TATAPOWER
Large CapTata Power Company Limited
Power
India's largest vertically-integrated power company with ~26.3 GW total capacity (including 9.6 GW under construction). Operates across generation (thermal, hydro, solar, wind), transmission, distribution, and new-age energy solutions like EV charging and solar manufacturing. Aims for 70% clean & green capacity by 2030 and Net Zero by 2045.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 1/8 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100Rev -13% YoY · margin compression · PAT +8% YoY · +7% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹14,900 Cr | -12.8% | +6.8% |
| EBITDA | ₹2,599 Cr | -19.9% | -14.9% |
| Operating margin | 17.0% | -200 bps | -500 bps |
| PAT | ₹1,416 Cr | +8.4% | +18.6% |
| PAT margin | 9.5% | +186 bps | +94 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 consolidated PAT (before exceptional items) up 17.2% YoY to Rs 1,510 Cr, driven by Odisha DISCOMs, Rooftop Solar, and Solar Manufacturing. FY26 PAT (before exceptional items) up 0.3% YoY to Rs 5,212 Cr, with EBITDA up 11.2% YoY to Rs 16,090 Cr.
Tata Power demonstrates strong execution in its clean energy transition and T&D segments, driving robust PAT growth in Q4 FY26. Significant capacity additions in renewables and pumped hydro, coupled with improved operational performance in Odisha DISCOMs and solar manufacturing, support future growth. Increased debt for capex warrants monitoring, but the strategic shift is clear.
Current Operational Capacity Share (%)
Latest issuer-disclosed distribution across 6 reported categories.
Renewable Capacity Expansion
Commissions 1.3 GW of renewable projects in Q4 FY26 (incl. Rooftop), total 6.5 GW installed RE capacity.
Solar Manufacturing
Revenue from TP Solar increased 25% YoY in Q4 FY26 to Rs 1,879 Cr, with PAT up 40%.
Odisha DISCOMs Performance
Odisha DISCOMs PAT increased 84% YoY in FY26 to Rs 809 Cr, with AT&C losses reduced to 15.5%.
Solar Rooftop Business
Achieved record billing of 670 MWp in Q4 FY26 and 1.7 GWp in FY26, with order book at Rs 898 Cr.
Renewable Projects Commissioned
Commissions 1.3 GW of renewable projects in Q4 FY26 (incl. Rooftop).
Utility Scale RE Capacity
Commissions 406 MW utility scale in-house renewables capacity, resulting in total 6.5 GW installed RE capacity.
Khorlochhu Hydro Project (Bhutan)
600 MW project, construction commenced Oct 2024, expected commissioning Sep 2029. Financial closure completed for Rs 4,829 Cr.
Dorjilung Hydro Project (Bhutan)
1,125 MW project, pre-construction started, expected commissioning FY 2032. Financing agreements signed with World Bank.
Growing Power Demand
India's power demand up 2% YoY in Q4 FY26, with power generation growth to GDP growth above 1.0x in past 5 years.
Clean Energy Transition
Clean & Green accounted for 88% of capacity additions in Q4 FY26 across India.
Transmission Capex
₹9.2 tn transmission Capex anticipated in India between FY25-32E.
Declining AT&C Losses
All India AT&C losses (%) declined to 15% in FY25.
Mundra Plant Operations
Mundra plant temporarily suspended operations since July 2025, impacting standalone results, though SPPA signed in Mar'26 for resumption.
Lower RE PLF
Lower PLF for RE Gencos due to lower solar resource, load curtailment & transmission constraints.
Increased Interest Cost
Higher interest cost for RE Gencos due to increased borrowing for capacity addition.
Project Execution Risk
Large pipeline of hydro and pumped hydro projects in Bhutan and India, subject to timely execution and financing.
Regulatory Risk
Regulatory order impact on TPDDL financials (Q4 FY26 Operating Income includes prior period impact).
Input Cost Volatility
Indonesian Coal prices increased, and solar cell & module prices rebounded from lows.
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.
Q4 FY26 results show sequential momentum and recent operational changes (Mundra SPPA, capacity additions), making QoQ relevant. Full-year FY26 and Q4 YoY comparisons are crucial for assessing underlying business growth and seasonal impacts.
