By Dalal Street Investment Journal (DSIJ)
Tata Power is expanding renewable energy, solar manufacturing and power distribution. Its renewable portfolio is about 12 GW (6.7 GW operational and 5.3 GW under implementation), with debt, execution and Mundra economics as risk factors.
Tata Power Company Limited spans electricity generation, transmission, distribution, solar manufacturing and energy services. Its shares closed at ₹335.65 on 8 October 2026, down 2.75% for the day.
Key Metric | Tata Power (8 Oct 2026) |
|---|---|
Share price | ₹335.65 |
Market capitalisation | ₹1,07,298 crore |
52-week high/low | ₹464.90 / ₹334.00 |
P/E | 27.4x |
P/B | 2.81x |
Dividend yield | 0.74% |
FY26 revenue | ₹63,681 crore |
FY26 reported PAT | ₹5,118 crore |
(Source: Screener and Moneycontrol; closing price 8 October 2026)
The share price was near its 52-week low. Debt, the pace of renewable commissioning and the returns earned on new investment are factors linked to valuation.
Tata Power is an integrated power utility with thermal, hydro, solar and wind generation; regulated transmission and distribution; rooftop solar; solar cell and module manufacturing; and EV charging. As of March 2026, its operational generation portfolio was 16,716 MW, including 7,856 MW of clean and green capacity. It served more than 13.1 million distribution customers.
Revenue comes from electricity sold over time, regulated network activity, solar products and construction contracts. The table shows the FY26 consolidated revenue recognition mix, not a segment-by-segment revenue split. Segment revenue can include intercompany transactions, so those totals should not simply be added.
FY26 Revenue Recognition | Share of Revenue |
|---|---|
Services over time | 91.3% |
Goods at a point in time | 8.7% |
Total | 100% |
(Source: Tata Power FY26 Annual Report)
The 47% clean and green share of installed capacity is different from the revenue mix. Conventional assets continue to contribute to cash flow, while solar manufacturing, rooftop systems, and new renewable projects drive growth.
FY26 Operational Capacity | Contribution |
|---|---|
Clean & green | 47% |
Other generation | 53% |
(Source: Tata Power FY26 Integrated Annual Report)
Tata Power’s consolidated FY26 revenue declined 1.3%, while EBITDA increased as renewable and distribution businesses expanded. The table uses figures from the company’s annual report. PAT here excludes exceptional items, while the reported FY26 PAT appears separately below.
Financials (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
Revenue | ₹61,542 | ₹64,502 | ₹63,681 |
Revenue growth | Not applicable | 4.8% | 1.3% decline |
PAT* | ₹4,109 | ₹5,197 | ₹5,212 |
PAT* growth | Not applicable | 26.5% | 0.3% |
EBITDA margin | 20.6% | 22.4% | 25.3% |
(Source: Tata Power FY26 Integrated Annual Report. PAT before exceptional items.)
FY26 revenue declined 1.3% to ₹63,681 crore from ₹64,502 crore in FY25, while EBITDA grew 11.2% to ₹16,090 crore. PAT before exceptional items rose slightly to ₹5,212 crore; the reported PAT was ₹5,118 crore, up about 7% from ₹4,775 crore in FY25. In Q1 FY27, the company reported revenue of ₹18,898 crore, EBITDA of ₹4,249 crore and PAT of ₹1,401 crore, up 8%, 8% and 11% YoY, respectively.
At the 8 October close, Tata Power traded at around 27.4 times trailing earnings and 2.7 times book value, based on Screener data. There is no single peer average that represents all power generators, transmission utilities and renewable developers; NTPC, Power Grid and Torrent Power are used here as reference points.
Key Ratio (FY26/TTM) | Tata Power |
|---|---|
P/E | 27.4x |
P/B | 2.81x |
ROE (FY26 company) | 11.6% |
ROCE (FY26 company) | 7.8% |
Net debt to equity | 1.18x |
Dividend yield | 0.74% |
(Source: Screener closing price snapshot; FY26 ROE, ROCE and net debt/equity: Tata Power Annual Report)
The company reported an FY26 ROE of 11.6%, an ROCE of 7.8% and a net debt-to-equity ratio of 1.18 times. Net debt increased as the company invested in new capacity. These annual report ratios use a different basis from Screener’s profile figures, which show roughly 10.2% ROE and 10.5% ROCE.
On a technical basis, the share price of Tata Power has shown a pattern of lower highs and lower lows on a weekly time frame. The stock has moved below a weekly support level at ₹343.
