Tata Power Q3 profit beats estimates; record cell, module output despite revenue drop

Tata Power Company Ltd reported a mixed set of results for the third quarter, with net profit marginally higher year-on-year and above street estimates, even as revenue and EBITDA declined compared with the same

period last year.

The company posted a net profit of ₹1,194 crore, slightly up from ₹1,187 crore a year ago and ahead of the CNBC-TV18 poll estimate of ₹971 crore.

Revenue fell 9.4% year-on-year to ₹13,948 crore, missing estimates, while EBITDA declined 9% to ₹3,055 crore. EBITDA margin stood at 21.9%, broadly in line with expectations and marginally higher than the year-ago period.

Operationally, the quarter saw strong execution across Tata Power’s clean energy and infrastructure businesses. The company commissioned 919 MW of utility-scale renewable projects during the quarter, including both owned and third-party assets, and added 357 MW of in-house utility-scale renewable capacity.

Manufacturing operations recorded milestone output, with 962 MW of solar cells and 990 MW of modules produced during the quarter, achieving industry-leading yields of over 95%. Revenue from the manufacturing plant rose 26% year-on-year, while EBITDA and profit more than doubled, supported by lower input costs and improved yields.

The rooftop solar business executed a record 1 GWp in the first nine months of FY26. Tata Power also expanded its electric mobility footprint, installing 5,743 public and captive EV charging points by the end of the quarter.

In transmission and distribution, the company commissioned the 400 kV Koteshwar–Rishikesh transmission line and delivered a 1 GW DCR-compliant solar EPC project for SJVN. Odisha DISCOMs reported a 163% year-on-year surge in profit after tax, alongside a reduction in AT&C losses.

Ahead of the results, shares of Tata Power closed 1.6% higher on the NSE.