Tata Power Company Limited (NSE: TATAPOWER) Q4 2025 Earnings Call dated May. 14, 2025
Corporate Participants:
Praveer Sinha — Managing Director and Chief Executive Officer
Sanjeev Churiwala — Chief Financial Officer
Analysts:
Sumit Kishore — Analyst
Mohit Kumar — Analyst
Apoorva Bahadur — Analyst
Satyadeep Jain — Analyst
Rajesh Bhojani — Analyst
Bharanidhar — Analyst
Atul Tiwari — Analyst
Anuj Upadhyay — Analyst
Aniket Mittal — Analyst
Rajesh Majumdar — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Tata Power Q4 FY25 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. [Operator Instructions]. Please note that this conference is being recorded.
I now hand the conference over to Dr. Praveer Sinha, MD and CEO of Tata Power. Thank you, and over to you.
Praveer Sinha — Managing Director and Chief Executive Officer
Thank you, Yashashri. Good evening, everyone, and thank you for joining for the analyst call. I am joined today by my colleagues, CFO, Mr. Sanjeev Churiwala; Financial Controller, Mr. J.V. Patil; Mr. Rajesh Lachhani, and Mr. Kasturi Soundararajan from the Investor Relations and few other members from our finance team.
Let me first put the perspective of the power sector. Last year the growth of power demand for the whole year has been nearly 5%, and in the March quarter it was nearly 4%. And we expect that this year also the growth will be in the range of about 5%. Though in the month of April we have only seen 2% growth. We do expect that this year the peak demand will increase to something like 270 gigawatt. And the way the power sector is geared up, I think we’ll be able to meet that additional load. From Tata Power side also, all our plants will be operating at full capacity. So that whatever is our commitment in terms of supply, we will be able to meet.
Coming to our performance. This is the 22nd successive quarter in which our PAT has grown. Our reported PAT is nearly 25% higher in the March quarter which is at INR1,306 crores, while the adjusted pattern is 16% higher at INR1,288 crores compared to last year’s INR1,109 crores. Our Q4 EBITDA has also increased by 15% to INR3,829 crores compared to last year INR3,358 crores.
Coming to the full year, FY25 has been a historic year where for the first time the company has posted a PAT in excess of INR5,000 crores. And underlying EBITDA has been more than INR15,000 crores, while the reported revenue has gone up by 5% to INR64,502 crores. The PAT is before exceptional has gone to INR5,197 crores which is a 26% increase on year-on-year basis. And the underlying EBITDA has increased by 10% to INR15,261 crores.
This achievement has been possible because of many of our core businesses have performed exceedingly well. Our existing generation business has done very well, transmission and distribution has also done well and similarly our renewable business has also done very well. And as we had shared with you last year, we are on track to double our patent EBITDA by FY30.
For the year ’25, FY25 the renewable business we could achieve a capacity add of 1,026 megawatts. And for the first time we have been able to add capacity of more than 1 gigawatt. We also in the quarter commissioned 166 gigawatts of capacity. And over the years we have seen that our capacity has been growing. We also have a very good pipeline of renewable business where nearly 5.5 gigawatt of capacity will get added in next six months to 24 months where land for most of the projects have been acquired as well as the connectivity.
And we do hope that our target to have nearly 70% clean and green energy by 2030 will be possible not only with the renewable projects that we are setting up, but also the pumped hydro project where the work has already started in Bhivpuri project and 1,000 megawatt Bhivpuri project and work in 1,800 megawatt Shirota pumped hydro will start in the later part of the year. Our project in Bhutan, the 600 megawatt Khorlochhu project, the work has already started from 1 January, and we expect that by November 29 the project will be completed.
In our solar business, especially solar rooftop business, revenues have gone up by 40% in the quarter to INR865 crores and EBITDA has gone up by 72% to INR132 crores. For the full year our rooftop business had sales of nearly 782 megawatts with a revenue of INR2,210 crores and PAT of INR209 crores. And in the coming year that is FY26 we expect that this will nearly double considering that huge initiatives are being taken by us along with the government PM Surya Ghar project especially in the states of Odisha, UP, Rajasthan, Assam, and Maharashtra. We in fact continue to be number one in rooftop solar with our presence in more than 700 cities.
