Tata Power
TATAPOWER · NSE · Mega Cap
Tata Power
Integrated utility — 6.1 GW RE operational scaling to 16 GW (incl. under construction). Cell capacity 4,813 MW ALMM-II listed (FY26E prod 3,683 MW at 76% utilisation). FDRE/RTC pipeline implies ~3x oversizing on modules.
Scoring breakdown
SageOne-style fundamental · TQ-100 technical · solar overlays
52-week position
Real snapshot from Screener
Investment thesis
One-liner · bull · bear · monitorables
One-liner. Tata Power: capacity compounding meets falling tariffs — capital recycling and offtaker mix decide equity IRR.
Bull case for Tata Power: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.
Bear case for Tata Power: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.
- 01Quarterly capacity commissioned vs guidance
- 02Receivable days from DISCOMs and large customers
- 03Net debt / EBITDA trajectory
- 04Order book to revenue cover
- 05Average realized tariff and merchant exposure
- 06Capital recycling via InvIT / asset sales
- 07Equity IRR vs cost of equity
Solar exposure
Directness · policy linkage · BOM
Valuation snapshot
Multiple methods · solar-specific multiples
| Method | Value | Hist %ile |
|---|---|---|
| P/E (TTM) | 36.8x | — |
| Forward P/E | — | — |
| EV/EBITDA | 16.6x | — |
| EV/Sales | 3.1x | — |
| P/B | 3.7x | — |
| FCF Yield | -2.0% | — |
| EV / MW | ₹33 cr | — |
| EV / GW (Module) | ₹46,982 cr | — |
Project pipeline
2 tracked projects
Financials
Source: Screener.in (consolidated) · ticker TATAPOWER · last updated 2026-05-11
Ratio analysis (derived from statements)
Growth · profitability · returns · leverage · cash flow · valuation
Annual P&L · 5 years
₹ Crore. Source: Screener.in consolidated.
| Metric | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Sales | 32,703 | 42,816 | 55,109 | 61,449 | 65,478 |
| Operating Profit | 6,921 | 7,031 | 7,728 | 10,735 | 12,166 |
| OPM % | 21% | 16% | 14% | 17% | 19% |
| Net Profit | 1,439 | 2,156 | 3,810 | 4,280 | 4,775 |
| EPS (₹) | 3.53 | 5.45 | 10.44 | 11.57 | 12.43 |
Quarterly results · last 4 quarters
₹ Crore.
| Metric | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 |
|---|---|---|---|---|
| Sales | 15,391 | 17,096 | 18,035 | 13,948 |
| OPM % | 20% | 18% | 20% | 22% |
| Net Profit | 1,188 | 1,306 | 1,262 | 1,194 |
Balance sheet · 5 years
₹ Crore.
| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Equity Capital | 320 | 320 | 320 | 320 | 320 |
| Reserves | 22,003 | 22,122 | 28,468 | 32,036 | 35,521 |
| Borrowings | 46,708 | 51,195 | 52,923 | 53,689 | 62,866 |
| Fixed Assets | 52,179 | 57,389 | 61,747 | 67,210 | 78,374 |
| Total Assets | 98,655 | 1,12,550 | 1,28,096 | 1,39,054 | 1,56,193 |
Cash flow · 5 years
₹ Crore.
| Activity | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Operating | 8,345 | 6,693 | 7,166 | 12,504 | 12,680 |
| Investing | 993 | -6,250 | -7,263 | -8,935 | -15,436 |
| Financing | -7,603 | -1,183 | 1,341 | -4,497 | 4,292 |
| Net Cash Flow | 1,735 | -740 | 1,244 | -928 | 1,536 |
Shareholding pattern
Latest disclosed
Policy linkages
Schemes where this company is a confirmed or likely beneficiary
Integrated solar deployment
Largest rooftop EPC franchise
Module supply via Tata Power Solar
ALMM-II cell listing 4,813 MW (76% utilisation)