Tata Power reports strong Q4 FY26 & annual FY26 PAT growth

• Q4 FY26 Revenue stood at Rs 15,962 crore; EBITDA grows to Rs 4,216 crore, up 10% YoY
• FY26 Revenue stood at Rs 63,681 crore; EBITDA grows to Rs 16,090 crore, up 11% YoY
• Core Business delivers strong performance backed by improved operational efficiency with Revenue growth of 13%, EBITDA growth of 27% & PAT* growth of 34% YoY in FY26
• Renewables business PAT* stood at Rs 406 crore in Q4 FY26: FY26 PAT* rises to Rs 1,994 crore, up 59% YoY
• Solar Cell and Module Manufacturing PAT grow to Rs 265 crore up 40% in Q4FY26; FY26 PAT rises to Rs 857 crore, up 103% YoY, driven by Industry Leading Yield of more than 95%
• Rooftop Solar PAT grows to Rs 186 crore up 94% YoY in Q4 FY26: FY26 PAT rises to Rs 499 crore, up 150% YoY
• T&D business PAT stood at Rs 949 crore in Q4 FY26, up 54% YoY: FY26 PAT rises to Rs 2,978 crore, up 49% YoY
• Odisha DISCOMs PAT grows to Rs 304 crore in Q4 FY26, up 11% YoY: FY26 PAT rises to Rs 809 crore, up 84% YoY
• Strong Renewable Execution Continues: Tata Power Renewable Energy Ltd (TPREL) crosses 10 GW of cumulative Solar EPC execution; Commissions    2.5 GW of renewable capacity in FY26, comprising 968 MW of in-house projects and 1,484 MW of 3rd party projects. Company’s Renewable portfolio now stands at 11.6 GW, including under construction capacity of 5.1 GW 
• Solar Manufacturing: TP Solar achieves Revenue of Rs  6,968 crore and a PAT of     Rs  857 crore in FY26 with production of 3,825 MW of modules and 3,759 MW of cells. TPREL Board approves investment of ~ Rs  6,500 crore in a photovoltaic ingot and wafer manufacturing facility of 10 GW (in two phases of 5 GW each) to support India’s self-reliance in solar manufacturing
• Solar Rooftop: Tata Power Solaroof crosses over 3.7 lakh installations with cumulative installed capacity beyond 4.8 GWp. In FY26 rooftop installations stand at 1.7 GWp; Ranks No.1 rooftop solar Company for 11 consecutive years.
• Odisha Discoms Shine Bright: Odisha Distribution continued its strong growth trajectory during FY26, Reports Revenue of Rs 19,980 crore reflecting steady YoY growth driven by sustained operational improvements, higher collection efficiency and rising consumer demand.
• Mundra Resolution: Mundra SPPA successfully signed with GUVNL; engagement with other procurers progressing toward finalisation. The Ministry of Power has issued fresh directions under Section 11 permitting plant operations from 1st April 2026 to 30th June, 2026.
• Tata Power and DGPC’s clean energy collaboration crosses 5,000 MW mark with the identification and addition of 404 MW Nyera Amari I & II Integrated Hydropower Project. 
• Royal Government of Bhutan and the World Bank Group signed financing agreement totalling $515 million for the 1,125 MW Dorjilung Hydroelectric Power Project. Tata Power owns 40% equity stake in the project with remaining 60% owned by DGPC (Druk Green Power Corporation Limited) 
• First disbursement of Rs 500 crore completed from PFC for the 600 MW Khorlochhu Hydro Power Project 
• Signed an MoU with DGPC for building a comprehensive skill development ecosystem in Bhutan 

Mumbai, May 12, 2026: Tata Power, one of India's largest vertically integrated power companies, today announced a Reported Profit After Tax (PAT) of Rs 1,416 crore, up 8% YoY for the 4th quarter ended March 31, 2026. The Company's revenue stood at Rs 15,962 crore; while EBITDA grew to Rs 4,216 crore, up 10% YoY on back of strategic expansion, operational excellence and disciplined execution.

The quarter reflects the Company’s commitment to strengthening clean energy capabilities, enhancing efficiency across operations and deepening regional partnerships that support long-term energy security and sustainability.

One of the key highlights of the Quarter was the Company’s continued commitment towards building a better tomorrow. During the quarter the Company has made progress on Hydro Power Projects in Bhutan, completed two major Transmission projects under TBCB to facilitate power evacuation and achieved steady progress in the construction of its Pumped Hydro Project aimed at enabling reliable round-the-clock clean energy availability.

For FY26, the Reported PAT grew 7% to an all-time high of Rs 5,118 crore; revenue reached Rs 63,681 crore, while EBITDA rose to Rs 16,090 crore, up 11%.