Coming to our manufacturing of solar cell and module. The plant is now fully operational at Tirunelveli, and they are operating at more than 90% each. And in this year though we started the production little late. In the full year we have supplied nearly 3,300 megawatt of modules. In this quarter we could supply 913 megawatt of modules and 650 megawatt of cells. And the reported revenue of this quarter was INR1,500 crores. And the EBITDA margin has gone up to 27%.
For the full year, the TP solar has reported a revenue of INR5,337 crores, EBITDA of INR875 crores and a PAT of INR422 crores. With both the cell and module line fully operational, we do expect that in the coming year we cross the 3,700 megawatt of production of good cells and modules. In our T&D business also which actually has shown record performance in this year. In the quarter our revenue was INR9,590 crores, PAT of INR616 crore. For the full year, the revenue of T&D business is INR39,122 crores and a PAT of INR2,000 crores.
This has been possible because of excellent performance by all our distribution companies including Odisha Discoms, where the PAT has gone up by more than 3 times for the whole year. In fact, in Odisha Discoms our PAT increase to INR439 crores from INR307 crores in the previous year. And we do expect that with the operations stabilizing and a whole lot of work that has been done in improving the quality of service, this performance will further improve in the coming year.
With all our distribution business, whether it is in Odisha, Delhi, Mumbai and Ajmer doing very good, the company is also looking at the opportunities to expand, especially in some of the states where the distribution bidding process will start later part of this month. And we do expect that especially in UP where the big process is starting, we will be able to increase our footprint.
Our balance sheet with all these investments continues to be very, very strong. We had a capex of INR4,100 crores in the last quarter, and in the whole year we had a capex of INR16,200 crores. And in the coming year we have a plan of having a capex of INR25,000 crores. In spite of such large capex, we have been able to have the net debt at INR44,700 crores. And our net debt to underlying EBITDA continues to be less than three, actually at 2.93 and our net debt to equity is at 1.0 compared to 1.1 in the previous quarter.
And because of these reasons we continue to get the best ratings in corporate India and in the power sector. In fact, Moody’s has recently upgraded the outlook on Tata Power from Ba stable — Ba1 stable to Ba1 positive. Tata Power is committed to go for very calibrated growth and our capex plan not only FY26 but for subsequent year is on track. And we do believe that our investments in hydro projects in Bhutan on hydro projects, in our existing hydro businesses, T&D investments in our transmission lines and distribution projects, as well as in our renewables will help us to sustain the good performance of the company and maintain the track record of growth in profit for next few quarters.
We believe that this is possible because there is a very strong foundation for the business and our growth plans are very very well defined and calibrated. We look forward for your continued support.
And with this, I will return to Yashashri to open the floor for question-and-answers.
Questions and Answers:
Operator
Thank you, sir. Ladies and gentlemen, we will now begin the question-and-answer session. [Operator Instructions] We will take our first question from the line of Sumit Kishore from Axis Capital. Please go ahead.
Sumit Kishore
Good evening, sir. My first question is in relation to capex. On the third quarter call you had expressed confidence that the company would be able to achieve its target of INR210 billion of capex that you had set for yourselves and which would have implied nearly INR9,000 crores to INR10,000 crores of capex in Q4. So what led to the shortfall on capex?
And even in the December analyst meet we spoke about 588 megawatt of renewable capacity addition in Q4 against which 166 megawatt has got added. So what are the challenges here which are — which delayed your capex and your capacity addition targets given that they were just three months out? That’s the first question.
Praveer Sinha
So our capex for the whole year is INR16,200 crores, for the fourth quarter it was INR4,000 plus. There are some delays in execution of projects. One was in the renewal, some of the locations, the transmissions evacuation system which is being done by the other companies, they could not be set up. And because of those delays we could not complete the project in time and evacuate the power.
The second is some of the transmission lines that we were doing, those also got delayed because of right of the Issues. We have been able to sort that out, and whatever we could not complete in the last quarter, we will be able to meet all those in this quarter. So it’s not that they have been deferred, but it’s just that the implementation timeline has got little delayed for various reasons and we are on track to make up in the coming quarters.
Sumit Kishore
Sure. So the transmission evacuation issues are largely sorted to commission 2.5 gigawatt plus of renewable in FY26 like you targeted?
