Tata Power Q2 Results FY27: Rs 1,652 Cr Profit, EBITDA +5%

Earnings · Power

Tata Power Q2 results FY27 are out: profit rose about 33% and revenue 26%, but EBITDA grew only about 5%. Here are the figures, which profit line to use, what ties, what does not, and how the numbers compare with the preview marks.

Updated: Wednesday, 11 November 2026, 7:00 PM IST  |  Reading time: 22 min  |  Next update: Thursday, 12 November 2026, after the first post-results session

Latest update (Wednesday, 11 November 2026, 7:00 PM IST): The board approved the September-quarter results on 11 November 2026. I found no first-session price reaction, no brokerage reaction and no dividend announcement yet. Those lines will be added as dated updates after the 12 November session.

In plain words: Tata Power makes and sells electricity, runs power distribution in several cities and is building a large renewable energy business. Sales jumped about a quarter but operating profit grew only a twentieth, so most of the profit growth came from below the operating line.

Data note: Figures are as of 11 November 2026, 7:00 PM IST. They follow the Upstox live blog, three Investywise pages that summarise the company’s filing and presentation, Kotak Neo and the preview marks on this site. I could not open the BSE or NSE filing, the press release or the earnings-call transcript, so these are headline-level and different pages use different bases. Derived numbers are my calculation.

What were the Tata Power Q2 results FY27: profit, revenue and EBITDA?

Tata Power Company Limited reported Q2 FY27 consolidated net profit of Rs 1,652.04 crore against Rs 1,245.39 crore a year earlier, up about 33% (my calculation), on revenue from operations of Rs 19,635.94 crore, up 26.3%. EBITDA was Rs 4,245 crore, up about 5%, per Investywise and the filing figures.

Cite this table: Tata Power Q2 results FY27 headline figures, Upstox and Investywise, as of 11 November 2026, 7:00 PM IST. Quarter ended 30 September 2026; board approval 11 November 2026.

The Upstox live blog stamps its profit line at 5:27 PM IST and its revenue line at 5:31 PM on 11 November, which is the nearest thing to a release time I found; I could not open the exchange filing to confirm it. The profit of Rs 1,652.04 crore is about 8.4% of revenue from operations, against about 8.0% a year ago (my calculation), so margins at the bottom line improved even though EBITDA barely moved.

Tata Power Q2 results FY27: the half-year picture

Cite this table: Tata Power H1 FY27 figures, Investywise, as of 11 November 2026, 7:00 PM IST.

The half-year profit of Rs 3,052.90 crore is up 22% on Rs 2,508 crore. Q2 contributed Rs 1,652.04 crore of it, so the first quarter was about Rs 1,401 crore, which is the figure the company reported in July (preview base). The two add to Rs 3,053.04 crore, within Rs 0.14 crore of the half-year figure (my calculation).

Tata Power Q2 results FY27: how the quarter compares with Q1 FY27

Cite this table: Tata Power sequential comparison, Q1 FY27 from the company’s July release as recorded in the preview, Q2 from Investywise and Upstox, as of 11 November 2026, 7:00 PM IST.

The sequential view is less flattering to the operating line. Revenue was only 3.1% higher than in the June quarter and EBITDA was flat, yet profit rose about 18%. That is the same signal as the year-on-year view: the gain came from items below EBITDA, such as lower finance costs, exceptional items and a smaller minority share, not from stronger operating earnings.

Which Tata Power Q2 results FY27 profit line should I use: Rs 1,652 crore or Rs 1,366 crore?

Use consolidated net profit of Rs 1,652.04 crore for the company’s total profit, and Rs 1,366.11 crore for what belongs to Tata Power’s own shareholders. The gap of Rs 285.93 crore is profit attributable to minority holders in subsidiaries and joint ventures (my calculation).

Two profit lines circulate for the same quarter. They are both right but measure different things, and the year-ago base differs in the same way: Rs 1,245.39 crore in total and Rs 919.44 crore for owners. Comparing a total with an owners’ base, or the reverse, is the commonest mistake in these headlines.

Cite this table: Tata Power profit lines for Q2 FY27, Upstox and Investywise; minority share and base are my calculation, as of 11 November 2026, 7:00 PM IST.

The faster growth in the owners’ line comes from the minority share shrinking from about Rs 326 crore to about Rs 286 crore while the total rose (my calculation from the preview base and the reported figures). Exceptional items added about Rs 131 crore after tax to Q2 FY27 profit, the gap between Rs 1,652.04 crore and Rs 1,521 crore (my calculation). The filing note will say what they were; I could not open it.

How to quote the Tata Power Q2 results FY27 profit correctly

• For the company: say consolidated net profit of Rs 1,652.04 crore, up about 33% on Rs 1,245.39 crore.
• For shareholders: say profit attributable to owners of Rs 1,366.11 crore, up 48.6% on Rs 919.44 crore.
• For trend: say net profit before exceptional items of Rs 1,521 crore, up 22%.
• Never mix: a total against an owners’ base gives a growth rate of about 80%, which is wrong (my calculation: 1,652.04 / 919.44 – 1).

