Tata Power reported a revenue from operations of ₹196.36 billion (~$2.10 billion) in the second quarter (Q2) of the financial year (FY) 2027, an increase of 26.3% year-over-year (YoY) from ₹155.45 billion (~$1.66 billion).

The company’s renewable energy segment recorded a revenue of ₹37.45 billion (~$400.28 million), up 3.7% YoY from ₹36.13 billion (~$386.17 million). The transmission and distribution segment reported revenue of ₹119.37 billion (~$1.28 billion), up 9.2% from ₹109.36 billion (~$1.17 billion).

The company attributed the increase in manufacturing revenue to higher sales of modules and cells under the Approved List of Models and Manufacturers (ALMM) framework and better price realizations, even as overall module sales declined. Approximately 40% of manufactured modules and 55% of cells were sold to external customers.

The company’s net profit rose 32.7% YoY to ₹16.52 billion (~$176.57 million) from ₹12.45 billion (~$133.07 million).

Consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 5.3% YoY to ₹42.45 billion (~$453.72 million) from ₹40.32 billion (~$430.95 million).

Diluted earnings per share (EPS) increased to ₹4.27 (~$0.046) from ₹2.88 (~$0.031) in the corresponding quarter last year.

H1 FY 2027

For the first half (H1) of FY 2027, Tata Power reported a revenue from operations of ₹386.87 billion (~$4.14 billion), an increase of 15.2% YoY from ₹335.80 billion (~$3.59 billion).

The renewable energy segment generated revenue of ₹75.17 billion (~$803.44 million), up 3.8% from ₹72.39 billion (~$773.73 million). The company’s transmission and distribution revenue increased 11.3% to ₹233.78 billion (~$2.50 billion) from ₹210.14 billion (~$2.25 billion).

Net profit increased 21.7% to ₹30.53 billion (~$326.31 million) from ₹25.08 billion (~$268.06 million).

Diluted EPS rose to ₹7.94 (~$0.085) from ₹6.19 (~$0.066).

Operational Highlights

During Q2 FY 2027, Tata Power added 539 MW of generation capacity, taking additions during the first half to 765 MW.

The company commissioned 419 MW of utility-scale renewable energy projects during the quarter, taking its renewable generation capacity to approximately 7.2 GW.

Its renewable generation portfolio comprised 5,825 MW of solar and 1,329 MW of wind capacity, compared to 4,715 MW and 1,030 MW, respectively, a year earlier.

Electricity sales from renewable generation increased 33% YoY to 3,329 million units (MU) from 2,494 MU. The average solar plant load factor improved to 19.2% from 18%, while the wind plant load factor increased to 37.7% from 30.4%.

However, the company said renewable generation was affected by load curtailment and transmission constraints, particularly in Gujarat and Rajasthan.

Tata Power’s solar manufacturing business produced 1 GW of modules during the quarter, compared to 970 MW a year earlier. Module sales declined 19% to 829 MW from 1,026 MW.

Solar cell production stood at 906 MW, compared to 928 MW in the corresponding quarter last year.

The company reported a module production yield of 97% and a cell production yield of 87% during the quarter.

The rooftop business recorded 426 MWp of installations during the quarter, up 15% YoY. Its channel partner network expanded to 736, with 39 net additions during the period.

In transmission, Tata Power commissioned the Jalpura-Khurja corridor, comprising 164 circuit kilometers of transmission lines and a 1,000 MVA substation.

The company reported aggregate technical and commercial losses of 21% across its Odisha distribution companies.

Its electric vehicle charging network had cumulatively installed more than 7,400 public and bus charging points by the end of Q2 FY 2027.

Outlook

Tata Power’s investor presentation indicated that the company had approximately 27.1 GW of generation capacity, including operational and under-construction projects. Its clean and green energy portfolio, including projects under construction, stood at approximately 18.3 GW.

The company had 588 MW of solar and 1,369 MW of hybrid renewable energy projects under construction.

Tata Power also reported 2.8 GW of pumped hydro storage projects under construction, reflecting its expansion into energy storage.

Its transmission portfolio comprised 5,724 circuit kilometers of operational lines and another 2,170 circuit kilometers under construction.

The company had approximately 4.9 GW of integrated solar cell and module manufacturing capacity and a cumulative installed rooftop solar portfolio of approximately 5.1 GWp.

Tata Power reported revenue of ₹188.98 billion (~$2 billion) in the previous quarter, an 8.2% YoY increase from ₹174.64 billion (~$1.82 billion).