Tata Power Company Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Tata Power Company Ltd filed with BSE on 15 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Tata Power reported full year FY26 PAT of nearly INR5,000 crores and EBITDA up about 11% to INR16,090 crores, with Q4 EBITDA up 10% to INR4,216 crores and Q4 PAT up 8% to INR1,416 crores. Management attributed the growth to strong performance across generation, transmission, distribution and renewables, along with the solar cell and module manufacturing plant and Odisha DISCOM. The company also discussed the Mundra plant's transition to the Supplementary PPA framework, capex phasing for FY27, and progress on renewable, hydro and nuclear projects.
Numbers mentioned
Full year PAT: nearly more than INR5,000 crores (FY26)
p. 4
“we have, for the first time, have reported a full year PAT of nearly more than INR5,000 crores”
Praveer Sinha, page 4 of the filed PDF · View the filing
EBITDA: INR16,090 crores (FY26)
p. 4
“And the EBITDA, which has also gone up by nearly 11% to INR16,090 crores because of the strong performance of our existing businesses of generation, transmission, distribution and renewables”
Praveer Sinha, page 4 of the filed PDF · View the filing
EBITDA: INR4,216 crores (Q4 FY26)
p. 4
“During the quarter also, we have seen our EBITDA has jumped by nearly 10% to INR4,216 crores compared to INR3,829 crores last year”
Praveer Sinha, page 4 of the filed PDF · View the filing
PAT: INR1,416 crores (Q4 FY26)
p. 4
“PAT has gone up by 8% to INR1,416 crores compared to INR1,306 crores last year in the same quarter”
Praveer Sinha, page 4 of the filed PDF · View the filing
Solar cell and module plant PAT: INR857 crores (FY26)
p. 4
“the plant has delivered a PAT of INR857 crores, which is more than double of the previous year”
Praveer Sinha, page 4 of the filed PDF · View the filing
Rooftop solar PAT: INR499 crores (FY26)
p. 4
“the performance has been exceedingly well with a PAT of nearly INR500 crores, INR499 crores”
Praveer Sinha, page 4 of the filed PDF · View the filing
Odisha DISCOM PAT: INR809 crores (FY26)
p. 4
“This year, we have a PAT of INR809 crores”
Praveer Sinha, page 4 of the filed PDF · View the filing
Net debt: approximately INR56,000 crores (FY26)
p. 5
“I find that our debt is at approximately INR56,000 crores”
Praveer Sinha, page 5 of the filed PDF · View the filing
Capital expenditure: nearly INR13,000 crores (FY26)
p. 5
“this is in spite of a capital expenditure of nearly INR13,000 crores in the last financial year”
Praveer Sinha, page 5 of the filed PDF · View the filing
Net debt to underlying EBITDA: 3.3 (FY26)
p. 5
“Our net debt to underlying EBITDA is 3.3 and our net debt to equity is 1.2, which is very competitive for infrastructure and power industry”
Praveer Sinha, page 5 of the filed PDF · View the filing
Regulatory approvals recognized: INR783 crores (FY26)
p. 7
“This year, as you rightly picked up, INR783 crores is reflected”
Sanjeev Churiwala, page 7 of the filed PDF · View the filing
Regulatory approvals recognized: INR333 crores (FY25)
p. 7
“if you look at FY '25, we had about INR333 crores of regulatory approvals coming in”
Sanjeev Churiwala, page 7 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Capex — INR25,000 crores · FY27
stated firmly by Praveer Sinha
p. 13
“It's about INR25,000 crores. That is what we are expecting.”
Praveer Sinha, page 13 of the filed PDF · View the filing
Renewable capacity commissioning — 50% of 5 gigawatt pipeline · FY27, balance in FY28
stated firmly by Praveer Sinha
p. 4
“we do expect that the nearly 5 gigawatt of projects which are under implementation, and these are all in-house projects. 50% of it will be completed in this financial year and the balance 50% in FY '28”
Praveer Sinha, page 4 of the filed PDF · View the filing
SPPA finalization with remaining states — next 4 to 6 weeks
stated conditionally by Praveer Sinha
p. 4
“we are in the process of finalizing it with all the other 4 states, which we expect in next 4 to 6 weeks, we will complete”
Praveer Sinha, page 4 of the filed PDF · View the filing
Rooftop solar market share — 20% · next 3 years
stated as an aspiration by Praveer Sinha
p. 12
“our target is that in next 3 years, we will do 20%”
Praveer Sinha, page 12 of the filed PDF · View the filing
Rooftop solar business growth — 50%, 60% · FY27
stated conditionally by Praveer Sinha
p. 12
“I do expect that in FY '27, the rooftop market, the rooftop business will grow, if not by 100%, at least by 50%, 60%”
Praveer Sinha, page 12 of the filed PDF · View the filing
Tata Projects profitability — return to profit · FY27
stated firmly by Praveer Sinha
p. 14
“I do expect that in FY '27, it will be back, and it will start making profit from FY '27.”
Praveer Sinha, page 14 of the filed PDF · View the filing
Odisha DISCOM AT&C losses — 12% to 13% range · next 4 to 5 years
stated conditionally by Praveer Sinha
p. 19
“we do expect that all of them will come in 12% to 13% range in the next 4 to 5 years”
Praveer Sinha, page 19 of the filed PDF · View the filing
Capex outlook — similar capital outlay · FY28
stated as an aspiration by Sanjeev Churiwala
p. 17
“our sense is probably going forward also, we'll have a similar kind of capital outlay.”
