NSE:TATAPOWER · Risk Score Report

NSE:TATAPOWERNSEUtilities

Tata Power Company Limited

📊 Utilities - Independent Power Producers

Day ₹455

₹464 Oversold

52W ₹342

₹465 Overbought

₹456.20

▼ ₹5.60 (-1.21%)

Vol: 3,765,174 · Avg: 7,664,742

As of April 29, 2026 · 06:32 IST

COMPOSITE RISK SCORE

VAL:6/25 · FIN:7/25 · GRO:4/25 · TECH:20/25

📈 P/E RATIO

38.4x

Trailing

📖 P/B RATIO

3.9x

Price to Book

💰 EPS

₹11.87

TTM

🏛 MARKET CAP

₹145,771Cr

Large Cap

📊 ROE

11.1%

Return on Equity

📈 REV GROWTH

-9.4%

YoY

🏢 Company Analysis · Tata Power Company Limited

💼 BUSINESS MODEL

Tata Power Company Limited engages in the generation, transmission, distribution, and trading of electricity in India and internationally..
It operates through Thermal and Hydro, Renewables, Transmission and Distribution, and Others segments..
The company generates power from hydroelectric and thermal sources, such as coal, gas, and oil; and provides related ancillary services..
It also engages in the operation of transmission and distribution networks; and sale of power to retail customers through distribution network and related ancillary services..
Operates in Utilities - Independent Power Producers within the Utilities sector.
Workforce of 22,572 employees.

🏰 MOAT & COMPETITION

Mega-cap (₹145,771 Cr) — dominant market position with significant scale advantages.
Key competitors: Reliance Infra., Adani Power, Torrent Power, CESC.

🚀 CATALYSTS

Company has delivered good profit growth of 45.5% CAGR over last 5 years

⚖️ ASYMMETRY CHECK

Analyst target range: ₹300 — ₹510 (mean ₹411, 23 analysts).
Unfavorable asymmetry — limited upside +12% vs downside -34% (0.3x).
P/E of 38.4x — fair value territory; catalysts needed for re-rating.

🔭 FUTURE OUTLOOK

Analyst consensus: Buy (23 analysts).
Latest quarter earnings declined -25% YoY — watch for recovery signals.
Debtor days have improved from 40.6 to 31.8 days.

✅ PROS

Company has delivered good profit growth of 45.5% CAGR over last 5 years
Company has been maintaining a healthy dividend payout of 18.9%
Debtor days have improved from 40.6 to 31.8 days.

❌ CONS

Stock is trading at 3.90 times its book value
Company has a low return on equity of 11.6% over last 3 years.

VALUATION

6/25

25% WEIGHT

P/E at 38x
P/B at 3.9x
Analyst target: ₹411 (-9.9%)
1Y return: +16.7%

FINANCIAL HEALTH

7/25

25% WEIGHT

ROE: 11.1%
Profit margin: 5.9%
Revenue growth: -9.4%
Debt/Equity: 156%

GROWTH

4/25

25% WEIGHT

Revenue growth: -9.4%
Earnings growth: -25.2%
Beta: 0.27
Sector: Utilities

TECHNICAL

20/25

25% WEIGHT

RSI, MACD, MA crossovers
200 DMA & 50 EMA position
Volume trend analysis
Price momentum signals

📈 Price Movement

🕯 Candlestick Chart

🎯 Price Prediction · Analyst Target Cone Source: Yahoo Finance Analyst Targets ↗

📉 Valuation Trends (at current CMP)

P/E Ratio at current CMP

💎 Valuation & Financial Metrics

P/E RATIO

38.4x

Trailing twelve months

P/B RATIO

3.9x

Price to Book value

ROE

11.1%

Return on Equity

PROFIT MARGIN

5.9%

Net profit margin

OPM

13.2%

Operating profit margin

ANALYST TARGET

₹411

Range: ₹300 - ₹510

Yahoo Finance ↗

PEG RATIO

1.84

Price/Earnings to Growth

EV/EBITDA

16.0x

Enterprise value ratio

CURRENT RATIO

N/A

Liquidity measure

DIVIDEND YIELD

0.49%

Annual yield

ROA

3.1%

Return on Assets

GROSS MARGIN

36.2%

Gross profit margin

INDUSTRY AVERAGES — INTEGRATED POWER UTILITIES

P/E 32.5x (above avg)

P/B 2.0x (sector fair)

ROCE 13.6% (below avg)

ROE 15% (sector good)

OPM 20% (sector good)

