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					</table><p>Integrated power company, <a href="https://www.tatapower.com/" target="_blank" rel="noopener">Tata Power</a>, reported a profit after tax of ₹12.62 billion (~$144 million) in the first quarter (Q1) of the financial year (FY) 2026, a 6% year-over-year (YoY) increase from ₹11.89 billion (~$135.67 million).</p>
<p>The company reported revenue of ₹174.64 billion (~$1.99 billion), up by 4% from ₹168 billion (~$1.91 billion) in the same quarter last year.</p>
<p>Praveer Sinha, CEO and MD at Tata Power, said in the earnings call that the company witnessed a quarter in which power consumption declined by 1.3% after five to six years. “It was due to the early onset of the monsoon, which came in mid-May. With rains moving away from the central and western parts of India and northern India, we will have high temperatures along with humidity, which will lead to higher power demand in the latter part of August and September.”</p>
<p>The revenue growth can be attributed to a 52% YoY increase in revenue from renewables to ₹36.26 billion (~$413.74 million) from ₹23.83 billion (~$271.9 million) in the previous year.</p>
<p>The renewable business earned a profit of ₹5.31 billion (~$60.5 million), a 95% YoY increase.</p>
<p>Tata Power commissioned 94 MW of renewable energy capacity during the quarter, bringing the total operational renewable capacity to 5.6 GW.</p>
<p>Revenue from thermal and other conventional sources also fell by 7% to ₹48.44 billion (~$552.72 million) from ₹52.16 billion (~$595.17 million) last year.</p>
<p>The company said its coal-based power generation segment is underperforming due to lower coal prices in Indonesia.</p>
<p>Revenue from the rooftop solar segment doubled YoY to ₹8.23 billion (~$93.9 million) during the quarter.</p>
<p>The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) grew 17% YoY to ₹39.3 billion (~$448.43 million) from ₹33.5 billion (~$382.25 million).</p>
<p>Its earnings per share (EPS) came in at ₹3.31 (~$0.037) against an EPS of ₹3.03 (~$0.034) in Q1 FY 2025.</p>
<p>The company achieved over 200,000 rooftop solar installations and a cumulative capacity exceeding 3.4 GW. It installed over 45,500 rooftop solar systems with a total capacity of 270 MW in the quarter, contributing to a profit of ₹900 million (~$10.26 million), a 260% YoY increase.</p>
<p>In Q1, it commissioned 270 MW of solar projects, a 143% increase from 111 MW in the same period last year.</p>
<p>Tata Power said that it commissioned 652 MW of renewable energy engineering, procurement, and construction projects in Q1, nearly double the quantity that was commissioned last year.</p>
<p>Sinha said that of the 652 MW, 560 MW was for third-party projects, and 92 MW was for utility-scale projects. “The third-party projects will be completed in Q2 and Q3. Thereafter, we expect nearly 1,600 MW of our utility-scale projects to come up in the next three quarters,” added Sinha.</p>
<p>Tata Power’s manufacturing subsidiary, TP Solar, reported a profit of ₹1 billion (~$11.41 million) and a revenue of ₹16.13 billion (~$184.05 million) in Q1 FY 2026.</p>
<p>The company manufactured 949 MW of solar modules and 904 MW of solar cells during the quarter. During the same period, it sold 107 MW of modules and 54 MW of cells to third parties, with an order value of ₹13.03 billion (~$148.67 million).</p>
<p>Tata Power said that it is using a very limited portion of imported cells and is largely using its own solar modules.</p>
<p>Regarding not being listed in the Approved List of Models and Manufacturers, Sinha said that Tata Power will be listed once the plant inspection is completed.</p>
<p>The company is manufacturing Mono PERC modules mainly but will soon foray into TOPCon.</p>
<p>In Q1 FY 2026, Tata Power commissioned 652 MW of renewable projects, including 94 MW of its portfolio and 560 MW through third-party engineering, procurement, and construction contracts.</p>
<p>Its total utility-scale operational capacity now stands at 5.6 GW, comprising 4.6 GW of solar and 1 GW of wind capacity. The company plans to add 1.6 GW of capacity over the next three quarters of FY 2026.</p>
<p><strong>Business Highlights</strong></p>
<p>In Q1 FY 2026, Tata Power held a portfolio of nearly 26.03 GW of power projects under operation and construction. This portfolio included an estimated 17.2 GW of renewable energy projects and with 10.2 GW of projects under construction. Renewable project capacity included 4,085 MW of operational solar projects.</p>
<p>The company also has nearly 4.9 GW of integrated cell and module manufacturing capacity.</p>
<p>It collaborated with Tata Motors to set up a 131 MW wind-solar hybrid project for its manufacturing units across Maharashtra and Gujarat.</p>
<p>Tata Power secured a letter of award for an 88 MW round-the-clock renewable project under SJVN’s Firm and Dispatchable Renewable Energy (FDRE)-3 program.</p>
<p>It also signed a power purchase agreement for 200 MW FDRE with NTPC.</p>
<p>The company is planning to expand its electricity distribution license in Maharashtra, targeting key growth areas including parts of Thane, Navi Mumbai, Panvel, Pune, Nashik, and Chhatrapati Sambhaji Nagar.</p>
<p>In Q4 FY 2025, Tata Power <a href="https://mercomindia.com/tata-powers-hits-record-revenue-of-%E2%82%B9645-04-billion-in-fy-2025-on-higher-sales#:~:text=Tata%20Power%2C%20an%20integrated%20power,10.46%20billion%20(~%24122.3%20million)." target="_blank" rel="noopener">reported</a> a profit of ₹13.06 billion (~$152 million), a 25% YoY growth from ₹10.46 billion (~$122.3 million). Its quarterly revenue stood at ₹172.38 billion (~$2 billion), growing 7% from the same period of the previous year.</p>


