Tata Power Company Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Generation: 58.0% • Transmission and Distribution: 41.8% • Others: 0.2%
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 27.1% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.61x)
- Working capital cycle has improved - days down from -135 to -206
- Company generates healthy free cash flow
- Company has a consistent dividend-paying track record
- Institutional investors have been accumulating - FII+DII up 2.1pp
CONS
- Operating cash flow has been negative in recent years
- A large part of profit comes from other income (158.2% of PBT)
- Recent results are weak - TTM profit is down 68.0% versus prior year
- Interest coverage is weak at 1.6x - earnings barely cover interest
- Valuation is stretched - P/E of 132.2 is well above its own 5-year median (56.5)
- Effective tax rate is unusually low at 4.6% - earnings may be flattered
* 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
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 5,192 | 5,014 | 4,926 | 4,961 | 5,774 | 4,889 | 5,731 | 5,965 | 5,285 | 2,625 | 2,483 | 2,833 | 5,689 | |
| 4,149 | 3,913 | 3,893 | 4,034 | 4,741 | 3,684 | 4,563 | 4,957 | 4,334 | 2,048 | 2,151 | 2,166 | 5,506 | |
| Operating Profit | 1,043 | 1,102 | 1,034 | 927 | 1,034 | 1,205 | 1,168 | 1,008 | 951 | 577 | 331 | 667 | 183 |
| OPM % | 20.08% | 21.97% | 20.98% | 18.68% | 17.90% | 24.65% | 20.38% | 16.90% | 17.99% | 21.98% | 13.34% | 23.55% | 3.22% |
| 443 | 234 | 469 | 705 | 765 | 808 | 709 | 208 | 521 | 770 | 259 | 292 | 191 | |
| Interest | 598 | 588 | 533 | 539 | 549 | 525 | 512 | 510 | 497 | 482 | 510 | 486 | 556 |
| Depreciation | 290 | 287 | 284 | 328 | 298 | 293 | 306 | 297 | 306 | 283 | 293 | 332 | 319 |
| Profit before Tax | 599 | 462 | 685 | 765 | 952 | 1,195 | 1,059 | 409 | 669 | 582 | -214 | 141 | 374 |
| Tax % | 25.42% | 11.16% | 23.08% | -10.53% | 22.57% | 15.62% | 7.68% | -0.06% | 22.24% | 25.92% | 24.93% | -136.41% | 25.88% |
| Net Profit | 446 | 410 | 527 | 846 | 737 | 1,009 | 978 | 409 | 520 | 431 | -160 | 334 | 277 |
| 1.40 | 1.28 | 1.65 | 2.64 | 2.30 | 3.16 | 3.06 | 1.28 | 1.63 | 1.34 | -0.50 | 1.04 | 0.87 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 6,924 | 7,537 | 8,255 | 7,726 | 13,169 | 11,108 | 17,728 | 20,093 | 22,359 | 13,226 | 13,629 | |
| 4,906 | 4,949 | 5,313 | 4,805 | 10,448 | 9,571 | 16,125 | 16,193 | 16,882 | 10,465 | 11,871 | |
| Operating Profit | 2,019 | 2,587 | 2,942 | 2,922 | 2,722 | 1,537 | 1,603 | 3,901 | 5,478 | 2,760 | 1,758 |
| OPM % | 29.15% | 34.33% | 35.64% | 37.81% | 20.67% | 13.83% | 9.04% | 19.41% | 24.50% | 20.87% | 12.90% |
| 420 | -3,737 | 1,538 | -375 | 1,451 | 4,544 | 5,902 | 2,056 | 1,427 | 1,608 | 1,513 | |
| Interest | 1,319 | 1,431 | 1,500 | 1,510 | 2,497 | 2,189 | 2,227 | 2,257 | 2,095 | 1,976 | 2,035 |
