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Tata Power Company Ltd.

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tatapower.comBSE: 500400NSE: TATAPOWER
Market Cap₹ 1,16,630 Cr.
Current Price
High / Low₹ 465 / 342
Stock P/E132.2
Book Value₹ 58
Price to Book6.60
Dividend Yield0.68 %
ROCE8.2 %
ROE6.1 %
Face Value₹ 1

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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 GENERATED

Power

Buy

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.

Confidence
71%
View full sector analysis →

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

PowerPowerPower Generation/Distribution
Part ofNIFTY NEXT 50NIFTYLARGEMIDCAP250NIFTY CONSUMPTIONNIFTY100 EQL WGTNIFTY TOTAL MKT
S.No.Name
1.ADANIPOWER209.8528.39404689.320.004866.6047.2418901.8933.9717.7942.67
2.NTPC333.3011.64323189.882.706896.44-88.7150740.967.818.5233.23
3.POWERGRID269.1015.74250279.253.343598.42-0.8911496.722.689.7482.97
4.ADANIGREEN1282.00118.37211167.980.00983.0019.304431.0016.619.9091.24
5.ADANIENSOL1373.7557.55168003.370.0012365.602194.4397110.801324.069.7131.27
6.TATAPOWER365.0030.19116629.890.681400.8610.9819051.265.6311.6321.53
7.JSWENERGY525.4548.9796340.350.38532.70-36.275207.131.248.5055.22
8.NHPC76.3020.1976643.622.111178.094.153808.3118.506.1661.80
9.NTPCGREEN86.90120.6473224.800.00304.8438.261106.8662.723.7391.95
10.TORNTPOWER1298.2028.1565416.761.54661.85-10.758124.152.7514.3718.93
11.NLCINDIA264.2511.4236641.871.46436.33-48.014716.7523.2911.2732.83
12.ACMESOLAR401.8547.0728405.750.05235.3379.88857.5067.819.2385.63
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
5,1925,0144,9264,9615,7744,8895,7315,9655,2852,6252,4832,8335,689
4,1493,9133,8934,0344,7413,6844,5634,9574,3342,0482,1512,1665,506
Operating Profit1,0431,1021,0349271,0341,2051,1681,008951577331667183
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%
443234469705765808709208521770259292191
Interest598588533539549525512510497482510486556
Depreciation290287284328298293306297306283293332319
Profit before Tax5994626857659521,1951,059409669582-214141374
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 Profit4464105278467371,009978409520431-160334277
1.401.281.652.642.303.163.061.281.631.34-0.501.040.87

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
6,9247,5378,2557,72613,16911,10817,72820,09322,35913,22613,629
4,9064,9495,3134,80510,4489,57116,12516,19316,88210,46511,871
Operating Profit2,0192,5872,9422,9222,7221,5371,6033,9015,4782,7601,758
OPM %29.15%34.33%35.64%37.81%20.67%13.83%9.04%19.41%24.50%20.87%12.90%
420-3,7371,538-3751,4514,5445,9022,0561,4271,6081,513
Interest1,3191,4311,5001,5102,4972,1892,2272,2572,0951,9762,035
Depreciation6056636336861,2351,1341,1671,1881,1941,2141,228
Profit before Tax515-3,2452,3473514412,7584,1112,5113,6151,178884
Tax %23.43%5.11%19.28%-59.29%22.99%-17.88%20.51%11.20%13.35%4.56%0.21%
Net Profit394-3,0791,8955583403,2513,2682,2303,1331,125882
EPS1.06-12.055.90-0.080.418.6110.226.989.803.52—
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

Corporate actions

2026

Jun 23

₹ 2.50

Rs.2.5000 per share(250%)Final Dividend

2025

Jun 20

₹ 2.25

Rs.2.2500 per share(225%)Final Dividend

2024

Jul 4

₹ 2

Rs.2.0000 per share(200%)Final Dividend

2023

Jun 7

₹ 2

Rs.2.0000 per share(200%)Final Dividend

2022

Jun 15

₹ 1.75

Rs.1.7500 per share(175%)Final Dividend

2021

Jun 17

₹ 1.55

Rs.1.5500 per share(155%)Dividend

2018

Jul 12

₹ 1.30

Rs.1.3000 per share(130%)Dividend

2017

Aug 10

₹ 1.30

Rs.1.3000 per share(130%)Dividend

2016

Sep 7

₹ 1.30

Rs.1.3000 per share(130%)Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital270270270270320320320320320320
16,32112,71813,91913,4918,05910,56013,38015,46018,01118,016
13,35714,89218,37618,73827,75525,69320,23420,20318,52523,496
Trade Payables1,3461,1061,1021,0023,2824,0804,4776,4858,1184,025
9,5377,5164,4664,1155,0416,2519,7628,0227,6729,110
Total Liabilities40,83236,50238,13537,61644,45646,90348,17350,48952,64554,967
8,5487,9677,6308,03624,49423,74623,72223,54223,36324,247
Capital Work in Progress6664193684033229651,2731,7992,2482,458
22,47018,39221,31321,34710,20810,77912,12913,40614,25614,979
6714745806351,1812,2922,4582,1202,4242,841
00000001,5821,514995
Cash & Bank1565896179383792966191,533729
8,3209,1918,1497,0167,8669,0428,2967,4217,3078,717
Total Assets40,83236,50238,13537,61644,45646,90348,17350,48952,64554,967

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
2,3372,9411,7852,3833,4141,8006275,8816,288-1,712
Cash from Investing-5,582-1,355-557-471-1,1741,5875,124-92-71-2,262
Cash from Financing3,718-1,605-996-1,753-2,618-3,635-5,350-5,465-5,3053,170
257-19213185-458-364274325912-804

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
46.8646.8646.8646.8646.8646.8646.8646.8646.86
9.509.159.459.3810.0510.1910.0010.0410.03
15.4916.6315.7115.8715.9516.3417.2017.9818.12
0.010.010.010.010.010.010.010.010.01
27.8027.0227.6427.5526.8126.2825.6124.8124.67

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-11
Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-11 - Tata Power Company Limited has informed the Exchange about Schedule of meet

2026-09-04
Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-04 - Tata Power Company Limited has informed the Exchange about Schedule of meet

2026-09-03
Press Release

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
Press Release

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
Press Release

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
Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company

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
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-25 - Tata Power Company Limited has informed the Exchange about Schedule of meet

2026-08-24
Press Release

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
Copy of Newspaper Publication

2026-08-18 - Tata Power Company Limited has informed the Exchange about Copy of Newspaper Publication

News

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