Tata Power Company Limited (TATAPOWER)

Power · Power · NSE · Updated 14 July 2026

₹377.85 ↓ 6.14% (1Y)

🎯 Key Takeaways

Tata Power Company Limited is in a strategic growth phase, transitioning from a traditional power utility to a clean energy leader with a strong focus on renewables, EV infrastructure, and green hydrogen. Despite flat revenue trends in recent quarters, the company is investing heavily in long-term infrastructure projects and ESG commitments, positioning itself for structural growth in India's energy transition.
Revenue declined 2% QoQ to ₹15,391 in Q3FY25.
⚠️ 1) Margin compression in core operations, with OPM declining to 14.7% in Q4FY24 from a high of 23.9% in Q2FY25, despite stable revenue, raises concern

Market Cap

₹1.30 L Cr

P/E Ratio

34.1

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Tata Power Company Limited is in a strategic growth phase, transitioning from a traditional power utility to a clean energy leader with a strong focus on renewables, EV infrastructure, and green hydrogen. Despite flat revenue trends in recent quarters, the company is investing heavily in long-term infrastructure projects and ESG commitments, positioning itself for structural growth in India's energy transition.

📰 What's Happening

In the last three quarters, Tata Power has advanced key strategic initiatives including the construction of 1,000 MW Bhivpuri and 1,800 MW Shirwata pumped storage projects under development for 2029 and FY32 commissioning respectively, expansion of EV charging infrastructure to over 5,800 points, and scaling rooftop solar installations to 4.8 GWp. The company also raised ₹1,500 crore through a private placement of AA+/rated NCDs in July 2026, maturing in 2031, to support capital-intensive green projects. Additionally, it declared a final dividend of ₹2.50 per share for FY26, with the 107th AGM scheduled for July 7, 2026, where shareholders will vote on financial approvals and director appointments.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	12,454	15,213	15,738	14,651	15,847	17,294	15,698	15,391
Operating Profit	2,799	3,450	3,383	3,061	2,988	3,834	4,118	3,755
OPM %	15.5%	19.4%	19.6%	16.5%	14.7%	20.7%	23.9%	21.8%
Net Profit	939	1,141	1,017	1,076	1,046	1,189	1,093	1,188
EPS	₹2.43	₹3.04	₹2.74	₹2.98	₹2.79	₹3.04	₹2.90	₹3.22

Tata Power's quarterly revenue has shown relative stability over the past year, hovering around ₹15,000–17,000 crore, with no significant growth observed in Q3FY25 (₹15,391 crore) compared to Q1FY25 (₹17,294 crore). However, operating margins have fluctuated, peaking at 23.9% in Q2FY25 before declining to 14.7% in Q4FY24, indicating margin pressure despite stable top-line performance. Net profit and EPS have remained resilient, with Q3FY25 reporting ₹1,188 crore PAT and EPS of ₹3.22, slightly up from Q2FY25, suggesting cost management efforts are offsetting revenue headwinds. The lack of revenue acceleration raises concerns about growth momentum, especially as capital expenditures continue to rise for clean energy infrastructure.

🔮 Management Outlook & What's Next

Management has articulated an ambitious long-term vision, targeting 70% clean energy capacity by 2030 and Net Zero emissions by 2045, supported by strategic investments in pumped hydro, green hydrogen, and EV charging. The company emphasized these goals during the FY26 AGM notice and integrated report, highlighting progress in renewable capacity (17.5 GW) and sustainability metrics like water neutrality by 2030. Management also plans to commission major infrastructure projects by FY32, indicating a multi-year capital deployment roadmap. No near-term financial guidance was provided beyond dividend policy, with focus instead on execution of its energy transition strategy.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Power

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Adani Power Limited	4.27 L Cr	32.9	15.7%	19.8%	0.82
NTPC Limited	3.83 L Cr	15.8	8.8%	13.1%	1.34
Power Grid Corporation of India Limited	2.84 L Cr	18.3	12.2%	16.8%	1.41
Adani Green Energy Limited	2.27 L Cr	105.3	7.6%	11.2%	5.08
Adani Energy Solutions Limited	1.57 L Cr	65.4	10.4%	9.0%	1.92
Tata Power Company Limited	1.30 L Cr	34.1	—	—	—
NTPC Green Energy Limited	90,996	163.8	—	—	—
JSW Energy Limited	90,509	46.8	—	—	—
NHPC Limited	77,136	28.4	—	—	—
Torrent Power Limited	73,872	29.9	—	—	—

🔗 Peer Stock Analyses

ADANIPOWER NTPC POWERGRID ADANIGREEN ADANIENSOL

⚠️ Risk Factors

1) Margin compression in core operations, with OPM declining to 14.7% in Q4FY24 from a high of 23.9% in Q2FY25, despite stable revenue, raises concerns about operational efficiency amid rising capex. 2) Execution risk on large infrastructure projects like the 1,800 MW Shirwata PSP and 1,000 MW Bhivpuri PSP, both under construction for commissioning by FY32, which could face delays or cost overruns. 3) Regulatory and policy uncertainty in the power sector, particularly around tariff determinations and renewable energy incentives, which management has not fully addressed in recent commentary.

📋 Recent Filings

🧠 Analyst's Read

Tata Power is executing a clear strategic shift toward clean energy with strong governance and ESG commitments, supported by tangible project pipelines and capital discipline. However, near-term financial performance shows signs of strain, with margin pressure and flat revenue growth casting doubt on the pace of value creation. Investors should monitor execution progress on key infrastructure projects and any acceleration in revenue growth from renewable segments in upcoming quarters.

Based on filing content and financial data. Not a recommendation.

✨ Deep Dive with AI on TATAPOWER

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-14.

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