Motilal Oswal Recommends Buying Tata Power, Sets Target at Rs 455

• Motilal Oswal's research report suggests buying Tata Power with a target price of INR 455 per share.
• Tata Power reported a 3QFY26 APAT of INR 7.7 billion, missing estimates by 20%.
• The weaker performance was mainly due to a PAT loss of INR 1.6 billion in the standalone business, caused by the Mundra plant shutdown.
• TPDDL's profitability improved significantly, boosted by INR 3.4 billion from past-period tariff recoveries.
• Reported EBITDA was INR 30.5 billion, 4% below Motilal Oswal's estimate.