Renewables Growth Drives Tata Power’s Revenue, Profit Up in Q1 FY 2026


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					</table><p>Adani Green Energy (<a href="https://www.adanigreenenergy.com/" target="_blank" rel="noopener">AGEL</a>) reported a 31% year-over-year (YoY) revenue surge, from ₹25.28 billion (~$291 million) to ₹33.13 billion (~$382 million) in the first quarter (Q1) of the financial year (FY) 2026.</p>
<p>Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at ₹31.08 billion (~$358 million), up 31% from ₹23.74 billion (~$283 million) in Q1 FY 2025. The company also reported a 25% increase in cash profit, which rose to ₹17.44 billion (~$201 million) from ₹13.90 billion (~$166 million).</p>
<p>Earnings per share came in at ₹4.26 (~$0.049) against ₹2.63 (~$0.03) in the previous quarter.</p>
<p>AGEL’s revenue, EBITDA, and cash profit growth were a result of renewable energy capacity addition of 4.9 GW in Gujarat and Rajasthan, and enhanced project performance.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/agel-1.2.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-82493 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/agel-1.2.png" alt="" width="521" height="289" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/agel-1.2.png 521w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/agel-1.2-300x166.png 300w" sizes="(max-width: 521px) 100vw, 521px" /></a></p>
<p>The company operationalized 2,463 MW of solar projects in Gujarat, 1,050 MW in Rajasthan, and 250 MW in Andhra Pradesh. It also commissioned 585 MW of wind and 534 MW of hybrid power projects in Gujarat.</p>
<p>Ashish Khanna, Chief Executive Officer at Adani Green Energy, said, “During Q1 FY 2026, we added 1.6 GW of greenfield renewable energy capacity. Our investments in the massive renewable energy development at Khavda in Gujarat, as well as other resource-rich sites, are delivering results both in terms of superior operational performance and industry-best EBITDA margins.”</p>
<p>AGEL also increased its energy sales by 42% YoY to 10,479 million units, supported by higher capacity additions. The company aims to reach a capacity of 30 GW by 2029.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/agel-1.1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-82492 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/agel-1.1.png" alt="" width="786" height="412" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/agel-1.1.png 786w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/agel-1.1-300x157.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/agel-1.1-768x403.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/agel-1.1-650x341.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/agel-1.1-624x327.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/agel-1.1-600x315.png 600w" sizes="(max-width: 786px) 100vw, 786px" /></a></p>
<p>AGEL’s solar segment maintained a capacity utilization factor (CUF) of 28% backed by 99.3% project availability. The wind portfolio achieved a CUF of 42.3% at 95.5% project availability, while the hybrid portfolio demonstrated a CUF of 43.9% aided by 98.6% project availability.</p>
<p>In March this year, AGEL <a href="https://www.mercomindia.com/agel-refinances-1-06-billion-loan-for-wind-solar-projects-in-rajasthan" target="_blank" rel="noopener">completed</a> a long-term refinancing of $1.06 billion (~₹92.56 billion) for developing wind-solar projects in Rajasthan. The maiden construction facility features a 19-year tenor, with a fully amortized debt structure aligned with the cash flow lifecycle.</p>
<p>AGEL <a href="https://www.mercomindia.com/adani-green-q4-revenue-up-37-yoy" target="_blank" rel="noopener">reported</a> a revenue of ₹26.66 billion (~$312.88 million) from power supply in Q4 FY 2025, a 37% YoY increase from ₹19.41 billion (~$227.79 million).</p>