Praveer Sinha
Yes. This year we will commission nearly 2.5 gigawatt to 2.7 gigawatt of project. Last year we actually completed 2.3 gigawatt of projects.
Sumit Kishore
My compliments on your very strong performance in the solar module business operationally both for very high levels of capacity utilization and the ramp up in cell production sincerely after commissioning. But it seems that the margin performance is also very strong and it appears to be driven by a third-party sale of modules which are integrated with cells in the fourth quarter. Is this something that is likely to continue at this scale in FY26 as you said, you will have almost 3,700 megawatts of module and cell production. So how should we think about the third-party mix and if any volatility through the year that you expect because of your internal requirements if you could talk about that?
Praveer Sinha
So, as you are aware we commissioned the cell plant in the last quarter, and it has ramped up now to full capacity. You will only see improvement of it because in the Q4 we produced 650 megawatt while in the FY26 we are expecting more than 3,700. So you can expect the full impact of the production coming in the financial year. Similarly, the module line also has now stabilized and you will see much better performance in the coming years. So you can assume that the plant will work at full capacity for which all the steps are being taken by the company.
Sumit Kishore
Sir, my question was on, what will be the proportion of third-party sale in your solar module and cell business, because that is not going to get eliminated on consolidation.
Praveer Sinha
I think we have huge backlog of orders that we need to execute. We ourselves have a large project that is for our own company. In addition to that we have some third-party EPC obligations which we need to complete in next six months. So at least till this third quarter we do not have any excess capacity. In addition to that, as I mentioned to you, we are going to increase the supply through rooftop solar and again nearly 1 gigawatt will be required over there. So I think we have a huge pipeline of orders to be executed, and most of these cells and modules that we produce will get consumed ourselves. Maybe in subsequent years we might have some extra capacity for third-party.
Sanjeev Churiwala
And just to add to what Dr. Sinha said, when we say in house consumption, even our third-party EPC that we do finally the profit will also boil down to the consolidated profit of the renewal businesses. So kind of if you look at a console basis all the DCI that goes to third-party EPC businesses that we’re doing and they need to have a backlog of that, that will add up to the profits.
Sumit Kishore
Okay. So, your third-party order backlog is how big right now for module cells?
Sanjeev Churiwala
I think next year for sure we may have about a delivery of 1 gigawatt or around so to be done for the third-party EPC.
Sumit Kishore
Beyond the solar rooftop?
Operator
Thank you. Sumit, I request you to join back the queue please, as we have other participants.
Praveer Sinha
Yes, Sumit, it’s beyond solar rooftop.
Sanjeev Churiwala
Yes.
Operator
Thank you. We’ll take our next question from the line of Mohit Kumar from ICICI Securities. Please go ahead.
Mohit Kumar
Yeah. Good evening, sir, and thanks for the opportunity. So my first question was there was a news in the media that you’re thinking about the existing core business. Is that true? If true, are you also exploring organic growth?
Sanjeev Churiwala
Yeah. I think there are mixed reactions that we see in the papers and all. I think as Dr. Sinha said we will be opportunistic if some opportunities come, we will see but as of now we’re kind of more determined to ensure our capital allocation goes to our growth businesses which is the renewal and transmission and distribution.
Mohit Kumar
Understood. Sir, my second question is there’s a note number two which talk about sub adjustment from the CERC judgment. What is the impact of that note number two in this particular quarter?
Sanjeev Churiwala
So, there is no impact in this quarter. This pertains to the earlier quarters which we’ve already disclosed. The CERC audit dated 3rd January 2003.
Mohit Kumar
Yes. They receive the issue the final order claim of, so you have toured up the amount. So that’s what it says. That’s why I’m trying…
Sanjeev Churiwala
This order is kind of more supporting us in terms of collecting our receivables.
Mohit Kumar
So there is not material impact in this quarter, is that right?
Sanjeev Churiwala
Yeah. So there’s no impact on the payment because to that extent as and when we are selling we’ve also been booking as MOP orders. So there’s no impact on the P&L
Mohit Kumar
My last question is. Is it possible to break up the capex layout across the various businesses for FY26?