Sanjeev Churiwala, page 17 of the filed PDF · View the filing
Hydro PPA regulatory approval — next few months
stated conditionally by Praveer Sinha
p. 9
“that process is in the final stages, and we do expect next few months that approval will come in”
Praveer Sinha, page 9 of the filed PDF · View the filing
Nuclear DPR completion — next 6 months
stated conditionally by Praveer Sinha
p. 15
“we do expect that some of them, especially some of the states, we will be able to do DPR in next 6 months' time”
Praveer Sinha, page 15 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said project delays due to right-of-way and transmission system issues caused the shortfall and reaffirmed FY27 capex guidance.
Answered by Praveer Sinha
Asked by Sumit Kishore: Why did FY26 capex fall short of the earlier guidance and what is the FY27 guidance?
p. 6
“We have fallen short because some of the projects that we were planning to execute in the last quarter could not happen.”
Praveer Sinha, page 6 of the filed PDF · View the filing
CFO said prior period regulatory clearances recur every year and are difficult to quantify in advance, though some amount is expected to materialize in FY27.
Answered by Sanjeev Churiwala
Asked by Sumit Kishore: How much of the Delhi distribution EBITDA/profit benefit came from prior period regulatory orders, and what should be expected for FY27?
p. 7
“we would expect some amount to materialize. Now whether that is lower or higher, sitting today is very difficult.”
Sanjeev Churiwala, page 7 of the filed PDF · View the filing
Management said next year should be the best year yet for Odisha DISCOMs due to initiatives taken in prior years.
Answered by Praveer Sinha
Asked by Puneet Gulati: Is there more room for efficiency improvement in Odisha DISCOM or should growth come from regulated equity only?
p. 8
“I think Odisha performance next year should possibly peak in terms of the type of results you would see.”
Praveer Sinha, page 8 of the filed PDF · View the filing
Management said curtailment varies by location and is difficult to quantify, ranging from 20% to 80% evacuation allowed depending on the site.
Answered by Praveer Sinha
Asked by Apoorva Bahadur: Can you quantify the impact of curtailment in FY26 and expectations for FY27?
p. 9
“In some places, they have allowed 80%, in some places, it is at 20%, 25%.”
Praveer Sinha, page 9 of the filed PDF · View the filing
Management said the decision depends on valuation and market conditions and it is premature to decide now.
Answered by Praveer Sinha
Asked by Satyadeep Jain: Is the plan to monetize coal assets after signing supplementary PPAs still intact?
p. 11
“It also depends on what sort of opportunity is there, what sort of valuation we get.”
Praveer Sinha, page 11 of the filed PDF · View the filing
Management said legacy loss-making projects are largely complete and new projects have better margins, expecting a return to profit.
Answered by Praveer Sinha
Asked by Mohit Kumar: What is the outlook for Tata Projects' losses going into FY27/28?
p. 13
“Fortunately, all those projects have now been completed and very little of it is left.”
Praveer Sinha, page 13 of the filed PDF · View the filing
Management said they are now pursuing hybrid renewable-plus-storage arrangements rather than pure solar or wind projects.
Answered by Praveer Sinha
Asked by Mohit Kumar: Will Tata Power resume bidding for new renewable capacity given past pauses?
p. 14
“we do expect that going forward, we will not do pure solar or pure wind, but it will be hybrid with storage.”
Praveer Sinha, page 14 of the filed PDF · View the filing
Management said they would consider new coal opportunities if the tariff is attractive and the PPA is bankable.
Answered by Praveer Sinha
Asked by Nikhil Nigania: Has Tata Power changed its stance on adding new coal-based generation capacity given state tenders?
p. 16
“If there is a good opportunity and we find that the tariff is attractive and it's a bankable PPA, we'll definitely look at those.”
Praveer Sinha, page 16 of the filed PDF · View the filing
Management said coal cost, including FOB cost, is a pass-through item under the arrangement.
Answered by Praveer Sinha
Asked by Rajesh Majumdar: How does an Indonesian export duty or royalty change affect the Gujarat SPPA and negotiations with other states?
p. 17
“Coal cost is pass-through. So, whatever is the cost of coal will be paid for.”
Praveer Sinha, page 17 of the filed PDF · View the filing
Risks flagged
Delayed transmission infrastructure and right-of-way issues affecting project execution
p. 6
“Many of the places, the right of way got delayed. Many of the places, the transmission system was to be done by someone else under the TBCB.”
Praveer Sinha, page 6 of the filed PDF · View the filing
Curtailment of renewable power due to transmission evacuation constraints
p. 9
“So it's a moving target, which is there. And we continue to work with the transmission companies and CTU to ensure that the curtailment is reduced”
Praveer Sinha, page 9 of the filed PDF · View the filing
Potential new taxes on Indonesian coal exports
p. 10
“we are hearing that there will be some more taxes that will be imposed on export of coal”
Praveer Sinha, page 10 of the filed PDF · View the filing
Mundra plant not operating under normal terms for part of the year
p. 4
“This is in spite of the fact that Mundra did not operate for 9 months.”
Praveer Sinha, page 4 of the filed PDF · View the filing
Legacy losses at Tata Projects from projects such as the dedicated freight corridor and Barmer refinery
p. 13
“What has happened in Tata Projects is they had legacy projects such as the dedicated freight corridor project from the refining project in Barmer and some other projects which are there.”
Praveer Sinha, page 13 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.