Tata Power on Wednesday reported 33 per cent year-on-year (YoY) growth in profit after tax (PAT) to ₹1,652 crore for the second quarter of FY27, from ₹1,245 crore in the corresponding quarter of the previous financial year. Revenue rose 26 per cent to ₹19,886 crore during the quarter.
For H1FY27, the company reported a net profit of ₹3,053 crore, up 22 per cent, while revenue grew 17 per cent to ₹38,784 crore.
The quarterly performance was supported by growth across generation, renewables, transmission and distribution, the company said in its exchange filing. “Regulated and long-term contracted businesses accounted for an increasing share of EBITDA, strengthening earnings resilience and providing greater predictability and visibility of cash flows and profitability,” the company said.
Tata Power installed 765 MW of renewable energy capacity in the first half of the current financial year, taking its total installed capacity to 8.6 GW. Improved profitability was driven by utility-scale projects, increasing rooftop solar adoption and robust margins from solar manufacturing, it said.
The company produced 0.9 GW of solar cells and 1 GW of solar modules in the second quarter ended September. Its overall investment during the first half of FY27 stood at ₹10,000 crore across segments.
The company’s board has approved an investment of ₹11,871 crore in the 1,800 MW pumped storage project (PSP) at Shirwata, Maharashtra, managing director and chief executive officer Praveer Sinha said. The project will be financed through 75 per cent debt and 25 per cent equity.
“This will be used for bundling our renewable projects under the Renewable Energy Round-the-clock (RE-RTC) project and also for supplying some power to either state discoms or central RE agencies,” he said. Sinha said the company expected the zero date to be January 1, 2027, and would have 51 months to complete the project.
Commenting on the ongoing legal dispute with Kleros Capital and the court case before the Singapore International Commercial Court (SICC), Sinha said the company had appealed against the order in the Singapore Court of Appeal, with the hearing scheduled for January 19, 2027. “We strongly believe that we have a good case, and our legal team has put together a very strong appeal before the Supreme Court,” he said.
Meanwhile, Kleros has been looking to enforce the order in Singapore by trying to take over the shares of Tata Power’s two Singapore subsidiaries. “Those shares, in any case, are pledged with the banks, and the company will have to approach them,” he said, adding that until the appeal is ultimately finalised, there is no need to make any provision in the company’s books or account for any impact of that order.
The company said its Mundra plant was operating at full capacity and was currently running under Section 11 till the end of December. It is advancing discussions with multiple states to secure supplementary power purchase agreements (SPPAs). “We have signed SPPA with Gujarat which is already filed in the regulatory commission and we expect the approvals. We expect at least two more states, Rajasthan and Haryana, to sign before December end,” Sinha said.
On the progress made in its plan for an ingot and wafer manufacturing facility in Gopalpur, Odisha, Sinha said Tata Power had obtained all the necessary approvals. “This month, we will start the work on the site. Already preliminary work of filling and cutting has started but the real construction work will start later this month. We expect it to be ready by March 2028,” he said.
Sinha also said many large tenders for battery energy storage systems (BESS) had been announced in the last four to six weeks, and the company expected to participate in those projects. “We are examining that especially in plants where we have enough land for putting up a BESS plant,” he said.
