Tata Power reported steady earnings for the third quarter of FY26, underpinned by strong performance in renewable energy, power distribution, transmission and manufacturing businesses, even as revenue growth remained modest.
The company recorded a consolidated profit after tax of ₹1,194 crore for the quarter ended December 31, 2025, broadly in line with ₹1,188 crore reported a year earlier. For the nine-month period, PAT rose 7% year-on-year to ₹3,702 crore.
Quarterly revenue stood at ₹14,485 crore, compared with ₹15,118 crore in the year-ago period, while EBITDA increased 12% year-on-year to ₹3,913 crore. For the nine months ended December 2025, revenue rose 1% to ₹47,719 crore and EBITDA grew 12% to ₹11,874 crore.
Tata Power said profitability from its core businesses doubled year-on-year during the quarter, reflecting improved operating performance across renewables, distribution utilities and manufacturing operations.
Renewable energy continued to be a key growth engine, with the company executing a record 1.3 GW of renewable projects during Q3 FY26. Tata Power also crossed 10 GW in cumulative EPC renewable projects executed, while its total installed capacity stood at 16.3 GW.
The renewable energy segment reported a sharp improvement in earnings, with quarterly PAT rising 156% year-on-year to ₹547 crore. Segment EBITDA increased 66% to ₹1,637 crore, while revenue climbed 78% to ₹3,785 crore. For the nine-month period, renewable energy PAT more than doubled to ₹1,588 crore.
Manufacturing operations delivered strong output during the quarter, with solar cell production reaching 962 MW and module output at 990 MW. The solar manufacturing business reported a 124% year-on-year rise in Q3 FY26 PAT to ₹251 crore, while nine-month PAT surged 154% to ₹592 crore.
Rooftop solar installations also gathered pace. During the quarter, Tata Power Solar added 58,476 rooftop installations and 372 MWp of capacity. In the nine-month period, rooftop additions reached 1 GWp, with 1.7 lakh new consumers added, taking the cumulative base to over 3 lakh customers and more than 4 GW of installed capacity. Q3 FY26 rooftop PAT grew 85% year-on-year to ₹111 crore, while nine-month PAT rose 195% to ₹324 crore.
The distribution business posted strong earnings growth, with Q3 FY26 PAT increasing 167% year-on-year to ₹746 crore. Nine-month PAT rose 46% to ₹1,613 crore. The Odisha distribution companies recorded a 1.9% reduction in AT&C losses and reported Q3 FY26 PAT of ₹226 crore, up 163% year-on-year. Nine-month PAT for the Odisha DISCOMs rose 208% to ₹505 crore.
Transmission operations also contributed to earnings growth, with Q3 FY26 PAT rising 80% year-on-year to ₹166 crore and nine-month PAT increasing 49% to ₹417 crore. The company progressed six transmission projects spanning approximately 2,400 circuit kilometres during the period.
On the infrastructure front, Tata Power continued work on the 1,000 MW Bhivpuri pumped storage project in Maharashtra and secured $500 million in World Bank-approved financing for the 1,125 MW Dorjilung hydro power project in Bhutan, with the remaining funding to be raised from the market.
The company expanded its electric vehicle charging footprint, setting up 5,743 public charging points across 677 cities and installing over 1.93 lakh home chargers nationwide.
Management said the company’s diversified portfolio and focus on clean energy, grid infrastructure and distribution efficiency position it well amid rising electricity demand from manufacturing, urbanisation and digital infrastructure.
