Tata Power shares decline 3% from day’s high as analysts flag Q2 margin impact; check all details

The company posted a 49% growth in its consolidated net profit at ₹1,366 crore for the second quarter of the current financial year (Q2 FY27) as compared to ₹919 crore logged during the same period last year. This was the highest-ever quarterly profit, driven by broad-based growth across businesses.

The Tata firm’s revenue from operations increased 26% to ₹19,636 crore in the July-September quarter as against ₹15,545 crore seen in the year-ago period.

Tata Power’s operating profit, also known as earnings before interest, taxes, depreciation, and amortisation (EBITDA), jumped 11% to ₹3,668 crore as compared to ₹3,302 crore in the corresponding quarter of the previous fiscal year.

Its EBITDA margin, however, contracted to 18.68% in the reporting quarter from 21.24% in Q2 FY26.

What analysts said after Q2

Renewable energy curtailment also increased to 11%, partly offsetting capacity additions and improved plant load factors (PLFs). The analysts added that the back-ended commissioning plan and closure of the Mundra SPPA remain key monitorables.

The analysts also highlighted a 257-basis-point margin impact in the solar module and cell business in Q2, along with continued pressure on EPC margins, which declined by 410 basis points.

Other updates from Q2

• In Q2 FY27 Tata Power produced 0.9 GW of solar cells (1.8 GW in H1 FY27) and 1 GW of solar modules (2.0 GW in H1 FY27), in addition, profitability was aided by better sales mix and the industry-leading module yield of 97%.

• Odisha distribution continued its strong operational performance, with AT&C losses improving by 5.7% over Q1 FY27.

• For half a year (H1 FY27), Tata Power’s net profit stood to ₹2,542 crore as compared to ₹1,979 crore on a YoY basis, marking a rise of 28%. Its revenue from operations for H1 FY27 surged 15% to ₹38,687 crore as against ₹33,580 crore in H1 FY26.

• Tata Power said its capital expenditure of approximately ₹10,000 crore in H1 FY27 reflected accelerated execution across renewable energy, transmission infrastructure, pumped storage and distribution networks.

• The company added that its renewables business accounted for around ₹6,000 crore of the capital expenditure during the first half of FY27.

• Along with the earnings, Tata Power’s board of directors has also approved an investment of ₹11,871 crore in a 1,800 MW pumped storage project (PSP) at Shirwata in Maharashtra. The project is expected to be completed within 51 months.

• Tata Power’s board also appointed Sanjay Banga as an Additional Director and Chief Executive Officer Designate, effective November 11, 2026. The board has also approved his appointment as the company’s CEO and Managing Director for a five-year term from May 1, 2027, to April 30, 2032, subject to shareholders’ approval.

Tata Power share price trends

At 12:22 PM, Tata Power shares were trading at ₹356.85 apiece on the National Stock Exchange, falling 0.87%. The stock has touched an intraday high of ₹367.40 and a low of ₹356.25 per share.

From the beginning of the year, Tata Power shares have slipped 6%. Over a month’s time, the stock has gained 4%, while for a six-month period, it has fallen 15%.

Shares of the firm had hit a 52-week high of ₹464.90 on April 28, 2026, and a 52-week low of ₹333.20 on October 26, 2026.

According to NSE data, as of November 12, 2026, Tata Power has a total market capitalisation of ₹1.14 lakh crore.