Torrent Power Q2 Revenue Rises 24% to ₹9,801 Crore

Torrent Power Limited reported revenue from operations of ₹9,801 crore for Q2 FY27, up 24% from ₹7,876 crore a year earlier, supported by activity across its distribution, generation and renewable energy businesses. Quarterly EBITDA rose 26% to ₹1,988 crore, while total comprehensive income increased 14% to ₹835 crore.

What did Torrent Power report for Q2 FY27?

Torrent Power Limited reported unaudited consolidated financial results for the quarter and half-year ended September 30, 2026. The company recorded revenue from operations of ₹9,801 crore in the July-September quarter, compared with ₹7,876 crore in Q2 FY26. The increase works out to about 24%, marking a stronger quarterly top-line performance than the revenue growth reported in the preceding quarter.

For the first half of FY27, revenue from operations stood at ₹17,926 crore, against ₹15,782 crore in H1 FY26. This represented a 14% year-on-year increase. Q1 FY27 revenue was ₹8,124 crore, compared with ₹7,906 crore in Q1 FY26, indicating that the September-quarter result accounted for most of the acceleration in half-year revenue growth.

The company said its operating throughput across generation, transmission and licensed distribution activities supported the revenue increase. Its distribution and renewable energy operations were specifically identified as contributors to the quarterly financial performance.

How did Torrent Power's operating earnings and income change?

Torrent Power reported quarterly EBITDA of ₹1,988 crore, up 26% from ₹1,584 crore in Q2 FY26. For the first six months of FY27, EBITDA reached ₹3,606 crore, compared with ₹3,171 crore in the corresponding period of the previous financial year, an increase of 14%.

Total comprehensive income for Q2 FY27 was ₹835 crore, rising 14% from ₹730 crore a year earlier. Half-year total comprehensive income was ₹1,474 crore, largely unchanged from ₹1,469 crore in H1 FY26. The difference between quarterly improvement and the broadly steady half-year figure reflects the lower first-quarter income base cited in the reported period.

The company also said the consolidation of Nabha Acquisition contributed to adjusted EBITDA growth of 29% during the quarter. It recognised a principal recovery of ₹54 crore related to this acquisition under applicable lease accounting principles. At the same time, higher finance costs from increased borrowings partly offset the improvement in operating performance.

What businesses supported the revenue growth?

Torrent Power attributed the result to improved operational efficiency in distribution and renewable energy, alongside activity across its wider electricity operations. The company operates generation, transmission and licensed power-distribution businesses, making revenue sensitive to operating volumes and execution across several segments rather than a single source of demand.

Its reported installed generation portfolio totals 6.8 GWp across conventional and renewable sources. This includes 2.7 GW of gas-based capacity, 2.3 GWp of renewable energy capacity and 1.8 GW of coal-based capacity. The mix provides context for the role of renewable operations in the reported quarter while retaining substantial conventional generation capacity.

The Nabha Acquisition was another stated factor in the quarter. The acquisition's consolidation aided adjusted EBITDA growth, although the company also flagged higher borrowing-related finance costs. This means the contribution to operating earnings did not remove the effect of greater financing expense on the overall financial outcome.

Why does the Q2 result matter for investors?

The Q2 figures show that Torrent Power's revenue expanded faster than in Q1 FY27, when revenue rose to ₹8,124 crore from ₹7,906 crore. The company also delivered double-digit increases in quarterly revenue, EBITDA and total comprehensive income, giving investors reported evidence of stronger operating momentum during the September quarter.

The half-year figures provide a broader view of performance. Revenue and EBITDA both increased 14% in H1 FY27, while total comprehensive income was nearly flat year-on-year. Higher finance costs therefore remain relevant when assessing how revenue and operating gains translate into income available to shareholders.

The results also matter for the electricity sector because they reflect performance across distribution and renewable energy operations at a time when power companies are adding and operating diverse generating assets. Torrent Power's reported 6.8 GWp portfolio combines coal, gas and renewable capacity, and its quarterly disclosures link business execution across this portfolio to the financial outcome.

What should investors watch after the September-quarter results?

Investors will watch management's discussion of the drivers behind distribution and renewable energy performance, the ongoing impact of the Nabha Acquisition, and finance-cost trends associated with higher borrowings. These factors directly affected the relationship between EBITDA growth and total comprehensive income in the reported quarter.

Torrent Power scheduled an earnings conference call for November 4, 2026, at 6:30 pm IST to discuss the unaudited results for the quarter and half-year ended September 30, 2026, along with business strategy and outlook. The call follows the board meeting convened to consider and approve the standalone and consolidated results.

Conclusion

Torrent Power delivered a 24% year-on-year increase in Q2 FY27 revenue to ₹9,801 crore and a 26% rise in EBITDA to ₹1,988 crore. Distribution and renewable operations, along with the consolidation of Nabha Acquisition, were cited as contributors, while increased finance costs remained a partial offset to the operational improvement.

The next disclosed event is the November 4 earnings call, where management is expected to discuss its strategy and outlook. Investors will look for further detail on operating performance across business segments, the Nabha-related contribution and the effect of borrowing costs on future financial results.