• Financial performance drivers: Tata Power marked its 27th consecutive quarter of growth with an 11% year-on-year profit increase, supported by 20% growth in renewables, 16% in conventional generation, and 15% in transmission and distribution.
• Capex and renewables: The company deployed its highest-ever quarterly capex entirely in-house, targeting 2.5 to 2.7 GW of renewable project additions this year and expanding Mumbai transmission capex to ₹1,500 crore.
• Pumped storage timelines: The 1,000 MW pumped storage plant is scheduled for commissioning in early calendar year 2029, while work on the 1,800 MW project is slated to begin later this year for commissioning by 2031.
• Solar manufacturing expansion: The 4.3 GW cell and module facility is operating at full capacity with manufacturing PAT more than doubling year-on-year, while construction of the 10 GW wafer and ingot plant is set to start in October for commissioning in Q1 CY2028.
• Mundra plant outlook: The plant has resumed full operations under Section 11 with tariffs governed under SPPA, which management expects will operate at breakeven on a cost-reflective tariff rather than repeating last year's ₹1,100 crore loss.