Torrent Power Q4 FY26: Stable earnings, rising renewable buildout

Consolidated revenue from operations was INR 28,966.31 crore and profit after tax was INR 2,469.36 crore for FY26.

FY26 segment revenue (before inter-segment elimination) was INR 24,764.42 crore from Transmission and Distribution, INR 7,585.36 crore from Generation, and INR 1,241.14 crore from Renewables.

Management cited a non-recurring provision of INR 171 crore due to capping of UNOSUGEN power purchase cost in the FY25 true-up order, which impacted Q4 FY26 PBT.

Management indicated that around 1.2 to 1.4 GW of renewable capacity commissioning is expected in FY27.

Disclosed major projects include a 1,600 MW coal-based ultra-supercritical project in Madhya Pradesh, a 3,000 MW pumped storage hydro project in Maharashtra, multiple renewable projects under installation, and the Solapur transmission project.

The board recommended a final dividend of INR 5 per equity share for FY26, taking total FY26 dividend to INR 20 per equity share including the interim dividend of INR 15 per share.