Any current/future new fundraising through debt or equity?

Tata Power has incurred large capex and its net debt has increased by INR 4,300 crores to INR 42,000 crores. The company maintains a steady balance sheet with net debt to EBITDA less than 3x and net debt to equity less than 1.1x. Credit rating has been upgraded from AA+ to AA+ stable by ICRA and CARE, which should help reduce financing costs and improve profitability. No explicit mention of any new fundraising plans through debt or equity in the provided text. Ongoing capex of INR 20,000 crores for FY includes 55-60% for renewables, 30% for transmission & distribution, and 10-15% for thermal a

Any current/future capex/capital investment/strategic investment?

Tata Power has an ambitious capex plan of INR 20,000 crores for the year, on track for implementation. About 55%-60% of this capex will go towards renewables, including renewable manufacturing plants and utility-scale projects. Around 30% will be allocated to transmission and distribution projects, including ongoing distribution in Delhi and Odisha. Approximately 10%-15% will be invested in thermal operations, pumped hydro, and the Bhutan hydro project. The Bhutan hydro project requires an investment of INR 6,900 crores; Tata Power holds 40% equity and will handle sales and operations. The 4 G

Future growth expectations in sales/revenue/volumes?

Tata Power expects robust growth fueled by strong renewable capacity additions: - 3 GW commissioning in FY25 and 4 GW in FY26, including both own and third-party projects. - Currently, 8 GW capacity under implementation (5 GW own, 3 GW third-party EPC). Significant capex of INR 20,000 crores planned for the year: - ~55-60% towards renewables (manufacturing + utility scale projects). - ~30% towards Transmission & Distribution (including ongoing projects in Delhi and Odisha). - 10-15% towards thermal and pumped hydro, including the Bhutan project. Rooftop solar business s

Future growth expectations in earnings/operating earnings/profits/EPS?

Tata Power expects strong growth, supported by 19 consecutive quarters of capacity increases. The company has an aggressive capex plan of INR 20,000 crores for FY '25, with ~55-60% allocated to renewables and manufacturing and 30% to transmission & distribution. Renewable projects under implementation total ~8 GW (5 GW own, 3 GW third-party), with >3 GW commissioning in FY '25 and >4 GW in FY '26. Hybrid and complex projects with storage will drive future growth post FY '27 as new transmission lines become available. Improved profitability expected from renewable and transmission projects; roo

Current/ Expected Orderbook/ Pending Orders?

Tata Power currently has about 8 GW of renewable projects under implementation: 5 GW own projects and 3 GW third-party EPC projects. Fully tied-up pipeline for FY '25 and '26, expecting to implement over 3 GW in FY '25 and 4 GW in FY '26. Orderbook for utility-scale solar EPC has not grown quarter-on-quarter from March 2024 as focus remains on completing ongoing projects. New bidding for projects will commence after the majority of ongoing projects are implemented. Transmission projects are proceeding well; recently won a 765 kV intra-state transmission project in Odisha to complete in 24 mont

Tata Power Company LtdQ1 FY25

Tata Power Company Ltd Q1 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹343P/E: 28.6Market Cap: ₹1.1L Cr

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Capex

Yes

2 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

Tata Power expects robust growth fueled by strong renewable capacity additions:
- 3 GW commissioning in FY25 and 4 GW in FY26, including both own and third-party projects.
- Currently, 8 GW capacity under implementation (5 GW own, 3 GW third-party EPC).
Significant capex of INR 20,000 crores planned for the year:
- ~55-60% towards renewables (manufacturing + utility scale projects).
- ~30% towards Transmission & Distribution (including ongoing projects in Delhi and Odisha).
- 10-15% towards thermal and pumped hydro, including the Bhutan project.
Rooftop solar business showing a 10x increase in inquiries, expected meaningful revenue contribution from Q3/Q4 FY25.
Focus on complex, hybrid, and FDRE projects with storage, targeting enterprise and industrial clients.
Transmission capacity to grow from FY27 onwards to support expanding renewable projects.
Continued market leadership in rooftop solar with 50-60% market share for quality products.

Margin guidance

Category 3

Tata Power expects strong growth, supported by 19 consecutive quarters of capacity increases.
The company has an aggressive capex plan of INR 20,000 crores for FY '25, with ~55-60% allocated to renewables and manufacturing and 30% to transmission & distribution.
Renewable projects under implementation total ~8 GW (5 GW own, 3 GW third-party), with >3 GW commissioning in FY '25 and >4 GW in FY '26.
Hybrid and complex projects with storage will drive future growth post FY '27 as new transmission lines become available.
Improved profitability expected from renewable and transmission projects; roofing solar segment showing a 10x order uptick.
The Delhi Distribution business showed a significant profit jump aided by a onetime tariff order.
Credit rating upgrades (AA+ stable) are expected to reduce financing costs, enhancing profitability.
Earnings growth will be sustained by steady project execution, increased renewable capacity, and new business avenues like SMRs and pumped storage.

See what Tata Power Company Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

Tata Power has incurred large capex and its net debt has increased by INR 4,300 crores to INR 42,000 crores.
The company maintains a steady balance sheet with net debt to EBITDA less than 3x and net debt to equity less than 1.1x.
Credit rating has been upgraded from AA+ to AA+ stable by ICRA and CARE, which should help reduce financing costs and improve profitability.
No explicit mention of any new fundraising plans through debt or equity in the provided text.
Ongoing capex of INR 20,000 crores for FY includes 55-60% for renewables, 30% for transmission & distribution, and 10-15% for thermal and new investments.
The company is focusing on calibrated financial management while executing large projects with existing resources.

Order book

Tata Power currently has about 8 GW of renewable projects under implementation: 5 GW own projects and 3 GW third-party EPC projects.
Fully tied-up pipeline for FY '25 and '26, expecting to implement over 3 GW in FY '25 and 4 GW in FY '26.
Orderbook for utility-scale solar EPC has not grown quarter-on-quarter from March 2024 as focus remains on completing ongoing projects.
New bidding for projects will commence after the majority of ongoing projects are implemented.
Transmission projects are proceeding well; recently won a 765 kV intra-state transmission project in Odisha to complete in 24 months.
Module manufacturing capacity of 4 GW is ramping up, with stabilization expected by Q3 FY '25.
Capricorn orders for solar pumped business are currently not active; no fresh orders in FY '24 or Q1 FY '25.
Large capex of INR 20,000 crores planned for FY '25 divided across renewables (55%-60%), transmission & distribution (30%), and thermal plus pumped hydro & Bhutan project (10%-15%).

See what Tata Power Company Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Tata Power has an ambitious capex plan of INR 20,000 crores for the year, on track for implementation.
About 55%-60% of this capex will go towards renewables, including renewable manufacturing plants and utility-scale projects.
Around 30% will be allocated to transmission and distribution projects, including ongoing distribution in Delhi and Odisha.
Approximately 10%-15% will be invested in thermal operations, pumped hydro, and the Bhutan hydro project.
The Bhutan hydro project requires an investment of INR 6,900 crores; Tata Power holds 40% equity and will handle sales and operations.
The 4 GW cell and module manufacturing plant is commissioned and stabilizing, with further capacity ramp-up expected.
Transmission business capex is ongoing, with plans to expand aggressive bids in renewables and transmission.
Pumped storage projects are progressing with approvals nearly in place, and govt. policy support is expected for these.

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