Tata Power
Tata Power
Utilities F&OKey Fundamentals
LargecapIntegrated Power UtilitiesPowerTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
2- Company has been maintaining a healthy dividend payout of 18.9%
- Debtor days have improved from 33.9 to 25.9 days.
Weaknesses
3- Stock is trading at 2.95 times its book value
- Company has a low return on equity of 11.0% over last 3 years.
- Earnings include an other income of Rs.4,318 Cr.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoTata Power commands a market cap of ₹1,16,183 Cr at a P/E of 22.3x and P/B of 2.97x. TTM sales and profit have both declined (–4% and –5% respectively), though the company delivered a 5-year compounded profit CAGR of 27% and a 5-year stock CAGR of 23%. Return on equity stands at roughly 10–11% over recent periods.
- Strong long-term profit compounding — 5-year compounded profit CAGR of 27% and 10-year CAGR of 118%, reflecting a significant earnings turnaround over the decade
- Robust 5-year stock price CAGR of 23% and 10-year CAGR of 17%, indicating sustained long-term wealth creation
- 5-year compounded sales CAGR of 14% demonstrates meaningful top-line growth over the medium term
- Debtor days improved from 33.9 to 25.9 days, signalling better working capital management and faster collections
- Consistent dividend payout ratio of 18.9%, providing a regular return to shareholders alongside a 0.68% dividend yield
- 3-year ROE of 11% is stable and consistent with the 5-year average of 11%, showing earnings predictability
- Large-cap status with ₹1,16,183 Cr market cap provides liquidity and institutional participation advantages within the utilities sector
- TTM revenue declined 4% and TTM profit declined 5%, pointing to a near-term growth slowdown after years of expansion
- Earnings quality concern — other income of ₹4,318 Cr forms a significant part of reported profits, masking core operating performance
- P/B ratio of 2.97x is elevated for a utility, implying the stock prices in considerable future growth that may or may not materialise
- ROE of 10–11% over 3 and 5 years is below the cost-of-equity threshold many investors apply, suggesting limited value creation on book equity
- 1-year stock CAGR of –5% shows recent underperformance and potential loss of momentum versus the broader market
- 3-year compounded sales CAGR of only 4% indicates top-line growth has decelerated sharply from the 5-year 14% pace
- 3-year compounded profit CAGR of 6% is a marked step-down from the 5-year 27% figure, suggesting the high-growth phase may be fading
- Dividend yield of just 0.68% offers limited income cushion for investors in a sector traditionally valued for yield
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- $640M Kleros liability risk Aug 28
Singapore court dismissed Tata Power's challenge against a $490.3M arbitration award plus interest, totaling over $640M (~5% of market cap). Stock fell 4.7% intraday to ₹348.20; company plans to appeal within 28 days of the Aug 26 judgment.
- 100 MW Tamil Nadu solar live Aug 31
Tata Power Renewable commissioned a 100 MW solar project in Tamil Nadu using first-of-its-kind tracker technology, scaling its utility portfolio to 12.3 GW.
- 72.5 MW Rajasthan solar commissioned Aug 27
A 72.5 MW captive solar plant in Rajasthan was commissioned for Tata Steel, contributing to the company's 12.3 GW total utility capacity.
- 190.5 MW FDRE project completed Aug 24
Tata Power completed a 190.5 MW firm and dispatchable renewable energy project in Rajasthan, providing reliable schedulable renewable power to the grid.
- 400KV NCR transmission line launched Sep 3
Tata Power launched the 400KV Jalpura-Khurja transmission line with 162 CKM of lines and a 1,000 MVA substation, strengthening NCR's power infrastructure.
- Five investor meets in September Sep 11
Tata Power scheduled five investor events in September 2026, including Anand Rathi and J.P. Morgan conferences on Sep 21-22 and the Elara India Dialogue on Sep 1. No unpublished price-sensitive information to be shared.
TL;DR: Tata Power is executing well on its renewable energy buildout, commissioning over 360 MW of solar and FDRE capacity across three projects in August alone and expanding transmission infrastructure in NCR. The key risk is the unresolved Kleros arbitration liability of $640M-plus, which remains unprovisioned and represents roughly 5% of market cap. Active investor engagement through five September meets signals management confidence. The renewables pipeline trend is clearly positive, but the Kleros appeal outcome is a material overhang to watch.