Div Yield 0.79%

D/E <80 (sector comfort)

📋 Quarterly Performance Trend

Quarter	Revenue	QoQ %	Net Profit	QoQ %	Op. Cash Flow	EBITDA Margin
Q2 FY25	N/A	—	N/A	—	N/A	N/A
Q3 FY25	₹15,391 Cr	—	₹1,031 Cr	—	N/A	23.8%
Q4 FY25	₹15,745 Cr	+2.3%	₹1,043 Cr	+1.2%	N/A	22.8%
Q1 FY26	₹18,035 Cr	+14.5%	₹1,060 Cr	+1.6%	N/A	22.5%
Q2 FY26	₹15,545 Cr	-13.8%	₹919 Cr	-13.2%	N/A	26.8%
Q3 FY26	₹13,948 Cr	-10.3%	₹772 Cr	-16.0%	N/A	29.5%

📊 Year-on-Year Trend

FY	Revenue	YoY %	Net Profit	YoY %	Op. Cash Flow	YoY %
FY22	₹41,847 Cr	—	₹1,741 Cr	—	₹6,693 Cr	—
FY23	₹54,118 Cr	+29.3%	₹3,336 Cr	+91.6%	₹7,166 Cr	+7.1%
FY24	₹60,388 Cr	+11.6%	₹3,696 Cr	+10.8%	₹12,504 Cr	+74.5%
FY25	₹64,128 Cr	+6.2%	₹3,971 Cr	+7.4%	₹12,680 Cr	+1.4%

📈 Revenue vs Earnings

🎯 EPS: Estimate vs Actual

💰 How Tata Power Company Limited Makes Its Money

🏦 Snapshot of Tata Power Company Limited's Balance Sheet

💸 Looking into Tata Power Company Limited's Cash Flow

📅 Quarterly Results Source: Screener ↗

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales +	15,213	15,738	14,651	15,847	17,294	15,698	15,391	17,096	18,035	15,545	13,948
YOY Sales Growth %	4.95%	12.17%	3.69%	27.24%	13.67%	-0.26%	5.05%	7.88%	4.29%	-0.97%	-9.37%
Expenses +	12,500	12,967	12,234	13,540	14,232	12,427	12,312	14,028	14,470	12,243	10,906
Material Cost %	6.00%	6.09%	9.29%	13.86%	5.50%	3.59%	6.75%	11.45%	10.62%	12.61%	15.92%
Employee Cost %	6.41%	6.32%	6.70%	6.84%	5.86%	6.63%	6.87%	7.37%	6.44%	7.09%	8.58%
Operating Profit	2,713	2,771	2,417	2,307	3,062	3,271	3,079	3,068	3,565	3,302	3,042
OPM %	18%	18%	16%	15%	18%	21%	20%	18%	20%	21%	22%
Other Income +	877	567	1,092	1,407	578	632	589	861	494	859	1,069
Exceptional items	235	0	0	39	0	-140	0	18	0	0	0
Other income normal	642	567	1,092	1,368	578	772	589	843	494	859	1,069
Interest	1,221	1,182	1,094	1,136	1,176	1,143	1,170	1,213	1,279	1,319	1,364
Depreciation	893	926	926	1,041	973	987	1,041	1,116	1,161	1,162	1,208
Profit before tax	1,476	1,231	1,489	1,537	1,490	1,773	1,457	1,600	1,619	1,680	1,540
Tax %	23%	17%	28%	32%	20%	38%	18%	18%	22%	26%	22%
Net Profit +	1,141	1,017	1,076	1,046	1,189	1,093	1,188	1,306	1,262	1,245	1,194
Minority share	-168	-142	-123	-150	-218	-167	-157	-263	-202	-326	-422
Exceptional items AT	181	0	0	26	0	-86	0	15	0	0	0
Profit excl Excep	960	1,017	1,076	1,019	1,189	1,179	1,188	1,291	1,262	1,245	1,194
Profit for PE	818	876	953	873	971	1,000	1,031	1,031	1,060	919	772
Profit for EPS	972	876	953	895	971	927	1,031	1,043	1,060	919	772
YOY Profit Growth %	3%	7%	1%	12%	19%	14%	8%	18%	9%	-8%	-25%
EPS in Rs	3.04	2.74	2.98	2.80	3.04	2.90	3.23	3.26	3.32	2.88	2.42
Raw PDF

