Tata Power posts strong Q2 FY26 earnings, PAT up 14%

Tata Power announced a strong performance for the quarter and half year ended September 30, 2025, with a 14% year-on-year growth in PAT. Odisha Discoms saw a PAT of Rs.174 crores for the quarter, a 362% increase, and a half-yearly PAT of Rs.279 crores. The solar cell and module manufacturing plant reported a PAT of Rs.240 crores, up 262% from the previous year, with H1 PAT reaching Rs.340 crores. Rooftop solar PAT surged by 390% to Rs.123 crores for the quarter, and Rs.213 crores for H1, with rooftop sales crossing Rs.1,000 crores in a quarter for the first time.

The company's EBITDA exceeded Rs.4,000 crores for the first time, demonstrating robust performance even with losses from the Mundra plant being temporarily shut down. Tata Power plans significant capacity additions in renewable projects, targeting 700 megawatts in Q3 and 600 megawatts in Q4, aiming to cross nearly 7 gigawatts of operating renewable assets by year-end.

Investment plans include the 1,125-megawatt Dorjilung project with a 40% stake, following the 600 Khorlochhu project, bringing total equity investment from Tata Power to approximately Rs.2,400 crores for both. The company is also evaluating a 10-gigawatt plant for ingot and wafer manufacturing. Capital expenditure for the year is projected at Rs.25,000 crores, with Rs.7,300 crores already incurred in the first half. Net debt-to-underlying EBITDA stands at 3.3, and net debt-to-equity at 1.2, maintaining a strong balance sheet.