TATAPOWER · Power
Tata Power Co. Ltd. reported revenue of ₹15,545 cr for July to September 2025, −1.0% on the year and −13.8% on the quarter. Over the last four quarters revenue comes to ₹66,067 cr, +4.1% on the four before.
Operating profit (EBITDA) was ₹3,302 cr, a margin of 21.2%, +40 bps on the year and +147 bps on the quarter. It is the widest margin of the last 8 quarters (range 14.6% to 21.2%). Operating costs grew −1.5%, broadly with revenue, so operating profit kept pace with sales.
Net profit was ₹1,245 cr, +13.9% on the year and −1.3% on the quarter, with earnings per share of ₹2.88. Profit before other income, one-offs and tax fell 28.0%, so 42 points of the headline growth came from outside the core business. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹5,001 cr, +13.6% on the four before.
Most power earnings are regulated returns on equity, with fuel costs passed through, so revenue can swing with fuel prices while profit moves far less. The quarterly statements do not carry plant load factor, capacity added and regulated equity; those come with the filing read.
On earnings per share of ₹12.69 over the last four quarters, the stock at ₹360.00 trades at 28.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Most of the profit growth did not come from the business. What lifted the gap?
Source: Quarterly statements
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹15,738 cr | ₹14,651 cr | ₹15,847 cr | ₹17,294 cr | ₹15,698 cr | ₹15,391 cr | ₹17,096 cr | ₹18,035 cr | ₹15,545 cr | ₹13,948 cr | ₹14,900 cr | ₹19,051 cr |
| YoY | — | — | — | +14% | −0% | +5% | +8% | +4% | −1% | −9% | −13% | +6% |
| EBITDA margin | 17.6% | 16.5% | 14.6% | 17.7% | 20.8% | 20.0% | 19.0% | 19.8% | 21.2% | 21.9% | 17.4% | 20.3% |
| Other income, % of PBT | 46% | 73% | 92% | 39% | 36% | 40% | 43% | 31% | 51% | 69% | 99% | 35% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 17% | 28% | 32% | 20% | 38% | 18% | 18% | 22% | 26% | 22% | 21% | 23% |
| Net profit | ₹1,017 cr | ₹1,076 cr | ₹1,046 cr | ₹1,189 cr | ₹1,093 cr | ₹1,188 cr | ₹1,306 cr | ₹1,262 cr | ₹1,245 cr | ₹1,194 cr | ₹1,416 cr | ₹1,401 cr |
| YoY | — | — | — | +4% | +7% | +10% | +25% | +6% | +14% | +1% | +8% | +11% |
| Core profit YoY | — | — | — | +52% | +72% | +119% | +605% | +23% | −28% | −44% | −97% | +6% |
| EPS | ₹2.74 | ₹2.98 | ₹2.80 | ₹3.04 | ₹2.90 | ₹3.23 | ₹3.26 | ₹3.32 | ₹2.88 | ₹2.42 | ₹3.12 | ₹3.68 |
| Flags | 1 | 1 | 1 | ✓ | ✓ | 1 | ✓ | ✓ | 2 | 2 | 2 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Tata Power Co. Ltd. reported revenue of ₹15,545 cr (−1.0% on the year) and net profit of ₹1,245 cr (+13.9% on the year) for July to September 2025.
Profit before other income, exceptional items and tax moved −28.0% on the year, against +13.9% for reported profit.
2 checks raised a question: Most of the profit growth did not come from the business. What lifted the gap?
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