India · Delayed Price · Currency is INR Tata Power Company Earnings Call Transcripts
Fiscal Year 2026
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Q3 saw strong EBITDA and PAT growth, led by solar and distribution segments, despite Mundra's shutdown. Regulatory gains boosted Delhi Discom, while robust renewable and rooftop expansion is expected to continue, supported by government initiatives and sector reforms.
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PAT grew 14% year-over-year, driven by strong Odisha Discom, solar manufacturing, and rooftop segments, despite Mundra plant downtime. CapEx and renewable capacity additions remain on track, with robust financial ratios and positive outlook supported by regulatory and market developments.
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EBITDA and PAT rose year-over-year, driven by strong performance across all segments, especially renewables and distribution. CapEx and net debt increased, but leverage ratios remain stable. Mundra PPA negotiations and regulatory changes in DCR modules are key near-term factors.
Fiscal Year 2025
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PAT and EBITDA reached record highs in FY 2025, driven by strong performance across generation, T&D, and renewables. CapEx for FY 2026 is set at INR 25,000 crore, with a focus on renewables and T&D, and the company maintains a robust balance sheet and positive outlook.
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Strong PAT and EBITDA growth continued, led by renewables and rooftop solar, with record CapEx and a robust pipeline. Clean energy share is on track for 70% by 2030, while new government policies and nuclear opportunities support future growth.
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Q2 FY25 saw a 51% rise in PAT before exceptionals and 23% EBITDA growth year-over-year, driven by strong manufacturing ramp-up and regulatory asset approvals. Renewable project execution is accelerating, with a focus on complex hybrid and storage projects, while credit ratings improved.
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Achieved 19th consecutive quarter of EBITDA growth, with robust power demand and strong progress in renewables and transmission. CapEx guidance is INR 20,000 crore for FY25, with a focus on renewables and a sturdy balance sheet. Credit rating upgraded to AA+ stable.