Tata Power is an integrated power company spanning generation, transmission and distribution, solar manufacturing, rooftop solar and EV charging, and it reports into a quarter where power demand ran strong and Mundra operated under Section 11 directions. The print will speak to whether the Rs. 25,000 Cr FY27 capex plan stays on track after a Q1 deployment of Rs. 5,375 Cr, and how the company manages the Kleros Capital arbitration overhang alongside its renewables commissioning ramp.
| Results date | November 11, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 18,898 Cr |
| Previous quarter PAT | Rs. 1,401 Cr |
| Market cap | Rs. 116,486.1 Cr |
| CMP | Rs. 364.55 |
The Board of Tata Power will meet on November 11, 2026 to consider the audited standalone and unaudited consolidated financial results for the quarter and half year ended September 30, 2026. The trading window has been closed since September 24, 2026 and reopens 48 hours after the results.
An analyst call for Q2 FY27 results is scheduled for November 11, 2026 at 6:00 p.m. IST over dial-in, filed under Regulation 30 of SEBI LODR.
The quarter tests whether Tata Power can convert a strong demand backdrop into delivery on its Rs. 25,000 Cr FY27 capex plan, after Q1 deployment of Rs. 5,375 Cr and a Q2 plan of 'higher than Rs. 6,000 crores… closer to Rs. 6,500 crores'. Demand was a tailwind: late-September peak demand ran +12% YoY with zero all-India deficit, and Mundra ran at full available capacity for the entire quarter under Section 11 directions, versus a ~nine-month shutdown in the year-ago period.
Margin reads are mixed — Indonesian coal prices rose 18-20% over the window but remain pass-through under the SPPA, while cost of power purchased was already +17.2% YoY in Q1 and the 10-year G-sec yield hardened to 7.08% by mid-September against quarterly finance costs of Rs. 1,407 Cr. On execution, TPREL commissioned 419 MW of utility-scale capacity in Q2 (over 130% YoY) with H1 at 645 MW, against management's 800-900 MW Q2 commissioning marker and a ~9.3 GW full-year target, leaving the 2.5-3 GW FY27 execution path back-loaded into H2.
The Kleros Capital arbitration remains the principal overhang, with the company appealing to the Singapore Court of Appeal on a USD 490.32 million award with no provision recorded. The call is also likely to cover Mundra SPPA follow-through with other procurer states and whether third-party EPC orders resume after a 'No new orders' quarter.
FY27 capex Rs. 25,000 Cr vs delivery: FY26 capex came in at Rs. 13,000 Cr against guidance of Rs. 22,000-25,000 Cr due to right-of-way and transmission delays.
Renewables commissioning vs 800-900 MW Q2 target
Kleros arbitration appeal status: The Singapore International Commercial Court dismissed the company's challenge on August 26, 2026.
Mundra SPPA and Section 11 runway
Third Party EPC recovery and balance sheet
Management confirmed Mundra remains loss-making depending on the quarter, as the SPPA provides coal pass-through plus fixed cost. Mundra, Coal and Shipping posted Q2 FY26 EBITDA of Rs. (12) Cr and PAT of Rs. (362) Cr, with a Rs. (38) Cr EBITDA drag persisting in Q1 FY27.
Management addressed a ~Rs. 10,000 Cr net debt rise against Rs. 7,300 Cr of H1 capex, citing a healthy balance sheet with ND/E of ~1.2 and ND/Underlying EBITDA of 3.3. The company intends to maintain a ~4x Debt-to-EBITDA guardrail to hold its AA Plus rating.
The third-party EPC order book fell from 27 billion to 19 billion, which management attributed to a mix depending on supply and demand. Q3/Q4 execution was expected to balance the full-year numbers.
Management attributed commissioning delays to deliberate staggering synchronized with interstate transmission availability, described as 'a deliberate planning measure to ensure power evacuation capability'. Timelines extended to March, May/June or December depending on the project.
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