Tata Power Company Ltd(TATAPOWER)

NSE: TATAPOWERBSE: 500400

₹ 346-2.12%refreshed 23 Oct, 03:59 pm ISTMarket cap: ₹ 1.11 L crNext results: 11 Nov 2026Website: www.tatapower.comUpdated: 24 Oct 2026

About

Tata Power Company Ltd is an integrated Indian power utility spanning thermal and hydro generation, renewable energy, transmission and distribution, and solar manufacturing. It describes itself as India's largest vertically integrated power company. It reported revenue of Rs 62,428.59 Cr in FY26. It operates 6.7 GW of installed renewable capacity as of Q1 FY27 and runs distribution concessions in Delhi and four Odisha circles.^[1][2]

Business segments

Transmission and Distribution: Rs 41,338.59 Cr revenue in FY26, 60.4% of segment revenue.^[3]
Renewables: Rs 15,027.82 Cr revenue in FY26, 22.0% of segment revenue.^[3]
Thermal & Hydro: Rs 11,635.93 Cr revenue in FY26, 17.0% of segment revenue.^[3]
As of FY25, operations span thermal, hydro and renewable generation, transmission, distribution, trading, solar cell and module manufacturing, rooftop solar, EV charging, home automation and microgrids.^[2]
Consumer brands as of FY25 include Tata Power Solaroof (rooftop), EZ Home (home automation) and EZ Charge (EV charging).^[2]

Installed and under-construction capacity

Installed renewable capacity reached 6.7 GW in Q1 FY27, up 1,103 MW YoY, with a further 226 MW added in Q1 FY27 alone.^[4]
Nearly 5 GW of in-house renewable projects were under implementation as of Q4 FY26; management expects 50% commissioned in FY27 and the balance in FY28.^[5]
Pumped storage pipeline totals 2,800 MW: Bhivpuri PSP (1,000 MW, commissioning from early CY2029) and Shirwata PSP (1,800 MW, construction to start H2 CY2026).^[4]
Bhutan hydro pipeline: Khorlochhu HPP 600 MW (commissioning CY2030) and Dorjilung HPP 1,125 MW (World Bank financing $515 mn, commissioning FY2032).^[4]
Transmission capacity stood at 7,047 ckm in FY25, including 2,414 ckm under construction.^[2]

Solar manufacturing

TP Solar operates a 4.3 GW solar cell and module plant in Tirunelveli, Tamil Nadu, built at an investment of ₹4,300 cr.^[6]
In FY25 the Tirunelveli plant ran at 90%+ utilisation, supplied over 3.3 GW of modules and employed 3,700 people with 80% women operators.^[2]
Module production crossed 1,000 MW in a single quarter for the first time in Q1 FY27 (1,001 MW), with cell production of 862 MW; H1 FY27: 2 GW modules and 1.8 GW cells.^[4][6]
TP Solar EBITDA margin was 25.4% in Q1 FY27 (vs 18.2% in Q1 FY26); 63% of modules in Q1 FY27 were sold externally.^[4]
A 10 GW ingot and wafer plant is under evaluation in two phases; Indian-made wafers will be mandatory from 1 June 2028.^[5]

Key operating metrics

Thermal PLF (excluding Mundra) was 79% in Q1 FY27; Mundra PLF was 45% in Q1 FY27, operating under Section 11 following SPPA conclusion with Gujarat.^[4]
Rooftop solar installations: 371 MWp in Q1 FY27 (+37% YoY vs 270 MWp in Q1 FY26); FY26 installations were 1.7 GWp, doubling YoY.^[4]
AT&C losses in FY25: Odisha 17.5%, Mumbai 0.04%, Delhi 5.4%.^[2]

Distribution operations

Runs 7 distribution companies across 4 states as of FY25.^[2]
TPDDL serves Delhi under a long-term concession with AT&C losses of 5.4% in FY26 (down 0.6 ppts YoY) and 5.5% in Q1 FY27.^[5]
Odisha DISCOMs: FY26 PAT rose to ₹809 cr from ₹439 cr in FY25 (+84% YoY) as AT&C losses fell from 17.5% to 15.5%.^[5]

Customers and distribution

Rooftop network in FY25: 600+ channel partners across 400+ districts and 225+ authorised service partners across 400+ cities.^[2]
In FY25 won two module supply orders totalling 592.5 MWp valued at over ₹1,000 crore.^[2]

Expansion and capex

FY27 capex guidance of ₹25,000 cr reaffirmed; Q1 FY27 capex was a record ₹5,375 cr (40-45% in renewables); Q2 FY27 expected at ₹6,000-6,500 cr.^[4]
Own RE capacity addition target for FY27 is 2,500-2,700 MW; total installed RE expected to exceed 9 GW by FY27 end.^[4]
Mumbai Transmission: ₹10,000 cr investment pipeline over five years on a regulated basis.^[4]
Dorjilung HPP (1,125 MW): financial closure with PFC, IFC and other lenders expected by September 2026; World Bank financing of $515 mn already signed.^[4]
Bhivpuri PSP (324 MW unit) won a SECI Letter of Award for a 40-year pumped storage purchase agreement at ₹1.08 cr/MW/yr.^[4]
Signed an MoU with ADB in FY25 for $4.25 billion to finance clean energy projects.^[2]

Recent developments

Mundra SPPA concluded with Gujarat (March 2026); plant resumed under Section 11 in April 2026. Approvals from remaining states expected August - September 2026, securing operation through 2038.^[4]
Third-party solar EPC work discontinued as of Q1 FY27; EPC resources repurposed to the 5.5 GW in-house renewable pipeline, removing ~₹100 cr PAT the EPC line contributed.^[4]
Khorlochhu HPP (600 MW, Bhutan) PPA signed with UPPCL at a levelised tariff of ₹6.75/kWh; regulatory approval received.^[4]
TBCB transmission: Jalpura-Khurja line partially commissioned, expected fully complete in H1 FY27; Bikaner-Neemrana line expected by October 2026.^[4]

Market Cap

₹1,10,559 Cr

High / Low

₹465 / 334

Stock P/E

28.6

Price / Book

2.8

Book Value

₹124

EPS

₹11.7

No. of Shares

319.53 Cr

ROCE

9.3%

ROE

10.0%

OPM

15.6%

Debt / Equity

1.80

Sales

₹62,429 Cr

Net Profit

₹5,118 Cr

Promoter holding

46.9%

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Tata Power Company Ltd(TATAPOWER)

About

Business segments

Installed and under-construction capacity

Solar manufacturing

Key operating metrics

Distribution operations

Customers and distribution

Expansion and capex

Recent developments

Signal history

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