Tata Power Company Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Transmission and Distribution: 60.4% • Renewables: 22.0% • Generation: 17.0%
AI Sector View
AI GENERATEDPower
Operationally, power remains one of the strongest sectors in the dataset. Power generation rose 8.0% YoY (2026-07), IIP-electricity was 10.0% YoY (2026-06), electricity core output was 9.0% YoY (2026-07), and coal offtake increased 10.0% YoY (2026-07). FPI outflows are a headwind at INR -10736 crore over 3 months to 2026-08-31, but the fundamental demand signal is strong enough to retain a positive stance.
PROS
- Company has delivered good profit growth of 28.1% CAGR over last 5 years
- Company has consistently been profitable over the last 5 years
- Operating margins have improved to 21.0% from 16.6%
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.20x)
- Company has a consistent dividend-paying track record
- Institutional investors have been accumulating - FII+DII up 2.1pp
CONS
- A large part of profit comes from other income (26.3% of PBT)
- Working capital days have increased from -53 to -3 days
- Recurring exceptional / one-off items are inflating headline profit
- Growth is decelerating - 3Y profit CAGR (10.3%) trails the 5Y trend (28.1%)
- Expensive relative to growth - PEG of 2.9
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ADANIPOWER | 209.85 | 28.39 | 404689.32 | 0.00 | 4866.60 | 47.24 | 18901.89 | 33.97 | 17.79 | 42.67 |
| NTPC | 333.30 | 11.64 | 323189.88 | 2.70 | 6896.44 | -88.71 | 50740.96 | 7.81 | 8.52 | 33.23 |
| POWERGRID | 269.10 | 15.74 | 250279.25 | 3.34 | 3598.42 | -0.89 | 11496.72 | 2.68 | 9.74 | 82.97 |
| ADANIGREEN | 1282.00 | 118.37 | 211167.98 | 0.00 | 983.00 | 19.30 | 4431.00 | 16.61 | 9.90 | 91.24 |
| ADANIENSOL | 1373.75 | 57.55 | 168003.37 | 0.00 | 12365.60 | 2194.43 | 97110.80 | 1324.06 | 9.71 | 31.27 |
| TATAPOWER | 365.00 | 30.19 | 116629.89 | 0.68 | 1400.86 | 10.98 | 19051.26 | 5.63 | 11.63 | 21.53 |
| JSWENERGY | 525.45 | 48.97 | 96340.35 | 0.38 | 532.70 | -36.27 | 5207.13 | 1.24 | 8.50 | 55.22 |
| NHPC | 76.30 | 20.19 | 76643.62 | 2.11 | 1178.09 | 4.15 | 3808.31 | 18.50 | 6.16 | 61.80 |
| NTPCGREEN | 86.90 | 120.64 | 73224.80 | 0.00 | 304.84 | 38.26 | 1106.86 | 62.72 | 3.73 | 91.95 |
| TORNTPOWER | 1298.20 | 28.15 | 65416.76 | 1.54 | 661.85 | -10.75 | 8124.15 | 2.75 | 14.37 | 18.93 |
| NLCINDIA | 264.25 | 11.42 | 36641.87 | 1.46 | 436.33 | -48.01 | 4716.75 | 23.29 | 11.27 | 32.83 |
| ACMESOLAR | 401.85 | 47.07 | 28405.75 | 0.05 | 235.33 | 79.88 | 857.50 | 67.81 | 9.23 | 85.63 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 15,213 | 15,738 | 14,651 | 15,847 | 17,294 | 15,698 | 15,391 | 17,096 | 18,035 | 15,545 | 13,948 | 14,900 | 19,051 | |
| 12,480 | 12,943 | 12,044 | 13,105 | 14,191 | 12,403 | 12,312 | 13,618 | 14,467 | 12,019 | 10,357 | 11,239 | 17,858 | |
| Operating Profit | 2,734 | 2,795 | 2,607 | 2,741 | 3,103 | 3,294 | 3,079 | 3,478 | 3,568 | 3,526 | 3,592 | 3,661 | 1,194 |
