Tata Power battles Mundra woes as renewables outperform

Going green

- Ashish Agrawal

Tata Power Co.'s consolidated Ebitda growth of 15% year-on-year to ₹3,600 crore in the June quarter (Q1FY26) failed to impress investors amid looming uncertainties regarding the resumption of operations at its Mundra plant. The strong performance of the renewable energy (RE) business and lower losses in Odisha aided Ebitda growth.

While RE could sustain momentum, Tata Power has high-gestation and capital-intensive hydro and pumped hydro storage projects. RE Ebitda (including other income) grew 64% to ₹1,600 crore on a robust show across all sub-segments: cell & module manufacturing; solar & wind generation; and engineering, procurement & construction (EPC) projects.