!Tata Power: Guidance -- Concall Update Management acknowledged that FY '26 capital expenditure (CapEx) of INR 13,000 crores was below the previously guided range of INR 20,000-22,000 crores, primarily due to phasing impacts from delayed large utility-scale solar/wind and transmission line projects. For FY '27, the company expects CapEx to be around INR 25,000 crores, including deferred projects from FY '26, and plans to add approximately 2 GW of IPP-RE capacity, with solar contributing 1.5 GW to 1.8 GW. Co's manufacturing unit will supply cells and modules for its internal pipeline, including rooftop solar, which is expected to grow by at least 50-60% in FY '27, and utility-scale projects requiring Indian-made components from June 1, 2026. Odisha DISCOMs are projected to have their "best year" in FY '27, with AT&C losses in other circles expected to reduce by approximately 2% annually, aiming for 12-13% within four to five years. Management expects Tata Projects to return to profitability in FY '27 after resolving legacy project issues, and is exploring new coal-fired power plant opportunities if tariffs are attractive and PPAs are bankable.