Tata Power Q2 results FY27: profit before tax and the tax step

Profit before tax was Rs 2,179.85 crore, so the tax and related charge took about 24.2% of it, leaving Rs 1,652.04 crore (my calculation). The same ratio is not available for the year-ago quarter in the pages I opened. The headline on one Investywise page, Rs 2,060.67 crore, matches none of these lines and the page does not explain it.

How did the Tata Power EBITDA margin move in Q2 FY27?

EBITDA grew about 5% to Rs 4,245 crore while revenue grew 26%, so the EBITDA margin on revenue from operations fell to about 21.6% from about 25.9% a year ago (my calculation). Profit growth therefore came from below the operating line.

Cite this table: Tata Power EBITDA and margin, Investywise and Upstox; margins are my calculation, as of 11 November 2026, 7:00 PM IST. Margin basis may differ from the company’s own.

A revenue base can inflate a margin comparison if one figure includes other income. The presentation summary shows revenue of Rs 19,886 crore against Rs 15,769 crore, and on that basis the margin would be about 21.3% against about 25.6%; the conclusion does not change. The cost lines behind this, such as fuel, power purchase and depreciation, are in the filing, which I did not open, so I do not try to tie EBITDA from cost lines here.

What if EBITDA had grown with revenue?

Cite this table: Tata Power EBITDA illustration, my calculation: 4,032 x (19,635.94 / 15,545). Not a forecast.

Had EBITDA kept pace with revenue, it would have been about Rs 5,093 crore, roughly Rs 848 crore more than reported (my calculation). The reasons are in the cost lines of the filing. A mix shift towards lower-margin businesses is one candidate and fuel or purchase costs another, but I do not assert either without the filing.

Tata Power Q2 results FY27: the EBITDA tie-out

The half-year EBITDA of Rs 8,494 crore less Q2’s Rs 4,245 crore leaves Rs 4,249 crore for Q1, exactly the Q1 FY27 figure one source reported in July and not the Rs 4,013 crore another source showed (my calculation). That resolves the first-quarter conflict recorded in the preview: Rs 4,249 crore is the figure that ties. It also means Q2 EBITDA of Rs 4,245 crore was essentially flat on Q1.

What drove the Tata Power Q2 results FY27: segments and renewables?

Two clusters drove profit. Generation and Coal delivered profit after tax of Rs 555 crore and the Renewables cluster Rs 618 crore before exceptional items, up 21%. Together they account for Rs 1,173 crore of the Rs 1,652 crore consolidated profit (my calculation).

Cite this table: Tata Power cluster profits, Investywise, as of 11 November 2026, 7:00 PM IST. Cluster profits are not on the same basis as consolidated net profit, so the residual is indicative only.

The presentation summary names Mundra, solar manufacturing, Mumbai transmission and the Odisha distribution companies as growth drivers but gives no figures for them. I have not guessed any.

Renewable execution in the quarter

Tata Power Renewable Energy executed 419 MW of utility-scale projects in Q2 against 182 MW a year earlier, up about 130%, plus 131.2 MWh of battery storage (Kotak Neo, 12 October 2026). The operating utility-scale renewable portfolio stood at 7.2 GW, with about 9.3 GW expected to be executed by the end of FY27 and about 12 GW including the FY28 projects.

Cite this table: Tata Power renewables operating update, Kotak Neo (12 October 2026), as of 11 November 2026, 7:00 PM IST.

What to read next in the filing

1. Open the consolidated statement on BSE or NSE and note revenue from operations and other income separately.
2. Read the exceptional-items note to see what produced the roughly Rs 131 crore after-tax difference.
3. Check the segment note for the generation, renewables, transmission and distribution split.
4. Look at finance costs, which sit between EBITDA and profit before tax and may explain part of the gap.
5. Read the earnings-call transcript for margin and capex comments when it is published.

The capex line shows the other side: about Rs 10,000 crore was spent in the half-year, described as a record. Building capacity ahead of earnings is why profit before tax and EBITDA can diverge from the rate of growth in assets.

The standalone view

Standalone net profit, which covers the parent company alone, was Rs 703.95 crore in Q2 and Rs 981.32 crore for the half-year, so the first quarter was about Rs 277.37 crore (my calculation). Q2 standalone profit is therefore about 2.5 times Q1 and about 42.6% of consolidated profit (my calculation). A jump of that size in a parent company usually has a specific cause, such as income from group companies or a one-off item. I could not open the filing note, so I do not name one.

Cite this table: Tata Power standalone figures, Investywise; derived lines are my calculation, as of 11 November 2026, 7:00 PM IST.

How do the Tata Power Q2 results FY27 compare with the preview marks?

Every profit mark set in the preview was exceeded, while revenue was below the one sales estimate found. The table grades each mark against what was reported; estimates are single-source, not a consensus.

