WatchTalking point
Growth slowing
Revenue growth has slowed for 3 consecutive years, from 28.7% to -4.7%.
Importance 57 / 95 · growth
Tata Power Co. · Research view
Tata Power Co. Ltd
NSE: TATAPOWERBSE: 500400ISIN INE245A01021Face value ₹1standalone
₹350
−2.23% · 2026-10-01 · 52-wk ₹345–₹462
Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
StrengthTalking point
Book value compounding
Net worth compounded at 16.3% a year over 4 years (₹26,028 → ₹47,538).
Importance 56 / 95 · financial health
StrengthTalking point
Profit compounding faster than revenue
Over 4 years profit compounded at 24.1% a year while revenue compounded at 9.9% a year — though FY2023 saw a one-off step-change of 77% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Importance 52 / 95 · growth
Section 03 · The company
Who is this company?
Classified by the exchange under Utilities › Power › Power › Integrated Power Utilities.
- Market cap
- ₹1.12 L cr
- FY2026 revenue
- ₹13,226 cr
- FY2026 net profit
- ₹1,125 cr
- Net worth
- ₹18,416 cr
- Total debt
- ₹23,012 cr
- EPS (basic)
- ₹3.52
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 2 integrated power utilities.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Watch
Revenue growth has slowed for 3 consecutive years, from 28.7% to -4.7%.
Rule GROWTH_DECELERATING
- Revenue growth per year
- +4.5%over 4 years
- Revenue growth
- −40.9%vs last year
- Net profit growth
- −64.1%vs last year
- Change in net profit since FY22
- −60%
Over 4 years profit compounded at 24.1% a year while revenue compounded at 9.9% a year — though FY2023 saw a one-off step-change of 77% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Revenue has compounded at 9.9% a year over 4 years (₹42,816 → ₹62,429) — steady rather than rapid.
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 net profit was ₹1,401 cr, up 11.0% from ₹1,262 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Strength
Q1 FY27 revenue of ₹19,051 cr is the highest of the 13 quarters on record for this company.
Rule QTR_REVENUE_AT_RECORD
Watch
Q1 FY27 effective tax rate was 24.3% (tax ₹422 cr on PBT ₹1,735 cr), vs 17.3% a year earlier.
Rule QTR_TAX_RATE_CHANGE_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 15,698 | — | 1,093 | — | 7.0% |
| Q3 FY25 | 15,391 | +5.1% | 1,188 | +10.4% | 7.7% |
| Q4 FY25 | 17,096 | +7.9% | 1,306 | +24.9% | 7.6% |
| Q1 FY26 | 18,035 | +4.3% | 1,262 | +6.2% | 7.0% |
| Q2 FY26 | 15,545 | −1.0% | 1,245 | +13.9% | 8.0% |
| Q3 FY26 | 13,948 | −9.4% | 1,194 | +0.6% | 8.6% |
| Q4 FY26 | 14,900 | −12.8% | 1,416 | +8.4% | 9.5% |
| Q1 FY27 | 19,051 | +5.6% | 1,401 | +11.0% | 7.4% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹63,445 crTTM
- EBITDA
- ₹14,739 crTTM
- EBIT
- ₹9,829 crTTM
- PBT
- ₹4,351 crTTM
- Net profit
- ₹5,256 crTTM
C. Corporate actions
23 Jun 2026DividendFinal Dividend - Rs. - 2.5000 — ₹2.50/share
20 Jun 2025DividendFinal Dividend - Rs. - 2.2500 — ₹2.25/share
4 Jul 2024DividendFinal Dividend - Rs. - 2.0000 — ₹2.00/share
7 Jun 2023DividendFinal Dividend - Rs. - 2.0000 — ₹2.00/share
15 Jun 2022DividendFinal Dividend - Rs. - 1.7500 — ₹1.75/share
17 Jun 2021DividendDividend - Rs. - 1.5500 — ₹1.55/share
14 Jul 2020DividendDividend - Rs. - 1.5500 — ₹1.55/share
4 Jun 2019DividendFinal Dividend - Rs. - 1.3000 — ₹1.30/share
12 Jul 2018DividendDividend - Rs. - 1.3000 — ₹1.30/share
10 Aug 2017DividendDividend - Rs. - 1.3000 — ₹1.30/share
7 Sept 2016DividendDividend - Rs. - 1.3000 — ₹1.30/share
20 Jul 2015DividendDividend - Rs. - 1.3000 — ₹1.30/share
23 Jul 2014DividendDividend - Rs. - 1.2500 — ₹1.25/share
19 Mar 2014Rights issueRight Issue of Equity Shares
26 Jul 2013DividendDividend - Rs. - 1.1500 — ₹1.15/share
24 Jul 2012DividendDividend - Rs. - 1.2500 — ₹1.25/share
26 Sept 2011Stock splitStock Split From Rs.10/- to Rs.1/- — 10:1
2 Aug 2011DividendDividend - Rs. - 12.5000 — ₹12.50/share
16 Aug 2010DividendDividend - Rs. - 12.0000 — ₹12.00/share
14 Jul 2009DividendDividend - Rs. - 11.5000 — ₹11.50/share
18 Aug 2008DividendDividend - Rs. - 10.5000 — ₹10.50/share
17 Jul 2007DividendDividend - Rs. - 9.5000 — ₹9.50/share
9 Jul 2001DividendDividend - Rs. - 5.0000 — ₹5.00/share
11 Jul 2000DividendDividend - Rs. - 0.5000 — ₹0.50/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Margin and return trends are shown above.