Sanjeev Churiwala
We have about the capex layout of close to about INR25,000 odd crores for next year. And if I do a breakup around 60% of the layout allocation will happen in our renewable businesses. Given that we also growing our transmission and distribution capex about 30% not will go there and the remaining others, but this will remain dynamic. This is the broad allocation as we’re starting the year but depending upon the situation on the ground the allocation might change.
Mohit Kumar
Understood, sir. Thank you. And all the best, sir. Thank you
Operator
Thank you. We’ll take our next question from the line of Apoorva Bahadur from IIFL Capital. Please go ahead.
Apoorva Bahadur
Hi, sir. Thank you for the opportunity. Couple of questions sir, firstly on the cell module manufacturing business I see in your presentation that we have commissioned a TOPCon line pilot line as well. Would you mind throwing some update on that? I mean do we intend — when do we intend to upgrade our PERC capacity?
Praveer Sinha
So, right now we will continue with the 4 gigawatt of Mono PERC and 300 megawatt of TOPCon. So that whatever technology we have used and the efficiency that we are getting we maximize on that. Whenever the opportunity and the market demand is there for TOPCon we examine it at that stage, but right now we will continue with the operation of these lines.
Apoorva Bahadur
Okay sir. And sir, given the strong utilization which we are seeing for our cell module line, is there any plan to add capacity over?
Praveer Sinha
We keep on examining these type of proposals. At the right time we will take the call.
Apoorva Bahadur
Okay. Lastly I wanted to understand our strategy for Tata projects. I think we have been holding the business for quite some time have been getting diluted here twice there has been a rights issue. So how do we sort of look at this business? The intent is it to hold it till a possible listing or maybe a sale to the parent at some time.
Praveer Sinha
So, as you are aware that Tata projects came up with rights issues, and since we are now focusing on our core businesses we have not subscribed to that, and we want to use our money for our own capex growth which we have planned. As far as Tata projects is concerned they are ambitious plan and hopefully in the next one to two years they will perform very well and start making profits. And maybe at the appropriate time Tata projects management will take a decision on what they need to pursue to make it more robust in terms of listing or whatever they have to do.
Apoorva Bahadur
Great, sir. One last question if I can squeeze it in, and this is regarding the ordering for the wind plants. Wanted to know if we are through with all the orders that would be placed?
Praveer Sinha
Yes. In the final stages hopefully next three to four weeks.
Apoorva Bahadur
Understood, sir. Thank you so much. All the best.
Praveer Sinha
Thank you.
Operator
We’ll take our next question from the line of Satyadeep Jain from Ambit Capital. Please go ahead.
Satyadeep Jain
Hi. Thank you. First, Mr. Sinha, just a clarification question before I ask the question to what you responded to Mohit’s question on the media article around thermal. It seemed you indicated that you’ll be if there’s an opportunity that comes along you may look at it. Is that a strategic change? Because the earlier target was that you’ll phase out all the coal plants that you have by 2045 or something. Is there a change in that strategy that you might be opportunistic and you may not phase out all the coal plants you may look at more just I know the word opportunistic but that means you’re open to evaluating different opportunities and there’s a change in strategy. Just want to understand that.
Praveer Sinha
So, our end date of 2045 continues to be there. So it’s not that end date also where we will digest or we will close down the plants by 2045 for all the coal based plants where we have these PPAs. But as I mentioned to you, if there’s some stressed asset or some asset which is there and typically they would have been in operation for some period, we can look at that. These are again very speculative at this stage. There is no plan per se that we are immediately going for anything like that.
Satyadeep Jain
Okay. Just on the RE, I know you required more ISGS connectivity and there have been some delays in transmission evacuation now, what is your intent you’re requiring more transmission connectivity and given your targets, would you given the issues we’ve seen in transmission ROW? Is that why you’re holding off on maybe more aggressively building pipeline beyond the next two years? What’s the thought there and what’s driving that strategy? Whatever maybe exercising caution on building future pipeline?
Praveer Sinha
So, as you are aware that there are challenges in acquisition of land and getting evacuation permission. So as a long-term investment strategy we continue to acquire land in various places as also keep on applying for connectivity so that we don’t have to start looking for it when we win the project. And as you are aware we do large number of projects, not only utilities but also under good captive for various industries as also for many of the group companies in Tata Group. So we definitely would be quite aggressive in acquisition of land, and also getting the necessary connectivity from these locations.
