Tata Power’s rooftop solar revenue hits ₹865cr in Q4 (+40% YoY) while module manufacturing runs at 90%+ capacity. FY26 outlook remains bullish.
FY25 Solar Performance Highlights
✅ Rooftop Solar:
- Q4 Revenue: ₹865 crore (+40% YoY)
- Q4 EBITDA: ₹132 crore (+72% YoY)
- Annual Capacity: 782 MWp installed
- Market Leadership: #1 in India (700+ cities)
✅ Module Manufacturing:
- Annual Production: 3,300 MW modules, 650 MW cells
- Plant Utilization: >90% at Tirunelveli facility
- Financials: ₹5,337 crore revenue, ₹422 crore PAT
✅ Order Book Strength:
- Utility-scale EPC: ₹11,000 crore
- Rooftop Pipeline: ₹1,000 crore
Strategic Growth Levers for FY26
1. Rooftop Solar Expansion
- Target: Double FY25 capacity (1.5+ GWp)
- Key Drivers:
✔ PM Surya Ghar scheme boost
✔ Focus states: UP, Maharashtra, Rajasthan, Odisha, Assam
✔ Integrated model (manufacturing + installation)
2. Manufacturing Ramp-Up
| Parameter | FY25 Actual | FY26 Projection |
|---|---|---|
| Module Production | 3,300 MW | 3,700+ MW |
| Cell Production | 650 MW | 3,700+ MW |
| TOPCon Tech | 300 MW pilot | Scalable based on demand |
CEO Praveer Sinha:
*”Our 4 GW mono-PERC lines will remain workhorses, but we’re ready to scale TOPCon when market matures.”*
3. Vertical Integration Advantage
- 70%+ modules consumed internally
- 1 GW earmarked for rooftop segment
- No surplus capacity expected till Q3 FY26
Government Policy Tailwinds
✔ PM Surya Ghar: 30 lakh household installations target
✔ ALMM Reinstatement: Domestic module preference
✔ RPO Targets: 40 GW annual renewable addition needed
Competitive Positioning
VS Rooftop Players
- Scale: 2X larger than nearest competitor
- Cost Edge: In-house module supply
VS Module Makers
- Demand Security: Captive EPC/rooftop use
- Tech Pipeline: TOPCon readiness
Financial & Operational Metrics
Tata Power Solar Business Snapshot
| Segment | Revenue (FY25) | PAT (FY25) |
|---|---|---|
| Rooftop | ₹2,210 cr | ₹209 cr |
| Module Manufacturing | ₹5,337 cr | ₹422 cr |
FY26 Outlook
- Rooftop EBITDA Margin: Sustain 15%+
- Manufacturing Utilization: Maintain >90%
- TOPCon Commercialization: H2 FY26 decision
Analyst Insight:
“Tata Power’s vertical integration provides 10-15% cost advantage over pure-play installers.” – Mumbai-based renewables analyst
Upcoming Catalyst:
ALMM list expansion expected to benefit domestic manufacturers
Sources: Company Investor Call, MNRE Reports
Data as of May 2025
