Tata Power Q2 Results: Attributable Profit Jumps 49% to ₹1,366 Crore

Tata Power Q2 results showed consolidated net profit attributable to shareholders rising about 49% year-on-year to ₹1,366 crore for July–September 2026, according to the company’s exchange filing on Wednesday, November 11.

Revenue from operations grew 26% to ₹19,636 crore, compared with ₹15,545 crore a year earlier. The board also cleared an ₹11,871 crore investment in a 1,800 MW pumped storage project at Shirwata in Maharashtra.

Tata Power Q2 Results: Key Numbers

Net profit attributable to shareholders stood at ₹1,366.11 crore in the second quarter of FY27, against ₹919.44 crore in the same quarter of FY26. Reported consolidated profit after tax, which also includes the share of non-controlling (minority) interests, rose 33% to ₹1,652 crore from ₹1,245 crore. The company highlighted the ₹1,652 crore figure as its highest-ever quarterly PAT.

According to an Upstox analysis of the filing, EBITDA rose 11% to ₹3,668 crore from ₹3,302 crore, and the EBITDA margin narrowed to 18.68% from 21.24% as revenue grew faster than operating profit. The company’s own results presentation, prepared on a different basis, puts EBITDA at ₹4,245 crore, up 5%.

For the first half of FY27, net profit attributable to shareholders rose 28% to ₹2,542 crore from ₹1,979 crore. Half-yearly revenue from operations climbed 15% to ₹38,687 crore.

The conventional business was a large contributor. According to the company’s results presentation, revenue from the generation and coal cluster jumped 152% to ₹5,883 crore, while its EBITDA rose 62% to ₹790 crore. The Mundra plant operated under Section 11 directions during the quarter, compared with a temporary suspension a year earlier.

Renewables, Rooftop Solar and Manufacturing

Tata Power commissioned 419 MW of utility-scale renewable projects in the quarter, up from 182 MW a year earlier, taking its operational utility-scale capacity to about 7.2 GW. Across all types of generation, it added 539 MW in Q2 and 765 MW in the first half.

The rooftop solar business added 426 MWp in the quarter, up 15% year-on-year, and its cumulative installations have crossed 5.6 GWp. Its solar factories produced about 0.9 GW of cells and 1 GW of modules, and the company cited a module yield of 97%.

In Odisha, where Tata Power runs electricity distribution, aggregate technical and commercial losses averaged about 21% and continued to improve, according to the presentation.

“We have reported our highest-ever quarterly PAT of INR 1,652 crore, which is an increase of 33% year on year,” CEO and Managing Director Praveer Sinha said on the earnings call.

Capital spending reached about ₹10,000 crore in the first half, of which nearly ₹6,000 crore went into renewables. The company is targeting capex of about ₹25,000 crore for the full year.

The Shirwata Pumped Storage Project

The Shirwata project is expected to be completed within 51 months. In a separate filing, Tata Power said it would fund the plant with 75% debt and 25% equity.

Pumped storage plants move water between two reservoirs, storing surplus solar and wind power and releasing it when demand peaks. Projects of this kind are designed to support round-the-clock renewable supply.

On the earnings call, management said the company’s Bhivpuri pumped storage project should begin operating in the first half of calendar 2029, and that Shirwata is expected to be commissioned in calendar 2031.

Why It Matters for Investors and Business Leaders

The Tata Power Q2 results show an earnings mix moving towards clean energy, while thermal assets still carry a large share of the load. Corporate buyers seeking round-the-clock green power for factories and data centres will watch how quickly storage projects such as Shirwata come online.

There were weak spots too. Renewable curtailment rose to 11% in Q2 from 8.8% in Q1, mainly because of transmission constraints in Gujarat and Rajasthan. Management acknowledged that it had missed its capacity-addition targets in the first two quarters.

Even so, the company kept its FY27 goal of adding 2.5 GW of renewable capacity. It expects the second half to be stronger as newly commissioned plants ramp up and grid connectivity improves.

The numbers follow a strong earnings season for power and industrial majors, including NTPC’s September-quarter profit growth and Tata Steel’s Q2 results.

Also Read: Adani Green Q2 Results: Profit Up 16% to ₹747 Crore on Khavda Growth

What Happens Next

Tata Power shares closed flat at ₹360 on the National Stock Exchange on Wednesday, as the results came after market hours. In Thursday’s session, the stock swung between ₹355.80 and ₹367.40 and was trading slightly lower, at around ₹357, in the afternoon.

Over the coming quarters, investors will track whether curtailment eases as transmission lines are completed, how fast the renewable pipeline turns into operating capacity, and how the company funds its growing capital expenditure. The company’s quarterly renewables update is available in its official media release.