Tata Power – Q1 FY26 Financial & Business Highlights

• Consolidated net profit (PAT): ₹1,262.32 crore, up ~6.2% YoY from the same quarter last year. • Revenue from operations: ~₹18,035.07 crore, a rise of ~4.3% YoY. • EBITDA: ₹3,930 crore, up ~17% YoY. Operational & Segment Highlights • Renewables business PAT grew ~95% YoY to ~₹531 crore. • Rooftop solar segment revenue more than doubled YoY to ~₹823 crore; ~45,500 rooftop solar installations during Q1 FY26; cumulative installations above 2 lakh systems and ~3.4 GWp. • Commissioned 94 MW of renewable energy capacity in own portfolio and 560 MW via third-party EPC projects, bringing total operational renewables to ~5.6 GW. • Manufacturing arm (TP Solar) revenue ~₹1,613 crore; PAT ~₹100 crore; strong throughput in solar module and cell manufacturing. Strengths • Clean energy and solar segments are driving growth in both revenue and profitability. • Strong execution in rooftop solar installations, module and cell manufacturing, and renewables capacity expansion. • Diversified portfolio across renewables, T&D, distribution, and manufacturing reduces dependency on any single vertical. Challenges & Risks • Transmission and distribution revenue showed slower growth compared to renewables. • Power demand has been subdued in certain segments, affecting thermal and hydro businesses. • Cost pressures from manufacturing, operations, and capital expenditure for clean energy expansion could impact margins. Conclusion Tata Power delivered a strong Q1 FY26: profit and revenue growth were driven primarily by renewables and rooftop solar, reflecting successful execution of its clean energy strategy. The manufacturing arm is contributing significantly, and its diversified mix across power value chains provides balance. Near-term risks exist in demand softness and cost management, but the company remains well-positioned for long-term growth in India’s energy transition.