Quarterly Results
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 15,213 | 15,738 | 14,651 | 15,847 | 17,294 | 15,698 | 15,391 | 17,096 | 18,035 | 15,545 | 13,948 | 14,900 | 19,051 |
| Expenses | 12,500 | 12,967 | 12,234 | 13,540 | 14,232 | 12,427 | 12,312 | 13,850 | 14,470 | 12,243 | 10,894 | 12,301 | 15,191 |
| Operating Profit | 2,713 | 2,771 | 2,417 | 2,307 | 3,062 | 3,271 | 3,079 | 3,246 | 3,565 | 3,302 | 3,055 | 2,599 | 3,860 |
| OPM % | 18% | 18% | 16% | 15% | 18% | 21% | 20% | 19% | 20% | 21% | 22% | 17% | 20% |
| Other Income | 877 | 567 | 1,092 | 1,407 | 578 | 632 | 589 | 684 | 494 | 859 | 1,056 | 1,773 | 630 |
| Interest | 1,221 | 1,182 | 1,094 | 1,136 | 1,176 | 1,143 | 1,170 | 1,213 | 1,279 | 1,319 | 1,364 | 1,295 | 1,407 |
| Depreciation | 893 | 926 | 926 | 1,041 | 973 | 987 | 1,041 | 1,116 | 1,161 | 1,162 | 1,208 | 1,280 | 1,260 |
| PBT | 1,476 | 1,231 | 1,489 | 1,537 | 1,490 | 1,773 | 1,457 | 1,600 | 1,619 | 1,680 | 1,540 | 1,797 | 1,823 |
| Tax % | 23% | 17% | 28% | 32% | 20% | 38% | 18% | 18% | 22% | 26% | 22% | 21% | 23% |
| Net Profit | 1,141 | 1,017 | 1,076 | 1,046 | 1,189 | 1,093 | 1,188 | 1,306 | 1,262 | 1,245 | 1,194 | 1,416 | 1,401 |
| EPS in Rs | 3.04 | 2.74 | 2.98 | 2.8 | 3.04 | 2.9 | 3.23 | 3.26 | 3.32 | 2.88 | 2.42 | 3.12 | 3.68 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 33,593 | 29,494 | 27,588 | 26,840 | 29,881 | 29,136 | 32,703 | 42,816 | 55,109 | 61,449 | 65,478 | 62,429 | 63,445 |
| Expenses | 27,292 | 27,389 | 22,114 | 21,833 | 23,449 | 22,331 | 25,782 | 35,785 | 47,381 | 50,714 | 53,029 | 49,157 | 50,629 |
| Operating Profit | 6,301 | 2,105 | 5,473 | 5,007 | 6,432 | 6,805 | 6,921 | 7,031 | 7,728 | 10,735 | 12,450 | 13,271 | 12,816 |
| OPM % | 19% | 7% | 20% | 19% | 22% | 23% | 21% | 16% | 14% | 17% | 19% | 21% | 20% |
| Other Income | 1,056 | 4,060 | 1,297 | 3,873 | 3,824 | 2,280 | 1,775 | 2,486 | 5,540 | 3,416 | 2,689 | 3,433 | 4,318 |
| Interest | 3,699 | 3,236 | 3,365 | 3,761 | 4,170 | 4,494 | 4,010 | 3,859 | 4,372 | 4,633 | 4,702 | 5,257 | 5,384 |
| Depreciation | 2,174 | 1,649 | 1,956 | 2,346 | 2,393 | 2,634 | 2,745 | 3,122 | 3,439 | 3,786 | 4,117 | 4,811 | 4,910 |
| PBT | 1,484 | 1,281 | 1,450 | 2,773 | 3,693 | 1,958 | 1,941 | 2,535 | 5,457 | 5,732 | 6,320 | 6,636 | 6,840 |
| Tax % | 72% | 53% | 24% | 6% | 29% | 33% | 26% | 15% | 30% | 25% | 24% | 23% | — |
| Net Profit | 457 | 786 | 1,100 | 2,611 | 2,606 | 1,316 | 1,439 | 2,156 | 3,810 | 4,280 | 4,775 | 5,118 | 5,256 |
| EPS in Rs | 0.62 | 2.45 | 3.31 | 8.9 | 8.71 | 3.76 | 3.53 | 5.45 | 10.44 | 11.57 | 12.43 | 11.73 | 12.1 |
| Div. Payout % | 210% | 53% | 39% | 15% | 15% | 41% | 44% | 32% | 19% | 17% | 18% | 21% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | 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 | 270 | 270 | 320 | 320 | 320 | 320 | 320 | 320 |
