Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 24 Sep
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result27 Jul, 10:19 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Power P/E 16.8 (n=92)
Technical timing lens
Trend score and candlestick chart
26Bearishfull bear SMA stack · SMA20 -2.8% / mo · MACD + · near 52W low
Stock trend: 26
Sector RS: —
Power FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
TATAPOWERD candles · FIT view-22.3%Latest close ₹352.00 on 2026-10-21
Bar
+0.2%
RSI
46
MACD hist
0.93
52W pos
14%
2026-10-21O ₹351.25H ₹353.70L ₹347.30C ₹352.00Vol 37.8L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
TATAPOWERNifty PowerNifty 500
- TATAPOWER
- -7.7%
- Nifty 500
- -6.5%
- Nifty Power
- -13.1%
- Vs Nifty 500
- -1.2 pp
Chart stats
21 Oct 2026- From 52W high
- -24.3%
- 52W range position
- 14%
- ATR (14)
- 2.1%
- Volume vs 20D
- 0.94x
- Avg traded value
- ₹143 Cr
- 20D price channel
- ₹333.6 - ₹370
₹464.9
₹333.6 - ₹464.9
₹7.2
Latest completed session
20-session average
21.6% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED26
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average37
Revenue +5.6% · PAT +11.0% YoY
Technical
Bearish26
Price trend and sector-relative-strength timing.
Valuation
Legacy model-15.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence62
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 37/100margin compression · Rev +6% YoY · PAT +11% YoY · +28% QoQ · operating leverage
Filed 27 Jul 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 28.60
- P/B
- 2.82
- EV/EBITDA
- 10.60
- Market Cap
- 111773.00Cr
Profitability
- ROE
- 10.20%
- ROCE
- 10.50%
- ROA
- 3.01%
- Dividend Y
- 0.71%
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
- 1.50
- 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
- 12%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 62.4k-4.7% vs prev
Net Profit
₹ CrLatest: 5,118+7.2% vs prev
Return on Equity
%Latest: 13.0-2.6% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 46. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~2.9% over last month) — short-term momentum negative.
- RSI(14) at 46 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 24% off 52W high · 6% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
36
RS percentile
Stage 4 Downtrend
1M return
-6.0%
3M return
-8.3%
6M return
-19.2%
1Y return
-11.6%
RS 1D
0
RS 20D
0
Sector rank
#17
Industry rank
#25
Stage evidence
- Price is 9.4% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.0%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 94.45+0.85%
RS vs Nifty 50094
Valuation & peers
U-Score 26 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 26 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth16/25
Quality2/20
Balance Sheet0/15
Cash Flow4/10
Piotroski
6/9 (+3)
Penalties
1
Raw sum
26
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
26/100 · legacy band OVERVALUED
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 -15.8%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
28.6
PB
2.8
EV/EBITDA
10.6
ROE
10.2%
ROCE
10.5%
FCF Yield
—
Debt/Equity
1.9
MoS
-15.8%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
26
Previous: 26
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-15.8%
Previous: -15.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
26
26
26
26
26
26
26
26
26
26
26
26
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹183.74
-91.6% MoS
Growth-justified P/E
25.1
Growth-justified Value
₹304.07
-15.8% MoS
PEG
1.54
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
TORNTPOWER
Large
Torrent Power Limited
Power Generation
match 163
36
26.2
12.5%
+13%
WATCHLIST
JSWENERGY
Mid
JSW Energy Limited
Power Generation
match 160
23
44.1
7.5%
-73%
OVERVALUED
SJVN
Large
SJVN Limited
Power Generation
match 159
17
31.4
4.6%
-1167%
OVERVALUED
NLCINDIA
Large
NLC India Limited
Power Generation
match 159
52
11.1
11.9%
+58%
FAIR VALUE
JPPOWER
Large
Jaiprakash Power Ventures Limited
Power Generation
match 158
42
32.3
3.6%
-29%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-13T08:39:19.985Z
Management commentary snapshot
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.
Current business mix
Total Capacity (Operational + Pipeline) by Source
Latest issuer-disclosed distribution across 8 reported categories.
Thermal34.0%
Solar20.0%
Hybrid10.0%
PSP10.0%
Hydro10.0%
Complex/FDRE9.0%
Wind5.0%
WHRS2.0%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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
Management forward view
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.
Thesis monitor
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
capex timelinenot yet verifiablequantified
The company plans to spend Rs. 25,000 crores in capital expenditure during the current financial year.
Timeframe: FY26Direction: PositiveConfidence: High
"plan to spend Rs.25,000 crores in this financial year"
project executionnot yet verifiablequantified
Financial closure of the 1,125 MW Dorjilung hydro project in Bhutan is expected to be achieved by mid-2026.
Timeframe: Mid of 2026Direction: PositiveConfidence: Medium
"financial closure of this project will be achieved by mid of next year"
project executionnot yet verifiablequantified
Tata Power expects to cross nearly 7 GW of operating renewable assets by the end of the financial year.
Timeframe: End of FY26Direction: PositiveConfidence: High
"crossed nearly 7 gigawatts of our operating renewable assets"
project executionnot yet verifiablequantified
Tata Power is evaluating a 10 GW plant for ingot and wafer manufacturing and expects to finalize details in the next few months.
Timeframe: Next few monthsDirection: PositiveConfidence: Medium
"finalizing this in the next few months"
project executionnot yet verifiablequantified
The company expects to add about 700 MW of renewable capacity in Q3 and 600 MW in Q4 of FY26.
Timeframe: Q3 and Q4 FY26Direction: PositiveConfidence: High
"expecting about 700-megawatt capacity add in the 3rd Quarter"
cash flow improvementnot yet verifiable
The company expects a good trajectory of regulatory asset reduction in Delhi and Mumbai over a period of time.
Timeframe: Over a period of timeDirection: PositiveConfidence: Medium
"good trajectory of regulatory asset reduction over a period of time"
operational efficiencyfailed
Odisha Discoms are expected to deliver much better performance in the subsequent quarters as initial issues have been sorted out.
Timeframe: Subsequent quartersDirection: PositiveConfidence: High
"much better performance in the subsequent quarters"
Outcome check: OPM moved from 22.0% to average 17.0% (-5.0 pp).
project executionnot yet verifiable
Tata Power expects to finalize and close the Mundra resolution arrangement with the Government of Gujarat within November 2025.
Timeframe: Within November 2025Direction: PositiveConfidence: High
"hopefully maybe within this month, we will be able to close it"
Trust Score
62Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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 36th percentile within Power. Main check: balance sheet trust is weak at 35/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
160 docs text-extracted · 40 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
35th percentile
overall median 67 · Power: 36th pctile, median 65 · Large: 17th pctile, median 73
Evidence depth
Financial-only
160 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
0% delivered or partly delivered
1/8 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
78
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
35
weak · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
71
acceptable · quarterly consistency
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 1.50.
- ▸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.
Continue researching Tata Power Company Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 22 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 22 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 22 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 31 Aug - TPREL commissions 100 MW Kayathar solar project; portfolio reaches 12.3 GW and 7 GW operational capacity.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.