Highlights

• Q3 FY26 PAT reported at ₹1,194 crore, with nine-month PAT of ₹3,702 crore.
• Renewable business PAT rose to ₹547 crore, supported by project execution and capacity additions.
• Motilal Oswal and JM Financial issued buy ratings with targets of ₹455 and ₹429, respectively.

Tata Power Company Ltd (NSE:TATAPOWER) has attracted positive attention from analysts, with multiple brokerages issuing buy ratings on the stock following its Q3 FY26 earnings. Motilal Oswal Securities Ltd set a target price of ₹455, while JM Financial Institutional Securities Ltd assigned a target of ₹429. As of 5 February, Tata Power shares were trading at ₹363.40 on the NSE.

Details of Q3 FY26 Financial Performance

For the quarter ended December 31, 2025, Tata Power reported Profit After Tax (PAT) of ₹1,194 crore. For the nine-month period of FY26, PAT rose to ₹3,702 crore, marking a 7% year-on-year increase.

Quarterly EBITDA stood at ₹3,913 crore, while nine-month EBITDA increased to ₹11,874 crore, up 12% year-on-year. Revenue for Q3 FY26 was reported at ₹14,485 crore, with nine-month revenue reaching ₹47,719 crore, reflecting a 1% year-on-year rise.

Renewable Energy and Manufacturing Updates

The renewable energy business recorded a notable rise in profitability during the quarter. Renewable segment PAT increased 156% year-on-year to ₹547 crore, while EBITDA rose 66% to ₹1,637 crore. Revenue from renewables grew 78% to ₹3,785 crore in Q3 FY26.

Tata Power also executed approximately 1.3 GW of renewable projects during the quarter, taking cumulative EPC renewable projects executed to 10 GW. The company’s total installed capacity stood at 16.3 GW at the end of the quarter.

Solar cell and module manufacturing output reached 962 MW of cells and 990 MW of modules in Q3 FY26. The segment reported PAT of ₹251 crore, up 124% year-on-year, while nine-month PAT increased 154% to ₹592 crore.

Distribution, Rooftop and Infrastructure Developments

The distribution business recorded Q3 FY26 PAT of ₹746 crore, up 167% year-on-year, while nine-month PAT rose 46% to ₹1,613 crore. Odisha DISCOMs reported PAT of ₹226 crore for the quarter.

Rooftop solar operations added 372 MWp during Q3 FY26, with 58,476 new installations. For the nine-month period, rooftop additions crossed 1 GWp, taking the cumulative base beyond 3 lakh customers.

Tata Power’s Q3 FY26 update outlined developments across renewables, manufacturing, rooftop solar, transmission, and distribution operations. The financial results and project milestones were followed by buy ratings from domestic brokerages, with revised target prices based on the company’s latest disclosures.

FAQ Section

Q1: What was Tata Power’s PAT in Q3 FY26?
Tata Power reported a Profit After Tax of ₹1,194 crore for the third quarter of FY26.

Q2: What target prices have brokers set for Tata Power?
Motilal Oswal Securities set a target of ₹455, while JM Financial Institutional Securities assigned a target of ₹429.

Q3: How much renewable capacity did Tata Power execute in Q3 FY26?
The company executed approximately 1.3 GW of renewable projects during the quarter.

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