All companies

Tata Power

Listed IPP — per-stock model.

As of 21 Aug 2026
IPP—
CMP ₹374NSE: TATAPOWER

Latest concall

Q4 FY26 · 12 May 2026
  • Q4 PAT ₹1,416cr (+8% YoY); FY26 PAT crossed ₹5,000cr, EBITDA ₹16,090cr (+11%).
  • TP Solar FY26 PAT ₹857cr (2x); made 3,825MW modules, 3,759MW cells at >95% yield.
  • RE portfolio 11.6 GW incl 5.1 GW under construction; Odisha discoms revenue ₹19,980cr.
  • Bhivpuri 1,000MW pumped-storage: all EM/HM packages awarded, clearances secured.
Order-book execution

5.1 GW RE under construction commissions ~50% in FY27 and the balance in FY28, en route to 26.3 GW installed.

Management guidance
  • FY27 capex guided ~₹25,000cr, ~62% to grid and green energy.
  • RE commissioning to exceed 2 GW in FY27; ~half of 5 GW pipeline in FY27, rest FY28.
  • Strategic shift: no pure solar/wind — only hybrid-plus-storage projects going forward.

Q4 FY26 earnings call (May 2026)

UC + pipeline

5.1GW
own capacity, not an order book

Revenue FY26E

62,429₹ cr

EBITDA margin

21%

P/E

30.5×

Financials

Annual · ₹ crore · E = estimate.

Annual financials

₹ crore · FY25 → FY28E

PeriodRevenueEBITDAEBITDA %PATGross %ROE %ROCE %CapexNet debtEPS ₹WC days
FY1533,5936,30119.0%457—————0.6—
FY1629,4942,1057.0%786—————2.5—
FY1727,5885,47320.0%1,100—————3.3—
FY1826,8405,00719.0%2,611—————8.9—
FY1929,8816,43222.0%2,606—————8.7—
FY2029,1366,80523.0%1,316—————3.8—
FY2132,7036,92121.0%1,439—————3.5—
FY2242,8167,03116.0%2,156—————5.5—
FY2355,1097,72814.0%3,810—————10.4—
FY2461,44910,73517.0%4,280—————11.6—
FY2565,47812,45019.0%4,775—————12.4—
FY2662,42913,27121.0%5,118—————11.7—
Source Company filings (aggregated)· As of 21 Aug 2026

Revenue, EBITDA & margin

Bars ₹cr (left) · margin % (right)

Source Company filings (aggregated)· As of 21 Aug 2026

Quarterly

₹ crore · recent quarters.

Quarterly financials

₹ crore

QuarterRevenueEBITDAEBITDA %PATPAT %
Q1FY2415,2132,71318.0%1,1417.5%
Q2FY2415,7382,77118.0%1,0176.5%
Q3FY2414,6512,41716.0%1,0767.3%
Q4FY2415,8472,30715.0%1,0466.6%
Q1FY2517,2943,06218.0%1,1896.9%
Q2FY2515,6983,27121.0%1,0937.0%
Q3FY2515,3913,07920.0%1,1887.7%
Q4FY2517,0963,24619.0%1,3067.6%
Q1FY2618,0353,56520.0%1,2627.0%
Q2FY2615,5453,30221.0%1,2458.0%
Q3FY2613,9483,05522.0%1,1948.6%
Q4FY2614,9002,59917.0%1,4169.5%
Q1FY2719,0513,86020.0%1,4017.3%
Source Company filings (aggregated)· As of 21 Aug 2026

Revenue & margin trend

Bars ₹cr (left) · margin % (right)

Source Company filings (aggregated)· As of 21 Aug 2026

Valuation

As of 21 Aug 2026

P/E

30.5×

EV / EBITDA

15.3×

P/B

3.0×

Operating metrics

What the rest of the dashboard tracks for Tata Power — capacity, auctions, offtake, manufacturing and returns.