Satyadeep Jain
Okay. Just one question if I can squeeze on very high margins you report in rooftop solar and also Odisha Discoms. I think there is some ECL provisioning right back you’ve done. Just want to understand that ECL provisioning and what basically drove the profitability in Odisha and also the rooftops for that? Thank you.
Praveer Sinha
So, Odisha Discoms is a different business and has nothing to do with the rooftop accepting for the fact that they do support rooftop initiatives. So I think we need to look both of them separately rather than trying.
Satyadeep Jain
No, sir. Separately but just want to understand what happened in those two different businesses. Just why did you, what led to high profitability in solar rooftop in the quarter? And also separately the Discoms also reported very high profit and it seems like there is some ECL provisioning right back or just wanted to understand two different businesses but what led to be high for a good performance range.
Sanjeev Churiwala
So, I think you’re right, there are two different businesses. On Odisha, of course as you can see there’s a continuous reduction in the AT&T losses. Better efficiencies have come in, better billing and better collection has happened, and backed on this we have a better profitability. There has been some ECL provisioning in terms of clearing up some of the past dues. But even after providing for those ECL provisioning we delivered a very good set of numbers in Odisha and hopefully we’ve created a good baseline to kind of grow from here. So that’s on the Odisha.
On the rooftop businesses, I think the fourth quarter has been a phenomenal quarter for us where we have delivered, good growth. When you look at the numbers of rooftop for the quarter we kind of delivered close to about INR850 crores, INR870 crores in terms of the top line revenues with a very healthy PAT margin. And that demonstrate our ability to penetrate the market, capturing the market share, getting a premium PAR product based on a high amount of trust that the consumer has. We are kind of operating with 600 plus channel partners, and we want to ensure that the growth that we have in the fourth quarter we can continue this growth in the coming quarters as well.
Satyadeep Jain
Okay. Thank you so much. And wish you the best.
Operator
Thank you. We’ll take our next question from the line of Mohit Kumar from ICICI Securities. Please go ahead.
Mohit Kumar
Yeah, hi. Thanks for the opportunity. Sir, one clarification is the government of India has come up in the Shakti scheme. The new Shakti scheme will allow the imported coal based power plant to source coal under from the domestic sources. Do you think it makes sense for Mundra to tie up the domestic coal under lockdown?
Praveer Sinha
See, the Mundra plant is designed for imported coal, and imported coal has different chemical characteristics. It’s not just the heat rate but what is the sulfur content, nitrogen content what is the ash content. So there are whole lot of chemical characteristics that it needs to comply to [Indecipherable]
Operator
We can hear you, sir.
Praveer Sinha
Okay. So, we need to consider all these aspects when we go for change in coal. So because of that reason for us it does not make sense to go for domestic coal. Secondly, the cost of coal if we get from eastern part of India especially in terms of the transportation cost is very high. And for us, until and unless we are able to have a very differentiated arrangement which brings down the cost of coal as also bring down the transportation cost, it will not make real sense to move to any other coal than what we are using at [Indecipherable].
Mohit Kumar
Understood. Second question, is there any update on the financial closure of the pumped storage power plant which is building up the 1,000 megawatts?
Sanjeev Churiwala
So, yeah. We are working on the financial closure. The discussions are happening with the banks. We’ve just started the work. So we still have a few months to close that.
Praveer Sinha
Yeah. But the work is going on at the pump storage project. So notwithstanding the financial closure, the internal accruals is supporting the investment that is required for the projects.
Mohit Kumar
Understood, sir. Thank you, and all the best, sir. Thank you.
Operator
Thank you. We’ll take our next question from the line of Rajesh Bhojani from NSG Tech. Please go ahead.
Rajesh Bhojani
Hello, sir.
Operator
Yes, Rajesh, we can hear you. Please go ahead.
Rajesh Bhojani
Yeah. Thank you, ma’am, for the opportunity. I was interested if the company is expanding in battery energy storage system?
Praveer Sinha
Yeah. We set up those projects as a part of the complex renewable projects. So we arranged source of batteries from suppliers and combine it with solar and wind projects that we set up. So it’s a part of the hybrid solutions that we are implementing.
