Tata Power posts record Q2 profit of ₹1,652 crore on renewable growth

Tata Power reported a consolidated profit after tax of ₹1,652 crore for the second quarter of fiscal year 2027. According to the company, this figure represents a 33% year-on-year increase.

Revenue for the same period stood at ₹19,886 crore, up 26% from the previous year. Profit before exceptional items was reported at ₹1,521 crore, marking a 22% year-on-year rise.

Financial Performance

The quarter’s earnings power, measured by EBITDA, expanded to ₹4,245 crore, a 5% year-on-year increase. Extending the view to the first half of fiscal 2027, the company reported a profit after tax of ₹3,053 crore and revenue of ₹38,784 crore, representing 22% and 17% growth respectively. The half-year EBITDA reached ₹8,494 crore, up 7% from the prior period.

Period	Metric	Value (₹ Crore)	YoY Change
Q2 FY27	EBITDA	4,245	+5%
H1 FY27	PAT	3,053	+22%
H1 FY27	Revenue	38,784	+17%
H1 FY27	EBITDA	8,494	+7%

4.9 GW of utility-scale projects remain under construction or in the pipeline.

Renewable Capacity and Operations

Tata Power expanded its clean generation capacity by 765 MW during the first half of fiscal 2027. This addition brings the company’s total installed clean and green capacity to 8.6 GW. Within this broader portfolio, utility-scale renewable assets account for 7.2 GW. The company recently commissioned a project in Rajasthan featuring 227.5 MW of renewable capacity paired with 115 MWh of battery storage. Supporting these generation assets, the utility manages a transmission network spanning 7,894 circuit kilometres.

Manufacturing and Rooftop Solar

In the second quarter, Tata Power’s rooftop solar division expanded by 426 MWp, bringing total installed capacity past 5.12 GWp. This growth is underpinned by a distribution network of 736 channel partners. Regarding production, the firm manufactured 0.9 GW of solar cells and 1 GW of modules during the quarter. Cumulative output for the first half of fiscal 2027 stood at 1.8 GW of cells and 2 GW of modules. Enhanced manufacturing profitability is credited to an optimized sales mix and a 97% module yield.

Investments and Litigation

• Tata Power deployed close to ₹10,000 crore in total capital investment during the first half of fiscal 2027, with approximately ₹6,000 crore directed toward renewable energy assets.
• The utility installed over 60 lakh smart meters, while AT&C losses at its Odisha distribution companies fell to 21%, a 5.7% improvement from the previous quarter.
• The 1,000 MW Bhivpuri pumped storage project is progressing alongside the Shirwata project, which has secured board approval.
• Kleros partners face a litigation liability of $650 million, with an outcome expected by January 2027 or earlier if the matter is settled.

Regulatory Context for Rooftop and Distribution Operations

Rooftop solar installations in Rajasthan operate under the RERC Grid Interactive Distributed Renewable Energy Generating Systems Regulations, 2021, which have been amended in 2023, 2024, and 2025. The state’s consent portal for the “150 units a month free electricity scheme” opened on 13 October 2025. In Odisha, rooftop systems are governed by the OERC’s 2016 net metering order, a February 2023 standard operating procedure, and a 27 November 2025 amendment. The Odisha cabinet approved a state top-up in January 2025, published in the Odisha Gazette on 10 January 2025, alongside a ₹1,800 crore allocation for 2024-25 to 2026-27 to install rooftop solar on three lakh homes.