Divestment-related measures (part receipt of International Shipping business, Arutmin, and Tata SED) and the infusion of INR26b from promoters would continue to aid debt reduction. The approval of a tariff hike at Mundra, possible benefits from the merger of CGPL & Tata Power Solar with TPWR, and favorable InvIT valuations provide upsides. Divestment-related measures (International Shipping business, Arutmin, and Tata SED) and approval for the infusion of INR26b from promoters would continue to aid debt reduction. The approval of a tariff hike at Mundra, merger of CGPL & Tata Power Solar with TPWR, and favorable InvIT valuations provide upsides. It expects these to be at a similar While certain clarity is pending with respect to upcoming new regulations for Divestment-related measures (International Shipping business, Arutmin, and Tata SED) and approval for the infusion of INR26b from promoters would With normalization in its EPC businesses and some WC, and lower interest costs, we expect EPS to increase at a 910% CAGR over FY2023.