| OPM % | 17.97% | 17.76% | 17.79% | 17.30% | 17.94% | 20.99% | 20.01% | 20.34% | 19.79% | 22.68% | 25.75% | 24.57% | 6.26% |
| 506 | 292 | 643 | 656 | 247 | 373 | 402 | 369 | 362 | 505 | 321 | 461 | 388 | |
| Interest | 1,221 | 1,182 | 1,094 | 1,136 | 1,176 | 1,143 | 1,170 | 1,213 | 1,279 | 1,319 | 1,364 | 1,295 | 1,407 |
| Depreciation | 893 | 926 | 926 | 1,041 | 973 | 987 | 1,041 | 1,116 | 1,161 | 1,162 | 1,208 | 1,280 | 1,260 |
| Profit before Tax | 1,125 | 979 | 1,230 | 1,221 | 1,201 | 1,538 | 1,271 | 1,517 | 1,490 | 1,551 | 1,341 | 1,547 | 1,823 |
| Tax % | 29.74% | 21.78% | 33.56% | 40.26% | 25.12% | 44.21% | 21.18% | 19.35% | 23.97% | 28.02% | 25.75% | 24.67% | 23.17% |
| Net Profit | 0 | 0 | 0 | 0 | 1,189 | 1,093 | 1,188 | 1,306 | 1,262 | 1,245 | 1,194 | 1,416 | 1,401 |
| 3.04 | 2.74 | 2.98 | 2.79 | 3.04 | 2.90 | 3.22 | 3.26 | 3.31 | 2.88 | 2.41 | 3.12 | 3.68 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 27,588 | 26,840 | 29,881 | 29,136 | 32,703 | 42,816 | 55,109 | 61,449 | 65,478 | 62,429 | 63,445 | |
| 21,789 | 20,568 | 23,168 | 21,216 | 25,701 | 35,346 | 47,433 | 50,665 | 51,571 | 49,334 | 51,472 | |
| Operating Profit | 5,799 | 6,272 | 6,713 | 7,921 | 7,003 | 7,470 | 7,676 | 10,784 | 13,907 | 13,095 | 11,972 |
| OPM % | 21.02% | 23.37% | 22.46% | 27.18% | 21.41% | 17.45% | 13.93% | 17.55% | 21.24% | 20.98% | 18.87% |
| -257 | 1,126 | 2,268 | 623 | 866 | 577 | 2,392 | 2,190 | 438 | 2,901 | 1,676 | |
| Interest | 3,365 | 3,761 | 4,170 | 4,495 | 4,010 | 3,864 | 4,372 | 4,633 | 4,702 | 5,257 | 5,384 |
| Depreciation | 1,956 | 2,346 | 2,393 | 2,634 | 2,745 | 3,122 | 3,439 | 3,786 | 4,117 | 4,811 | 4,910 |
| Profit before Tax | 1,447 | 2,845 | 3,819 | 2,368 | 1,987 | 3,003 | 5,457 | 5,732 | 6,320 | 6,636 | 6,262 |
| Tax % | 24.22% | 5.69% | 28.48% | 27.09% | 25.26% | 12.64% | 30.19% | 25.33% | 24.44% | 22.88% | 25.29% |
| Net Profit | 1,097 | 2,683 | 2,732 | 1,727 | 1,485 | 2,623 | 3,810 | 4,280 | 4,775 | 5,118 | 4,678 |
| EPS | 2.90 | 8.49 | 8.08 | 3.12 | 3.17 | 5.36 | 10.43 | 11.57 | 12.43 | 11.73 | — |
| Dividend Payout % | 39.21% | 14.60% | 14.92% | 41.20% | 43.93% | 32.11% | 19.15% | 17.29% | 18.10% | 21.32% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 8%
- 5 Years:
- 14%
- 3 Years:
- 4%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 19%
- 5 Years:
- 27%
- 3 Years:
- 4%
STOCK PRICE CAGR
- 10 Years:
- 17%
- 5 Years:
- 22%
- 3 Years:
- 12%
- 1 Year:
- -6%
RETURN ON EQUITY
- 10 Years:
- 13%
- 5 Years:
- 14%
- 3 Years:
- 14%
- Last Year:
- 14%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 270 | 270 | 270 | 270 | 320 | 320 | 320 | 320 | 320 | 320 |
| Minority Interest | 1,869 | 2,015 | 2,167 | 2,332 | 2,927 | 3,587 | 5,417 | 5,977 | 6,765 | 8,071 |
| 12,944 | 14,629 | 16,535 | 17,796 | 20,503 | 22,122 | 28,468 | 32,027 | 35,486 | 39,067 | |
| 49,012 | 48,111 | 51,352 | 54,529 | 52,558 | 57,217 | 58,383 | 60,104 | 67,309 | 84,133 | |
| Trade Payables | 5,529 | 5,610 | 5,481 | 5,095 | 7,146 | 10,460 | 7,407 | 14,093 | 13,984 | 10,786 |
