By Krishna Dua 
Tata Power Share Price Dips to ₹392 Amid ₹11,000 Cr Green Push
Mumbai, November 12, 2025 – Tata Power Company Ltd’s shares slipped 2.3% to close at ₹392 on the BSE today, marking the steepest single-day fall in three months amid investor unease over the company’s audacious ₹11,000 crore green energy capex plan for FY26, unveiled during the Q2 earnings call on November 7. The stock, which opened at ₹401 and plumbed an intraday low of ₹390, erased ₹2,800 crore from its market capitalization, settling at ₹1.26 lakh crore. This downturn persists despite a stellar quarterly performance—consolidated revenue climbing 15% year-on-year to ₹16,800 crore and profit after tax (PAT) surging 25% to ₹1,250 crore—propelled by a 32% increase in renewable energy generation to 7.2 GW. Chairman Natarajan Chandrasekaran, articulating the strategy in the earnings transcript, emphasized the push as “a cornerstone of India’s net-zero 2070 vision, tripling our clean capacity to 21 GW by FY30.” While long-term bulls applaud the ambition, short-term jitters over funding mechanisms and execution hurdles have triggered the sell-off, with foreign institutional investors (FIIs) offloading ₹1,500 crore in the power sector this month alone. As Mumbai’s mercury hovers at a comfortable 26°C under partly cloudy skies, November 12 underscores the tightrope Tata Power walks between sustainability’s promise and market volatility, where green dreams demand greenbacks in a landscape of rising interest rates and supply chain snarls.
Tata Power Company Ltd, a venerable arm of the Tata Group, has been a linchpin in India’s power ecosystem since its genesis in 1911 as the Tata Hydroelectric Power Supply Company, powering the nation’s industrial dawn with Jamshedpur’s first hydroelectric plant in 1903. Headquartered in Mumbai’s Elphinstone Road, the company spans generation, transmission, distribution, and renewables, commanding a total installed capacity of 15.9 GW as of Q2 FY26, with 48% from clean sources. Under CEO Praveer Sinha’s stewardship since 2018, Tata Power caters to 13 million consumers through subsidiaries in Mumbai, Delhi, Odisha, and Ajmer, achieving a 99.95% reliability benchmark. Sinha, an IIT Delhi alumnus with 30 years in the sector, has pivoted the firm toward sustainability, commissioning 1.2 GW of renewables in FY25 alone. The company’s trajectory—from hydroelectric pioneer to green energy vanguard—mirrors India’s energy evolution, with FY25 revenues touching ₹62,500 crore and PAT at ₹4,500 crore. Ecosystem? Enduring—Tata Power’s tapestry, sector’s sentinel.
The ₹11,000 crore green capex blueprint, dissected in the November 7 earnings call, charts a bold trajectory for FY26, with ₹11,000 crore earmarked—up 20% from FY25’s ₹9,200 crore—prioritizing 65% for renewables to attain 21 GW clean capacity by FY30. Chandrasekaran, Tata Sons Chairman, framed it as “integral to India’s $500 billion green transition, positioning Tata Power as a renewable powerhouse.” Breakdown: ₹4,500 crore for solar farms in Rajasthan and Gujarat (2.5 GW addition), ₹3,000 crore for offshore wind in Gujarat (1.8 GW), ₹2,000 crore for EV charging ecosystem (12,000 stations nationwide), and ₹1,500 crore for battery energy storage systems (BESS) pilots in Mumbai and Delhi. The plan harnesses Production Linked Incentive (PLI) schemes (₹26,000 crore government outlay) and alliances like Adani Green for hybrid projects. Blueprint? Bold—capex’s calculus, green’s gambit.
Share price’s tumble to ₹392 today, a 2.3% slide from ₹401 yesterday, echoes investor qualms over capex funding and timelines in a high-interest milieu. Trading at 3.45 times book value (₹113.5 per share), the stock shed 6% in four days, volume ballooning to 5.2 million shares. FII divestments ₹1,500 crore sector-wide November (NSDL data) and debt-equity ratio of 1.25 stoke fears, PE at 24x FY27 earnings (₹16.3/share) deemed frothy. Tumble? Telling—capex’s cost, market’s murmur.
Market’s mood to the capex revelation has been a mélange of moderation, BSE Sensex down 0.4% to 82,050 today, Nifty Energy up 0.8% buoyed by Reliance Industries but power peers like NTPC down 1.5%. Tata Power’s ₹392 close, volume 5.2M shares, mirrors profit-taking post-Q2 PAT beat (₹1,250 crore vs ₹1,050 crore estimate). Retail holders (55%) stayed put, but FIIs net sold ₹400 crore (November 12 NSDL). Mood? Measured—revelation’s ripple, investors’ introspection.
Analysts’ assessments diverge: Motilal Oswal’s Sumit Pokharna rates ‘Buy’ at ₹460 (17% upside), “Capex accelerates 21 GW renewables, ROE to 16% FY30.” Emkay Global’s Anjali Muthreja ‘Hold’ at ₹420, “Funding via ₹60,000 crore debt elevates leverage risk.” Kotak Institutional Equities’ Sudeep Shah ‘Overweight’ at ₹440, “PLI ₹26,000 crore tailwind, execution pivotal.” Assessments? Assorted—analysts’ accord, capex’s conundrum.
Outlook optimistic for Tata Power, FY26 capex ₹11,000 crore eyeing 9 GW renewables addition, revenue ₹78,000 crore (18% CAGR). FY30’s 21 GW clean capacity aligns RE100, EV infra 12,000 stations 2028. Risks? Regulatory snags, but PLI buffer. Optimistic? Outlook’s—future’s flare, green’s glow.
Renewables sector’s ripple from Tata Power’s push is profound, ₹11,000 crore mirroring Adani Green ₹1 lakh crore FY25-FY30, sector capex ₹6 lakh crore 2025-30 (ICRA). Job genesis 60,000, exports $12 billion. Ripple? Renewables’—renaissance’s ripple, Tata’s tide.
November 12, 2025, dips Tata Power’s ₹392—capex’s colossal, market’s murmur. From company’s chronicle to capex’s core, dip’s discourse to analysts’ accord, outlook’s optimism to ripple’s renewal—dip’s dawn, green’s glory.