Torrent Power September-quarter profit rises 13% to Rs 837.96 crore

Torrent Power Limited reported consolidated profit of Rs 837.96 crore for the quarter ended September 30, 2026, up 13% from Rs 741.55 crore a year earlier, as generation revenue rose 38% to Rs 3,329.00 crore and renewables revenue increased 56% to Rs 510.67 crore.

How much profit did Torrent Power report in the September quarter?

Torrent Power reported consolidated profit for the period of Rs 837.96 crore in the September 2026 quarter, compared with Rs 741.55 crore in the September 2025 quarter. Revenue from operations rose 24% to Rs 9,801.58 crore from Rs 7,876.00 crore, while total income, including Rs 249.21 crore of other income, reached Rs 10,050.79 crore.

Expenses increased 28% to Rs 8,920.06 crore from Rs 6,974.81 crore, led by higher fuel costs, finance costs and electricity purchases. Profit before tax increased 16% to Rs 1,130.73 crore from Rs 979.10 crore, while earnings per share, not annualised, rose to Rs 16.28 from Rs 14.36. Profit attributable to owners was Rs 820.19 crore, against Rs 723.71 crore a year earlier.

Which Torrent Power businesses drove revenue and profit growth?

Torrent Power’s generation and renewables operations recorded faster revenue growth than transmission and distribution in the September 2026 quarter. Generation revenue increased 38% to Rs 3,329.00 crore from Rs 2,420.92 crore, while renewables revenue rose 56% to Rs 510.67 crore from Rs 326.62 crore. Transmission and distribution remained the largest segment, with revenue up 14% to Rs 7,258.81 crore.

Generation segment result, defined as profit before tax, depreciation and finance costs, rose 54% to Rs 709.52 crore from Rs 459.36 crore. Renewables segment result increased 37% to Rs 385.74 crore from Rs 281.37 crore, while transmission and distribution segment result rose 8% to Rs 965.12 crore. Total segment result increased to Rs 2,060.38 crore from Rs 1,637.50 crore.

Generation covers power generation from gas and coal sources and trading of regasified liquefied natural gas. Renewables comprises wind and solar generation, while transmission and distribution includes licensed and franchisee distribution operations, transmission and related ancillary services. These segment definitions explain why segment revenue exceeds reported revenue from operations before inter-segment eliminations.

How did Nabha Power affect Torrent Power’s quarterly results?

Nabha Power Limited contributed Rs 1,145.02 crore of revenue from operations and Rs 122.99 crore of profit for the period in the September 2026 quarter. Torrent Power completed the acquisition of 100% of Nabha Power’s equity shares and convertible instruments on June 25, 2026, for total consideration of Rs 3,632.35 crore.

Nabha Power operates a 2x700 megawatt coal-based supercritical thermal power plant in Punjab. Its long-term power purchase agreements with Punjab State Power Corporation Limited run for 25 years from 2014. For the six months ended September 30, 2026, the acquired subsidiary contributed Rs 1,213.66 crore in revenue and Rs 130.61 crore in profit.

The acquisition has been accounted for under Indian Accounting Standard 103 on business combinations using provisional fair values because purchase-price allocation remains in progress. The provisional fair value of net assets acquired on June 25, 2026 was Rs 4,390.16 crore. Torrent Power’s generation segment assets were Rs 14,995.68 crore at September 30, compared with Rs 4,425.56 crore at March 31, 2026.

What changed in Torrent Power’s first-half earnings and balance sheet?

Torrent Power’s consolidated profit for the six months ended September 30, 2026 was Rs 1,499.81 crore, marginally above Rs 1,483.13 crore in the year-earlier period. Six-month revenue from operations grew 14% to Rs 17,925.73 crore from Rs 15,782.37 crore, while profit before tax increased 5% to Rs 2,055.92 crore.

Finance costs increased 71% to Rs 732.18 crore in the first half from Rs 427.94 crore a year earlier. Depreciation and amortisation increased to Rs 818.08 crore from Rs 779.10 crore, and total tax expense rose to Rs 556.11 crore from Rs 481.31 crore. These charges limited profit growth relative to the increase in revenue.

Total assets were Rs 58,565.39 crore at September 30, 2026, compared with Rs 45,193.28 crore at March 31, 2026. Property, plant and equipment increased to Rs 26,744.19 crore from Rs 24,200.83 crore, capital work-in-progress rose to Rs 8,383.22 crore from Rs 6,961.53 crore, and renewables segment assets reached Rs 20,479.72 crore from Rs 17,110.96 crore.

What costs, cash flows and ratios should readers track at Torrent Power?

Torrent Power’s September-quarter finance cost more than doubled to Rs 439.19 crore from Rs 215.82 crore a year earlier, while fuel cost increased to Rs 2,591.48 crore from Rs 1,310.62 crore. Electrical energy purchased rose to Rs 4,656.22 crore from Rs 3,931.12 crore, and depreciation and amortisation increased to Rs 417.67 crore from Rs 388.83 crore.

Net cash generated from operating activities was Rs 2,085.60 crore in the six months ended September 30, 2026, down from Rs 2,524.11 crore in the corresponding period. Investing activities used Rs 7,381.19 crore, including Rs 4,964.12 crore for property, plant and equipment, intangible assets, investment property and right-of-use assets, and Rs 3,618.59 crore for subsidiary acquisitions net of cash.

Non-current borrowings stood at Rs 20,248.91 crore and current borrowings at Rs 2,809.05 crore as of September 30, 2026, taking combined borrowings to Rs 23,057.96 crore. This compared with combined borrowings of Rs 13,732.93 crore at March 31, 2026. The debt-equity ratio was 0.97, versus 0.67 at the March year-end, while the current ratio was 1.30, compared with 1.35.

Operating margin was 17.74% in the September 2026 quarter, down from 19.12% in the year-earlier quarter. Net profit margin was 8.55%, compared with 9.42% a year earlier. The lower margins coincided with a 98% increase in quarterly fuel cost and a 103% increase in finance cost.

Conclusion

Torrent Power’s quarterly result reflected growth across all three operating segments, with generation and renewables increasing faster than transmission and distribution. Segment results rose by Rs 422.88 crore year on year to Rs 2,060.38 crore, while the addition of Nabha Power contributed Rs 122.99 crore of quarterly profit and expanded the generation asset base.

The next disclosed unresolved matter is the completion of the Nabha Power purchase-price allocation, which means the acquisition currently uses provisional fair values. Readers can also track subsequent changes in finance cost, which reached Rs 732.18 crore in the first half, and in combined borrowings of Rs 23,057.96 crore at September 30, 2026.