales.
- Produced 1 GW solar modules and 0.9 GW solar cells in Q2 FY27.
- H1 cumulative output reached 2 GW modules and 1.8 GW cells.
- Plant represents a ₹4,300 crore investment for a 4.3 GW cell and module manufacturing capacity.
- Modules are DCR-compliant and listed under the Government of India's ALMM.
Tata Power has partnered with Norway-based Ocean Sun to pilot an innovative membrane-based floating solar technology in India. Under the collaboration, a ~300 kWp pilot plant will be set up at Tata Power's Mulshi reservoir in Maharashtra. The pilot aims to assess performance, capital costs, and reliability compared to traditional pontoon floating solar structures. Given Tata Power's total portfolio of over 26 GW, this 300 kWp pilot is an immaterial initial capacity but tests technology for India's estimated 102 GWp floating solar potential.
- Collaboration to execute a ~300 kWp floating solar pilot project at Mulshi reservoir in Maharashtra
- Evaluates proprietary hydro-elastic membrane floating solar PV modules vs conventional pontoon setups
- Targets India's estimated floating solar potential of over 102 GWp as identified by NISE
- Tata Power's overall operational and under-construction portfolio stands at over 26 GW, including 17.7 GW clean energy
The Ministry of Power has extended the validity of Section 11 directions under the Electricity Act, 2003 for Tata Power's Mundra Thermal Plant. Previously set to expire on September 30, 2026, the mandate will now remain in force until December 31, 2026. This requires the plant to operate at full capacity with cost-reflective tariffs to support national grid demand. The extension provides short-term operational continuity for the Mundra facility through Q3 FY27.
- Directions under Section 11 of the Electricity Act extended to December 31, 2026
- Previous Section 11 validity was set to expire on September 30, 2026
- Continuation of previous intimation dated June 23, 2026
Tata Power Company Limited has informed the exchanges about its participation in two upcoming investor conferences in Mumbai. The company is scheduled to attend the Anand Rathi Annual Flagship Conference G-200 Summit on September 21, 2026, followed by the J.P. Morgan India Conference on September 22, 2026. The engagements will include 1:1 and group meetings in physical mode with institutional investors. No unpublished price-sensitive information (UPSI) will be shared during these interactions.
- Participation in Anand Rathi G-200 Summit scheduled for September 21, 2026
- Participation in J.P. Morgan India Conference scheduled for September 22, 2026
- Format includes 1:1 and group physical meetings in Mumbai
- Tata Power explicitly confirmed no UPSI will be shared
Tata Power Company Limited has announced its schedule to participate in three upcoming institutional investor conferences in September 2026. The company will attend the UBS India Summit on September 10 in Mumbai, the Morgan Stanley Virtual India Industrials & Energy Seminar on September 15 virtually, and the Jefferies India Forum on September 18 in Gurgaon. Interactions will consist of 1:1 physical and group meetings. The company confirmed that no unpublished price sensitive information (UPSI) will be shared.
- UBS India Summit scheduled for September 10, 2026, in Mumbai via physical 1:1/group meetings
- Morgan Stanley Virtual India Industrials & Energy Seminar scheduled for September 15, 2026
- Jefferies India Forum scheduled for September 18, 2026, in Gurgaon via physical 1:1/group meetings
- No unpublished price sensitive information (UPSI) to be discussed as per regulatory compliance
Tata Power has successfully commissioned the second element of its Jalpura-Khurja Transmission Project in Uttar Pradesh via its wholly owned subsidiary, TP Jalpura Khurja Power Transmission Limited. The project comprises a 162 circuit kilometre (CKM) 400 kV double-circuit transmission line and a 400/220 kV GIS substation at Jalpura with 1,000 MVA transformation capacity. This infrastructure strengthens high-voltage power transmission into high-demand nodes across NCR and Western UP. Following this commissioning, Tata Power's transmission footprint stands at 7,900 CKM operational and under execution across India.
