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ICICI Securities Report
Dometic brokerage ICICI Securities has maintained its Buy rating on Tata Power Company Ltd. with an SoTP-based unchanged target price of Rs 485, implying a potential upside of 31%.
Tata Power reported an in line Q1 FY27 result, with Ebitda/ profit (after MI) growing 8%/ 11% YoY to Rs 3,860 crore /Rs 1,180 crore, respectively.
Ebitda growth was broad-based, led by solar module and cell manufacturing (Rs 330 crore incremental Ebitda YoY). The quarter also marked an end to the nine-month drag from the Mundra plant shutdown; Tata Power has secured a supplementary PPA for almost half the plant's capacity (with Gujarat) and expects to close SPPAs with the remaining states over the next couple of months.
The medium–long-term growth levers remain intact for the company.
It is building a near-fully integrated renewable business comprising generation, solar rooftop and EPC, solar cell and modules, and the planned solar wafer/ingot manufacturing.
It has reiterated its target of 2.5GW RE capacity addition in FY27. Its execution pipeline also includes hydro, PSP and transmission projects, with a potential nuclear power foray.
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