Tata Power Q2 Results: Reported PAT Up 33% to ₹1,652 Crore; ₹11,871 Crore Storage Project

Tata Power Q2 results showed reported profit after tax (PAT) rising 33 per cent year-on-year to ₹1,652 crore for the July–September quarter, the company reported on Wednesday, November 11. Revenue grew 26 per cent to ₹19,886 crore.

Net profit attributable to the company’s shareholders, which excludes minority interests, rose about 49 per cent to ₹1,366 crore from ₹919 crore. The board also cleared an investment of ₹11,871 crore in a 1,800 MW pumped storage project at Shirwata in Maharashtra. The Tata group power utility said growth came from generation, renewables, and transmission and distribution.

Tata Power Q2 results: key numbers

Reported PAT stood at ₹1,652 crore in the second quarter of FY27, against ₹1,245 crore a year earlier, according to the company’s exchange filing as reported by Business Standard. Revenue from operations, which excludes other income, rose 26 per cent to ₹19,636 crore.

Consolidated Ebitda rose 11 per cent to about ₹3,668 crore, but the Ebitda margin narrowed to 18.7 per cent from 21.2 per cent a year earlier, Upstox reported.

For the first half of FY27, reported PAT came in at ₹3,053 crore, up 22 per cent year-on-year. Half-yearly revenue increased 17 per cent to ₹38,784 crore.

The company said regulated and long-term contracted businesses now make up a larger share of its earnings before interest, taxes, depreciation and amortisation (Ebitda), which gives greater visibility of cash flows and profitability.

Utility-scale projects, wider adoption of rooftop solar and solar manufacturing margins all supported profitability, Tata Power said. Its factories produced 0.9 GW of solar cells and 1 GW of solar modules during the quarter ended September 30.

Renewable energy capacity and the Shirwata pumped storage project

Tata Power added 765 MW of renewable energy capacity in the first half of the financial year, according to Business Standard. Overall investment across segments in the first half stood at about ₹10,000 crore, and the company has kept its FY27 capital expenditure target of ₹25,000 crore.

The Shirwata project will be funded through 75 per cent debt and 25 per cent equity, chief executive officer and managing director Praveer Sinha said. He said the storage capacity would support the company’s round-the-clock renewable energy (RE-RTC) projects and could also supply power to state distribution companies or central renewable agencies.

Sinha said the company expects the project’s zero date to be January 1, 2027, with 51 months set aside for completion, which points to commissioning in 2031. Pumped storage plants pump water uphill when power is cheap and release it through turbines when demand peaks, which makes them useful for firming up solar and wind supply.

The company is also preparing to build a 10 GW ingot and wafer manufacturing facility at Gopalpur in Odisha, estimated by Business Today at ₹6,675 crore. Sinha said all approvals are in place and that main construction will begin later this month, with the plant expected to be ready by March 2028.

Mundra, legal dispute and what investors should watch

The Mundra thermal plant is operating at full capacity and is running under Section 11 until the end of December, the company said. Tata Power has signed a supplementary power purchase agreement (SPPA) with Gujarat, which has been filed with the regulator, and expects Rajasthan and Haryana to sign before the end of December. Fuel supply at thermal plants remains a sector-wide watch point, as our report on critical coal stocks at 77 plants shows.

On its dispute with Kleros Capital, Sinha said the company has appealed against an order of the Singapore International Commercial Court to the Singapore Court of Appeal. The appeal is listed for hearing on January 19, 2027. He added that no provision is needed in the company’s books until the appeal is finally decided.

Sinha also said the company is studying recent large tenders for battery energy storage systems (BESS). It is examining such projects mainly at plants where it has enough spare land.

Tata Power shares were trading slightly lower around midday on Thursday, November 12, as brokerages flagged the dip in margins alongside the broad-based profit growth.

Also Read: NTPC Q2 results: profit rises 38.7% to ₹7,030 crore

For business leaders and investors, the Tata Power Q2 results point to a utility steadily shifting its earnings mix towards contracted and regulated income, alongside a growing clean energy and manufacturing base. The ₹11,871 crore Shirwata commitment adds a sizeable storage project to that pipeline at a time when grid operators are seeking firm, round-the-clock renewable supply.

The next markers to watch are SPPA approvals for Mundra, the start of construction at Gopalpur and the January 2027 hearing in Singapore. Readers can follow more Tata group quarterly results coverage and the latest business news on Business ERA. Company disclosures are available on the Tata Power media releases page.