- Commissioned 162 CKM 400 kV double-circuit transmission line (two circuits of ~81 km each) connecting Khurja to Jalpura
- Operationalized a 400/220 kV GIS substation at Jalpura with 1,000 MVA transformation capacity
- Executed via wholly owned subsidiary TP Jalpura Khurja Power Transmission Limited
- Expands Tata Power's total transmission portfolio to 7,900 CKM across India (operational and pipeline)
Tata Power Renewable Energy Limited (TPREL) has commissioned a 100 MW Group Captive Solar Project (TNGC-2) in Kayathar, Tamil Nadu. With this addition, TPREL's operational capacity has surpassed 7 GW (comprising 5.7 GW solar and 1.3 GW wind), taking its total utility portfolio to 12.3 GW. The project will generate 240.63 million units of clean energy annually, supplying power to group entities including TP Solar (40.625 MW), Tata Electronics (53.125 MW), and Tata Realty (6.25 MW). An additional 5.3 GW renewable pipeline remains under development for commissioning over the next 6 to 24 months.
- Commissioned 100 MW Group Captive Solar Project in Kayathar, Tamil Nadu
- TPREL operational renewable capacity crosses 7 GW milestone (5.7 GW solar, 1.3 GW wind)
- Total utility portfolio expands to 12.3 GW, with 5.3 GW under development across 6 to 24 months
- Project to generate 240.63 MUs annually and offset 1.5 lakh tonnes of CO2 per year
- Power contracted to Tata Electronics (53.125 MW), TP Solar (40.625 MW), and Tata Realty (6.25 MW)
Tata Power Renewable Energy Limited (TPREL) has commissioned a 72.5 MW captive solar project in Kalasar, Bikaner (Rajasthan) for Tata Steel Limited through TP Vardhman Surya Limited. The project deployed 1,71,360 solar modules manufactured internally by TP Solar Limited and is projected to generate 166 MUs of clean power annually while offsetting 1,18,856 tonnes of CO2. With this commissioning, TPREL's operational renewable capacity stands at approximately 7 GW within a total renewable utility portfolio of 12.3 GW (5.3 GW under implementation).
- Commissioned 72.5 MW captive solar project at Kalasar, Bikaner, Rajasthan for Tata Steel
- Expected to generate 166 MUs of green energy and offset 1,18,856 tonnes of CO2 emissions annually
- Deployed 1,71,360 in-house manufactured modules from TP Solar Limited
- Expands TPREL operational RE capacity to ~7 GW (5.7 GW solar, 1.3 GW wind) with 5.3 GW in the pipeline
The Singapore International Commercial Court has dismissed Tata Power's challenge against arbitral awards dated July 1, 2025 and August 27, 2025 in proceedings initiated by Kleros Capital Partners Limited. The court ruled there was no breach of natural justice or fair hearing rule by the majority arbitrators. Tata Power announced that it will appeal the decision to the Singapore Court of Appeal within the permitted 28-day window from August 26, 2026. The exact financial exposure resulting from the underlying arbitral awards was not disclosed in the filing.
- Singapore International Commercial Court dismissed Tata Power's challenge on August 26, 2026
- Underlying arbitral awards in dispute date back to July 1, 2025 and August 27, 2025 (proceedings initiated November 30, 2020)
- Company granted a 28-day window from August 26, 2026 to file an appeal before the Singapore Court of Appeal
- Tata Power confirmed it will file an appeal against the court's judgment within the stipulated 28-day timeframe
Tata Power Company Limited has announced its participation in the Ashwamedh – Elara India Dialogue 2026 investor conference scheduled for September 1, 2026, in Mumbai. The management will engage in 1:1 physical and group meetings with individual and institutional investors. As per regulatory compliance, the company confirmed that no unpublished price-sensitive information (UPSI) will be discussed.
