Tata Power has a good mix of cash cow regulated businesses earning assured returns and market-linked businesses like green platform (renewable assets, solar EPC, module manufacturing, solar rooftop and EV charging), transmission and pumped hydro. Steady cash flow generation from regulated businesses can be redeployed to the growing market-linked businesses. Peak net debt/EBITDA of 3.6x (MSe) (F25: 3.1x) suggests room to incur capex/add assets (capex plan: ₹1.46 lakh crore till F30).