Rajesh Bhojani
Yes, sir. And are there any challenges in the renewable sector in point of view with the government policy?
Praveer Sinha
No, there are no challenges. Nothing like that.
Rajesh Bhojani
Okay. Thank you.
Operator
Thank you. We’ll take our next question from the line of Bharanidhar from Avendus Spark. Please go ahead.
Bharanidhar
Yeah. Am I audible?
Operator
The volume is little low.
Bharanidhar
Yeah. Is it better now?
Operator
A little better.
Bharanidhar
Okay. Just wanted to understand some operational and financial metrics on the Mundra coal and shipping line item in the cluster wise performance slide, where we have seen very good improvement in profitability and PAT in FY25 versus FY24 meaning INR57 crores of PAT going up to INR107. So what is driving this? And some color on how much spread we are making per unit in Mundra and what would be the outlook for ’26? That would be great.
Sanjeev Churiwala
As we are looking at the full year PAT? There are a couple of things there, A, suppose the last year and this year the plant continues to run on Section 11. Last year one unit was down so we were running on four units. This year we’re running all the five units to the extent there’s been a contribution coming through. And that’s the key reason. And there we had one of the regulatory upside coming in for Mudra which was pending for the last almost a decade now, which has been reported in the earlier quarters. Almost I think INR332 odd crores, right. So that is because of that.
Bharanidhar
Understood. So what would be the outlook for ’26 sir, in the sense regarding Section 11?
Sanjeev Churiwala
It all depends. It’s too difficult for us to predict the outcome for the entire year. As of now the Section 11 has been extended for two months and we’re also trying to very amicably work along and get into a revised CPA with them, with the government. So it’s too early for us to kind of comment as to how this will look like. But we’re working towards the resolution.
Bharanidhar
Understood. And some updates on the UP privatization of Discoms and where is it at and when it is likely to be open the bid, that will be helpful.
Praveer Sinha
We have appointed consultants to work on the bid process for two Discoms. We are also part of it and hopefully we like to do something out there. But I think it’s still work in progress.
Bharanidhar
Okay. Thank you so much. All the best.
Operator
Thank you. We’ll take our next question from the line of Atul Tiwari from JPMorgan. Please go ahead.
Atul Tiwari
Yes, sir. Thanks a lot. Sir, again on the pumped storage plants where you have started the work, what is the status of long-term PPA there? Are you looking at something? And in case the PPA is not there, do you think the financial closure will be possible from financial institution side?
Praveer Sinha
So, pump hydro is being developed to basically give bundled power along with solar and wind. This will be done for both utility scale projects as well as for many of our CNI customers. This is work in progress, this will take at least six more months for us to get finalized. So that we have maximum value for the investment that we are making in this project. As you know that many of the companies have to go for 24/7 renewable power as well as many of the Discoms are wanting to do that.
Pumped Hydro has a unique ability to give this powers 365 base for eight hours every day. So I think we need to position it in such a way that whether industries or utilities if they want certainty on the pumped hydro plant, they will be going for this along with the other renewable sources.
Atul Tiwari
Okay, sir. Thanks.
Operator
Thank you. We’ll take our next question from the line of Anuj Upadhyay from Investec. Please go ahead.
Anuj Upadhyay
Yeah, hi. Thanks for the opportunity, sir. Sir, firstly on the EPC margin excluding the rooftop segment that still struggles to cross 5% at an EBITDA level if you see for the Q4. So the reason behind that. And secondly, your wind PLF continues to struggle to cross 20% kind of a level. So what actually has been impacting the bid performance out there?
Sanjeev Churiwala
So, I think, if you see the presentation that has been uploaded, I’ll just tell you the slide number. If you see the EBITDA margin and PAT margin. PAT margin is consistent about 5% and the EBITDA margin is beyond that closer to 8% to 9% and that’s the targeted rate range we want to be in. So I think we’re doing absolutely fine with respect to margins in the businesses.
Anuj Upadhyay
So, I guess the console margin comes at around 8% to 9%, but the EPC is still in the range of 5% to 6%? I’m referring to your slides on the side.