- Participation in Ashwamedh – Elara India Dialogue 2026 on September 1, 2026
- Interaction format includes 1:1 physical and group investor meetings in Mumbai
- No unpublished price-sensitive information (UPSI) will be shared during the interactions
Tata Power Renewable Energy Limited (TPREL) has commissioned a 190.5 MW solar Firm and Dispatchable Renewable Energy (FDRE) project in Kalasar, Bikaner, Rajasthan. The project is part of a larger 460 MW FDRE contract under SJVN FDRE Tranche-1 and includes a 115 MWh Battery Energy Storage System (BESS). Power generated will be supplied to Discoms in Haryana (HPPC), Maharashtra (MSEDCL), and Noida (NPCL). With this addition, TPREL's operational utility renewable capacity has expanded to 6.9 GW within its total utility portfolio of 12.4 GW.
- Commissioned 190.5 MW solar FDRE capacity as part of a larger 460 MW contract under SJVN Tranche-1
- Integrates a 115 MWh Battery Energy Storage System (BESS) for grid reliability
- Energy to be supplied to HPPC, MSEDCL, and NPCL discoms
- Takes TPREL's operational RE capacity to 6.9 GW (5.6 GW solar, 1.3 GW wind)
- 5.5 GW of RE projects remain under implementation for commissioning over the next 24 months
Financial Performance
Revenue Growth by Segment
Consolidated Operating Income for Q2 FY26 was INR 15,769 Cr, up 3.4% YoY. Segment performance: Renewables grew 88.2% to INR 3,613 Cr; Delhi Discom (TPDDL) grew 1.4% to INR 3,147 Cr; Maithon Power (MPL) grew 8.1% to INR 829 Cr; Standalone revenue declined 44.6% to INR 2,566 Cr due to Mundra plant shutdown.
Geographic Revenue Split
Not explicitly disclosed by percentage; however, major operations are concentrated in India across Odisha (PAT INR 174 Cr, +362% YoY), Delhi (Revenue INR 3,147 Cr), Mumbai (Regulated equity INR 1,736 Cr), and Mundra (Gujarat).
Profitability Margins
Consolidated PAT (before exceptional items) for Q2 FY26 was INR 1,245 Cr, a decline of 18.8% YoY from INR 1,533 Cr. H1 FY26 PAT stood at INR 2,508 Cr, down 7.8% YoY from INR 2,721 Cr. Renewables PAT margin for Q2 FY26 was 14.1% (INR 511 Cr on INR 3,613 Cr revenue).
EBITDA Margin
Consolidated EBITDA for Q2 FY26 was INR 4,032 Cr, up 5.9% YoY from INR 3,808 Cr, representing a margin of 25.6%. H1 FY26 EBITDA grew 11.2% to INR 7,961 Cr from INR 7,158 Cr.
Capital Expenditure
FY25 actual capex was INR 17,459 Cr. FY26 planned capex is INR 25,000 Cr (Management target) or INR 18,000-20,000 Cr (CRISIL estimate). H1 FY26 actual capex incurred was INR 7,300 Cr.
Credit Rating & Borrowing
CRISIL AA+/Stable for NCDs and bank facilities; CRISIL A1+ for short-term debt. Net debt as of September 30, 2025, was INR 62,080 Cr with a net leverage ratio above 4.0x.
Operational Drivers
Raw Materials
Coal (thermal generation), Solar Wafers (manufacturing), and Solar Cells/Modules (EPC business). Solar manufacturing EBITDA margins are approximately 26%.
Import Sources
Indonesia (Coal via 30% stake in PT Kaltim Prima Coal and 26% in PT Baramulti Suksessarana Tbk); Wafers are imported for the 4.3 GW solar cell and module plant.
Key Suppliers
PT Kaltim Prima Coal, PT Baramulti Suksessarana Tbk, and various global wafer suppliers for solar manufacturing.
