Tata Power (TPWR) adjusted PAT growth of 10% YoY was broadly in-line with our estimate. Growth is driven by TP solar, IPP, Delhi & Odhisa discom. In Q4FY26 T&D contributed 60% to PAT , followed by renewable at 25% and coal / standalone at 10%. The key overhang through FY26 the Mundra SPPA is now largely resolved, with the agreement concluded with Gujarat and the remaining four procurer states in advanced stages of finalisation, materially reducing earnings uncertainty from FY27 onwards. TPWR has an operational capacity of 16.7GW, currently skewed toward thermal generation; however, this mix is expected to improve materially with ~5GW of in-house...