Tata Power Company Limited (TATAPOWER)
Large CapPower stocks · Large cap · NSE
Tata Power is India's largest vertically-integrated power company with ~26.3 GW total capacity (including 9.6 GW under construction), comprising ~17.5 GW clean & green energy and ~8.9 GW thermal. It operates transmission & distribution, and new-age energy solutions, serving 13.1 Mn customers.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 1/8 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 37/100margin compression · Rev +6% YoY · PAT +11% YoY · +28% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹19,051 Cr | +5.6% | +27.9% |
| EBITDA | ₹3,860 Cr | +8.3% | +48.5% |
| Operating margin | 20.0% | +0 bps | +300 bps |
| PAT | ₹1,401 Cr | +11.0% | -1.1% |
| PAT margin | 7.3% | +35 bps | -215 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Q4 FY26 Consolidated PAT (before exceptional items) rose 17.2% YoY to Rs 1,510 Cr, driven by Odisha Discoms, Rooftop, and Solar manufacturing. Consolidated revenue declined 7.9% YoY to Rs 15,962 Cr.
Despite a revenue decline, the company demonstrated strong PAT growth in Q4 FY26, primarily from its strategic focus areas like renewables and distribution. The significant pipeline in clean energy and T&D, coupled with improving operational metrics in Odisha Discoms, supports the long-term thesis, though execution and debt levels warrant monitoring.
Total Capacity (Operational + Pipeline) by Source
Latest issuer-disclosed distribution across 8 reported categories.
Clean & Green Energy Expansion
POSITIVETargeting 70% clean & green capacity by 2030 and 100% by 2045, with ~17.5 GW already operational or under construction.
Solar Cell & Module Manufacturing
POSITIVEAchieved production of 964 MW cells and 915 MW modules in Q4 FY26 with an industry-leading yield of >95%.
Solar Rooftop Business
POSITIVEAchieved record billing of 670 MWp in Q4 FY26 and 1.7 GWp in FY26, with an order book of Rs 898 Cr.
Odisha DISCOMs Performance
POSITIVEAT&C losses reduced by 2% YoY to 15.5% in FY26, with strong PAT growth across all Discoms.
Renewable Projects Commissioned
Commissioned 1.3 GW of renewable projects in Q4 FY26, including rooftop solar.
Utility Scale In-house Renewables
Commissioned 406 MW of utility scale in-house renewables capacity, bringing total installed RE capacity to 6.5 GW.
Transmission Line Commissioning
Fully commissioned SEUPPTCL transmission line of 1,521 CKm, adding 732 CKm in Q4 FY26.
Khorlochhu HPP, Bhutan
600 MW project, construction commenced October 2024, expected commissioning September 2029.
Growing Power Demand
POSITIVEIndia's power demand increased by 2% YoY in Q4 FY26.
Clean Energy Transition
POSITIVEClean & Green sources accounted for 88% of capacity additions in Q4 FY26 across India.
Declining AT&C Losses
POSITIVEAll India AT&C losses declined to 15% in FY25, indicating improving distribution efficiency.
Transmission Capex Anticipated
POSITIVE₹9.2 tn transmission Capex is anticipated in India between FY25-32E, supporting T&D growth.
Mundra Plant Shutdown
NEGATIVEMundra plant operations were temporarily suspended since July 2025, impacting standalone results.
Lower RE Generation PLF
NEGATIVELower solar resource availability, load curtailment, and transmission constraints impacted RE generation PLF in Q4 FY26.
Consolidated Revenue Decline
NEGATIVEConsolidated revenue decreased by 7.9% YoY in Q4 FY26 and 1.3% YoY in FY26.
Increased Indonesian Coal Prices
NEGATIVEIndonesian Coal prices have increased, potentially impacting fuel costs for thermal generation.
Project Execution and Gestation
Large pipeline of hydro and PSP projects have long gestation periods, posing execution and commissioning risks.
Regulatory Order Impact
TPDDL's financials were significantly impacted by prior period regulatory orders, highlighting regulatory uncertainty.
Fuel Cost Volatility
Fluctuations in international coal prices, as seen with Indonesian coal, can impact generation costs.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
QoQ comparison is useful for assessing sequential momentum in project execution, utilization, and seasonal demand fluctuations. YoY comparison provides a clearer picture of underlying business growth and the impact of strategic shifts, especially in a capital-intensive and regulated sector like power.
Total Capacity (Operational + Under Construction)
~26.3 GW
Clean & Green Energy Capacity (Operational + Under Construction)
~17.5 GW
Thermal Energy Generation (Installed Capacity)
~8.9 GW
Q4 FY26 Consolidated PAT (before exceptional items)
POSITIVERs 1,510 Cr, up 17.2% YoY
Net Zero Target
Management aims to achieve Net Zero emissions by 2045.
