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Tata Power reported a healthy performance in Q1FY27

ICICIdirect Research 28 Jul 2026 DISCLAIMER

News: Tata Power reported a healthy performance in Q1FY27, with revenue increasing 8.2% YoY to ₹18,898 crore, while EBITDA grew 8.1% YoY to ₹4,249 crore. EBITDA margin remained stable at 22.5%, while PAT increased 11.0% YoY to ₹1,401 crore, with PAT margin improving to 7.4% from 7.2% in Q1FY26. Growth was driven by the core Generation, Transmission & Distribution and Renewables businesses, which delivered 12% YoY revenue growth, 12% EBITDA growth and 14% PAT growth. During the quarter, the company deployed a record quarterly capex of ₹5,375 crore, expanded its renewable portfolio to 12.0 GW (including 6.7 GW operational and 5.3 GW under implementation), while its solar manufacturing business achieved a record production of 1,001 MW of modules and 862 MW of cells. 

View: Tata Power delivered a positive quarter, underpinned by strong execution across its regulated utility and renewable businesses, while continuing to invest aggressively in long-term growth. The company deployed a record ₹5,375 crore of capex, advanced its 10 GW solar ingot and wafer manufacturing project, and strengthened its renewable pipeline to 12 GW. Growth visibility remains robust, supported by expansion across solar manufacturing, rooftop solar, transmission and energy storage. The company also secured a 324 MW long-term SECI award for its 1,000 MW Bhivpuri Pumped Storage Project, added a ₹4,000+ crore Karnataka transmission project, and resumed full operations at its 4,150 MW Mundra plant. Timely execution of the renewable pipeline, storage projects and transmission assets remains key to sustaining earnings growth over the medium term.

Impact: Positive

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