ભారీ 1125 MW હાઇડ્રો પાવર ડીલ! ટાટા પાવરે ભારતીય ઊર્જા જરૂરિયાતોને પહોંચી વળવા ભૂતાનમાં ઐતિહાસિક પ્રોજેક્ટ પર હસ્તાક્ષર કર્યા!

Energy

Published on 21st November 2025, 12:15 PM

Author

Aditi Singh | Whalesbook News Team

Overview

ટાટા પાવર કંપની લિમિટેડે ભૂતાનમાં 1,125 MWના ડોરજીલુન્ગ (Dorjilung) હાઇડ્રોઇલેક્ટ્રિક પાવર પ્રોજેક્ટ વિકસાવવા માટે ભૂતાનની ડ્રુક ગ્રીન પાવર કોર્પોરેશન લિમિટેડ (DGPC) સાથે વાણિજ્યિક કરારો કર્યા છે. આ પ્રોજેક્ટ, કુરીછુ નદી પર એક 'રન-ઓફ-ધ-રિવર' સુવિધા છે, જેમાં ટાટા પાવરનું ₹1,572 કરોડનું ઇક્વિટી રોકાણ સામેલ થશે અને તે સ્પેશિયલ પર્પઝ વ્હીકલ (SPV)માં 40% હિસ્સો ધરાવશે, જ્યારે DGPC 60% હિસ્સો ધરાવશે. ભૂતાનનો બીજો સૌથી મોટો હાઇડ્રોપાવર પ્રોજેક્ટ અને સૌથી મોટો પબ્લિક-પ્રાઇવેટ પાર્ટનરશિપ (PPP) બનવા જઈ રહેલો આ પ્રોજેક્ટ સપ્ટેમ્બર 2031 સુધીમાં કાર્યરત થવાની અપેક્ષા છે, જેમાં ઉત્પાદિત વીજળીના 80% ભારતને સપ્લાય કરવામાં આવશે, જેનાથી પ્રાદેશિક ઊર્જા સુરક્ષાને નોંધપાત્ર વેગ મળશે.

Tata Power Company Ltd

₹ 387-0.28%

21 Nov – close price

🔗tatapower.com•BSE: 500400•NSE: TATAPOWER

Market Cap₹ 1,23,692 Cr.

Current Price₹ 387

High / Low₹ 448

Stock P/E52.9

Book Value₹ 59.0

Dividend Yield0.58 %

ROCE14.8 %

ROE18.1 %

Face Value₹ 1.00

Sales₹ 19,606 Cr.

OPM18.9 %

Mar Cap₹ 1,23,692 Cr.

ABOUT

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]

KEY POINTS

Business Segments1) Transmission & Distribution (62% in 9M FY25 vs 59% in FY22):[1][2]The company has a transmission network of 4,633 Ckm across Mumbai, UP, West Bengal, Bihar, Rajasthan, and Haryana. Its distribution operations serve 12.5 Mn customers across Mumbai, Odisha, and Delhi through Tata Power Delhi Distribution Ltd (TPDDL) and Ajmer through TP Ajmer Distribution Ltd (TPADL).[3]

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	Adani Power	149.12	23.90	287592.36	0.00	2906.46	-11.38	13456.84	0.88	22.54	55474.57	37.26	12031.82	2952.78	4.92	12.46	0.83
2.	Tata Power Co.	387.00	52.90	123691.51	0.58	431.10	-57.26	2625.01	-46.31	14.76	19606.09	18.89	2338.22	431.10	6.56	6.01	1.24
3.	Torrent Power	1291.40	21.77	65101.36	1.47	741.55	50.45	7876.00	9.76	15.95	28738.09	18.20	2990.38	723.71	3.46	8.28	0.55
4.	CESC	172.01	15.70	22764.94	3.49	445.00	20.40	5267.00	12.06	11.23	17907.00	18.69	1450.00	425.00	1.79	3.55	1.48
5.	Reliance Infra.	165.29	1.44	6819.45	0.00	2575.30	50.47	6234.91	-14.10	34.01	21283.29	9.00	4733.82	791.94	0.40	12.93	0.34
6.	India Power Corp	10.87	139.10	1058.51	0.46	3.78	20.00	197.94	29.44	3.17	657.39	-10.74	7.61	3.78	1.20	0.36	0.11
–	Median: 6 Co.	168.65	22.84	43933.15	0.52	593.27	20.2	5750.95	5.32	15.36	20444.69	18.45	2664.3	577.4	2.62	7.14	0.69

Quarterly Results

Standalone figures in ₹ crores

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	4,552	5,296	3,051	5,192	5,014	4,926	4,961	5,774	4,889	5,731	5,965	5,285	2,625
Expenses	4,356	4,385	2,654	4,149	3,994	4,029	4,206	4,741	3,684	4,563	4,957	4,334	2,048
Operating Profit	196	911	396	1,043	1,020	897	754	1,034	1,205	1,168	1,008	951	577
Other Income	2,175	1,930	626	443	316	606	878	765	808	709	208	521	770
Profit before tax	1,529	2,013	151	599	462	685	765	952	1,195	1,059	409	669	582
Tax %	21%	25%	6%	25%	11%	23%	-11%	23%	16%	8%	-0%	22%	26%
Net Profit	1,200	1,504	142	446	410	527	846	737	1,009	978	409	520	431
EPS in Rs	3.76	4.71	0.44	1.40	1.28	1.65	2.65	2.31	3.16	3.06	1.28	1.63	1.35