Capacity Expansion
Current installed capacity is 15.8 GW (as of June 30, 2025). Planned RE addition of 2.6 GW in FY26 and 2.3 GW in FY27. Target to reach 70% RE mix by 2030 from current ~44%.
Raw Material Costs
Power purchase costs for Delhi Discom were INR 2,370 Cr in Q2 FY26, representing 75.3% of segment revenue. Solar manufacturing costs vary based on global wafer demand/supply and input prices.
Manufacturing Efficiency
Solar cell and module plant has stabilized production with reduced costs. AT&C losses in Odisha reduced by 1.7% YoY. Delhi AT&C losses were 5.5% in Q2 FY26.
Logistics & Distribution
Distribution business in Odisha saw PAT growth of 362% to INR 174 Cr in Q2 FY26 due to operational stabilization.
Strategic Growth
Expected Growth Rate
16%
Growth Strategy
Aggressive RE capacity addition (target 2.6 GW in FY26); INR 10,000 Cr investment in a 10 GW ingot and wafer plant; expansion of rooftop solar and EV charging; pursuing PPP opportunities in power distribution and parallel licensing.
Products & Services
Electricity (Thermal, Hydro, Solar, Wind), Transmission services, Power Distribution, Solar Cells, Solar Modules, Rooftop Solar installations, and EV Charging stations.
Brand Portfolio
Tata Power, Tata Power Solar, Pay Autention.
New Products/Services
4.3 GW Solar Cell and Module manufacturing; Firm and Dispatchable Renewable Energy (FDRE) projects with 1,317 MW and 585 MW pipelines.
Market Expansion
Expansion into parallel distribution licenses and PPP models in new circles; target to reach 70% RE generation mix by 2030.
Market Share & Ranking
India's largest integrated private power utility with 15.8 GW capacity.
Strategic Alliances
Resurgent Power Ventures Pte Ltd (Platform for Prayagraj Power); JVs in Indonesian coal mines (30% and 26% stakes).
External Factors
Industry Trends
Shift toward Firm and Dispatchable Renewable Energy (FDRE); government push for Discom privatization and parallel licensing.
Competitive Landscape
Competes with other private utilities and state-owned generation/distribution companies in RE and distribution bidding.
Macro Economic Sensitivity
Sensitive to global coal prices and solar wafer price volatility. Interest rate sensitivity on INR 62,080 Cr net debt.
Consumer Behavior
Increasing demand for rooftop solar (Rooftop business partly offset Mundra losses) and EV charging infrastructure.
Geopolitical Risks
Trade barriers on solar component imports; regulatory changes in Indonesian coal export policies.
Regulatory & Governance
Industry Regulations
Electricity Act amendment proposals regarding parallel distribution licenses; DERC/DERC regulatory asset amortization schedules.
Environmental Compliance
Targeting Net Zero by 2045; 100% green generation by 2045; water neutrality target achieved by 2023.
Taxation Policy Impact
Effective tax rate for Delhi Discom was 23.6% in Q2 FY26 (INR 97 Cr tax on INR 411 Cr PBT).
Legal Contingencies
Supreme Court order for Delhi regulatory asset liquidation over 7 years; legal order for approximately $500 million plus 5.33% interest mentioned in credit reports.
Risk Analysis
Key Uncertainties
Net leverage exceeding 4.0x due to high capex (INR 25,000 Cr plan); Mundra plant operationality; execution risks in 10 GW wafer plant.
Geographic Concentration Risk
Significant concentration in Odisha (4 Discoms) and Delhi/Mumbai distribution circles.
Third Party Dependencies
Dependence on global wafer suppliers for the solar manufacturing segment.
Technology Obsolescence Risk
Transition from thermal to RE (target 70% RE by 2030) to mitigate carbon-related regulatory risks.
Credit & Counterparty Risk
High investor complaint redressal rate (98%); Odisha Discom cash balances (encumbered) improve liquidity profile if freed.
