Tata Power
Tata Power
Power F&OKey Fundamentals
LargecapIntegrated Power UtilitiesPowerTapetide Score
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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 2.83 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
Tata Power has a market capitalisation of about Rs 1,16,246 Cr. It trades at a P/E of 22.1x and a P/B of 2.95x, with a dividend yield of 0.69%. Over five years it grew sales at a 14% CAGR and profit at a 27% CAGR. TTM sales fell 4% and TTM profit fell 5%, and return on equity has stayed near 10-11%. Other income of Rs 4,318 Cr makes up a large part of reported earnings.
- Profit grew at a 27% CAGR over five years, well ahead of the 14% sales CAGR over the same period. That suggests margins widened and the business mix improved.
- Over 10 years, compounded profit growth of 118% reflects a large recovery in earnings from a low base.
- The stock has compounded at 22% over five years and 17% over 10 years, a long record of creating shareholder value.
- Debtor days improved from 33.9 to 25.9, so the company is collecting cash faster and running working capital more efficiently.
- The company pays out a steady 18.9% of profit as dividends while keeping most earnings for capex.
- At a P/E of 22.1x, the valuation is moderate for a large utility with a Rs 1,16,246 Cr market cap and exposure to renewables and distribution.
- ROE has held steady at 11% over both three and five years, up from a 9% average over 10 years. Capital efficiency has improved gradually.
- TTM sales fell 4% and TTM profit fell 5%, so the recent earnings trend has slowed and turned negative.
- ROE was 10% last year and 11% over three years. That is low relative to a P/B of 2.95x, which makes the valuation hard to justify on returns alone.
- Other income of Rs 4,318 Cr is a large part of earnings. Core operating profit may be weaker than headline net profit suggests.
- Sales grew at only a 4% CAGR over three years, well below the 14% five-year rate. Top-line momentum has slowed.
- Profit grew at only a 6% CAGR over three years, far below the 27% five-year figure. Much of the earlier growth came from a low base.
- The stock returned -4% over one year. It has lagged recently even after a 12% three-year CAGR.
- The dividend yield of 0.69% is low for a utility, which limits its appeal to income-focused investors.
- Debt-to-equity data was not provided. For a capital-intensive power utility with large capex plans, leverage is a key risk that can't be assessed from this data.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Jalpura-Khurja 400KV line commissioned Sep 3
Tata Power launched the 400KV Jalpura-Khurja transmission line with 162 CKM of lines and a 1,000 MVA substation. The asset strengthens NCR's power transmission network and adds to its regulated transmission portfolio.
- September investor meet schedule Sep 4
Tata Power announced a September 2026 schedule of analyst and institutional investor meetings, including events with UBS, Morgan Stanley and Jefferies. This includes a London investor meet on September 23, 2026, with one-on-one and group sessions held under SEBI regulations.
- PL Capital conference participation Sep 24
Tata Power will attend the PL Capital Mid & Small Cap Conference in Mumbai on September 28, 2026. The company confirmed 1:1 and group meetings with investors.
TL;DR: The news flow for Tata Power is light and mostly constructive. The main operational item is the commissioning of the 400KV Jalpura-Khurja line, which adds 162 CKM and 1,000 MVA of capacity to its NCR transmission business. A busy September investor calendar spanning UBS, Morgan Stanley, Jefferies, London and PL Capital points to active institutional engagement, but it doesn't directly move fundamentals. None of these articles flags a specific risk, so the trend looks steady to slightly better, and the next signal to watch is whether management commentary from these meetings shows up in upcoming quarterly results and order wins.
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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Documents
Frequently Asked Questions about Tata Power
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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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