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	8,630	8,208	8,691	6,924	7,537	8,255	7,726	13,169	11,108	17,728	20,093	22,359	19,606
Expenses	6,340	6,521	5,730	4,947	5,261	7,563	5,618	10,190	9,470	15,031	16,200	17,959	15,902
Operating Profit	2,291	1,686	2,961	1,977	2,276	692	2,108	2,980	1,638	2,697	3,894	4,401	3,704
Other Income	656	1,452	524	465	-3,497	3,662	28	1,146	3,975	4,808	2,063	2,504	2,207
Interest	868	1,047	1,146	1,319	1,431	1,500	1,510	2,497	2,189	2,227	2,257	2,095	2,000
Depreciation	587	575	604	605	663	633	686	1,235	1,134	1,167	1,188	1,194	1,192
Profit before tax	1,491	1,516	1,734	518	-3,316	2,221	-60	395	2,290	4,111	2,511	3,615	2,719
Net Profit	954	1,010	1,355	398	-3,151	1,769	148	294	2,783	3,268	2,230	3,133	2,338
EPS in Rs	3.53	3.74	5.01	1.47	-11.65	6.54	0.55	0.92	8.71	10.23	6.98	9.80	7.32
Dividend Payout %	31%	35%	26%	88%	-11%	20%	283%	169%	20%	20%	29%	23%	–

Compounded Sales Growth

10 Years:11%

5 Years:24%

3 Years:26%

TTM:-5%

Compounded Profit Growth

10 Years:12%

5 Years:68%

3 Years:26%

TTM:-25%

Stock Price CAGR

10 Years:19%

5 Years:46%

3 Years:21%

1 Year:-6%

Return on Equity

10 Years:10%

5 Years:15%

3 Years:18%

Last Year:18%

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	237	270	270	270	270	270	270	320	320	320	320	320	320
Reserves	12,890	15,458	15,080	16,321	12,718	15,419	14,991	9,559	10,560	13,380	15,468	18,046	18,538
Borrowings	11,080	11,037	11,229	16,504	16,571	17,453	18,081	27,210	27,567	24,920	22,613	20,066	23,344
Other Liabilities	6,331	6,796	8,035	7,737	6,942	4,992	4,274	7,367	8,706	9,553	12,089	14,213	11,577
Total Liabilities	30,539	33,561	34,615	40,832	36,502	38,135	37,616	44,456	47,153	48,173	50,489	52,645	53,778
Fixed Assets	8,599	9,601	8,392	8,549	7,967	7,630	8,036	24,494	23,746	23,722	23,542	23,363	22,963
Gross Block	14,831.95	16,329.90	14,218.04	14,937.91	14,964.36	15,140.27	16,200.83	37,587.94	36,423.11	37,330.70	37,964.04	38,584.74	–
Accumulated Depreciation	6,233.32	6,728.96	5,825.97	6,388.78	6,997.63	7,510.42	8,164.54	13,093.62	12,677.15	13,608.65	14,421.77	15,222.11	–
CWIP	775	549	695	921	419	368	403	322	965	1,273	1,799	2,248	2,781
Investments	12,362	13,251	14,032	22,470	18,392	21,313	21,347	10,208	10,779	12,129	13,406	14,256	14,844
Other Assets	8,803	10,161	11,495	8,892	9,724	8,824	7,830	9,431	11,663	11,049	11,742	12,778	13,190
Total Assets	30,539	33,561	34,615	40,832	36,502	38,135	37,616	44,456	47,153	48,173	50,489	52,645	53,778

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	2,700	1,688	2,947	2,121	2,767	1,683	2,309	3,334	1,684	500	5,881	6,288
Cash from Investing Activity	-2,343	-1,625	-1,627	-5,582	-1,355	-557	-471	-1,174	1,587	5,124	-92	-71
Cash from Financing Activity	-703	148	-1,701	3,718	-1,605	-996	-1,753	-2,618	-3,635	-5,350	-5,465	-5,305
Net Cash Flow	-346	211	-381	257	-192	131	85	-458	-364	274	325	912

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	56	70	44	65	47	56	52	44	34	39	29	25
Inventory Days	–	–	–	–	–	–	–	–	–	–	–	–
Days Payable	–	–	–	–	–	–	–	–	–	–	–	–
Cash Conversion Cycle	56	70	44	65	47	56	52	44	34	39	29	25
Working Capital Days	-175	-128	-55	-419	-333	-300	-291	-252	-231	-262	-207	-176
ROCE %	10%	10%	12%	8%	8%	7%	6%	8%	9%	15%	12%	15%

Shareholding Pattern
Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	46.86%	46.86%	46.86%	46.86%	46.86%	46.86%	46.86%	46.86%	46.86%	46.86%	46.86%	46.86%
FIIs	9.63%	9.45%	9.75%	10.00%	9.85%	9.44%	9.50%	9.15%	9.45%	9.38%	10.05%	10.19%
DIIs	14.32%	14.16%	14.59%	15.68%	16.11%	15.47%	15.49%	16.63%	15.71%	15.87%	15.95%	16.34%
Public	28.87%	29.21%	28.48%	27.15%	26.87%	27.91%	27.81%	27.02%	27.66%	27.57%	26.82%	26.29%