Adani Power Ltd.
NSE: ADANIPOWER
Utilities · Utilities - Independent Power Producers
₹189.00 last close on 9 Oct 2026 +0.53%
Research updated
Tata Power Company Limited
NSE: TATAPOWERUtilitiesUtilities - Independent Power Producers
- Last close
- ₹342.15
- Day change
- +₹6.50 (+1.94%)vs
- Market cap
- ₹1.10 lakh crIndian rupees
- Research updated
- 1 report
About Tata Power Company
Tata Power Company Limited is an Indian electric utility engaged in the generation, transmission, and distribution of electricity. As India's largest integrated power company, it operates across thermal power and renewable energy sources, including solar and green energy initiatives. The company focuses on producing electricity through sustainable methods and manufactures solar roofs to support clean energy adoption. Its vertically integrated structure spans the entire power value chain, serving residential, commercial, and industrial customers. Tata Power Company Limited plays a pivotal role in India's energy sector by providing reliable power supply and advancing renewable energy solutions amid the nation's push for sustainable infrastructure. Founded in 1915 and headquartered in Mumbai, it remains a key player in the power generation and distribution industry, contributing to the country's energy security and transition to cleaner sources.
- Sector
- Utilities
- Industry
- Utilities - Independent Power Producers
- Listing
- NSE: TATAPOWER
- Chief executive
- Dr. Praveer Sinha
- Employees
- 22,572
- Headquarters
- Mumbai, India
- ISIN
- INE245A01021
- Website
- tatapower.com
Public research · Report of
Business model & financial foundation
Tata Power (NSE: TATAPOWER), Integrated power: generation, renewables and solar manufacturing, transmission and distribution: revenue of ₹62,429 crore in FY26 (-4.7% on FY25), an EBITDA margin of 25.8%, net profit of ₹3,747 crore and net debt of ₹56,122 crore.
- Revenue, FY26 (₹ crore)
- 62,429
- consolidated
- Revenue growth, FY26
- -4.7%
- on FY25
- EBITDA margin, FY26
- 25.8%
- EBITDA (company definition, incl. other income) / revenue
- Net profit, FY26 (₹ crore)
- 3,747
- to owners
- Return on equity, FY26
- 10.0%
- on average equity
- Net debt, FY26 (₹ crore)
- 56,122
- Net debt (company net external debt)
- Market capitalisation (₹ crore)
- 1,17,317
- at the close of 12 Oct 2026
Company profile
Tata Power is India's largest private integrated power company: about 16.7 GW of group capacity (8.9 GW thermal including the 4 GW Mundra plant, 6.5-6.7 GW renewables, 0.9 GW hydro), distribution to about 13 million customers in Mumbai, Delhi and Odisha, transmission, a 4.9 GW solar cell and module plant and India's leading rooftop solar business. Earnings are shifting from imported-coal thermal toward regulated T&D and renewables plus manufacturing.
| Item | Value |
|---|---|
| Legal name | The Tata Power Company Limited |
| Exchange and ticker | NSE: TATAPOWER; BSE: 500400 |
| ISIN | INE245A01021 |
| Sector | Utilities |
| Industry | Integrated power: generation, renewables and solar manufacturing, transmission and distribution |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S R B C & Co LLP (BSR & Co recommended to succeed from the 2027 AGM) |
| Market capitalisation | ₹1,17,317 crore (12 Oct 2026) |
| Shares outstanding | 319.53 crore (FY26) |
| Price | ₹342.1 (close, 12 Oct 2026) |
| 52-week range | ₹333.6 - ₹464.9 (to 12 Oct 2026) |
| Website | https://www.tatapower.com |
Corporate structure and shareholding
Parent: Tata Sons Private Limited (45.21% at Jun 2026).
