Topline and Margins: Revenue is estimated to reach ₹167.7–168.7 billion. The EBITDA margin is likely to remain stable at around 22–24%, supported by strong performance in renewables (solar gains) and the Rajasthan distribution business, while profitability from Maharashtra’s Malegaon operations has improved due to tighter distribution controls. Sector Conditions: The overall power sector saw dampened electricity demand in Q2 FY26 due to a strong monsoon, limiting overall growth. Tata Power’s renewable capacity continues to rise, View: While headline growth may moderate versus previous quarters, investors remain positive on Tata Power due to its leadership in clean energy expansion, improved distribution efficiency, and growing contribution from solar manufacturing. The Q2 result is scheduled to be announced on November 11, 2025.

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