- EBITDA margin now
- 35.0%
- 5-year range
- 28.6–40.8%
- ROE FY2026
- 6.1%
- ROCE FY2026
- 8.9%
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Strength
Net worth compounded at 16.3% a year over 4 years (₹26,028 → ₹47,538).
Rule NET_WORTH_COMPOUNDING
Operating cash flowNet profit
- Total debt
- ₹23,012 cr
- Operating cash flow ÷ net profit
- -1.52×FY2026
- Free cash flow
- ₹−4,151 cr
- Current ratio
- 0.40×
Operating cash flow has matched or exceeded reported profit in 5 of the last 5 profit-making years (latest 1.17×).
Operating profit covers interest only 1.91× (FY2026).
Net debt is 3.78× EBITDA.
Section 08 · Relative position
How does it compare with peers?
Ranked against 2 integrated power utilities (FY2026, consolidated).
Not enough peers in this set report the underlying metrics yet for a ranking.
Context
Trades at 2.35× book — 42% below the integrated power utilities median of 4.04×.
Rule PB_BELOW_PEERS
- P / E
- 21.3×TTM to Jun 26
- P / B
- 2.4×latest book
- P / S
- 1.8×TTM sales
- Earnings yield
- 4.7%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 21.9× · P/S 1.7× · ROE 11.4%.
Section 09 · The stock
How has the stock performed?
Context
Over 4 years profit compounded at 24.1% a year while the stock returned 10.1% a year — but FY2022 profit (₹2,156) was well below the through-cycle level (~₹4,280), so this rate is inflated by the recovery from a low base.
Rule STOCK_LAGGED_EARNINGS · recovery
- 1-year return
- −10.5%
- 3-year return
- +33.4%
- 5-year return
- +113.7%
- From 52-wk high
- −24.2%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹370
- vs 200-day avg
- Below₹386
- RSI (14)
- 34.8neutral
- MACD histogram
- -0.9
- From 52-wk high
- −24.2%
- From 52-wk low
- +1.4%
- 30-day volatility
- 21.9%ann.
- 6-month return
- −9.3%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchGrowth slowingRevenue growth has slowed for 3 consecutive years, from 28.7% to -4.7%.GROWTH_DECELERATING · conviction 57
- ConcernThin interest coverOperating profit covers interest only 1.91× (FY2026).INTEREST_COVER_LOW · conviction 43
- ConcernMeaningful debt loadNet debt is 3.78× EBITDA.HIGH_LEVERAGE · conviction 41
- The price-adjusted series does not correct for a rights issue (ex-date 2014-03-19) — BSE's corporate-actions feed does not carry the subscription price or ratio a rights adjustment needs, unlike splits and bonuses, which are corrected. Returns spanning that date may be modestly overstated or understated.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 11,108 | 17,728 | 20,093 | 22,359 | 13,226 |
| Total income | 14,095 | 21,813 | 21,946 | 24,849 | 15,068 |
| EBITDA | 4,535 | 5,697 | 5,753 | 7,976 | 4,625 |
| Profit before tax | 2,623 | 2,991 | 2,307 | 4,687 | 1,435 |
| Net profit | 2,783 | 3,268 | 2,230 | 3,133 | 1,125 |
| EPS (₹) | 8.6 | 10.2 | 7.0 | 9.8 | 3.5 |
| Net worth | 10,880 | 13,700 | 15,788 | 18,366 | 18,416 |
| Total debt | 24,708 | 21,865 | 19,526 | 16,972 | 23,012 |
| Operating cash flow | 1,684 | 500 | 5,881 | 6,288 | −1,712 |
| Free cash flow | 516 | −1,201 | 4,359 | 4,884 | −4,151 |
| Ratio | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth YoY | — | 59.6 | 13.3 | 11.3 | -40.9 |
| Profit growth YoY | — | 17.4 | -31.8 | 40.5 | -64.1 |
| Profitability | |||||
| EBITDA margin % | 40.8 | 32.1 | 28.6 | 35.7 | 35.0 |
| Net margin % | 19.7 | 15.0 | 10.2 | 12.6 | 7.5 |
| Return on equity % | 25.6 | 26.6 | 15.1 | 18.3 | 6.1 |
| Return on capital % | 9.6 | 12.7 | 12.9 | 19.2 | 8.9 |
| Leverage & cash | |||||
| Debt to equity | 2.27 | 1.60 | 1.24 | 0.92 | 1.25 |
| Cash flow ÷ profit | 0.61 | 0.15 | 2.64 | 2.01 | -1.52 |
| Current ratio | 0.49 | 0.30 | 0.33 | 0.40 | 0.40 |