Buy Tata Power; target of Rs 541: ICICI Securities

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ICICI Securities research report on Tata Power

Tata Power hosted its Investor Day at its 4.3GW solar cell and module factory in Tirunelveli, Tamil Nadu on 6 Dec,’24. The company laid out its five-year strategy that includes: a) capital expenditure of INR 1.5trn, b) upping the target for green capacity to 23GW (from 20GW earlier) and under construction capacity of 10GW, c) revenue target of INR 1trn and d) profit target of 2x or INR 100bn – all targets for FY30. The target for renewables capacity is 15GW by FY27 – comprising 5.4GW of existing renewables and contracted capacity of 4.5GW. The key drivers of near-term growth, value and earnings in our opinion are: i) new tied up RE capacity, ii) solar manufacturing cell and module iii) solar rooftop.

Outlook

Reiterate BUY with SoTP-based TP of INR 541 as we roll forward our targets to FY27E.

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Tata Power - 09122024 - icici