| Depreciation | 605 | 663 | 633 | 686 | 1,235 | 1,134 | 1,167 | 1,188 | 1,194 | 1,214 | 1,228 |
| Profit before Tax | 515 | -3,245 | 2,347 | 351 | 441 | 2,758 | 4,111 | 2,511 | 3,615 | 1,178 | 884 |
| Tax % | 23.43% | 5.11% | 19.28% | -59.29% | 22.99% | -17.88% | 20.51% | 11.20% | 13.35% | 4.56% | 0.21% |
| Net Profit | 394 | -3,079 | 1,895 | 558 | 340 | 3,251 | 3,268 | 2,230 | 3,133 | 1,125 | 882 |
| EPS | 1.06 | -12.05 | 5.90 | -0.08 | 0.41 | 8.61 | 10.22 | 6.98 | 9.80 | 3.52 | — |
| Dividend Payout % | 89.12% | -11.42% | 18.56% | 75.08% | 145.77% | 17.20% | 19.55% | 28.66% | 22.95% | 71.02% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 4%
- 5 Years:
- 0%
- 3 Years:
- -9%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- -2%
- 5 Years:
- 27%
- 3 Years:
- -30%
STOCK PRICE CAGR
- 10 Years:
- 17%
- 5 Years:
- 22%
- 3 Years:
- 12%
- 1 Year:
- -6%
RETURN ON EQUITY
- 10 Years:
- 10%
- 5 Years:
- 20%
- 3 Years:
- 13%
- Last Year:
- 6%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 16,321 | 12,718 | 13,919 | 13,491 | 8,059 | 10,560 | 13,380 | 15,460 | 18,011 | 18,016 | |
| 13,357 | 14,892 | 18,376 | 18,738 | 27,755 | 25,693 | 20,234 | 20,203 | 18,525 | 23,496 | |
| Trade Payables | 1,346 | 1,106 | 1,102 | 1,002 | 3,282 | 4,080 | 4,477 | 6,485 | 8,118 | 4,025 |
| 9,537 | 7,516 | 4,466 | 4,115 | 5,041 | 6,251 | 9,762 | 8,022 | 7,672 | 9,110 | |
| Total Liabilities | 40,832 | 36,502 | 38,135 | 37,616 | 44,456 | 46,903 | 48,173 | 50,489 | 52,645 | 54,967 |
| 8,548 | 7,967 | 7,630 | 8,036 | 24,494 | 23,746 | 23,722 | 23,542 | 23,363 | 24,247 | |
| Capital Work in Progress | 666 | 419 | 368 | 403 | 322 | 965 | 1,273 | 1,799 | 2,248 | 2,458 |
| 22,470 | 18,392 | 21,313 | 21,347 | 10,208 | 10,779 | 12,129 | 13,406 | 14,256 | 14,979 | |
| 671 | 474 | 580 | 635 | 1,181 | 2,292 | 2,458 | 2,120 | 2,424 | 2,841 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,582 | 1,514 | 995 | |
| Cash & Bank | 156 | 58 | 96 | 179 | 383 | 79 | 296 | 619 | 1,533 | 729 |
| 8,320 | 9,191 | 8,149 | 7,016 | 7,866 | 9,042 | 8,296 | 7,421 | 7,307 | 8,717 | |
| Total Assets | 40,832 | 36,502 | 38,135 | 37,616 | 44,456 | 46,903 | 48,173 | 50,489 | 52,645 | 54,967 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2,337 | 2,941 | 1,785 | 2,383 | 3,414 | 1,800 | 627 | 5,881 | 6,288 | -1,712 | |
| Cash from Investing | -5,582 | -1,355 | -557 | -471 | -1,174 | 1,587 | 5,124 | -92 | -71 | -2,262 |
| Cash from Financing | 3,718 | -1,605 | -996 | -1,753 | -2,618 | -3,635 | -5,350 | -5,465 | -5,305 | 3,170 |
| 257 | -192 | 131 | 85 | -458 | -364 | 274 | 325 | 912 | -804 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| 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
Recent coverage and analyst commentary for TATAPOWER
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