Tata Power Q4 Results 2026 Highlights: Profit rises 8% YoY to ₹1,416 crore even as revenue declines

For FY26, the reported PAT grew 7% to an all-time high of ₹5,118 crore; revenue reached ₹ 63,681 crore, while EBITDA rose to ₹16,090 crore, up 11%.

• Q4 FY26 Revenue stood at ₹ 15,962 crore; EBITDA grows to ₹ 4,216 crore, up 10% YoY

• FY26 Revenue stood at ₹ 63,681 crore; EBITDA grows to ₹ 16,090 crore, up 11% YoY

• Core Business delivers strong performance backed by improved operational efficiency with Revenue growth of 13%, EBITDA growth of 27% & PAT growth of 34% YoY in FY26

• Renewables business PAT* stood at ₹ 406 crore in Q4 FY26: FY26 PAT rises to ₹ 1,994 crore, up 59% YoY

• Solar Cell and Module Manufacturing PAT grow to ₹ 265 crore up 40% in Q4FY26; FY26 PAT rises to ₹ 857 crore, up 103% YoY, driven by Industry Leading Yield of more than 95%

• Rooftop Solar PAT grows to ₹ 186 crore up 94% YoY in Q4 FY26: FY26 PAT rises to ₹ 499 crore, up 150% YoY

• T&D business PAT stood at ₹ 949 crore in Q4 FY26, up 54% YoY: FY26 PAT rises to ₹ 2,978 crore, up 49% YoY

• Odisha DISCOMs PAT grows to ₹ 304 crore in Q4 FY26, up 11% YoY: FY26 PAT rises to ₹ 809 crore, up 84% YoY

The Board has recommended a final dividend of ₹2.50 per equity share of ₹1 each (250%) to the members for the financial year ended March 31, 2026.

The dividend recommended by the Board is subject to the approval of the members at the forthcoming 107th Annual General Meeting (AGM) of the company, scheduled to be held on Tuesday, July 7, 2026.

Pursuant to Regulation 42 of the Listing Regulations, the company has fixed Tuesday, June 23, 2026, as the record date for determining the members eligible for payment of the dividend.

Revenue from operations, however, declined 12.8% YoY to ₹14,900.20 crore during the January-March period of FY26 from ₹17,095.88 crore in the same period last year.

Tata Power posted an 8% increase in the net profit as against expectations of a decline in the figure for the quarter ended March 2026. It consolidated PAT stood at ₹1,415.52 crore as against ₹1,306.09 crore in the same period a year ago.

In Q4FY26, CGPL generation was nil. With operations remaining closed, PAT growth could be impacted. We expect EBITDA/PAT to decline by 9%/21% YoY. Segment to deliver positive earnings growth are a) better performance of distribution (Odisha, Delhi), b) solar order book, and c)the newly commissioned cell and module plants.

— Prabhudas Lilladher Capital

Tata Power's PAT could fall 27% YoY to ₹746 crore, estimates JM Financial. EBITDA margin is expected to be 23.3% versus 19% in 4QFY25.

Tata Power’s net sales could fall to ₹152bn, down 11% YoY, due to the non-operational Mundra plant.

Tata Power share price closed 3.38% lower ahead of the Q4 results announcement amid a broader market crash in which the benchmark indices lost nearly 2%. Tata Power stock closed at ₹418.40 on the BSE.

The stock's 52-week high is ₹464.80 and the 52-week low is ₹342.35.

Tata projects and Mundra UMPP performance along with consolidation of EPC/module sales is a key monitorable going ahead.

Nuvama expects YoY flattish PAT in Q4FY26 because of the following reasons:

i) as losses persist at ₹4bn/quarter in Mundra UMPP (expected to soften from Q1FY27 as PPA get signed),

ii) even as solar manufacturing profits get offset by rising captive sales,

iii) strong showing in Odisha is expected to continue

Tata Power share price has risen 5% in one month and gained nearly 11% in three months. The Tata group stock has risen over 8% in six months and has advanced over 7% in one year. Tata Power share price has delivered multibagger returns of 104% in three years and a staggering 296% over the past five years.

Kotak Institutional Equities expects Tata Power’s net profit in Q4FY26 to fall 8.7% to ₹952 crore from ₹1,042.8 crore, YoY, while revenue is expected to drop 8.4% to ₹15,879 crore from ₹17,327.8 crore, YoY. EBITDA growth is seen 7.6% to ₹3,742 crore from ₹3,477.5 crore, while EBITDA margin is expected to improve by 349 bps to 23.6% from 20.1%, YoY.

Motilal Oswal expects Tata Power’s revenue/EBITDA to fall 9% YoY due to losses owing to continued shutdown at the Mundra power plant in Q4FY26. These losses are only partially offset by contribution from additional renewable energy assets commissioned and sustained strong performance in the solar rooftop and Odisha distribution business.

At the operational front, EBITDA in Q4FY26 is expected to rise 6.4% to ₹3,700 crore from ₹3,477.5 crore, while EBITDA margin is seen declining to 19.9% from 20.3%, YoY, according to Nuvama estimates.

Revenue in the March quarter is estimated to rise 8.78% to ₹18,597 crore from ₹17,095.9 crore, year-on-year (YoY). Earnings from renewable portfolio will benefit from higher capacity base as well as execution at Tata Power Solar.

Tata Power’s net profit in Q4FY26 is expected to rise marginally by 0.93% to ₹1,053 crore from ₹1,042.8 crore in the corresponding quarter of the last financial year, according to Nuvama Institutional Equities.

Net profit is expected to remain flattish on a year-on-year (YoY) basis as losses persist at ₹400 crore per quarter in Mundra UMPP, which is expected to soften from Q1FY27 as PPA get signed, and even as solar manufacturing profits get offset by rising captive sales.

Tata Power is expected to report muted earnings growth with flat net profit during the fourth quarter of FY26. Analysts’ estimates for the earnings are in a broad range.

Tata Power share price fell over 2% on Tuesday ahead of the announcement of Q4 results today. The Tata group stock opened lower at ₹432 apiece, as against its previous close of ₹433.05 apiece on the BSE, amid broader weakness in the Indian stock market today. Tata Power share fell as much as 2.04% to ₹424.20 apiece on the BSE.

The board of directors of Tata Power Company will also recommend dividend, if any, for the financial year ended March 31, 2026.