Tata Power FY26: Profits Hold Up, Capex Ramps Again

Consolidated operating income was 63,681 crore, reported EBITDA was 16,090 crore, and reported PAT after exceptional items was 5,118 crore.

Management guided FY27 capex of about 25,000 crore on the 12 May 2026 earnings call.

Management discussed a ballpark of about 2.5 GW of solar and wind project implementation in FY27, with solar around 1.5 to 1.8 GW, largely in hybrid and FDRE formats.

Odisha DISCOMs cluster PAT increased to 809 crore in FY26 from 439 crore in FY25, and AT and C losses for Odisha were shown at 15.5% in Q4 FY26 operational highlights.

TP Solar reported FY26 operating income of 6,968 crore, EBITDA of 1,744 crore, and PAT of 857 crore; Q4 FY26 production was 964 MW cells and 915 MW modules with yield above 95%.

The presentation states a supplementary PPA with Gujarat was signed in March 2026 and the plant resumed operation from 1 April 2026; management said all five units are operating under Section 11 with billing as per SPPA understanding.