Any current/future new fundraising through debt or equity?

Tata Power plans to spend approximately ₹15,000 crores to ₹25,000 crores on CAPEX annually going forward. The company intends to maintain a conservative debt profile with a net debt to EBITDA ratio of 3.4 and a net debt to equity ratio of 1.2. There is no explicit mention of new fundraising through debt or equity in the current period. The company aims for calibrated growth while keeping financial metrics conservative. Overall, Tata Power is focused on managing its debt prudently amidst significant capital expenditure but has not announced specific new fundraising plans through debt or equity

Any current/future capex/capital investment/strategic investment?

Tata Power plans to spend ₹15,000-₹25,000 crores of CAPEX annually going forward while maintaining a conservative debt equity and debt to EBITDA profile. There is ongoing consideration and discussions regarding a wafer and ingot plant, with decisions on technology, equipment, size, and state incentives still underway. Renewables capacity addition is a key focus, with a target of commissioning around 2.5 GW of own capacity in FY'27 and potentially up to 3 GW. Projects under implementation include renewable projects and transmission line projects, essential for power evacuation. The company is w

Future growth expectations in sales/revenue/volumes?

Tata Power aims to commission 2.5 to 3 gigawatts of renewable capacity in FY27 (own capacity), with a mix of solar and wind projects. Next year (FY27), the company expects to execute about 2.5 gigawatts of renewable projects, focusing entirely on its own capacity after existing third-party projects conclude. Rooftop solar additions are expected to grow by 50-60% compared to last year, driven by improved supply chains and government utility-led schemes like Odisha's ULA. Revenue growth is supported by strong profitability in solar cell and module manufacturing, with margins expected to improve

Future growth expectations in earnings/operating earnings/profits/EPS?

**Solar Manufacturing & Rooftop Growth:** Strong profit growth seen; solar cell/module PAT rose to Rs. 251 crores in Q3 FY'26, rooftop PAT also increased significantly. **Renewable Capacity Addition:** Targeting 2.5-3 GW capacity addition in FY'27 and FY'28, with execution capacity to increase, supporting future earnings. **Distribution Business:** Significant performance improvement, especially in Odisha and Delhi, reducing losses and improving cash flows, expected to contribute steadily. **New Businesses & Transmission:** Emerging new businesses (PSP, hydro, transmission lines) expect to sta

Current/ Expected Orderbook/ Pending Orders?

Tata Power has a pipeline of nearly 5.5 gigawatts of renewable projects to execute over the next two years (Page 13). The company targets commissioning about 2.5 gigawatts of renewable capacity in FY'27 for its own portfolio, with potential to go up to 3 gigawatts (Pages 12-13). Most third-party order books have been completed, and new projects starting now are primarily for Tata Power's own capacity (Page 12). Execution is synchronized with transmission line readiness to avoid stranded assets, causing some project timing adjustments (Page 13). Manufacturing of solar cells and modules supports

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Tata Power Company LtdQ4 FY27Power

Tata Power Company Ltd Q4 FY27 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹395P/E: 34.2Market Cap: ₹1.3L CrSector: Power

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

→Tata Power aims to commission 2.5 to 3 gigawatts of renewable capacity in FY27 (own capacity), with a mix of solar and wind projects.
→Next year (FY27), the company expects to execute about 2.5 gigawatts of renewable projects, focusing entirely on its own capacity after existing third-party projects conclude.
→Rooftop solar additions are expected to grow by 50-60% compared to last year, driven by improved supply chains and government utility-led schemes like Odisha's ULA.
→Revenue growth is supported by strong profitability in solar cell and module manufacturing, with margins expected to improve as plant operations stabilize.
→The company anticipates continued growth in renewable capacity additions for at least the next two years, supported by ongoing transmission line projects.
→Distribution business also expected to contribute significantly, with notable operational improvements and financial turnaround, especially in Odisha.

Margin guidance

Category 3

→**Solar Manufacturing & Rooftop Growth:** Strong profit growth seen; solar cell/module PAT rose to Rs. 251 crores in Q3 FY'26, rooftop PAT also increased significantly.
→**Renewable Capacity Addition:** Targeting 2.5-3 GW capacity addition in FY'27 and FY'28, with execution capacity to increase, supporting future earnings.
→**Distribution Business:** Significant performance improvement, especially in Odisha and Delhi, reducing losses and improving cash flows, expected to contribute steadily.
→**New Businesses & Transmission:** Emerging new businesses (PSP, hydro, transmission lines) expect to stabilize and enhance financials.
→**Mundra Plant Resolution:** Once resolved, expected to contribute positively; currently non-operational impacting profits.
→**Margins:** Solar cell/module margins expected to improve as plant operation stabilizes; rooftop margins may benefit from policy support but remain sustainable.
→**Debt Management:** Conservative approach ensuring stable financial health to support growth.
→Overall, earnings expected to improve with ramp-up in renewables and operational efficiencies.

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Fundraise plans

→Tata Power plans to spend approximately ₹15,000 crores to ₹25,000 crores on CAPEX annually going forward.
→The company intends to maintain a conservative debt profile with a net debt to EBITDA ratio of 3.4 and a net debt to equity ratio of 1.2.
→There is no explicit mention of new fundraising through debt or equity in the current period.
→The company aims for calibrated growth while keeping financial metrics conservative.
→Overall, Tata Power is focused on managing its debt prudently amidst significant capital expenditure but has not announced specific new fundraising plans through debt or equity as of now.

Order book

→Tata Power has a pipeline of nearly 5.5 gigawatts of renewable projects to execute over the next two years (Page 13).
→The company targets commissioning about 2.5 gigawatts of renewable capacity in FY'27 for its own portfolio, with potential to go up to 3 gigawatts (Pages 12-13).
→Most third-party order books have been completed, and new projects starting now are primarily for Tata Power's own capacity (Page 12).
→Execution is synchronized with transmission line readiness to avoid stranded assets, causing some project timing adjustments (Page 13).
→Manufacturing of solar cells and modules supports own renewable capacity additions, providing operational advantages (Page 17).

Capex plans

Yes

→Tata Power plans to spend ₹15,000-₹25,000 crores of CAPEX annually going forward while maintaining a conservative debt equity and debt to EBITDA profile.
→There is ongoing consideration and discussions regarding a wafer and ingot plant, with decisions on technology, equipment, size, and state incentives still underway.
→Renewables capacity addition is a key focus, with a target of commissioning around 2.5 GW of own capacity in FY'27 and potentially up to 3 GW.
→Projects under implementation include renewable projects and transmission line projects, essential for power evacuation.
→The company is working with government agencies and NITI Aayog to expedite certain projects, aiming to start work within 24 months.
→Future distribution opportunities are anticipated through PPP models linked to government packages offering long-term zero-interest loans to financially stressed states, expected in the next 6-9 months.

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