7 GW
Operational
10.1 GW
Under construction
5.9 GW
Pipeline
23 GW
Target FY30
4.813 GW
Cell nameplate
ALMM-II 4.813 GW
4.9 GW
Module nameplate
ALMM List-I
4 GW
PLI awarded
1 tranche

Commissioning pipeline

Guided COD tracked from concalls, with slippage vs earlier guidance

IPPs
ProjectCapacityOriginalCurrentSlipStatus
MSEDCL Phase-IV hybrid (501 MW)
'Expected Commissioning' slipped a full year FY26->FY27 across the Nov-25 to Feb-26 decks; 400 MW PPA at Rs3.60/kWh.
0.5 GWQ4 FY26Q4 FY27+4Qdelayed
SJVN FDRE (1,317 MW)
Softened from flat 'FY27' full-COD to 'phase-wise from FY27', i.e. back-end tranches spill past FY27; largest block, 460 MW firm PPA.
1.317 GWQ4 FY27Q1 FY28+1Qdelayed
NTPC FDRE (585 MW)
COD guidance pushed a full year FY27->FY28 in the May-26 deck; 200 MW firm PPA at Rs4.71/kWh.
0.585 GWQ4 FY27Q4 FY28+4Qdelayed
SJVN RTC hybrid (272 MW)
COD is '24 months post-PPA' but the 88 MW RTC PPA stayed UNSIGNED 15+ months after LoA, so the clock hasn't started - effectively stalled.
0.272 GWQ4 FY28Q4 FY28—at risk
Tirunelveli 4.3 GW cell line (Tamil Nadu)
4.3 GWQ2 FY25Q2 FY25—commissioned

Policy exposure

Schemes whose impact note names this company

Policy
  • ISTS Charge Waiver for Energy Storage (BESS/PSP)StorageActive

    Improves economics for storage builders — JSW Energy (pumped hydro), Greenko, Adani, Tata Power — racing to hit the 2028 cut-off.

  • BESS VGF Scheme (Battery Storage)StorageActive

    De-risks battery projects for developers — Adani, JSW Energy, Tata Power, NTPC, ACME — and supports the BESS pipeline visible in the tender mix.

  • Basic Customs Duty (BCD) on Cells/ModulesTradeActive

    Shields all domestic makers (Waaree, Premier, Vikram, Adani) by pricing up Chinese imports; raises input costs for EPCs and developers (Sterling & Wilson, Tata Power) still reliant on imported cells.

  • Model Solar Village (under PM Surya Ghar)RooftopActive

    Small but steady rooftop and EPC orders for regional installers and residential-kit makers (Tata Power Solar, Waaree, Luminous).

  • PM Surya Ghar Muft Bijli YojanaRooftopActive

    A demand engine for rooftop installers and residential-kit makers — Tata Power Solar, Waaree, Premier, Luminous; DCR rules steer the orders to domestic-cell makers.

  • RPO / RGO TrajectoryDemandActive

    Underpins offtake for every IPP — Adani Green, ReNew, NTPC Green, Tata Power, JSW; non-compliant DISCOMs face penalties, which indirectly supports new PPA signings.

  • PLI - High Efficiency Solar PV ModulesManufacturingActive

    Cash incentive for the awarded integrated players — Reliance, Adani, Waaree, Premier Energies, Vikram, Tata Power — tied to hitting local-manufacturing and output milestones (disbursement has lagged badly).

  • PM-KUSUMAgriActive

    The core order book for solar-pump makers — Shakti Pumps, Oswal Pumps, Tata Power — and feeds EPCs building the decentralised farm plants.

  • ALMM List-I (Solar PV Modules)ManufacturingActive

    Protects listed Indian module makers whose panels are ALMM-approved — Waaree, Premier Energies, Vikram Solar, Adani Solar, Tata Power Solar; foreign and unlisted makers are locked out of subsidised and government demand.

Operating & order mix

Unit economics and the order book.

Shareholding

% · as of 30 Jun 2026

Shareholding pattern

%

Source Company filings (aggregated)· As of 21 Aug 2026