The preview, Tata Power Q2 results date FY27, set marks from the year-ago quarter, the previous quarter and two single-source estimates. This table closes each one. Triggered means the preview condition was met.

Cite this table: Tata Power Q2 results FY27 against the preview marks, PositionalCalls, as of 11 November 2026, 7:00 PM IST. Estimates are single-source.

The comparison shows where the quarter was strong and where it was not. Profit beat every mark, but revenue fell short of the one sales figure and EBITDA did not move. That pattern fits what the segment data suggests: profit came from the renewable and generation clusters and from lower minority leakage, not from operating margin.

How did the Tata Power share price react to the Q2 results, and what do brokerages say?

I found no post-results price move and no brokerage reaction yet, because the results came after market hours on 11 November. Before the announcement the shares were about Rs 364.70 at 10:40 AM, up 1.31%, and settled flat in the afternoon, per Upstox.

Cite this table: Tata Power price and brokerage status, Upstox and Kotak Neo, as of 11 November 2026, 7:00 PM IST. I do not guess a close.

What to watch in the first session

Three reference points will matter when the market opens on 12 November: the previous close of about Rs 360, the Rs 364.70 level seen at 10:40 AM before the results, and the Rs 341.65 level from 12 October. They are reference levels, not targets. The more useful comparison is how the move on 12 November sits against the index and against other power stocks, because a stock can fall on a good result when the market falls more.

When the 12 November session closes I will add the reaction here with time and source, and any brokerage notes with broker, rating, target and date, flagged single-source when there is one. Until then nothing on this page is a price view, and PositionalCalls gives no buy, sell or hold view.

What is the Tata Power outlook after the Q2 results FY27, and is there a dividend?

I found no dividend announcement with the Q2 results and no earnings-call transcript yet. The visible outlook items are the renewable pipeline of over 2 GW for the second half and capex running at a record pace, both reported before the results.

• Pipeline: over 2 GW of renewable projects are slated for H2 FY27 (1,075 MW solar, 969 MW wind and 274 MWh of storage), per Kotak Neo.
• Capital spending: about Rs 10,000 crore in the half-year, a record, per Investywise.
• Dividend: no declaration found in the pages I opened; the filing will say if the board recommended one.
• Commentary: I could not open the earnings-call transcript, so no management guidance on margins is quoted.

Questions the quarter leaves open

• Why did EBITDA grow about 5% when revenue grew 26%?
• What were the exceptional items that added about Rs 131 crore after tax?
• How much of the owners’ profit growth came from the smaller minority share?
• Will the board recommend a dividend, and when would the record date be?

For how any dividend would be taxed in your hands, see dividend tax in India. For power peers reporting in the same window, see Adani Power Q2 results FY27 and NHPC Q2 results FY27.

What ties and what does not in the Tata Power Q2 results FY27 figures?

Revenue, EBITDA and profit tie between the quarter, the first quarter and the half-year. Three items do not tie: the revenue basis, the half-year profit before tax and an unexplained headline profit.

Cite this table: Tata Power tie-out checks, my calculation from Investywise and Upstox figures, as of 11 November 2026, 7:00 PM IST.

None of these changes the direction of the quarter. They do change the percentages you quote, so state which line and which basis you used.

What are the risks and what is easy to miss in the Tata Power Q2 results FY27?

The easy-to-miss point is that revenue rose 26% but EBITDA only 5%, so profit growth relied on items below the operating line. The risks are margin pressure, heavy capex and basis confusion between the profit lines.

Tata Power Q2 results FY27: frequently asked questions

Sources

• BSE corporate announcements: where the Tata Power filing appears.
• NSE corporate filings: financial results: the same filing on NSE.
• Upstox: Q2 results live updates, 11 November 2026 (consolidated revenue, owners’ profit, price).
• Investywise: Tata Power financial results presentation Q2 FY27 (EBITDA, segments, H1).
• Investywise: Tata Power board approves unaudited results (revenue from operations, profit before tax, H1).
• Investywise: Tata Power board meeting outcome (consolidated and standalone profit).
• Kotak Neo: Tata Power Q2 FY27 renewable project execution, 12 October 2026.
• Zee Business: Tata Power Q2 results preview (headline only).
• Also named, not linked: JM Financial as quoted by Business Today.

Disclosure: PositionalCalls.com is not a SEBI-registered research analyst or investment adviser. Investments in securities markets are subject to market risks. Read all related documents carefully before investing. Returns are never guaranteed. PositionalCalls is an independent research and education site founded by Shubham Chaudhary. Nothing here is a recommendation, target or investment advice. How I researched this: for the Tata Power Q2 results FY27 I read the Upstox live blog, three Investywise pages summarising the filing and presentation, Kotak Neo and the preview marks on this site, noted where sources differ, and marked every derived number as my calculation. I did not open the BSE or NSE filing, the press release or the call transcript. Figures are as of 11 November 2026, 7:00 PM IST.