| 13,205 | 11,256 | 8,267 | 9,652 | 15,201 | 18,845 | 28,102 | 26,532 | 32,329 | 32,188 | |
| Total Liabilities | 82,829 | 81,892 | 84,073 | 89,674 | 98,655 | 1,12,550 | 1,28,096 | 1,39,054 | 1,56,193 | 1,74,564 |
| 46,592 | 44,656 | 44,305 | 47,666 | 52,179 | 57,389 | 61,747 | 67,210 | 78,374 | 87,293 | |
| Capital Work in Progress | 1,923 | 1,653 | 2,576 | 1,612 | 3,270 | 4,635 | 5,376 | 11,561 | 12,679 | 14,595 |
| 11,873 | 12,429 | 13,542 | 14,535 | 13,149 | 14,160 | 16,670 | 16,316 | 16,316 | 16,575 | |
| 1,600 | 1,623 | 1,706 | 1,752 | 1,886 | 4,232 | 3,943 | 4,420 | 4,572 | 5,108 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7,402 | 5,710 | 4,424 | |
| Cash & Bank | 954 | 1,186 | 787 | 2,094 | 5,871 | 6,641 | 11,207 | 9,152 | 11,751 | 13,644 |
| 19,887 | 20,345 | 21,157 | 22,015 | 22,300 | 25,493 | 29,154 | 22,994 | 26,791 | 32,926 | |
| Total Assets | 82,829 | 81,892 | 84,073 | 89,674 | 98,655 | 1,12,550 | 1,28,096 | 1,39,054 | 1,56,193 | 1,74,564 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 7,594 | 6,966 | 5,080 | 7,984 | 8,792 | 7,387 | 8,036 | 12,504 | 12,680 | 5,993 | |
| Cash from Investing | -7,419 | -1,518 | -319 | -543 | 668 | -6,277 | -7,382 | -8,943 | -15,449 | -14,193 |
| Cash from Financing | 937 | -4,726 | -5,184 | -5,110 | -7,603 | -1,183 | 1,341 | -4,497 | 4,292 | 7,783 |
| 533 | 120 | -930 | 1,723 | 1,410 | -767 | 1,125 | -936 | 1,524 | -417 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - Tata Power Company Limited has informed the Exchange about Schedule of meet
2026-09-04 - Tata Power Company Limited has informed the Exchange about Schedule of meet
2026-09-03 - Tata Power Company Limited has informed the Exchange regarding a press release dated September 03, 2026, titled "Press release titled Tata Power Strengthens NCR s Power Infrastructure with Commissioning of 400kV Jalpura-Khurja Transmission Corridor, comprising 162 CKM Transmission lines and 1,000 MVA Substation .".
2026-08-31 - Tata Power Company Limited has informed the Exchange regarding a press release dated August 31, 2026, titled "Tata Power Renewables Utility Portfolio Scales to 12.3 GW; Surpasses 7 GW Operational Capacity with Commissioning of 100 MW Project at Kayathar, Tamil Nadu".
2026-08-27 - Tata Power Company Limited has informed the Exchange regarding a press release dated August 27, 2026, titled "Press release titled "Tata Power Renewables Powers Tata Steel's Decarbonization Journey with 72.5 MW Captive Solar Project in Rajasthan".
2026-08-26 - Tata Power Company Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
2026-08-25 - Tata Power Company Limited has informed the Exchange about Schedule of meet
2026-08-24 - Tata Power Company Limited has informed the Exchange regarding a press release dated August 24, 2026, titled "Tata Power Renewables Marks a Major Milestone with Commissioning of 190.5 MW FDRE Project in Rajasthan".
2026-08-18 - Tata Power Company Limited has informed the Exchange about Copy of Newspaper Publication
News
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