Chandigarh, Aug14: Tata Power’s rooftop solar business is gearing up for its next phase of growth, targeting INR 30,000 crore in annual revenue by 2030 as rising consumer adoption, favourable government policies and declining technology costs accelerate India’s distributed solar market.
The company has already served more than 5 lakh rooftop solar customers across India and aims to expand its customer base to 30 lakhs by 2029. Tata Power is also targeting a 25% share of India’s rapidly growing rooftop solar market.
The business has recorded strong growth in both revenue and profitability over the past four years. Revenue increased nearly four-fold, rising from ₹342 crore in Q1 FY24 to ₹1,350 crore in Q1 FY27, representing a 58% CAGR. EBITDA grew at a 74% CAGR, from ₹38 crore to ₹197 crore, while Profit After Tax rose at an 84% CAGR, from ₹23 crore to ₹145 crore during the same period.
Tata Power is also expanding its rooftop solar offering beyond conventional solar installations. With the addition of battery energy storage solutions, the company is positioning the business as an integrated home energy platform. The combination of rooftop solar and storage is aimed at helping consumers optimise solar generation, improve power reliability and increase energy independence.
The company expects this integrated approach to significantly expand the addressable market as households increasingly look for complete clean-energy solutions rather than standalone rooftop solar systems.
India’s ongoing energy transition, supportive policy environment, increasing electricity demand, rapid urbanisation, falling technology costs and growing consumer awareness are expected to provide sustained momentum to the distributed solar segment.
Tata Power believes its nationwide installation network, established brand, integrated service capabilities and technology-led customer experience will help it capitalise on these long-term growth opportunities.
The company also expects continued government support for residential rooftop solar, rising electrification and increasing consumer preference for reliable, sustainable and digitally enabled energy solutions to support the expansion of its rooftop solar business.