Integrated power company Tata Power reported a revenue of ₹159.62 billion (~$1.67 billion) in the fourth quarter (Q4) of the financial year (FY) 2026, a 7.9% year-over-year (YoY) decrease from ₹173.28 billion (~$2 billion).

Solar engineering, procurement, and construction (EPC) revenue fell to ₹22.08 billion (~$231 million) during the quarter from ₹31.1 billion (~$325.18 million) last year, mainly due to a decline in income from large and group captive projects, which fell to ₹4.8 billion (~$50.2 million) from ₹22.46 billion (~$234.84 million).

Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at ₹42.16 billion (~$441 million), up 10.1% YoY from ₹38.29 billion (~$400.35 million).

Profit after tax (PAT), after exceptional items, came in at ₹14.16 billion (~$148.05 million), up 8.4% YoY from ₹13.06 billion (~$136.55 million).

Tata Power attributed its performance to higher contributions from Odisha distribution companies (DISCOMs) and its rooftop solar and solar manufacturing businesses.

Praveer Sinha, CEO and Managing Director at Tata Power, said, “This quarter and year reflect our sustained focus on creating long-term value through disciplined growth, operational excellence, and strategic partnerships. The addition of new clean energy assets, steady progress in TBCB projects, continued improvement in distribution businesses in Odisha, Delhi, and Mumbai, and strengthening of cross-border regional energy collaboration, underscore our commitment to building a more resilient energy future.”

Tata Power posted a profit of ₹11.94 billion (~$132.01 million) in Q3 FY 2026, up from ₹11.88 billion (~$131.3 million) in the same quarter of the previous year.

Full Year FY 2026

Tata Power reported a revenue of ₹636.81 billion (~$6.66 billion) in FY 2026, a 1.3% YoY decrease from ₹645.02 billion (~$6.74 billion).

EBITDA stood at ₹160.9 billion (~$1.7 billion), up 11.2% YoY from ₹144.68 billion (~$1.51 billion).

PAT came in at ₹51.18 billion (~$535.13 million), up 7.2% YoY from ₹47.75 billion (~$499.27 million).

Business Update

Tata Power has approximately 26.3 GW of total power capacity, including operational and under-construction capacity. Of this, roughly 17.5 GW is green or clean energy.

It commissioned 1.3 GW of renewable energy projects during Q4, including rooftop solar projects. The company commissioned 406 MW of utility-scale renewable energy capacity in-house, increasing the total installed capacity to 6.5 GW.

Tata Power Solar was among the top rooftop solar installers in India in 2025, according to Mercom’s  India Solar Market Leaderboard 2026.

The company produced 964 MW of solar cells and 915 MW of modules during the quarter, with a claimed plant yield of over 95%. The solar manufacturing plant’s revenue in Q4 rose 25% YoY to ₹18.79 billion (~$196.46 million). Its EBITDA and PAT grew by 24% to ₹5.01 billion (~$52.38 million) and by 40% to ₹2.65 billion (~$27.71 million), respectively.

Tata Power’s rooftop business achieved a record billing of 670 MWp in Q4 and 1.7 GWp in FY 2026. The rooftop solar order book during the quarter stood at ₹8.98 billion (~$94 million), with 697 channel partners and more than 3,000 retailers.

The company achieved a cumulative 10 GW of EPC execution.

It commissioned the SEUPPTCL transmission line of 1,521 circuit km (ckm), with 732 ckm added in Q4. Tata Power’s other transmission work includes projects in Bikaner, Paradeep, Gopalpur, and Jejuri-Hinjewadi in Rajasthan, Odisha, and Maharashtra. These transmission projects are scheduled to be commissioned between FY 2027 and FY 2028.

The company’s clean energy pipeline in Bhutan, under its memorandum of understanding with local hydropower company Druk Green Power, includes a capacity of 5.5 GW across hydroelectricity, pumped storage, and solar projects.

Tata Power has commenced construction of the 1,000 MW Bhivpuri pumped storage project (PSP) in Maharashtra, with completion expected by the end of the calendar year 2028. It has begun preliminary activities to set up the 1,800 MW Shirwata PSP in the same state. This project is expected to be completed by the end of the calendar year 2029.

Further, Tata Power installed over 7,000 public and bus charging points.