Sanjeev Churiwala
Yeah. EPC business, if you look at it, we are delivering a margin close to 5%.
Anuj Upadhyay
Yeah. So, I mean initially the sense was that the EPC segment excluding the rooftop I’m saying could scale up a level of around 7% to 8%. So that time we had this concern that we had orders which were at a low margin business and we had actually executed those low-margin EPC valve. So the upcoming orders would be of a healthy margin. But still we see the margins to struggle somewhere in the range of 5% to 6% only.
Sanjeev Churiwala
I don’t know which kind of missing your expectation. In slide number 62, for the quarter, for the EPC we delivered less than 3%. For the full year as well, we’re delivering it 5%. And throughout the EPC business and I think for the last couple of years we have said that we kind of want to maintain a margin profit of 5%. So that has been very consistent as well, and it’s kind of done better than the previous year now. If you see for the last full year when the margin was 3.3%, I very clearly remember we said that we’re targeting 5% and this year we are delivering 5%.
Anuj Upadhyay
Fine, sir. I’ll take this offline. And on the wind side?
Sanjeev Churiwala
On the wind side?
Anuj Upadhyay
Wind PLF which continue to [Speech Overlap]
Praveer Sinha
Yeah. So see what happens is whether it is wind or solar, what we need to ensure is the availability of the plant and availability of all these plants have been in the 99 plus ranges. The PLF is dependent upon the wind speed or what is the solar level. So last year the wind speeds in many places were not very good, and that is why the wind PLFs are low. But our plant availability continues to be very high in all these.
Sanjeev Churiwala
Yeah. And I think to be very precise, slide number 61 of the presentation has the full detail. And normally when we look at the wind PLF, we have the zone of 19.5% to 20%. And, that is what perhaps is the right zone.
Anuj Upadhyay
Okay, sir. And lastly, sir, of the INR1,078 crores of PAT which we have reported for Mundra coal and shipment category, can you specifically mention how much was contribution from Mundra in it?
Sanjeev Churiwala
It’s a combination of various things. But we can send it to you separately.
Operator
Thank you.
Anuj Upadhyay
Fine sir, that’s helpful.
Operator
We’ll take our next question from the line of Aniket Mittal from SBI Mutual fund. Please go ahead.
Aniket Mittal
Yes, sir. Thank you for the opportunity. My first question is on the cell and module operations. Just to understand, could you talk about what sort of realization you’ll be getting in the market for these external sales both for DCR and non-DCR module sales. And secondly, sort of heading into FY26, what sort of EBITDA margin do you think this entity can grow?
Praveer Sinha
See, as I mentioned to you, we are not selling these modules — DCR modules as such very small quantity we sell depending upon the timelines in which it is required. Mostly it is being used in house for our in house projects or for the third-party EPC that we are executing for which we already have an order earlier with us. So to that extent, we may not be able to share what sort of price will be applicable for the sale of just the DCR modules. You can see the margins which is there, the Q4 margin is just an indication. Going forward it will further improve because the efficiency and the ease are improving. So you can consider much better returns and a much better margin in the future projects.
Aniket Mittal
Okay. And just one bookkeeping question for your Tata Power Solar EPC arm. So what’s the overall order book currently?
Sanjeev Churiwala
It should be about close to INR11,000 odd crores.
Aniket Mittal
This includes rooftop?
Praveer Sinha
Rooftop is separate. This is the large utility.
Aniket Mittal
Okay. INR11,000 crores. And about INR1,000 rooftop?
Praveer Sinha
Yes,
Aniket Mittal
Just a clarify of this INR11,000, how much would be external and how much would be for own Tata Power?
Praveer Sinha
Around INR4,000 would be external and remaining would be…
Aniket Mittal
Got it. Thank you.
Operator
Thank you. We’ll take our next question from the line of Rajesh Majumdar from B&K Securities. Please go ahead.
Rajesh Majumdar
Yeah. Good evening, everyone. So I had another question on the Odisha Discoms. We have seen a a sharp jump in the profitability in Q4 as well as for the year for the Odisha Discoms. So how sustainable is this and what would be a kind of long run kind of PAT we can assume from this? Will it be slightly lower than this or will it be slightly higher than this?
