TPWR’s consolidated EBITDA/adj. PAT came in at INR33b/INR9.2b, below our estimates by 12%/13%. The weakness in results was largely attributable to Mundra plant shutdown in 2Q, which offset the stronger performance at Odisha distribution and the solid ramp-up at TP Solar on a YoY basis. TPWR is targeting 1.3 GW of RE capacity commissioning in 2HFY26, with the annual target for FY27 maintained at 2-2.5GW. New distribution opportunities (e.g., UP discom privatization) and the potential tie-up of supplementary PPA for Mundra remain key catalysts for the stock. TPWR announced its intent to further strengthen backward integration at TP Solar via 10 GW ingot/wafer capacity and the company remains in discussion with states for subsidies related to the same.
OutlookWe maintain our BUY rating with a revised TP of INR500/share.
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