Prabhudas Lilladher Recommends 'HOLD' on Tata Power; Sets Target at Rs 359

• Tata Power's Q3FY26/9MFY26 operating performance was weaker, with EBITDA declining 9%/2% YoY.
• Continued losses at the 4GW Mundra coal-based plant are a major drag, with 9MFY26 loss after tax at ~Rs8bn.
• Other segments like Odisha and Delhi discoms, TP Solar, and renewables performed satisfactorily.
• Future earnings depend on a supplementary PPA for Mundra, pending Gujarat SEB approval.
• Prabhudas Lilladher maintains a 'HOLD' rating with a Sum-of-the-Parts (SoTP) based target price of Rs 359/share.