Whalesbook
Saaalon ka record toda, par Q4 mein mili thodi thandak!
Sabse pehle khushkhabri suno! Tata Power ne FY26 mein apna sabse bada annual profit after tax (PAT) reported kiya hai, jo hai ₹5,118 Crore ka – FY25 se 7% zyada! Annual EBITDA bhi 11% badh kar ₹16,090 Crore ho gaya. Full-year revenues bhi ₹63,681 Crore rahe.
Magar, is quarter, yaani Q4 FY26 mein company ki performance par Mundra Ultra Mega Power Plant ke band hone ka asar dikha. Is wajah se revenue 12.8% gir kar ₹14,900 Crore ho gaya aur consolidated net profit 4.5% kam ho kar ₹996 Crore par aa gaya. Par yeh temporary tha, plant ab April 1, 2026 se chalna shuru ho gaya hai, toh aane wale saal mein yeh tension nahi hogi.
Renewables aur Solar mein toofani tezi!
Company ki clean energy strategy ka asar dikh raha hai. Renewables business ne toh kamaal hi kar diya, PAT before exceptional items 59% badh gaya aur ₹1,994 Crore tak pahunch gaya. Q4 mein company ne 406 MW ki renewable capacity add ki, ab total 6.5 GW ho gayi hai. Solar cell aur module manufacturing toh seedha double ho gaya, ₹857 Crore ka PAT kamaya. Rooftop solar business mein toh 150% ka jump dekhne ko mila, ₹499 Crore ka PAT!
Transmission & Distribution bhi race mein shamil!
Is segment ne bhi apna PAT 49% badha kar ₹2,978 Crore kar liya. Ek badi 1,521 circuit kilometre ki transmission line bhi puri ho gayi. Odisha mein distribution companies ne bhi acche results dikhaye, PAT 84% badh kar ₹809 Crore ho gaya. AT&C losses bhi kam ho kar 15.5% aa gaye.
Bhutan ke saath hydropower dosti gehri hui!
Tata Power ne Bhutan ki Druk Green Power Corporation ke saath milkar hydropower projects par kaam badhaya hai. Ab 5,033 MW ka total portfolio target hai.
Valuation aur Risk ka scene!
Ab baat karte hain valuation ki. Company ki market cap around ₹1.34 lakh Crore hai. Iska P/E ratio kuch competitors jaise NTPC (19.32x) aur Power Grid (18.58x) se zyada hai. Industry average bhi isse kam hai. Adani Power toh ₹4.24 lakh Crore ki market cap ke saath kaafi aage hai.
Sabse badi tension: Arbitration Award aur Badhta Hua Debt!
Company ke liye sabse badi chinta $490.32 Million ka arbitration award hai jo Singapore International Arbitration Centre ne sunaaya hai. Yeh Russian mining partnership se related hai. Tata Power isko appeal kar raha hai aur abhi tak iske liye koi provision nahi kiya hai, matlab future mein yeh bada kharcha ban sakta hai.
Aur haan, company ka debt bhi kaafi badh gaya hai. Non-current borrowings ₹61,609 Crore ho gaye hain, jisse debt-to-equity ratio 156.2% pahunch gaya hai. Debt to EBITDA ratio bhi 5.06 times hai. Yeh situation thodi risky lag rahi hai.
Analysts kya bol rahe hain?
Analysts ki rayein mili-juli hain. Kuch log 'Outperform' keh rahe hain, toh kuch 'Underperform'. Average price targets ₹410 se ₹453.75 ke beech hain. Citi ne toh 'Buy' rating ke saath coverage shuru ki hai.
Aage ka raasta in cheezon par nirbhar karta hai!
Mundra plant dobara start ho gaya hai aur renewables mein bhi dum hai, toh operational growth toh honi chahiye. Lekin yeh arbitration ka mamla aur debt management company ke future ke liye bahut important hai.