NSE: TATAPOWER · BSE: 500400
TATA POWER CO LTD
Generates, transmits, distributes and sells electricity across thermal, hydro, solar and wind sources. Transmission and Distribution is the largest segment at 60.4% of FY26 segment revenue, serving end consumers through DISCOM operations including Odisha. Renewables contributes 22.0% with EBIT of 4,340.93 cr on revenue of 15,027.82 cr, making it the highest-margin segment. Thermal & Hydro adds 17.0%, including the 4,150 MW Mundra plant, which resumed full operations under a new SPPA with GUVNL. Other operating expenses dominate costs at 57.8% of revenue, with capex at 21.9% underscoring the asset-heavy, capital-intensive model that spans generation, transmission, distribution, renewables and solar manufacturing. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Transmission and Distribution (60%), Renewables (22%), Thermal & Hydro (17%), Others (1%). Capital-intensive, asset-heavy integrated power utility with regulated distribution and competitive generation, renewables and solar manufacturing
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 42,816 | 55,109 | 61,449 | 65,478 | 62,429 |
| EBITDA (ex other income) | 7,361 | 7,706 | 11,057 | 13,808 | 13,001 |
| margin % | 17.2 | 14.0 | 18.0 | 21.1 | 20.8 |
| Owners' profit | 1,741 | 3,336 | 3,696 | 3,971 | 3,747 |
| EPS, as reported (₹) | 5.36 | 10.43 | 11.56 | 12.42 | 11.72 |
| ROE % · ROCE % | 8.3 · 6.9 | 11.1 · 6.8 | 11.2 · 9.2 | 11.2 · 10.1 | 10.8 · 7.3 |
| Debt / equity (x) | 1.83 | 1.43 | 1.29 | 1.36 | 1.50 |
| Cash from operations | 6,693 | 7,159 | 12,596 | 12,680 | 5,993 |
| Capex | (7,268) | (7,656) | (13,333) | (17,273) | (13,695) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 15,698 | 15,391 | 17,096 | 18,035 | 15,545 | 13,948 | 14,900 | 19,051 |
| Profit before tax | 1,988 | 1,544 | 1,285 | 2,061 | 1,327 | 804 | 485 | 1,735 |
| Net profit | 1,093 | 1,188 | 1,306 | 1,262 | 1,245 | 1,194 | 1,416 | 1,401 |
| EPS (₹) | 2.90 | 3.22 | 3.26 | 3.31 | 2.88 | 2.41 | 3.12 | 3.68 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Thermal & Hydro | 6,792 | 9.9 |
| Renewables | 15,028 | 22.0 |
| Transmission and Distribution | 41,339 | 60.4 |
| Others | 432 | 0.6 |
| Generation | 4,844 | 7.1 |
| Total, before eliminations | 68,434 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADANI POWER LTD | 3,54,472 | 24.9 | 5.34 | 17.4 | 19.5 | 12.7 | 15.6 | 44.3 |
| TATA POWER CO LTD ◆ | 1,07,340 | 27.8 | 2.26 | 11.8 | 10.8 | 3.4 | 14.0 | 23.1 |
| TORRENT POWER LTD | 58,432 | 25.1 | 2.96 | 12.2 | 12.5 | 9.3 | 18.9 | 19.9 |
| CESC LTD | 16,481 | 8.5 | 1.25 | 7.1 | 12.3 | 5.9 | 9.8 | 20.9 |
| RELIANCE INFRASTRUCTU LTD | 1,904 | 0.6 | 0.07 | 2.0 | 16.6 | (1.6) | 4.1 | 0.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 27.8 | 19.6 | 20 of 31 | 37% |
| P/B | 2.3 | 1.4 | 23 of 35 | 35% |
| ROCE | 3.4 | 3.1 | 19 of 38 | 51% |
| ROE | 10.8 | 8.7 | 12 of 35 | 68% |
| Debt / Equity | 1.5 | 0.8 | 26 of 35 | 27% |
| EBITDA margin | 23.1 | 41.1 | 27 of 33 | 19% |
| Revenue growth | 5.6 | 7.8 | 19 of 33 | 44% |
| Profit growth | 11.0 | 7.6 | 17 of 34 | 52% |
| Market cap | 107340 | 6470 | 6 of 38 | 87% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Tata Power publishes notices on duplicate certificates and share transfers | compliance | minimal | — | — |
| 27 Oct 2026 · Tata Power to meet analysts and institutional investors in Chennai | board shareholder meetings | low | — | — |
| 27 Oct 2026 · Tata Power to build 110 kV power link for BPCL's Mumbai refinery | compliance | low | — | — |
| 14 Oct 2026 · Tata Power advances 2.8 GW+ data centre pipeline across 18 operators | compliance | medium | — | — |
| 13 Oct 2026 · Three Independent Directors of Tata Power complete their second term | management changes | high | — | — |
| 13 Oct 2026 · Three independent directors cease at Tata Power after completing second term | management changes | high | — | — |
| 13 Oct 2026 · Tata Power: 3 Independent Directors cease on Oct 13, 2026 after completing 2nd term | management changes | high | — | — |
| 13 Oct 2026 · Tata Power signs MoU with Imperial College London on energy research | compliance | low | — | — |
| 12 Oct 2026 · Tata Power Renewables adds 419 MW in Q2 FY27, over 130% YoY growth | compliance | medium | — | — |
| 8 Oct 2026 · TP Solar posts 1 GW module and 0.9 GW cell output in Q2 FY27 | compliance | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.