Tata Power reported revenue of ₹188.98 billion (~$2 billion) in the first quarter (Q1) of the financial year (FY) 2027, an 8.2% year-over-year (YoY) increase from ₹174.64 billion (~$1.82 billion).

Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 8.1% YoY to ₹42.49 billion (~$443.46 million) from ₹39.3 billion (~$410.17 million).

Profit after tax (PAT) increased 11% YoY to ₹14.01 billion (~$146.22 million) from ₹12.62 billion (~$131.71 million).

Earnings per share stood at ₹3.70 (~$0.039).

Tata Power attributed its Q1 FY 2027 performance to the growth in its transmission business, its existing operations, and contributions from new businesses.

In Q4 FY 2026, the company reported revenue of ₹159.62 billion (~$1.67 billion), down 7.9% YoY from ₹173.28 billion (~$2 billion).

Business Updates

Tata Power’s renewable business posted a 22% rise in revenue, 23% in EBITDA, and 37% in profit after tax, supported by a more diversified portfolio. The transmission business grew by 45% CAGR over four years.

The company commissioned 226 MW of utility-scale renewable energy capacity during Q1, taking its operational renewable energy portfolio to 6.7 GW. The company plans to add 2.5 GW during the current financial year.

Its solar manufacturing arm produced a record 1,001 MW of modules and 862 MW of cells. External customers purchased more than 63% of the modules and over 50% of the cells.

Praveer Sinha, CEO and Managing Director, said he expects the company’s solar manufacturing margins to remain comparatively strong. The company is focusing on improving cell efficiency and lowering production costs, although manufacturing changes can temporarily affect yields.

Sinha said the government has not rolled back the Approved List of Models and Manufacturers List II requirement for solar cells, which continues to apply to rooftop and utility-scale projects. The exemption applies only to a limited set of open access and behind-the-meter projects.

He added that Tata Power’s planned investments in ingot and wafer manufacturing remain unchanged.

The company’s rooftop solar business installed 371 MWp during the quarter, up 37% YoY, and secured 387 MW of new orders. Its third-party rooftop order book stood at ₹6.39 billion (~$67 million).

Sinha said India has installed rooftop solar systems for only about four million of its 250 million electricity consumers, indicating significant growth potential. He added that systems ranging from 1 kW to 20 kW can help consumers generate their own electricity, while battery integration can improve energy self-sufficiency. Lower costs have also strengthened the economic and environmental case for rooftop solar.

The company expects distributed solar to alter the traditional electricity business model. He said customers may increasingly generate their own electricity, while distribution networks, digital systems, devices, and technologies will remain necessary to manage multiple sources and uses of power.

The company launched MySine, an integrated rooftop solar and battery storage solution. It also signed a land agreement in Odisha to develop a solar ingot and wafer manufacturing facility, the construction of which has been targeted for October this year.

Tata Power received a letter of intent for the 491 circuit kilometer (ckm) Ryapte transmission project. Its transmission portfolio under construction totals 2,332 ckm.

The Odisha distribution businesses reported EBITDA of ₹6.51 billion (~$68 million) and profit after tax of ₹1.11 billion (~$11.58 million). Their combined aggregate technical and commercial losses stood at 26.7%.

The company’s electric vehicle charging network expanded to 5,970 public charging points, 246,065 home chargers, and 1,258 bus charging points across 717 cities and towns.

Tata Power also signed agreements for hydropower projects in Bhutan and secured 324 MW from the 1,000 MW Bhivpuri pumped storage project.

Sinha expects the company to contract pumped storage capacity through a mix of annuity-based competitive bids, direct agreements with distribution companies or central agencies, and bilateral arrangements with large industrial consumers in sectors such as steel, cement, and aluminum.

Sanjeev Churiwala, Chief Financial Officer, said recent renewable energy curtailments caused by inadequate transmission capacity should ease as new evacuation lines are commissioned.

Sinha said Tata Power was evaluating solar export opportunities in countries such as Italy in Europe which was looking to diversify its supply chain outside of China.

Outlook

The company is on track to add 2.5 GW of renewable energy capacity in FY 2027, with 87% of its project pipeline tied to long-term power purchase agreements.

By FY 2030, Tata Power aims to expand its clean energy capacity to more than 20 GW and its transmission network to more than 10,000 ckm. It also targets approximately 40 million distribution customers, compared with 13.1 million in FY 2026.

The company expects revenue to increase from ₹636.81 billion in FY 2026 to ₹1 trillion (~$10.43 billion) by FY 2030. It targets EBITDA of ₹300 billion (~$3.13 billion) and profit after tax of ₹100 billion (~$1.04 billion), nearly double the FY 2026 levels.

Tata Power also plans to serve three million rooftop solar households and generate approximately ₹300 billion (~$3.13 billion) in total rooftop revenue by 2030, supported by increased adoption of integrated solar and battery storage systems.

Tata Power plans to invest ₹250 billion (~$2.61 billion) this financial year, with nearly half allocated to renewables.

In June, Tata Power emerged as the successful bidder in REC Power Development and Consultancy’s auction to develop an intrastate transmission project to evacuate power from a 2,000 MW solar park at Ryapte village in Karnataka’s Tumkur district.