Clean & Green Portfolio Target
Management targets for Clean & Green capacity to account for at least 70% of overall capacity by 2030.
ESG Disclosure Improvement
Management plans to improve Sustainability Disclosures and get listed in the DJSI Emerging Markets list by 2027.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Clean & Green Capacity Share | 46% (2026) | Progress towards the 70% target by 2030. |
| Odisha DISCOMs AT&C Losses | 15.5% (FY26) | Further reduction towards single-digit levels, as achieved by TPNODL (9.9%). |
| Net Debt to Underlying EBITDA | 3.34x (FY26) | Trends in this ratio, given the ongoing high capex for growth projects. |
| Khorlochhu HPP Commissioning | Construction commenced Oct 2024 | Timely commissioning by the expected date of September 2029. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
The company plans to spend Rs. 25,000 crores in capital expenditure during the current financial year.
"plan to spend Rs.25,000 crores in this financial year"
Financial closure of the 1,125 MW Dorjilung hydro project in Bhutan is expected to be achieved by mid-2026.
"financial closure of this project will be achieved by mid of next year"
Tata Power expects to cross nearly 7 GW of operating renewable assets by the end of the financial year.
"crossed nearly 7 gigawatts of our operating renewable assets"
Tata Power is evaluating a 10 GW plant for ingot and wafer manufacturing and expects to finalize details in the next few months.
"finalizing this in the next few months"
The company expects to add about 700 MW of renewable capacity in Q3 and 600 MW in Q4 of FY26.
"expecting about 700-megawatt capacity add in the 3rd Quarter"
The company expects a good trajectory of regulatory asset reduction in Delhi and Mumbai over a period of time.
"good trajectory of regulatory asset reduction over a period of time"
Odisha Discoms are expected to deliver much better performance in the subsequent quarters as initial issues have been sorted out.
"much better performance in the subsequent quarters"
Outcome check: OPM moved from 22.0% to average 17.0% (-5.0 pp).
Tata Power expects to finalize and close the Mundra resolution arrangement with the Government of Gujarat within November 2025.
"hopefully maybe within this month, we will be able to close it"
Trend score and candlestick chart
21Bearishfull bear SMA stack · SMA20 -2.2% / mo · MACD −
Technical chart
TATAPOWERdaily · 1Y · AUTO-2.3%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 48. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~2.3% over last month) — short-term momentum negative.
- RSI(14) at 48 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 21% off 52W high · 7% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is within 6.4% of the 30-week proxy.
- The 30-week proxy changed +0.3% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
Valuation & score drivers
U-Score 25 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 25 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Growth contributes 16/25 to the score.
- Cash flow contributes 4/10 to the score.
- Quality contributes 2/20 to the score.
Main drags
- Altman Z is 1.5, in distress territory.
- Fair-value margin of safety is negative at -22.5%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Management has 0% delivered/partly-delivered outcomes on 1 checked claims, with 1 adverse claim outcome. It ranks around the 35th percentile of the scored universe and 35th percentile within Power. Main check: balance sheet trust is weak at 35/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Altman Z is 1.52.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Power: 35th pctile, median 65 · Large: 18th pctile, median 73
142 documents have extracted text, but claim history is not strong enough yet.
1/8 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸8 years of positive FCF.
- ▸4/4 latest quarters had positive YoY PAT growth.
- ▸Latest 3 quarters had positive YoY PAT growth.
Trust risks
- ▸Altman Z is 1.52.
- ▸Debt/equity is 1.93.
- ▸1/4 latest quarters had positive YoY revenue growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 30.00
- P/B
- 2.97
- EV/EBITDA
- 10.93
- Market Cap
- 117588.00Cr
Profitability
- ROE
- 10.20%
- ROCE
- 10.50%
- ROA
- 3.01%
- Dividend Y
- 0.68%
Growth (CAGR)
- Revenue 5Y
- 14.00%
- EPS 5Y
- 27.00%
- Revenue 3Y
- 4.00%
- EPS 3Y
- 6.00%
Balance Sheet
- Debt/Equity
- 1.93
- Interest Coverage
- 2.38×
- Altman Z
- 1.52
- Book Value
- 124.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 8/5
- OCF
- 5993.00 Cr
- EPS TTM
- 12.10
Shareholding
- Promoter Hold
- 46.86%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 21%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Power, ranked by similarity
Peers
Business-comparable names in Power, ranked by similarity
Peers
Business-comparable peers in Power — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.