| Entity | Holding | Business |
|---|---|---|
| Tata Power Renewable Energy Ltd (TPREL) | n.d. | Renewable generation, solar EPC and rooftop; minority held by BlackRock/Mubadala-led investors |
| TP Solar Ltd | n.d. | 4.9 GW cell and module manufacturing at Tirunelveli |
| Tata Power Delhi Distribution Ltd (TPDDL) | n.d. | Distribution in north and north-west Delhi; JV with Govt of NCT Delhi |
| Odisha discoms TPCODL, TPSODL, TPWODL, TPNODL | n.d. | Distribution across Odisha (about 9.95 million customers), JV with Govt of Odisha |
| Coastal Gujarat Power (Mundra 4,000 MW, merged) | 100% | Imported-coal UMPP; run under Section 11 / supplementary PPAs |
| Maithon Power Ltd | n.d. | 1,050 MW thermal JV with DVC |
| PT Kaltim Prima Coal / BSSR (associates) | n.d. | Indonesian coal mining associates supplying Mundra |
| Tata Power Trading Co (TPTCL) | 100% | Power trading |
Holding percentages left null where not read from the FY26 annual report's subsidiary list this run.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 46.86% | 46.86% | 46.86% | 46.86% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 10.19% | 10.00% | 10.04% | 10.03% |
| Domestic institutions | 16.66% | 17.52% | 18.28% | 18.43% |
| of which mutual funds | 9.55% | 8.89% | 9.15% | 9.11% |
| Retail | 23.01% | 22.36% | 21.54% | 21.21% |
| Other | 3.28% | 3.25% | 3.27% | 3.47% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Tata Power runs three clusters. Thermal & Hydro is Mundra (4,000 MW of imported coal), Maithon, Jojobera, Trombay and the Indonesian coal associates; FY26 revenue was 11,636 cr and EBITDA 2,263 cr, depressed because Mundra was shut from Jul-25 to Mar-26. Renewables has 6,734 MW of operating RE at Q1FY27, the 4.9 GW TP Solar cell and module plant, and rooftop/EPC; FY26 revenue was 15,028 cr and EBITDA 6,228 cr. T&D covers Mumbai, Delhi (TPDDL), four Odisha discoms and transmission; FY26 revenue was 41,344 cr and EBITDA 7,115 cr, earning a regulated return on 15,178 cr of regulated equity. Company EBITDA includes other income and regulatory deferral movements. Minorities matter: TPDDL and the Odisha discoms are 51:49 JVs with state governments, and TPREL has outside investors. NCI took 26.8% of FY26 PAT. Mundra's economics are set by the state and the Centre: MoP Section 11 directions run to 31 Dec 2026, and so far only Gujarat has signed an SPPA with full coal pass-through. CERC reserved its order on that SPPA on 9 Oct 2026.
| Segment | revenue, FY26 (₹ crore) | Share | ebitda, FY26 (₹ crore) | Share | pat, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Thermal & Hydro (deck: Thermal Generation, Coal and Hydro) | 11,636 | 15.2% | 2,263 | 11.1% | 490.0 | 7.7% |
| Renewables | 15,028 | 19.6% | 6,228 | 30.4% | 1,994 | 31.5% |
| Transmission and Distribution (deck: T&D) | 41,344 | 53.9% | 7,115 | 34.8% | 2,978 | 47.0% |
| Others (incl. Tata Projects, Nelco, dividend income) | 497.0 | 0.6% | 1,499 | 7.3% | 729.0 | 11.5% |
| Inter-cluster elimination (deck, from Q4FY26 layout) | -4,824 | -6.3% | -1,014 | -5.0% | -980.0 | -15.5% |
| Tata Power (Standalone) - Mumbai gen/T&D, Mundra, Trombay, hydro | 12,969 | 16.9% | 4,369 | 21.4% | 1,125 | 17.8% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| NTPC (NTPC) | Largest integrated generator with thermal plus a large RE build-out |
| Adani Power (ADANIPOWER) | Imported/domestic coal thermal including Mundra-type merchant exposure |
| JSW Energy (JSWENERGY) | Private thermal-to-RE transition generator with storage |
| Torrent Power (TORNTPOWER) | Private integrated distribution + generation, closest model to Tata Power's T&D |
| CESC (CESC) | Private integrated distribution utility with generation |
