Overview
- Tata Power reported Q1 FY26 EBITDA of Rs 41 billion, 25% above broker forecasts; revenue rose 4% to Rs 17,464 crore; profit after tax increased 6% year-on-year to Rs 1,262 crore.
- Its Odisha distribution arm saw a sharp reduction in AT&C losses, with improved collections underpinning stronger segment margins.
- The solar EPC business delivered robust operating profit, with the cell and module unit running at over 90% capacity utilization to boost renewable margins.
- Management reaffirmed a Rs 25,000 crore capex for FY26, including Rs 3,700 crore already deployed, with a renewable execution target of 2.5–3 GW.
- Motilal Oswal maintained a Buy rating with a Rs 487 target; Antique Stock Broking reaffirmed Buy at Rs 467 after the results.