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Swing Capital

Tata Power Company Ltd

NSE: TATAPOWER BSE: 500400Energy

Tata Power Company Ltd is primarily involved in the business of the generation, transmission and distribution of electricity. It aims to produce electricity completely through renewable sources. It also manufactures solar roofs and plans to build 1 lakh ev charging stations by 2025[1] The company is India's largest vertically-integrated power company.[2]

₹404
52W: ₹342 — ₹465
PE 115 · Book ₹57.6 · +601% vs book
Market Cap₹1,29,220 Cr
Stock P/E115Price to Earnings
ROCE7.6%Return on Capital
ROE6.12%Return on Equity
Div. Yield0.61%Face Value ₹1

Strengths

  • +Company has been maintaining a healthy dividend payout of 40.9%

Weaknesses

  • −Stock is trading at 6.90 times its book value
  • −Company has low interest coverage ratio.
  • −The company has delivered a poor sales growth of 0.08% over past five years.
  • −Tax rate seems low
  • −Company has a low return on equity of 12.7% over last 3 years.
  • −Earnings include an other income of Rs.1,842 Cr.

Shareholding Pattern

Promoters46.86%
FIIs10.04%
DIIs17.98%
Public24.81%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters46.86%46.86%46.86%46.86%46.86%46.86%46.86%46.86%
FIIs9.5%9.15%▼0.39.45%▲0.39.38%▼0.110.05%▲0.710.19%▲0.110%▼0.210.04%▲0.0
DIIs15.49%16.63%▲1.115.71%▼0.915.87%▲0.215.95%▲0.116.34%▲0.417.2%▲0.917.98%▲0.8
Public27.81%27.02%▼0.827.66%▲0.627.57%▼0.126.82%▼0.826.29%▼0.525.6%▼0.724.81%▼0.8

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales4,9264,9615,7744,8895,7315,9655,2852,6252,4832,833
Expenses4,0294,2064,7413,6844,5634,9574,3342,0482,1512,205
Operating Profit8977541,0341,2051,1681,008951577331628
OPM %18%15%18%25%20%17%18%22%13%22%
Net Profit5278467371,009978409520431-160334
EPS ₹1.652.652.313.163.061.281.631.35-0.51.04

AI Insights

Revenue Trend

Mar 2026 revenue at ₹13,226Cr, down 40.8% YoY. OPM at 19%.

Debt Position

Borrowings at ₹26,122Cr. Debt-to-equity ratio: 1.44x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹2,458Cr (10% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 17.98% (+3.39pp change). FIIs: 10.04% (+0.29pp change). Promoters hold 46.86%.

Margin & Efficiency

ROCE declining from 10% (Mar 2015) to 8% (Mar 2026). Working capital days: -233.

Valuation

PE 115x with 7.6% ROCE. Price is 601% above book value of ₹57.6. Dividend yield: 0.61%.

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