Guidance ledger · Q4 FY26

Tata Power Company TATAPOWER

4 revisions on record · 2 lowered · 0 raised — the strikethrough is what management used to say

mixed guidance posture · shifted across quarters

Holding view → · latest concall · The pulse

↓ lowered FY26 capex delivery vs guidance Q4 FY25 → Q4 FY26

~~Rs. 25,000 crores plan (Q4FY25)~~ → INR13,000 crores actual; INR25,000cr re-promised for FY27

“this is in spite of a capital expenditure of nearly INR13,000 crores in the last financial year”

→ narrowed FY26 RE capacity commissioning (own + third-party) Q4 FY25 → Q4 FY26

~~2.5-2.7 gigawatts (Q4FY25)~~ → ~2,500MW total project implementation; FY27 in-house ~2GW solar+wind

“we did about 2,500 megawatt of total project implementation”

→ narrowed Mundra SPPA resolution Q1 FY26 → Q4 FY26

~~Within August 2025 (Q1FY26); within November 2025 (Q2FY26)~~ → Gujarat signed; 4 states in 4-6 weeks (Q4FY26)

“But that is a thing of the past. We have now concluded the SPPA with Gujarat, and we”

↓ lowered Rooftop FY27 growth Q4 FY25 → Q4 FY26

~~Nearly double FY26 (Q4FY25)~~ → 50-60% YoY growth target for FY27

“in FY '27, the rooftop market, the rooftop business will grow, if not by 100%, at least by 50%, 60%”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.