Tata Power targets Rs 490: brokerages bullish in 2026

Stock snapshot: mixed trade, multiple price points cited

Tata Power Company Ltd. was reported trading slightly lower across different market updates, with one data point showing the stock down 0.45% at Rs 388.50 versus a previous close of Rs 390.25. Another update cited Tata Power at Rs 391.85 on 12 Jun, 2026 at 10:29 AM IST, up 0.41% from a previous share price of Rs 394.75. Separately, a market check mentioned Tata Power shares trading 1.31% lower at Rs 390.40 on the BSE. Another quote in the same data set put the current price of TATAPOWER at Rs 398.65, down 0.40% over 24 hours.

The compilation also noted the stock was about 15.35% away from its 52-week high. While these figures reflect different timestamps and contexts, the common theme was a narrow trading range around the high-Rs 380s to high-Rs 390s, alongside continuing brokerage optimism.

What changed: brokerages keep Buy calls, raise focus on Mundra

Two domestic brokerages, JM Financial and Motilal Oswal, maintained their Buy ratings on Tata Power with fresh target prices after recent developments. JM Financial reiterated Buy with a target price of Rs 485 per share, citing upside potential of up to 16%. The note referenced Mundra being operational following the SPPA with Gujarat and projected FY26-28E CAGR of 13% in revenue, 14% in EBITDA, and 19% in PAT.

JM Financial also indicated its valuation framework was SOTP-based and referenced multiples of 12.6x EV/EBITDA and 2.8x P/B on FY28. Motilal Oswal, in a separate update, maintained its Buy rating with a target price of Rs 490 per share, stating the sum of segment contributions leads to a target of Rs 490.

A separate brokerage summary in the same material also mentioned Motilal Oswal setting a target price of Rs 500, implying a potential 28% upside from current levels, alongside targets of Rs 475 (JM Financial) and Rs 465 (ICICI Securities). Another note from Motilal Oswal Financial Services referenced a reiterated Buy with a Rs 480 target, describing catalysts such as the SPPA for Mundra, award wins in a UP distribution tender, momentum in renewable IPP award wins and execution, and monetisation of non-core assets domestically and abroad.

Earnings context: profit up 14% YoY, revenue down 1%

The dataset also included an earnings read-through highlighting a mixed performance. Consolidated net profit rose 14% year-on-year to Rs 1,245 crore, compared with Rs 1,093 crore in Q2 FY25. However, revenue was noted to have edged down by 1%, underscoring that profit growth came despite softer topline momentum.

Post-results trading was described as marginally lower, with shares seen around Rs 393 on the NSE in one snapshot. Another reference stated Tata Power shares closed at Rs 393.10 on November 11, 2025, down 0.72% from Rs 395.95, capturing the market’s mixed reaction to profit strength versus revenue softness.

Analyst targets and estimates: wide band, bullish central case

Beyond the named brokerage targets, the data set included a broader analyst estimate range for Tata Power. Analysts’ future price estimates were described with a maximum of Rs 508.00 and a minimum of Rs 310.00. Separately, valuation commentary cited intrinsic value at Rs 450, implying 15% upside, based on DCF analyses factoring a 12% CAGR in earnings.

The compilation also referenced additional brokerage positioning, including Kotak upgrading to ‘Add’ at Rs 420 and HSBC maintaining a ‘Buy’ with a Rs 440 target, alongside technical references such as the stock near its 50-day moving average around Rs 390 and RSI at 55.

Technical and derivatives cues mentioned in the data

Technical indicators cited in the material placed the stock near its 50-DMA at Rs 390 with an RSI reading of 55, described as neutral territory. The options chain was referenced as showing put writing at the 400 strike, positioning that was presented as a bet on a rebound. These data points were included as context for near-term market positioning, rather than a directional guarantee.

Key levels: 52-week gap and historical extremes

The stock was stated to be 15.35% away from its 52-week high in one market snapshot. The compilation also listed Tata Power’s all-time high at Rs 494.85 on Sep 27, 2024, and its all-time low at Rs 4.25 on May 2, 2000. These reference points help frame how current levels compare with longer-term trading history.

Company details disclosed: investor contacts and identifiers

The material also carried standard corporate and investor contact details for Tata Power. It listed the corporate identity number as L28920MH1919PLC000567 and the registered address as Bombay House, 24, Homi Mody Street, Mumbai 400 001, Maharashtra, India. The telephone contact cited was (91 22) 6665 8282, with contact time indicated as 9am to 5pm, and a toll-free number of 1800-209-5161.

Investor contact details included an email for investor complaints as investorcomplaints@tatapower.com. Additional names and email IDs were mentioned in the same dataset: Mr. Kasturi Soundararajan (kasturis@tatapower.com) and Mr. Anshul Verdia (anshul.verdia@tatapower.com).

Quick facts table

Market impact: what investors are watching

The data points show investors balancing short-term price softness with longer-term catalysts highlighted by brokerages. The Mundra SPPA with Gujarat was repeatedly positioned as a key operational trigger, while renewables and distribution reforms were cited as broader structural drivers. The combination of profit growth and revenue decline in the quarter also set up a debate around the quality and durability of earnings.

For market participants, the clustering of targets around the high-Rs 400s and the cited intrinsic value of Rs 450 provide reference points, but near-term moves were shown to remain sensitive to results interpretation and broader risk sentiment. The next report date in the dataset was listed as November 11 for the report period Q2 2025, which becomes a clear calendar marker for the next official update.

Analysis: why the Mundra and renewables narrative matters

Brokerages’ continued Buy stance, despite mixed quarterly numbers, suggests they are prioritising medium-term execution levers over a single quarter’s revenue softness. The notes specifically pointed to Mundra’s operational status post-SPPA, distribution-related opportunities such as the UP tender, and renewable IPP award momentum and execution. Another recurring element was asset monetisation, presented as a way to sharpen capital allocation.

At the same time, the wide analyst estimate band of Rs 310 to Rs 508 signals material uncertainty around execution, regulation, and market pricing for power and renewables. Investors tracking the stock around the Rs 390 area may therefore focus on confirmation points that were explicitly mentioned in brokerage rationales, including progress on renewables, distribution wins, and visible benefits from the Mundra arrangement.

Conclusion

Tata Power’s share price was reported marginally lower across multiple market snapshots, but brokerage commentary remained constructive with Buy ratings and targets largely clustered between Rs 480 and Rs 500. The key financial datapoint in the provided material was a 14% YoY rise in consolidated net profit to Rs 1,245 crore alongside a 1% decline in revenue. The next widely cited checkpoint is the scheduled reporting date of November 11, which should add clarity on execution against the catalysts highlighted by brokerages.