Praveer Sinha
So, Odisha Discoms had the huge challenges because there were a lot of issues regarding billing collection meters and there are also large fold outstanding. We have been able to take care of all those things including ECL provision, and what you have seen in Q4 similar trend you will observe because the whole process has now been streamlined, and the performance in the future quarters will be consistent to what sort of performance we have seen in Q4.
Rajesh Majumdar
Yeah. And sir, on a related question on this, I mean we’ve seen a lot of other Discoms also being built by some other companies but we’ve not seen the kind of success in the other Discom privatizations as you’ve seen in the case of Odisha Discoms. So what is going on, so good for you guys that is not going on so well for the other people that is distinguishing it. Any qualitative color on this?
Praveer Sinha
If you come here and spend some time we’ll explain to you what we do. It cannot be replied in two minutes. You have to come and understand how what we do and how we are unique and different than anyone else.
Sanjeev Churiwala
Yeah. I think still better we can take a visit to Odisha, we can facilitate that.
Rajesh Majumdar
Right. And sir, also because you’re also bidding for other Discoms now are we going to be having India in the same kind of returns in UP Discoms as well? Because as I said again the peer group experience is not as great as what we’ve seen in Odisha Discoms.
Praveer Sinha
So, you should know that today we are the biggest private company in distribution and we are the sum total of all the others put together. And no one has the type of experience, and the domain knowledge as we have, because we have done work in urban areas as well as in rural areas. So we have a huge edge compared to anyone else.
Rajesh Majumdar
Right. And sir, my other question is a bit of a general question for you because we’ve always said in the last couple of calls that the peak demand is likely to hit 270 this year. But so far the demand trends are not facing anywhere near that number. So I know last year we had a base effect kind of impact on the power demand. Is there any risk of the power demand again being in low-single digits this year?
Praveer Sinha
So, last year we had the peak of 250. And this year based on the data that we have from IMD, we are expecting that it will go to 270. So it all depends the summer has just started and we normally have a long summer right up to October [Phonetic]. So let us wait and watch.
Rajesh Majumdar
The peak demand was hit in May if I’m not mistaken last year. And we are already in the middle of May now. That’s why I asked this question.
Praveer Sinha
Yeah. But there have been situations where peak demand have been in July also and in October also. So it depends on how the weather condition is there. And apart from the heat, it is also the humidity which has a huge factor on the usage of electricity. So let’s wait and watch.
Rajesh Majumdar
Thank you, sir. Thank you.
Operator
Thank you. We’ll take our next question from the line of Sumit Kishore from Axis Capital. Please go ahead.
Sumit Kishore
Thanks for the opportunity again. My first question is to Dr. Sinha, you had articulated the opportunity and keen interest that Tata Power has in the nuclear and SMR market that is likely to open up to private sector. Has there been any progress in terms of any tender invited by the government for private sector participation? We were reading that there were some companies which had evinced interest as that moves forward.
Praveer Sinha
So, we are waiting for the change in the law wherein government has to amend the law in allowing private sector participation in nuclear power plants. Also the civil liability law. And once we get more clarity on that we can share with you our plan to implement the SMRs and other type of nuclear plants.
Sumit Kishore
And just a follow-up question on this UP privatization, we are reading that or hearing that five circles are going to be sort of demarcated for private sector participation. So is there any condition that for one private player can not take more than one or two circles or it can take more than?
Praveer Sinha
We are still waiting for the big documents. They have appointed a consultant. And what I understand by end of this month, the big documents will come and we’ll get a better clarity on that.
Sumit Kishore
Thank you so much, and wish you all the best.
Praveer Sinha
Thank you.
Operator
Thank you. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to Dr. Praveer Sinha for closing comments. Over to you, sir.
Praveer Sinha
Thank you very much, and it was a pleasure interacting with all of you. If you have any further questions you can please connect with my colleagues Rajesh and Kasturi. And also, if some of you want to visit the Odisha Discom, what changes we have made, what technology interventions, customer engagement and customers services that we are offering. I would request if you could plan the same.
Also at any stage you want more data, more information, please don’t hesitate to connect with us, and we will take your feedback to improve the quality of presentation and also to provide you more data which will help you to make your reports more objective. Once again, thank you to all for joining us.
Operator
[Operator Closing Remarks]