| NHPC (NHPC) | Hydro and pumped-storage developer |
| Adani Green Energy (ADANIGREEN) | Pure-play renewables developer |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 41,847 | 54,118 | 61,449 | 65,478 | 62,429 |
| Cost of revenue (vendor classification) * | 29,954 | 41,043 | 44,031 | 44,146 | 41,230 |
| Other operating costs (vendor classification) * | 1,446 | 2,201 | 2,387 | 2,721 | 2,774 |
| EBITDA (vendor classification) * | 9,702 | 12,930 | 13,316 | 14,717 | 16,572 |
| EBIT * | 6,593 | 9,501 | 9,982 | 10,682 | 11,574 |
| Finance costs | 3,590 | 4,044 | 4,633 | 4,702 | 5,257 |
| Profit before tax | 3,003 | 5,457 | 5,732 | 6,320 | 6,636 |
| Total tax expense | 379.6 | 1,647 | 1,452 | 1,544 | 1,518 |
| Net profit for the period (incl. NCI) | 2,156 | 3,810 | 4,280 | 4,775 | 5,118 |
| Diluted EPS (after regulatory deferral) (₹) | 5.36 | 10.43 | 11.56 | 12.41 | 11.71 |
| Cost of fuel | 14,130 | 13,918 | 7,498 | ||
| Cost of power purchased | 20,014 | 20,524 | 19,647 | ||
| Raw material/construction cost + finished goods purchased + inventory change | 5,428 | 4,513 | 8,577 | ||
| Transmission charges | 1,169 | 1,278 | 1,468 | ||
| Employee benefits expense | 4,036 | 4,373 | 4,694 | ||
| Other expenses | 5,887 | 6,943 | 7,450 | ||
| EBITDA (company definition, incl. other income) | 12,701 | 14,468 | 16,090 | ||
| Other income | 1,823 | 1,514 | 1,743 | ||
| Depreciation and amortisation | 3,786 | 4,117 | 4,811 | ||
| Total net movement in regulatory deferral balances (net, signed) | 93.4 | -976.2 | 1,252 | ||
| Share of profit of associates and JVs | 1,178 | 793.3 | 707.9 | ||
| Exceptional items (pre-tax, signed) | 273.4 | -122.1 | -94.2 | ||
| Profit attributable to non-controlling interests | 583.9 | 804.4 | 1,370 | ||
| Profit attributable to owners | 3,696 | 3,971 | 3,747 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners | 26,028 | 34,204 | 32,355 | 35,841 | 39,467 |
| Borrowings (non-current + current) | 51,195 | 52,923 | 49,480 | 58,146 | 71,122 |
| Cash, cash equivalents and other bank balances | 3,077 | 4,190 | 9,152 | 11,751 | 13,644 |
| Trade receivables (current + non-current) | 5,980 | 6,952 | 7,675 | 6,933 | 6,023 |
| Inventories | 4,232 | 3,943 | 4,420 | 4,572 | 5,108 |
| Trade payables | 10,460 | 7,407 | 8,776 | 8,855 | 7,138 |
| Net property, plant and equipment * | 18,055 | 21,458 | 25,007 | 29,665 | 35,611 |
| Capital work in progress * | 4,635 | 5,376 | 11,561 | 16,003 | 17,428 |
| Total assets * | 1,12,885 | 1,28,349 | 1,39,553 | 1,56,710 | 1,74,950 |
| Current investments (mutual funds) | 1,478 | 1,302 | 1,356 | ||
| Net debt (company net external debt) | 38,125 | 44,672 | 56,122 | ||
| Non-controlling interests | 5,977 | 6,765 | 8,071 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 2,354 | 10,904 | 12,504 | 12,680 | 5,993 |
| Capex on PPE incl. CWIP and capital advances (positive = spend) | 34.9 | 50.3 | 13,241 | 17,273 | 13,695 |
| Free cash flow (vendor definition) * | -575.1 | -490.4 | -736.6 | -4,593 | -7,702 |
| Dividends paid to owners (negative = outflow) | -558.5 | -559.2 | -639.1 | -639.1 | -718.6 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity shares outstanding (crore) | 319.82 | 319.82 | 319.53 | 319.53 | 319.53 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 15,698 | 15,391 | 17,096 | 18,035 | 15,545 | 13,948 | 14,900 | 19,051 |
| Cost of revenue (vendor classification) * | 9,291 | 9,295 | 14,374 | 11,119 | 9,356 | 7,863 | 8,853 | 12,122 |
| Other operating costs (vendor classification) * | 1,621 | 1,685 | -2,581 | 1,616 | 1,785 | 1,834 | 2,215 | 1,731 |
| EBITDA (vendor classification) * | 4,493 | 3,668 | 3,795 | 4,060 | 3,955 | 3,651 | 4,467 | 4,490 |
