Analyst
Investec
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Anuj Upadhyay is recorded as Analyst at Investec. Anuj Upadhyay has spoken on 4 earnings calls across 2 companies, most recently for Adani Energy Solutions Limited on October 23, 2026. Those appearances were for Tata Power Company Limited and Adani Energy Solutions Limited. The companies whose calls Anuj Upadhyay spoke on are classified in the Utilities sector.
“Just for clarification, the 4.6 gigawatt tie-up and 3.5 gigawatt of battery storage is entirely from Adani grid, right? There is no tie-up which includes Adani power as of now.”
“So, I believe that the third-party EPC is no more a focus area, but it's the second quarter where we have posted a loss on an EBITDA level. Could you just explain, sir, why exactly at a loss at EBITDA level itself?”
“Is the entire plant operating under the supplementary PPA terms or is it only the Gujarat part? Is the rest operating under Section 11?”
“The first is on the margin front, across your EPC and the rooftop. So during the quarter, the margin has fallen across both the segment, and probably I have of an opinion that with complete operation of your cell and module capacity, this margin volatility across the EPC should come down significantly.”
Investec
Analyst
Transcript header (unverified)
Tata Power Company Limited
Utilities - Independent Power Producers · Utilities
Adani Energy Solutions Limited
Utilities - Independent Power Producers · Utilities
Earnings Call for the Quarter Ended September 30, 2026
Adani Energy Solutions Limited
“The Tata Power Company Limited Q1 FY27 Earnings Conference Call”
Tata Power Company Limited
The Tata Power Company Limited Q4 & Year Ended FY '26 Earnings Conference Call
Tata Power Company Limited
The Tata Power Company Limited Q3 FY'26 Earnings Conference Call
Tata Power Company Limited
