<ul><li>Tata Power's earnings to be driven by Renewable Energy (RE) investments in the coming years, with expected 15% and 14% CAGR in EBITDA and net income from 2025 to 2028.</li><li>Company has a strong mix of cash flow generating regulated businesses and market-linked businesses including renewable assets, transmission, and EV charging.</li><li>Peak net debt/EBITDA ratio expected to be 3.6x in FY2025, allowing room for capex and asset additions.</li><li>Price target revised to ₹449, with EPS adjustments and changes in key factors driving the valuation for Tata Power, as of May 23, 2025.</li></ul>

Broker’s call: Tata Power (Overweight)

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