Tata Power posts record PAT above Rs 5,000 crore in FY26, eyes 25,000 crore capex in FY27
A record year across all segments, but renewable execution and transmission delays remain the key watchpoints.
What management said
- Full-year PAT crossed 5,000 crore for the first time, driven by strong performance across all businesses.
- Mundra SPPA signed with Gujarat; other states expected to follow in 4–6 weeks.
- Capex of 25,000 crore guided for FY27, with similar run rate expected in FY28.
- Solar manufacturing PAT doubled to 857 crore; rooftop solar installations doubled.
- Management re-examining stance on new coal capacity due to attractive state tenders.
The brief
Tata Power reported record full-year PAT above 5,000 crore, driven by strong performance across generation, transmission, distribution, and renewables. Q4 PAT rose 8% to 1,416 crore and EBITDA grew 10% to 4,216 crore. The Mundra plant, shut for nine months, resumed operations with Gujarat's SPPA signed; remaining states expected in 4–6 weeks. Solar manufacturing PAT doubled to 857 crore and rooftop solar installations doubled. Delhi distribution PAT reached 809 crore, up from 439 crore. FY26 capex of 13,000 crore fell short of the 25,000 crore guide due to transmission delays, but management reiterated 25,000 crore capex for FY27 with a similar run rate. Coal prices are expected to remain flat, with any Indonesian export taxes being a pass-through. Management is re-examining its no-new-coal stance. Verdict: A record year across segments, but execution on renewable pipeline and transmission hurdles remain key to sustaining momentum.
In their words
“We have for the first time have reported a full year pattern of nearly more than 5,000 crores.”— Praveer Sinha — Chief Executive Officer and Managing Director
“Coal cost is a pass through. So whatever is the cost of coal will be paid for.”— Praveer Sinha — CEO and MD
“We do expect that going forward we will not do pure solar or pure wind, but it will be hybrid with storage.”— Praveer Sinha — CEO and MD
“Our target is that in next year we will achieve 20% market share in rooftop solar.”— Praveer Sinha — CEO and MD
Summarised from the Tata Power Company Limited Q4 2026 earnings-call transcript. View transcript.