Tata Power Company Ltd

Meeting Details

• Date and time: September 1, 2026; time not announced.
• Type and mode: 1:1 physical and group investor meetings in Mumbai.
• Organizer: Ashwamedh – Elara India Dialogue 2026.
• Company representatives: management team; specific names not disclosed.
• Purpose: Analyst/Institutional investor meet.

Operational and capacity milestones

• TPREL commissions 190.5 MW FDRE Kalasar solar project in Rajasthan.
• Project forms part of 460 MW FDRE project capacity.
• BESS of 115 MWh to strengthen grid reliability.
• Total renewable capacity reaches 12.4 GW; 6.9 GW operational.
• 5 GW under implementation to be commissioned in phases over 24 months.
• Switchyard completed in three months; Harmonic Filter Bank in one month.

Meeting Details

• Board meeting on July 27, 2026; approved Q1 FY2026 results.
• Analyst call held July 28, 2026 to discuss results.
• Mode: virtual group investor call; audio recording available on company site.

Participants

• Key company participants: Board of Directors; Company Secretary.

Purpose

• Discuss financial results for quarter ended June 30, 2026.

Availability

• Recording/audio call available on Tata Power website.

Financial highlights

• PAT ₹1,401 crore, up 11% YoY in Q1 FY27.
• Revenue ₹18,898 crore, up 8% YoY.
• EBITDA ₹4,249 crore, up 8% YoY.
• Capex deployed ₹5,375 crore in Q1, highest quarterly spend.

Key segment performance

• Renewables PAT ₹612 crore, up 15% YoY in Q1 FY27.
• Solar cell & module manufacturing PAT ₹371 crore, up 3.9x YoY.
• Rooftop Solar PAT ₹145 crore, up 1.7x YoY; 371 MWp installed; Rooftop revenue ₹1,350 crore.
• Cumulative Rooftop capacity 5.2 GWp; 4.8 lakh customers.
• T&D PAT ₹492 crore; EBITDA ₹1,541 crore; up 11%/14% YoY.
• Odisha DISCOM PAT ₹111 crore; first private utility to cross 1 crore customers in Odisha.

Strategic projects & operations

• 324 MW Bhivpuri PSP capacity tied up with SECI; total 1,000 MW.
• Mundra 4,150 MW resumed full operations from 1 Apr 2026; Section 11 directions extended to 30 Sep 2026.
• UPERC cleared 511 MW long-term purchase from Bhutan's Khorlochhu project.
• MoU with Druk Green Power for 404 MW Nyera Amari I & II.
• MoU with Gopalpur SEZ for 128 acres land for 10 GW ingot/wafer facility.

Cross-border & energy partnerships

• Bhutan cross-border agreements progressing; Nyera Amari I & II hydropower collaboration.
• SECI pumped hydro: 324 MW/LTA; Bhivpuri PSP.
• 1,000 MW pumped storage capacity targeted; 324 MW secured.

Renewables & manufacturing

• TP Solar produced 1,001 MW modules and 862 MW cells; Q1 FY27 revenue ₹2,462 crore.

Electric mobility & energy storage

• EZ Charge network: 2.4 lakh home chargers, 5,900+ public points, 1,200+ e-bus points.

ESG & ratings

• MSCI rating: 'A' retained; S&P CSA score 77; CDP 'B' for Climate Change and Water Security.

Outlook

• FY27 expected to be a strong year for project execution and delivery.

NCD private placement details

• Instrument: non-cumulative, redeemable, taxable NCDs/bonds/other debt securities.
• Issuance on private placement basis.
• Aggregate size up to ₹4,500 crore; within AGM-approved limits.
• Funds to refinance existing loans and for general corporate purposes.
• Investors: banks, financial institutions, bodies corporate, companies, and other eligible investors.
• Securities to be listed and rated under applicable regulations.
• Board approved the issuance on July 27, 2026.

Business overview

• Vertically integrated power company across generation, transmission, distribution, and renewables.
• Strategic focus on renewable capacity additions, hybrid projects, and rooftop energy solutions.
• TPCL holds 88.57% stake in Renewables (TPREL), including generation, EPC, rooftop, and solar manufacturing.

Operational highlights

• Q1 FY27 record module production of 1,001 MW; module yield 96.3%.
• Rooftop installations reached 371 MWp in Q1 FY27, up 37% YoY.
• Rooftop third-party order book ₹639 Cr; channel partners 681; retailers 3,000+.
• Renewables capacity: solar 5,426 MW, wind 1,333 MW; under-construction 522/1,472/834 MW.
• Transmission: LOI for Ryapte 491 CKM; multiple LT projects tied and under construction.
• MySine battery launched; PAN India rooftop expansion underway.
• EV charging network energized: 5,970 public points; home chargers 2,46,065.
• Total capacity: 6,734 MW; solar 5,405 MW; wind 1,329 MW.

Financial performance

• Q1 FY27 revenue ₹18,898 Cr, up 8% YoY.
• EBITDA ₹4,249 Cr, up 8% YoY.
• PAT ₹1,401 Cr, up 11% YoY.
• Record quarterly capex ₹5,375 Cr in Q1 FY27.
• TPREL revenue ₹3,771 Cr; EBITDA ₹1,696 Cr; PAT before exceptional ₹612 Cr.
• TP Solar module revenue ₹2,462 Cr; EBITDA ₹626 Cr; PAT ₹371 Cr.
• Net external debt ₹61,238 Cr; cash ₹12,831 Cr; net debt-to-equity 1.25x.
• Total gross debt ₹74,069 Cr; consolidated performance supported by diversified mix.

Capital structure & liquidity

• Credit ratings: CRISIL AA+/Stable; ICRA AA+/Stable; CARE AA+/Stable; India Ratings AA+/Stable.
• S&P Global BBB-/Positive; Moody’s Ba1/Positive.
• SEUPPTCL transmission line fully commissioned 1,521 CKM.

Strategic priorities & outlook

• Strategy emphasizes renewables, T&D, and storage with capacity additions.
• 70% clean & green capacity by 2030; net zero by 2045.
• 87% of RE pipeline tied in LT PPA.
• Transmission capex expected ₹9.2 tn in India FY25-32; inter-state ₹6.6 tn.
• Bhutan hydro projects MoU for 5.5 GW; Nyera Amari HPP developments ongoing.
• Launched MySine battery; PAN India rooftop expansion and higher external sales mix.
• Tata Power EV charging network expanding to 5,970 public points.

Risks & mitigation

• RE generation curtailment in Rajasthan and Gujarat impacting outputs.
• Mundra plant operating under Section 11; availability 94%.
• Tariff/regulatory risks; mitigated by LT PPAs, secured land, and transmission connectivity.
• Curtailment risk in RE; mitigated by diversified project mix and PPA strategies.

Governance & leadership

• CSR & Sustainability Committee established at Board level; governance structures in place.
• No leadership changes indicated; ongoing compliance policies and governance framework.
• Board oversight on ESG initiatives; multiple sustainability awards cited.