Tata Power Q3 EBITDA Surges 12% Despite Mundra Shutdown Impact
Tata Power delivered robust Q3 FY26 results with EBITDA growing 12% YoY to ₹39.13 crores despite Mundra plant shutdown impact. Key growth drivers included solar manufacturing business with 124% PAT growth and rooftop solar crossing 1 GW capacity. The company is nearing resolution of Mundra plant issues and expects restart by month-end.
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Tata Power Company Limited has delivered a strong operational and financial performance in the third quarter, with EBITDA increasing 12% year-on-year despite the Mundra plant remaining non-operational throughout the quarter. The company's diversified business portfolio, particularly solar manufacturing and rooftop solar segments, drove the robust performance.
Strong Financial Performance Despite Challenges
The company reported consolidated EBITDA of ₹39.13 crores for the third quarter compared to the previous year, marking a 12% year-on-year increase. PAT increased marginally to ₹11.94 crores despite substantial impact from Mundra being non-operational for the quarter. For the nine-month period, EBITDA jumped 12% year-on-year to ₹118.74 crores compared to ₹106.39 crores in the previous year.
| Financial Metric | Q3 Current Year | Q3 Previous Year | 9M Current Year | 9M Previous Year |
|---|---|---|---|---|
| EBITDA | ₹39.13 crores | - | ₹118.74 crores | ₹106.39 crores |
| PAT | ₹11.94 crores | - | ₹37.02 crores | - |
| EBITDA Growth | +12% YoY | - | +12% YoY | - |
Solar Manufacturing Business Delivers Exceptional Growth
The solar cell and module manufacturing segment emerged as a key growth driver, with plant profit after tax surging to ₹2.51 crores in the quarter compared to ₹1.12 crores last year. For the nine-month period, the plant delivered PAT of ₹5.92 crores, representing an impressive 154% increase compared to ₹2.33 crores in the previous year nine-months.
| Solar Manufacturing | Q3 Current Year | Q3 Previous Year | 9M Current Year | 9M Previous Year |
|---|---|---|---|---|
| Plant PAT | ₹2.51 crores | ₹1.12 crores | ₹5.92 crores | ₹2.33 crores |
| Growth Rate | +124% | - | +154% | - |
| Module Sales | 962 MW | - | - | - |
| Cell Production | 960 MW | - | - | - |
Rooftop Solar Business Shows Remarkable Progress
The rooftop solar segment demonstrated exceptional performance, crossing one gigawatt in the nine-month period. In Q3, the company executed 372 MW compared to 173 MW in the previous year. The rooftop PAT increased significantly to ₹1.11 crores in the quarter compared to ₹0.60 crores last year. For the nine-month period, it reached ₹3.24 crores compared to ₹1.10 crores in the previous year.
Odisha Distribution Business Turnaround
Odisha Discoms showed remarkable improvement with profit increasing to ₹2.26 crores in the quarter compared to ₹0.86 crores last year. In the nine-month period, profit reached ₹5.05 crores compared to ₹1.64 crores in the previous year. The company highlighted significant improvements in collection efficiency, billing efficiency, and loss reduction across all four discoms.
Mundra Plant Resolution Progress
The company has made substantial progress in resolving Mundra plant issues, concluding arrangements with Gujarat on all SPPA matters except one point. Management expects to close this remaining issue within 2-3 weeks and begin parallel discussions with other states to restart plant operations by month-end, positioning for summer demand requirements.
Historical Stock Returns for Tata Power
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.39% | +0.75% | +10.43% | -1.13% | +7.52% | +305.37% |
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