📊 Profit & Loss Statement Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales +	26,840	29,881	29,136	32,703	42,816	55,109	61,449	65,478	64,624
Sales Growth %	-2.71%	11.33%	-2.49%	12.24%	30.92%	28.71%	11.50%	6.56%
Expenses +	21,833	23,449	22,331	25,782	35,785	47,381	50,714	53,313	51,647
Manufacturing Cost %	69%	70%	66%	69%	72%	76%	73%	70%
Employee Cost %	6%	5%	5%	7%	9%	7%	7%	7%
Other Cost %	7%	3%	6%	2%	4%	3%	3%	5%
Operating Profit	5,007	6,432	6,805	6,921	7,031	7,728	10,735	12,166	12,978
OPM %	19%	22%	23%	21%	16%	14%	17%	19%	20%
Other Income +	3,873	3,824	2,280	1,775	2,486	5,540	3,416	2,973	3,283
Exceptional items	2,712	3,206	1,084	-29	-499	179	391	346
Other income normal	1,161	618	1,197	1,804	2,985	5,361	3,026	2,627
Interest	3,761	4,170	4,494	4,010	3,859	4,372	4,633	4,702	5,175
Depreciation	2,346	2,393	2,634	2,745	3,122	3,439	3,786	4,117	4,647
Profit before tax	2,773	3,693	1,958	1,941	2,535	5,457	5,732	6,320	6,439
Tax %	6%	29%	33%	26%	15%	30%	25%	24%
Net Profit +	2,611	2,606	1,316	1,439	2,156	3,810	4,280	4,775	5,008
Profit from Associates	0	0	0	0	0	0	0	0
Minority share	-203	-249	-299	-311	-414	-473	-584	-804
Exceptional items AT	2,063	2,242	575	-23	-486	120	282	279
Profit excl Excep	548	364	741	1,461	2,642	3,690	3,998	4,497
Profit for PE	505	329	573	1,145	2,134	3,232	3,453	3,739
Profit for EPS	2,408	2,356	1,017	1,127	1,741	3,336	3,696	3,971
Profit Growth %	-58%	-35%	74%	100%	86%	51%	7%	8%
EPS in Rs	8.90	8.71	3.76	3.53	5.45	10.44	11.57	12.43	11.88
Dividend Payout %	15%	15%	41%	44%	32%	19%	17%	20%

🏦 Balance Sheet Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	270	270	270	320	320	320	320	320	320
Reserves	16,129	18,035	19,296	22,003	22,122	28,468	32,036	35,521	37,370
Borrowings +	48,589	48,506	51,936	46,708	51,195	52,923	53,689	62,866	70,083
Long term Borrowings	0	31,139	32,695	30,045	32,730	30,708	37,392	44,130	52,360
Short term Borrowings	0	13,875	11,844	13,126	14,860	18,266	12,088	14,016	12,783
Lease Liabilities	0	0	3,560	3,537	3,605	3,949	4,210	4,720	4,940
Preference Capital	245	0	0	0	0	0	0	0	0
Other Borrowings	48,344	3,491	3,836	0	0	0	0	0
Other Liabilities +	16,903	17,262	18,172	29,625	38,913	46,386	53,010	57,487	56,028
Non controlling int	2,015	2,167	2,332	2,927	3,587	5,417	5,977	6,765	7,054
Trade Payables	5,610	5,481	5,095	7,146	10,460	7,407	14,093	13,984	7,210
Advance from Customers	559	485	782	1,209	1,180	2,458	2,197	1,579
Other liability items	8,718	9,129	9,962	18,342	23,687	31,104	30,742	35,158	41,764
Total Liabilities	81,892	84,073	89,674	98,655	112,550	128,096	139,054	156,193	163,801
Fixed Assets +	44,656	44,305	47,666	52,179	57,389	61,747	67,210	78,374	79,210
Land	974	1,032	2,071	2,186	2,284	2,672	3,352	4,087
Building	2,906	2,938	3,058	3,826	4,043	4,432	4,503	5,615
Plant Machinery	43,914	44,924	47,425	48,607	52,664	55,799	59,919	68,397
Equipments	5,812	6,364	6,967	11,790	15,200	18,485	22,097	26,523
Furniture n fittings	122	120	118	134	144	167	187	207
Railway sidings	99	103	104	0	0	0	0	0
Vehicles	250	245	235	228	225	247	300	327
Intangible Assets	1,666	1,654	1,646	1,800	1,864	1,865	1,903	1,807	2,940
Other fixed assets	4,265	4,233	5,441	5,584	5,876	6,229	6,519	6,722
Gross Block	60,008	61,613	67,064	74,156	82,301	89,897	98,781	113,686
Accumulated Depreciation	15,352	17,308	19,398	21,976	24,911	28,150	31,571	35,311
CWIP	1,653	2,576	1,612	3,270	4,635	5,376	11,561	12,679	15,943
Investments	12,429	13,542	14,535	13,149	14,160	16,670	16,316	16,316	17,025
Other Assets +	23,154	23,651	25,861	30,056	36,365	44,303	43,968	48,824	51,622
Inventories	1,623	1,706	1,752	1,886	4,232	3,943	4,420	4,572	5,252
Cash Equivalents	1,186	787	2,094	5,871	6,641	11,207	9,152	11,751	9,400
Loans n Advances	490	501	552	609	887	1,079	1,134	994	4,712
Other asset items	17,066	16,211	17,037	16,491	18,627	21,123	21,861	25,797	25,460
Total Assets	81,892	84,073	89,674	98,655	112,550	128,096	139,054	156,193	163,801