A resistance level has been noted at ₹37. A move beyond this level would represent a change from the current pattern of lower highs and lower lows.
As of October 9, Tata Power is trading below its short-term, medium-term, and long-term moving averages on the daily chart. On the weekly chart, the stock is trading below its 10-week, 30-week, and 100-week moving averages.
Tata Group promoter ownership remained unchanged at 46.86% across the latest four reported quarters. Domestic institutional ownership increased, while foreign institutional ownership was broadly unchanged.
Shareholding | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
Promoters | 46.86% | 46.86% | 46.86% | 46.86% |
FIIs | 10.19% | 10.00% | 10.04% | 10.03% |
DIIs (incl. MFs) | 16.67% | 17.51% | 18.28% | 18.43% |
Government | 0.01% | 0.01% | 0.01% | 0.01% |
Public & others | 26.27% | 25.62% | 24.81% | 24.70% |
(Source: Screener and quarterly shareholding data cross-checked with ET Money; DII includes mutual funds.)
DII ownership increased from about 16.67% in September 2025 to 18.43% in June 2026. FII ownership moved from 10.19% to 10.03%. These shifts describe ownership trends and are not, by themselves, share price forecasts.
Tata Power combines thermal and clean generation with networks, solar equipment and rooftop installations. NTPC has exposure to bulk generation; Power Grid is primarily a transmission utility; Torrent Power also operates generation and distribution assets. Their earnings profiles and capital needs differ.
Stock Name | Market Cap (₹ cr) | P/E (TTM) | P/B (Approx.) | ROE | Main Exposure |
|---|---|---|---|---|---|
Tata Power | 1,07,298 | 27.4x | 2.7x | 10.2% | Integrated utility |
NTPC | 3,01,275 | 10.9x | 1.5x | 15.1% | Bulk generation |
Power Grid | 2,32,562 | 14.6x | 2.3x | 15.3% | Transmission |
(Source: Screener, company profiles; Tata Power closing snapshot 8 October, peer snapshots around 9 October 2026.)
Tata Power’s 27.4x P/E was above the peer observations in the table. The difference partly reflects expectations for renewables and distribution growth, and is also linked to project returns.
Debt and Funding Costs: Annual capital expenditure is linked to borrowing needs. Higher rates or delayed commissioning can reduce the returns shareholders receive from completed projects.
Mundra Tariff Uncertainty: The economics of the 4,150 MW imported coal plant depend on fuel costs, tariff arrangements and payments from procuring states. Normal operations do not guarantee stable profit.
Project Execution and Cash Conversion: Land, transmission connections, equipment availability and regulatory approvals can delay renewable or pumped storage projects. EPC revenue can also be uneven between quarters.
Distribution and Valuation Risks: Slower bill collection, unexpected network spending or lower discom efficiency may reduce profit. At more than 27x earnings, a broad market P/E contraction could be associated with a lower share price.
Tata Power in 2026: What the Data Shows
Tata Power operates across generation, transmission, distribution and solar manufacturing. Its clean and green capacity was 47% in FY26, renewable capacity is increasing, and the Odisha distribution operations reported PAT of ₹111 crore in Q1 FY27, up 6% YoY. Government programmes such as PM Surya Ghar drive demand for rooftop solar.
At the 8 October close, the stock traded at a higher P/E than the peers in the table, with a net debt-to-equity of 1.18 times. Earnings growth, capital expenditure and cash generation are factors linked to valuation.
In March 2026, the group had 7,856 MW of clean and green capacity operating, with renewable projects under construction. Its FY26 renewable portfolio included 6,533 MW of operating solar and wind assets and 5,105 MW under construction. By June 2026, the renewable portfolio had reached approximately 12 GW, including 6.7 GW operational and 5.3 GW under implementation.
Solar EPC and rooftop orders are separate. Tata Power’s FY26 annual report disclosed a ₹766 crore third-party utility-scale EPC order book at year-end. Its Q1 FY27 release reported a ₹639 crore rooftop solar order book; these are not the same pipeline. The company executed about 2.5 GW of utility-scale projects in FY26, including a 1 GW SJVN project and a 300 MW NHPC project. Its rooftop business added 88,397 installations during Q2 FY27, according to an October business update.
