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Informist, Wednesday, Feb. 4, 2026

 

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--Tata Power Oct-Dec consol net profit INR 7.72 bln
--Analysts saw Tata Power Oct-Dec consol net profit at INR 9.66 bln
--Tata Power Oct-Dec consol revenue INR 139.48 bln
--Analysts saw Tata Power Oct-Dec consol revenue at INR 157.77 bln
--Tata Power Oct-Dec consol net profit INR 7.72 bln vs INR 10.31 bln yr ago
--Tata Power Oct-Dec consol revenue INR 139.48 bln vs INR 153.91 bln year ago
--Tata Power Q3 consol thermal, hydro revenue INR 20.22 bln vs INR 49.25 bln
--Tata Power Apr-Dec consol net profit INR 27.51 bln vs INR 29.28 bln yr ago
--Tata Power Q3 consol renewables revenue INR 37.85 bln vs INR 21.23 bln
--Tata Power Apr-Dec consol revenue INR 475.28 bln vs INR 483.82 bln year ago
--Tata Power Q3 consol transmission revenue INR 96.26 bln vs INR 88.51 bln
--Tata Power Oct-Dec consol EBITDA INR 39.13 bln vs INR 34.81 bln year ago

 

By Sunil Raghu and Anand JC

 

MUMBAI – Tata Power Co. Ltd. reported lower-than-expected earnings for the December quarter as operations at its 4,000 megawatt power plant at Mundra in Gujarat have remained suspended since Jul. 3. The company was forced to shut operations as it was unable to recover from customers the full fuel cost of the power generated at the plant.

 

The electricity generation and power utility company's consolidated net profit for the quarter fell over 25% on year to INR 7.72 billion, below the Street's view of INR 9.66 billion. Its consolidated revenue from operations for the quarter also fell over 9% on year to INR 139.48 billion, well below analysts' expectations of INR 158 billion. From the trailing quarter, the company's bottom line fell over 16% and revenue declined over 10%.

 

Tata Power has five supercritical units of 800 MW each at Mundra. The plant accounts for nearly a fourth of Tata Power's total electricity generation capacity of 16 gigawatts. It accounted for INR 112.9 billion of the company's consolidated turnover of INR 645.02 billion in the financial year 2024-25 (Apr-Mar).

 

The fall in thermal power generation was such that the robust performance in the company's renewables segment and a rise in its transmission and distribution segments failed to rescue the earnings. Tata Power's consolidated revenue from renewables for the December quarter was INR 37.85 billion, compared with INR 21.23 billion a year ago. Its consolidated transmission revenue for the quarter was INR 96.26 billion, up from INR 88.51 billion in the December quarter of FY25.

 

"We crossed 10 GW (gigawatts) of cumulative renewable EPC (engineering, procurement, and construction) execution, delivered record solar cell and module output with industry-leading yields, scaled Rooftop Solar, cumulative installations, beyond 4 GW," Praveer Sinha, managing director and chief executive officer, said in a press release. He added that the December quarter was marked by strong execution and all-round performance across generation, transmission, distribution, renewables, and manufacturing.

 

The company's consolidated earnings before interest, tax, depreciation, and amortisation for the quarter rose 12% on year to INR 39.13 billion. This was higher than the consolidated EBITDA estimated by the Street of INR 34 billion.

 

Tata Power's total expenses for the reporting quarter fell 5.5% on year and nearly 9% on quarter to INR 134.65 billion. The company's expenses related to power and fuel purchases fell over 33% on year to INR 53.07 billion, from INR 79.59 billion. Its raw material costs zoomed over 40% on year to INR 20.36 billion. Its other expenses for the quarter rose nearly 9% on year to INR 18.34 billion. The company's tax expense for the quarter jumped over 28% on year to INR 3.45 billion. A year ago, its tax expense was INR 2.69 billion.

 

Power demand in the final quarter of 2026 remained flat even as it grew 7% on year in December. Tata Power expects the industry to incur capital expenditure towards transmission to the tune of INR 9.2 trillion between FY25 and FY32. This includes INR 6.6 trillion towards inter-state transmission systems and the rest towards intra-state systems.

 

Tata Power's third-party solar rooftop operations had an orderbook of INR 11.74 billion as of Dec. 31. The company installed 372 megawatt-peak of solar power in the December quarter.

 

The company had a consolidated debt of INR 685.03 billion as of Dec. 31, up from INR 651.44 billion as of Sept. 30. Its net-debt-to-equity ratio as of Dec. 31 was 1.23, up from 1.21 as of Sept. 30.

 

For the nine months ended Dec. 31, Tata Power's consolidated net profit was INR 27.51 billion, compared with INR 29.28 billion a year ago. Its revenue for the period was INR 475.28 billion, down nearly 2% from INR 483.82 billion for the same period a year ago.

Tata Power announced its December quarter earnings after market hours. Wednesday, the company's shares ended nearly 2% higher at INR 371.55 on the National Stock Exchange.  End

 

Edited by Rajeev Pai

 

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