Total Capacity
~26.3 GW (incl. 9.6 GW under construction).
Clean & Green Capacity Share
46% of operational capacity is Clean & Green in FY26, targeting ~66% post project completions.
Thermal PLF (excl. Mundra)
Q4 FY26 PLF at 73%, FY26 PLF at 74%.
Solar RE Gencos Avg PLF
Avg PLF for Solar RE Gencos was 22.8% in Q4 FY26 and 21.2% in FY26.
Net Zero Target
Committed to becoming Net Zero by 2045, with 70% clean & green portfolio by 2030.
Sustainability Focus
Leverage technology to create the 'Utility of the Future' (IOT, Smart Grids, BESS, Green H2).
Community Impact
Impact lives of 80 million by 2030 through education, employability, and entrepreneurship initiatives.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Clean & Green Capacity Share | 46% (FY26) | Progress towards 70% by 2030. |
| Odisha DISCOMs AT&C Losses | 15.5% (FY26) | Continued reduction towards single digit (TPNODL already achieved). |
| Solar Manufacturing Plant Yield | >95% (Q4 FY26) | Sustained high yield and revenue growth. |
| Net Debt to Underlying EBITDA | 3.34x (FY26) | Trends in debt leverage given high capex. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
The company plans to spend Rs. 25,000 crores in capital expenditure during the current financial year.
"plan to spend Rs.25,000 crores in this financial year"
Financial closure of the 1,125 MW Dorjilung hydro project in Bhutan is expected to be achieved by mid-2026.
"financial closure of this project will be achieved by mid of next year"
Tata Power expects to cross nearly 7 GW of operating renewable assets by the end of the financial year.
"crossed nearly 7 gigawatts of our operating renewable assets"
Tata Power is evaluating a 10 GW plant for ingot and wafer manufacturing and expects to finalize details in the next few months.
"finalizing this in the next few months"
The company expects to add about 700 MW of renewable capacity in Q3 and 600 MW in Q4 of FY26.
"expecting about 700-megawatt capacity add in the 3rd Quarter"
The company expects a good trajectory of regulatory asset reduction in Delhi and Mumbai over a period of time.
"good trajectory of regulatory asset reduction over a period of time"
Odisha Discoms are expected to deliver much better performance in the subsequent quarters as initial issues have been sorted out.
"much better performance in the subsequent quarters"
Outcome check: OPM moved from 22.0% to average 17.0% (-5.0 pp).
Tata Power expects to finalize and close the Mundra resolution arrangement with the Government of Gujarat within November 2025.
"hopefully maybe within this month, we will be able to close it"
Trend score and candlestick chart
58NeutralSMA20 +9.6% / mo
Technical chart
TATAPOWERweekly · 3Y-7.9%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 46. Wait for confirmation.
- SMA20 rising (~8.8% over last month) — short-term momentum positive.
- RSI(14) at 46 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 14% off 52W high · 16% 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.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Growth contributes 16/25 to the score.
- Cash flow contributes 4/10 to the score.
- Valuation contributes 2/30 to the score.
Main drags
- Altman Z is 1.6, in distress territory.
- Fair-value margin of safety is negative at -3.0%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Management has 0% delivered/partly-delivered outcomes on 1 checked claims, with 1 adverse claim outcome. It ranks around the 34th percentile of the scored universe and 30th percentile within Power. Main check: balance sheet trust is weak at 35/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Altman Z is 1.57.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Power: 30th pctile, median 67 · Large: 19th pctile, median 74
180 documents indexed, but claim history is not strong enough yet.
1/8 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
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 1.57.
- ▸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.
Intrinsic value
Fundamentals
Valuation
- P/E
- 34.00
- P/B
- 3.26
- EV/EBITDA
- 11.47
- Market Cap
- 129156.00Cr
Profitability
- ROE
- 10.10%
- ROCE
- 10.50%
- ROA
- 2.92%
- Dividend Y
- 0.62%
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
- 2.49×
- Altman Z
- 1.57
- Book Value
- 124.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 8/5
- OCF
- 5993.00 Cr
- EPS TTM
- 11.73
Shareholding
- Promoter Hold
- 46.86%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 50%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.