| EBIT * | 2,916 | 2,627 | 2,473 | 2,899 | 2,999 | 2,903 | 3,092 | 3,230 |
| Finance costs | 1,143 | 1,170 | 1,213 | 1,279 | 1,319 | 1,364 | 1,295 | 1,407 |
| Profit before tax | 1,773 | 1,457 | 1,600 | 1,619 | 1,680 | 1,540 | 1,797 | 1,823 |
| Total tax expense | 679.8 | 269.2 | 293.6 | 357.1 | 434.5 | 345.3 | 381.5 | 422.5 |
| Net profit for the period (incl. NCI) | 1,093 | 1,188 | 1,306 | 1,262 | 1,245 | 1,194 | 1,416 | 1,401 |
| Diluted EPS (after regulatory deferral) (₹) | 2.90 | 3.22 | 3.26 | 3.31 | 2.88 | 2.41 | 3.11 | 3.67 |
| Cost of fuel | 2,872 | 3,418 | 3,720 | 3,555 | 1,347 | 1,260 | 1,336 | 3,868 |
| Cost of power purchased | 5,533 | 4,542 | 4,478 | 5,261 | 5,664 | 4,047 | 4,675 | 6,164 |
| Raw material/construction cost + finished goods purchased + inventory change | 563.4 | 1,040 | 1,958 | 1,915 | 1,961 | 2,220 | 2,481 | 1,717 |
| Transmission charges | 323.1 | 296.3 | 304.0 | 388.4 | 384.0 | 335.6 | 360.0 | 373.3 |
| Employee benefits expense | 1,041 | 1,058 | 1,261 | 1,161 | 1,102 | 1,196 | 1,234 | 1,185 |
| Other expenses | 1,621 | 1,685 | 2,129 | 1,616 | 1,785 | 1,834 | 2,215 | 1,731 |
| EBITDA (company definition, incl. other income) | 3,808 | 3,481 | 3,830 | 3,930 | 4,032 | 3,913 | 4,216 | 4,249 |
| Other income | 513.1 | 402.4 | 351.1 | 361.7 | 505.4 | 320.7 | 555.3 | 388.4 |
| Depreciation and amortisation | 986.7 | 1,041 | 1,116 | 1,161 | 1,162 | 1,208 | 1,280 | 1,260 |
| Total net movement in regulatory deferral balances (net, signed) | -450.6 | -273.6 | 231.9 | -570.8 | 224.2 | 536.9 | 1,062 | -153.1 |
| Share of profit of associates and JVs | 235.1 | 186.2 | 82.7 | 129.6 | 129.1 | 198.7 | 250.5 | 241.4 |
| Exceptional items (pre-tax, signed) | -140.0 | 0.00 | 18.0 | 0.00 | 0.00 | 0.00 | -94.2 | 0.00 |
| Profit attributable to non-controlling interests | 166.6 | 156.8 | 263.3 | 202.5 | 326.0 | 422.4 | 419.6 | 224.9 |
| Profit attributable to owners | 926.5 | 1,031 | 1,043 | 1,060 | 919.4 | 772.0 | 995.9 | 1,176 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 30.0% | 29.3% | 13.5% | 6.6% | -4.7% |
| EBITDA margin | 20.7% | 22.1% | 25.8% | ||
| Net margin | 6.0% | 6.1% | 6.0% | ||
| Return on equity | 11.1% | 11.6% | 10.0% | ||
| Return on capital employed | 8.8% | 11.6% | 11.8% | 12.2% | 11.3% |
| Return on assets | 2.8% | 2.7% | 2.3% | ||
| Net debt (₹ crore) | 38,125 | 44,672 | 56,122 | ||
| Net debt / EBITDA | 3.00x | 3.09x | 3.49x | ||
| Interest cover | 1.84x | 2.35x | 2.15x | 2.27x | 2.20x |
| Asset turnover | 0.40x | 0.45x | 0.46x | 0.44x | 0.38x |
| Receivable days | 52 | 47 | 46 | 39 | 35 |
| Inventory days (on revenue) | 37 | 27 | 26 | 25 | 30 |
| Payable days (on revenue) | 91 | 50 | 52 | 49 | 42 |
| Cash conversion | 3.38x | 3.19x | 1.60x | ||
| Capex intensity | 0.1% | 0.1% | 21.5% | 26.4% | 21.9% |
| Free cash flow (₹ crore) | 2,319 | 10,854 | -736.7 | -4,593 | -7,702 |
| Dividend payout | 17.3% | 16.1% | 19.2% | ||
| EPS, diluted (₹) | 5.36 | 10.43 | 11.56 | 12.41 | 11.71 |
| Book value per share (₹) | 81,38,54,289 | 1,06,94,89,696 | 1,01,25,90,054 | 1,12,16,68,388 | 1,23,51,64,460 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (company definition, incl. other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (company net external debt); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (company definition, incl. other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (after regulatory deferral)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 12 Oct 2026); market data at the close of 12 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Report history
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