| Reserves | 14,048 | 11,363 | 12,944 | 16,129 | 18,035 | 19,296 | 22,003 | 22,122 | 28,468 | 32,036 | 35,521 | 39,148 |
| Borrowings | 40,607 | 38,849 | 48,815 | 48,589 | 48,506 | 51,936 | 46,708 | 51,195 | 52,923 | 53,689 | 62,866 | 76,141 |
| Other Liabilities | 20,260 | 19,575 | 20,799 | 16,903 | 17,262 | 18,172 | 29,625 | 38,913 | 46,386 | 53,010 | 57,487 | 58,956 |
| Total Liabilities | 75,185 | 70,057 | 82,829 | 81,892 | 84,073 | 89,674 | 98,655 | 1,12,550 | 1,28,096 | 1,39,054 | 1,56,193 | 1,74,564 |
| Fixed Assets | 44,726 | 36,414 | 46,595 | 44,656 | 44,305 | 47,666 | 52,179 | 57,389 | 61,747 | 67,210 | 78,374 | 87,293 |
| CWIP | 3,323 | 1,345 | 2,178 | 1,653 | 2,576 | 1,612 | 3,270 | 4,635 | 5,376 | 11,561 | 12,679 | 14,595 |
| Investments | 3,445 | 11,785 | 11,873 | 12,429 | 13,542 | 14,535 | 13,149 | 14,160 | 16,670 | 16,316 | 16,316 | 16,575 |
| Other Assets | 23,692 | 20,513 | 22,184 | 23,154 | 23,651 | 25,861 | 30,056 | 36,365 | 44,303 | 43,968 | 48,824 | 56,102 |
| Total Assets | 75,185 | 70,057 | 82,829 | 81,892 | 84,073 | 89,674 | 98,655 | 1,12,550 | 1,28,096 | 1,39,054 | 1,56,193 | 1,74,564 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 5,981 | 7,415 | 7,014 | 6,364 | 4,574 | 7,375 | 8,345 | 6,693 | 7,166 | 12,504 | 12,680 | 5,993 |
| Investing | -3,865 | -1,805 | -7,373 | -1,512 | -272 | -493 | 993 | -6,250 | -7,263 | -8,935 | -15,436 | -14,129 |
| Financing | -2,239 | -6,183 | 937 | -4,726 | -5,184 | -5,110 | -7,603 | -1,183 | 1,341 | -4,497 | 4,292 | 7,783 |
| Net Cash Flow | -123 | -574 | 579 | 126 | -883 | 1,773 | 1,736 | -741 | 1,243 | -928 | 1,536 | -353 |
| Free Cash Flow | 2,554 | 5,311 | 3,708 | 2,860 | 1,040 | 5,186 | 6,558 | -540 | -440 | -590 | 12,680 | 5,993 |
| CFO/OP | 108 | 371 | 139 | 139 | 79 | 117 | 127 | 105 | 104 | 122 | 107 | 54 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 60 | 44 | 51 | 38 | 54 | 55 | 58 | 51 | 46 | 44 | 32 | 26 |
| Cash Conversion Cycle | 60 | 44 | 51 | 38 | 54 | 55 | 58 | 51 | 46 | 44 | 32 | 26 |
| Working Capital Days | -90 | -214 | -320 | 21 | -174 | -152 | -204 | -180 | -168 | -145 | -165 | -138 |
| ROCE % | 9% | 5% | 9% | 6% | 7% | 8% | 8% | 9% | 12% | 11% | 11% | 11% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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53 extracted metrics + investor summaries across FY15–FY27.
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Company Information
Tata Power Company Ltd is primarily involved in the business of the generation, transmission and distribution of electricity. It aims to produce electricity completely through renewable sources. It also manufactures solar roofs and plans to build 1 lakh ev charging stations by 2025[1] The company is India's largest vertically-integrated power company.[2]
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