Tata Power, one of India’s leading integrated power companies, targets executing 2.5 to 3 GW of renewable energy projects in FY26, according to its MD and CEO, Dr Praveer Sinha.
“In the first quarter (Q1FY26) itself, we did 652 MW, out of which 560 MW was for a third party. So what is important is that today we have the bandwidth and the fundamentals to execute the 2.5 to 3 GW of large utility-scale projects,” he told NDTV Profit.
Tata Power has a capex target of Rs 25,000 crore for FY26, out of which Rs 3,700 crore has already been utilised in Q1FY26. It aims to produce 3,700 MW of solar cells and modules in FY26.
In Q1FY26, the company produced 949 MW of solar modules and 904 MW of solar cells.
“I think solar rooftop is one of the biggest, and it's been growing by nearly 30 to 40% every year. With the government initiative under PM Surya Ghar Yojana, you can see a huge amount of demand happening in the subsequent quarters,” the top executive added.
The Tata Group company’s manufacturing operations have stabilised, with the second quarter’s performance expected to outshine Q1. In Odisha, Tata Power’s discoms have reduced Aggregate Technical and Commercial (AT&C) losses significantly, supported by the replacement of 25 lakh meters to resolve metering and billing issues.
When asked if the company could achieve its medium-term targets ahead of schedule, Dr Sinha was optimistic. "Some of them we will do better than what we had envisaged, especially the type of capability we are showing in rooftop, also in the cell and module manufacturing, and also Odisha discom," he said.
Regarding rising competition, Dr Sinha dispelled concerns, outlining possible opportunities for all players. “There is space for everyone. There is huge potential and a huge demand in the country. And I think many of the players who are there or want to be there, there will be opportunities for everyone,” the top executive noted.
In Q1FY26, Tata Power reported a 17% year-on-year (YoY) rise in Ebitda at Rs 3,930 crore. Revenue advanced 4% YoY to Rs 17,464 crore. Profit after tax increased 6% YoY to Rs 1,262 crore. The company delivered its 23rd consecutive quarter of PAT growth in Q1FY26.
Shares of Tata Power closed 0.59% lower at Rs 387 apiece on the NSE on Monday, while the benchmark Nifty50 ended 0.64% higher at 24,722.75.
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