💰 Cash Flow Statement Source: Screener ↗

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity +	7,014	6,364	4,574	7,375	8,345	6,693	7,166	12,504	12,680
Profit from operations	5,958	6,007	6,895	7,310	7,651	7,576	9,016	11,258	13,195
Receivables	-52	715	-1,649	-97	-1,104	-888	-1,070	-859	275
Inventory	-205	-147	-85	-21	-93	-2,308	310	-445	-140
Payables	1,108	86	-43	-797	1,710	3,222	-3,018	4,022	516
Loans Advances	54	-32	22	-5	-1	-1	0	1	-0
Operating investments	147	37	117	-136	158	0	0	0	0
Operating Deposits	0	0	0	0	0	0	0	0	0
Other WC items	584	299	-177	1,729	472	-214	2,799	-884	-579
Working capital changes	1,636	958	-1,815	674	1,141	-189	-979	1,836	72
Direct taxes	-580	-602	-506	-609	-447	-695	-871	-589	-587
Cash from Investing Activity +	-7,373	-1,512	-272	-493	993	-6,250	-7,263	-8,935	-15,436
Fixed assets purchased	-3,322	-3,560	-3,576	-2,226	-3,336	-7,268	-7,656	-13,241	-17,273
Fixed assets sold	16	56	43	36	1,549	35	50	146	235
Investments purchased	-39,462	-20,055	-20,777	-15,594	-80	-585	-973	-344	-15
Investments sold	38,913	20,948	23,444	15,251	928	360	879	386	290
Interest received	110	124	139	165	161	151	315	856	752
Dividends received	517	1,002	309	1,895	1,846	1,856	3,310	2,317	1,556
Investment in group cos	-26	-106	0	0	0	0	0	0	0
Redemp n Canc of Shares	185	57	0	0	0	0	0	0	0
Inter corporate deposits	90	-50	84	0	5	0	-2	16	0
Other investing items	-4,393	73	62	-20	-80	-799	-3,187	929	-982
Cash from Financing Activity +	937	-4,726	-5,184	-5,110	-7,603	-1,183	1,341	-4,497	4,292
Proceeds from shares	157	85	97	100	2,996	11	4,008	114	319
Proceeds from borrowings	22,243	34,330	45,714	49,600	5,602	11,474	75,571	68,889	43,158
Repayment of borrowings	-17,282	-33,893	-46,355	-49,707	-11,576	-8,817	-74,402	-68,376	-34,587
Interest paid fin	-3,264	-4,570	-3,976	-4,002	-3,731	-3,555	-4,108	-4,777	-5,069
Dividends paid	-415	-417	-410	-501	-526	-559	-787	-887	-964
Financial liabilities	-0	-0	-0	-330	-352	-384	-394	-465	-497
Other financing items	-501	-261	-253	-270	-16	646	1,452	1,004	1,933
Net Cash Flow	579	126	-883	1,773	1,736	-741	1,243	-928	1,536
Free Cash Flow	3,708	2,860	1,040	5,186	6,558	-540	-440	-590	-4,357
CFO/OP	139%	139%	79%	117%	127%	105%	104%	122%	109%

📈 Key Financial Ratios

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	51	38	54	55	58	51	46	44	32
Inventory Days
Days Payable
Cash Conversion Cycle	51	38	54	55	58	51	46	44	32
Working Capital Days	-320	21	-174	-152	-204	-180	-168	-145	-159
ROCE %	9%	6%	7%	8%	8%	9%	12%	11%	11%