Capacity Additions Push Adani Green’s Revenues Up 31% in Q1 2026


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					</table><p>Government-owned lender Indian Renewable Energy Development Agency (<a href="https://www.ireda.in/home" target="_blank" rel="noopener">IREDA</a>) has reported a consolidated revenue of ₹19.48 billion (~$226 million) for the first quarter (Q1) of the financial year (FY) 2026, a 29% year-over-year (YoY) increase from ₹15.1 billion (~$176 million).</p>
<p>This revenue growth can be attributed to the 26% expansion of IREDA’s loan book.</p>
<p>IREDA’s profit after tax was ₹2.47 billion (~$29 million), decreasing 35% from ₹3.84 billion (~$44 million) in the same period of the previous year. This decline was attributed to an increase in the company’s non-performing assets (NPAs) to 4.13% from 2.45%.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/ireda-1.1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-82237 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/ireda-1.1.png" alt="" width="641" height="339" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/ireda-1.1.png 641w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/ireda-1.1-300x159.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/ireda-1.1-624x330.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/ireda-1.1-600x317.png 600w" sizes="(max-width: 641px) 100vw, 641px" /></a></p>
<p>Its loan outstanding increased by 27% from ₹632.07 billion (~$7.3 billion) to ₹799.41 billion (~$9.3 billion). Solar had the highest share, at 24% of the total loan outstanding, followed by wind at 13%, hybrid wind and solar at 3%, and hydro power at 11%.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-82238 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/iread-1.2.png" alt="" width="450" height="478" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/iread-1.2.png 450w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/iread-1.2-282x300.png 282w" sizes="(max-width: 450px) 100vw, 450px" /></p>
<p>IREDA’s loan approvals grew by 29% YoY to ₹117.4 billion (~$1.3 billion), and loans disbursed saw a 31% YoY increase to ₹69.81 billion (~$1.3 billion). The company’s earnings per share came in at ₹0.91 (~$0.011), compared to ₹1.43 (~$0.017) in the same period the previous year.</p>
<p>Last quarter, IREDA <a href="https://www.mercomindia.com/iredas-q4-fy-2025-profits-up-49-as-non-performing-assets-drop" target="_blank" rel="noopener">reported</a> a 49% YoY increase in profit after tax for the fourth quarter of the FY 2025 to ₹5.02 billion (~$56.6 million) from ₹3.37 billion (~$39.3 million). IREDA attributed the increase to a decline in NPAs.</p>
<p>In April, the company <a href="https://www.mercomindia.com/iredas-fy-2025-loan-approvals-grow-27-yoy" target="_blank" rel="noopener">announced</a> a 27% rise in loan approvals to ₹474.53 billion (~$5.5 billion) in FY 2025 compared to ₹373.54 billion (~$4.3 billion) for FY 2024. Its loan disbursements rose to ₹301.68 billion (~$3.5 billion) from ₹250.89 billion (~$2.9 billion) in FY 2024.</p>
<p>In March, IREDA <a href="https://www.mercomindia.com/ireda-raises-%E2%82%B99-1-billion-through-privately-placed-tier-ii-bonds" target="_blank" rel="noopener">raised</a> ₹9.1 billion (~$106.16 million) by issuing privately placed subordinated Tier II bonds. IREDA aims to use these funds to enhance its Tier II capital to increase its net worth and capital risk-weighted assets ratio.</p>


IREDA’s Q1 FY 2026 Profits Fall 35% as Non-Performing Assets Expand

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