Q4 FY26 performance was driven by strong execution across the Company's diversified portfolio, accelerated module and cell ramp-up at Tirunelveli in Tamil Nadu, achievement of the milestone of over 3.7 lakh rooftop solar installations, large-scale renewable capacity commissioning, and continued operational improvements in Odisha DISCOMs.

In Q4 FY26, the Core Business recorded impressive 13% YoY growth in PAT, driven primarily by the continued performance of Generations, Transmission & Distribution and Renewables verticals.

In FY26, Tata Power supplied 49.52 billion units of electricity to the grid, and its Discoms supplied approximately 47.92 billion units to consumers.

Consolidated financial performance (in Rs crore)

Dr. Praveer Sinha, CEO and Managing Director, Tata Power, said: “This quarter and year reflect our sustained focus on creating long-term value through disciplined growth, operational excellence and strategic partnerships. The addition of new clean energy assets, steady progress in TBCB projects, continued improvement in Distribution businesses in Odisha, Delhi & Mumbai and strengthening of cross-border regional energy collaboration, underscore our commitment to building a more resilient energy future.

As electricity demand continues to rise and peak requirements are projected to reach 270 GW this year, energy security and reliability remain critical priorities. Our focus on rooftop solar solutions, manufacturing-linked self-reliance and deeper backward integration will play a key role in enabling dependable and future-ready energy systems, driving Tata Power’s growth.

Aligned with India’s clean energy ambitions, we continue to strengthen our capabilities across generation, transmission, distribution and customer-centric solutions thereby building a greener and smarter tomorrow.”

Business Highlights -

Renewables Business - Accelerating Clean Energy Momentum:

• During FY26, the Renewable Cluster delivered a strong performance, recording significant growth in profitability. In FY26, EBITDA and PAT increased by 44% and 59% respectively to Rs 6,228 crore and Rs 1,994 crore, reflecting robust operational execution and favorable business momentum.
• This performance was primarily driven by the continued scaling up of the solar manufacturing operations delivering industry leading yield of more than 95%, strong traction in the rooftop solar business, and steady renewable energy capacity additions.

Generation Business - Strengthened by Operational Excellence:

• Maithon Power Limited delivered revenue of Rs3,095 crore and PAT of Rs404 crore in FY26, supported by the capitalisation of the Flue Gas Desulphurisation (FGD) project.
• Mundra Plant resumes operations under Section 11 from 1st April 2026.
• Bhivpuri PSP 1,000 MW: All major electro-mechanical (EM) and hydro-mechanical (HM) packages for the Bhivpuri Pumped Storage Project (1,000 MW) have been awarded, with construction progressing steadily. The project has also secured key approvals, including Environmental Clearance, Forest Clearance (Stage I & II), blasting permission, and diversion orders
• Khorluchhu Hydro Power Plant, Bhutan, received first disbursement of Rs500 crore from PFC

Powering India’s Grid Transformation and Distribution:

• Transmission Portfolio now stands at 7,403 Ckm inclusive of operational lines of 5,562 CKm and 1,841 Ckm of under-construction projects
• Completed two major TBCB transmission projects (NRSS XXXVI Transmission Ltd & South East U.P. Power Transmission Company Ltd) with cumulative transmission lines of 1,823 Ckm
• Completion of SEUPPTCL, marks a major milestone for Uttar Pradesh’s transmission infrastructure. The company successfully completed all Extra High Voltage (EHV) transmission lines under SEUPPTCL (732 Ckm). The expanded network now includes three 765 kV lines spanning 951 circuit kilometers, fourteen 400 kV lines covering 566 circuit Kms and three 765/400 kV substations with an aggregate transmission capacity of 3,460 MVA.
• Tata Power through its subsidiary Tata Power Trading Company Limited and Keppel, through a consortium partnership, collaborate with Tata Realty & Infrastructure to deploy Large-Scale Cooling-as-a-Service Solution at Intellion Park, Chennai
• Odisha DISCOMs AT&C reduced by 2% as compared to last year

Reinforces Leadership in EV Charging Infrastructure:

• During FY26, the Company’s EV Charging business further strengthened its leadership position, surpassing the milestone of over 2 lakh home EV charger installations, while the EZ Charge mobile application crossed 5 lakh registered users, reflecting rising consumer adoption of its integrated EV ecosystem
• The nationwide charging network grew to over 7,000 public and semi-public charging points, including more than 1,200 bus charging points. The Company also accelerated deployment of fast-charging infrastructure across key mobility corridors and urban centres, extending its footprint to 706 cities and towns nationwide.