THEBUSINESSBYTES
BUREAU
MUMBAI,
FEBRUARY 4, 2026
Tata Power, one of India's largest
vertically integrated power companies, has delivered a strong and resilient
financial and operational performance for the third quarter (Q3) of FY26,
underpinned by its diversified and value chain-integrated business model,
significant renewable energy expansion and robust performance across its
distribution and transmission verticals. The company reported a consolidated
Profit After Tax (PAT) of ₹1,194
crore for Q3 FY26, while revenue stood at ₹14,485 crore and EBITDA reached
₹3,913 crore during the quarter, reflecting steady earnings momentum despite
challenging market conditions.
For the nine-month period of FY26,
Tata Power reported a PAT of ₹3,702
crore, marking a 7 per cent year-on-year growth. EBITDA for the period surged
12 per cent to ₹11,874 crore, while revenue rose marginally by 1 per cent to ₹47,719 crore. The company’s core business delivered an
impressive two-fold growth in PAT on a year-on-year basis, reinforcing the
strength of its balanced portfolio across conventional generation, renewables, new energy
solutions and power distribution.
The renewable energy business emerged
as a major growth engine for the company, with PAT surging 156 per cent
year-on-year to ₹547 crore in Q3 FY26. The segment
also recorded a 66 per cent increase in EBITDA to ₹1,637 crore and a 78 per cent rise in revenue to ₹3,785
crore. For the nine-month period, renewable energy PAT jumped 102 per cent to
₹1,588 crore. Tata Power also achieved a major milestone by crossing 10 GW in
cumulative Engineering, Procurement and Construction (EPC) renewable projects,
further consolidating its leadership in India’s clean energy infrastructure.
During the quarter, the company executed renewable projects of nearly 1.3 GW,
taking its total installed capacity to 16.3 GW.
The company’s solar manufacturing
vertical registered exceptional growth, with PAT from solar cell and module
manufacturing rising 124 per cent year-on-year to ₹251 crore in Q3 FY26 and climbing 154 per cent to ₹592
crore during the nine-month period. Manufacturing output during the
quarter stood at 962 MW of solar cells and 990 MW of modules, supported by
expanded production capacity and high utilisation levels. The rooftop solar
segment also delivered remarkable performance, with Q3 PAT rising 85 per cent
to ₹111 crore, while
nine-month PAT surged 195 per cent to ₹324
crore. Tata Power Solar added 1 GWp of rooftop capacity and 1.7 lakh new
customers during the nine months, with 58,476 installations completed in Q3
alone, taking the company’s total rooftop solar customer base beyond
three lakh and installed capacity past 4 GW.
Tata Power’s distribution business
delivered stellar financial gains, with Q3 PAT rising 167 per cent year-on-year
to ₹746 crore and nine-month PAT growing
46 per cent to ₹1,613 crore.
Odisha
Discoms
continued to demonstrate strong operational efficiency and financial
improvement, reporting Q3 PAT of ₹226
crore, up 163 per cent year-on-year, while nine-month PAT soared 208 per cent
to ₹505 crore. The transmission business also maintained growth momentum with Q3
PAT rising 80 per cent to ₹166
crore and nine-month PAT increasing 49 per cent to ₹417 crore.
Strengthening its commitment to
round-the-clock renewable power supply, the company continued progress on the
1,000 MW Bhivpuri Pumped Storage Project in Maharashtra, which is expected to
enhance grid stability and enable dispatchable green power. Further expanding
its clean energy portfolio and regional cooperation, Tata Power secured World
Bank-approved long-term financing of $500 million for the 1,125 MW Dorjilung
Hydro Power Project in Bhutan, with the remaining financing expected to be
syndicated from the market as part of a broader 5 GW clean energy partnership
with Bhutan.
Commenting on the performance, Dr.
Praveer Sinha, CEO and Managing Director, Tata Power, said, “Q3 FY26 marked
strong execution and all-round performance across Generation, Transmission,
Distribution, Renewables, and Manufacturing. We crossed 10 GW of cumulative
renewable EPC execution, delivered record solar cell and module output with
industry-leading yields and scaled rooftop solar installations beyond 4 GWp. We
now serve over 13 million distribution customers nationwide, the largest base
among private utilities. Our Odisha Discoms delivered strong financial and
operational performance, while the World Bank’s financing for Bhutan’s largest
PPP hydropower project further strengthens our clean energy portfolio. As India
enters a decisive phase of power sector expansion driven by manufacturing,
urbanisation and AI-led digital infrastructure, Tata Power remains focused on
responsibly scaling clean energy capacity, strengthening system resilience and
delivering long-term, reliable growth.”