🏭 Industry Peers — Integrated Power Utilities

#	Company	CMP	P/E	Mkt Cap	ROCE	Qtr Profit	Score
1	Reliance Infra. ★	₹79	0.7	₹3,214	34.0%	+104.5%	80
2	Adani Power	₹222	37.3	₹428,024	22.5%	-18.9%	63
3	Torrent Power	₹1,731	27.6	₹87,206	15.9%	+35.2%	51
4	CESC	₹190	17.1	₹25,166	11.2%	+7.5%	41
5	Tata Power Co.	₹456	38.6	₹145,628	10.8%	-25.1%	37
6	India Power Corp	₹10	146.7	₹999	3.2%	-30.2%	0

★ Reliance Infra. ranks higher on combined P/E, ROCE, and growth metrics in Integrated Power Utilities

🏛 Shareholding Pattern

	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	46.86%	46.86%	46.86%	46.86%	46.86%	46.86%
FIIs	9.45%	9.38%	10.05%	10.19%	10.00%	10.04%
DIIs	15.71%	15.87%	15.95%	16.34%	17.20%	17.98%
Government	0.33%	0.33%	0.33%	0.33%	0.32%	0.31%
Public	27.66%	27.57%	26.82%	26.29%	25.60%	24.81%
No. of Shareholders	46,40,371	46,67,439	45,14,496	44,03,557	42,44,116	41,05,019

🟢 CATALYSTS

🏆Low Beta (0.27): Less volatile than market — defensive play.

💹Sector Opportunity: Utilities / Utilities - Independent Power Producers — positioned in growth sector.

🔴 RISKS

📜Elevated P/E (38.4x): Above sector expensive threshold of 30x.

💰Below Analyst Target: CMP above mean target — limited upside consensus.

🔓Revenue Decline (-9.4%): Top-line shrinking — negative trend.

🕸 Factor Analysis · Radar

Momentum 7/10
1M +20.4%, 6M +11.1%, RSI 75, MACD bullish, Above 200DMA

Sentiment 5/10
Analyst upside -9.9%, Rec: buy

Value 5/10
P/E 38.4, P/B 3.9, PEG 1.84, EV/EBITDA 16.0

Quality 4/10
Margin 5.9%, D/E 156

Low Volatility 10/10
Beta 0.27, Ann. vol 22%

🎯 Decision Matrix

Action	If Stock Rises	If Stock Falls
BUY	Benefit from potential re-rating	OPM of 13% provides margin buffer; P/E 38x vs sector median 28x is a risk
HOLD	Retain existing position; wait for better entry; FII stake rising (+0.04%)	Miss further upside if momentum continues; 1M return of +20.4% shows momentum
SELL	Lock in +16.7% 1Y return; redeploy into Reliance Infra. at lower P/E	Avoid further drawdown; P/E compression risk at 38x

REASONS TO BUY

FII stake rising (+0.04%) — signals institutional confidence

REASONS TO SELL / AVOID

P/E of 38.4x is 1.4x the sector median of 28x
Reliance Infra. offers lower P/E (0.7) with ROCE of 34.0% in the same sector
Trading above analyst target — consensus sees -9.9% downside

📰 Latest News

India's Tata Power evaluating three sites for nuclear projects, exec says

Reuters · 2026-02-04T14:19

India's Tata Power reports lower quarterly profit as thermal segment softens

Reuters · 2026-02-04T13:07

Tata Power unit plans 10GW ingot and wafer facility in southern India

Power Technology · 2026-01-08T10:41

India proposes landmark nuclear law to end state monopoly and allow private sector operators

Reuters · 2025-12-15T15:41

TPREL commissions NHPC’s solar project in Rajasthan, India

Power Technology · 2025-11-18T09:36

Tata Power plans to set up India's largest solar wafers, ingots making plant

Reuters · 2025-11-11T14:18

RECOMMENDATION

SELL

COMPOSITE SCORE

37/100

Tata Power Company Limited trades at ₹456.20 with a composite risk score of 37/100. The stock scores 6/25 on valuation, 7/25 on financial health, 4/25 on growth, and 20/25 on technicals. The company is currently profitable with moderate return on equity.

The stock is trading near or above analyst consensus targets. Revenue growth is at -9.4% — a concern.

Within Integrated Power Utilities, Reliance Infra. (P/E 0.7, ROCE 34.0%) ranks higher on techno-fundamental metrics and may be worth considering.

Bottom Line: Elevated risk for Utilities — consider exiting. The current recommendation is SELL.

HIGH DEBT