TATAPOWER Q4 FY26 Guidance vs Delivery (TATAPOWER Management Mirror)

Capex & Leverage

Management consistently targets an annual capex of Rs. 25,000 crores for upcoming years through the Mar'27 period, absorbing deferred projects from the prior year, while leverage guardrails shifted slightly from targeting a 4.0x Net Debt-to-EBITDA in the Sep'25 Qtr to maintaining a more conservative 3.4x in the Dec'25 Qtr. [Status: Reaffirmed]