Mundra is a 4,150 MW imported coal power station. After extended downtime in FY26, the plant resumed full operations from 1 April 2026 under Section 11 directions, which the company said were extended through 30 September 2026. A supplementary power purchase agreement with Gujarat Urja Vikas Nigam Ltd was signed; discussions with other state procurers were ongoing. Imported coal prices and cost recovery are linked to the plant’s profitability.
In Odisha, Tata Power’s four distribution utilities serve about 10 million registered customers. In Q1 FY27, the Odisha discoms reported a PAT of ₹111 crore, up 6% YoY, linked to operating improvements. Their long-term contribution depends on lower technical and commercial losses, supply reliability and timely collections.
Tata Power targets more than 30 GW of total generation capacity by 2030, of which more than 20 GW, or around 70%, would be clean and green. Other goals include over 10,000 circuit kilometres of transmission lines and close to 40 million distribution customers. These are company targets, not capacity already commissioned.
2030 Goal | FY26 Status | Target | Related Factor |
|---|---|---|---|
Total generation | 16.7 GW | More than 30 GW | Timing of additions |
Clean & green | 7.9 GW | More than 20 GW | Execution and grid |
Transmission | 7,403 ckm | More than 10,000 ckm | Capital and approvals |
(Source: Tata Power FY26 Integrated Annual Report, investor targets and management commentary.)
The starting point is 16.7 GW of operational generation capacity at March 2026. Projects such as Bhivpuri pumped storage and Bhutan hydro can diversify clean supply, and completion dates, capital costs and grid readiness are linked to how much capacity contributes to profits by 2030.
Source: Dalal Street Investment Journal (DSIJ), Opstra, BSE
As of March 2026, 7,856 MW out of 16,716 MW of operational capacity, approximately 47%, was classed as clean and green.
Imported coal costs and whether long-term agreements allow recovery of those costs are drivers of the plant’s cash flow.
New capacity commissioned, solar EPC cash collections, Odisha discom losses, Mundra tariff progress, debt, ROCE and valuation are data points that may be tracked in addition to individual project announcements.
SEBI Registered Research Analyst (INH000006396).
Founded in 1986, Dalal Street Investment Journal (DSIJ) brings decades of experience in India’s equity markets. DSIJ's research combines fundamental analysis with price action, guided by disciplined risk management and capital preservation. They follow a structured, data-driven approach designed to help investors and traders make informed decisions beyond short-term market noise.
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US INVESTING
International investment is not supervised by any regulatory body in India. Thus, any claim or dispute relating to such investment or enforcement of any agreement/contract /claim will not be under laws and regulations of the recognized stock exchanges and investor protection under Indian Securities Law. The account opening process will be carried out on Vested platform and Bajaj Financial Securities Limited will not have any role in it.
IPO
This should not be construed as soliciting investment. Investors’ discretion is required. Kindly consult your financial expert before investing. No need to issue cheques by investors while subscribing to IPO. Investments in securities markets are subject to market risks, read all the related documents carefully before investing.
SCREENERS
Screeners is not Exchange-approved products and any disputes related to the same will not be dealt on the Exchange platform.
SECURITIES
Securities quoted are exemplary and not recommendatory.
IPV
Account would be open after all procedure relating to IPV and client due diligence is completed.
IMAGES
The images used are only for representation purpose. Proper due diligence has been done for the images and the image is not of any artist. The same is captured from royalty free sites.
THIRD PARTY PRODUCT DISCLAIMER
Bajaj Financial Securities Limited is a distributor for Non-Broking Products/Services such as Mutual Funds, Mutual Funds SIP, IPO, Bonds, Insurance, PMS, Global Investing, any other third-party products/services. These are not Exchange Traded Products, and we are only acting as distributors. All disputes with respect to the distribution activity, would not have access to SCORES/ODR, Exchange investor redressal forum or Arbitration mechanism. Please refer to the detailed disclaimer for Third-Party Products.
As per SEBI circular no. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/84 dated June 08, 2023, Stockbrokers are required to upstream the entire client funds lying with them to the Clearing Corporation. Based on client’s request the funds’ release request must be placed with the Clearing Corporation. Based on the internal process and cut-off timelines of the Clearing Corporation the funds will be released to the Stock Broker. In view of this new process, as specified by the regulatory and the cut-off time of Clearing Corporation/Banks processing the funds, Bajaj Financial Securities Limited cannot commit the exact time for releasing funds payout to its client. Clients are requested to note that, Bajaj Financial Securities Limited will not be responsible for any inconvenience caused to clients due to delay in release of funds payout, including fines, delayed charges, defaults, etc.
