Torrent Power Ltd

TORNTPOWER

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Market Cap

₹ 65,049 Cr

P/E

21.75

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

EXCEPTIONAL

Profitability

HIGH MARGIN

Technicals

Bullish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Torrent Power Limited is a major private sector integrated power utility in India, engaged in power generation, transmission, and distribution, with additional interests in the manufacturing and supply of power cables.

The company is aggressively expanding its renewable energy portfolio with projects planned to boost its operational capacity significantly, including substantial investments in solar and wind. This focus aligns with global sustainability trends and commitments.

Torrent Power has a solid track record of improving operational efficiencies, notably reducing distribution losses in its managed areas, which underscores its operational excellence and capacity to optimize resources effectively.

In addition to renewable and hydro energy projects, the company is making significant advancements in thermal power, evidenced by a large-scale coal plant development in Madhya Pradesh and long-term power supply agreements.

Through strategic capacity expansions and project developments like the Pumped Storage Hydro Project and coal-fired plants, Torrent Power is advancing its portfolio, aiming to strengthen its position as a leading energy provider in India.

Sector

Power Generation & Distribution

Industry

Power Generation And Supply

Market Cap

65,049 Cr

Volatility

High Risk

P/E Ratio

21.8

Industry P/E

23.6

PEG Ratio

7.5

P/B Ratio

3.5

52W High

1,670.40

52W Low

1,188.00

Sales CAGR

7.30%

16.90%

10.27%

10Y

7.26%

Profit CAGR

61.32%

90.92%

18.15%

10Y

13.68%

ROE

TTM

15.90%

16.40%

13.89%

10Y

12.79%

ROCE

TTM

13.21%

15.07%

13.20%

10Y

11.88%

Technicals

‌

Forecasts

No. of Analysts

17

1Y Price Target

1404.64 ▲ 9.60%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Hold

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
ENRIN	2946.75	1,04,940 Cr	95.39	23.95	0.14	25.11	31.50	11.53
JSWENERGY	486.30	84,994 Cr	41.99	2.92	0.41	6.95	6.52	1.96
NHPC	77.24	77,588 Cr	24.44	1.88	2.47	7.69	6.46	3.23
NTPCGREEN	90.50	76,258 Cr	125.69	4.07	0.00	3.24	3.70	1.25
TORNTPOWER	1286.70	65,049 Cr	21.75	3.46	1.47	15.90	13.21	7.57
NLCINDIA	242.95	33,688 Cr	12.90	1.69	1.23	13.09	9.64	4.48
SJVN	72.40	28,452 Cr	50.99	1.95	2.02	3.82	4.01	1.14

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	7,328	6,961	6,366	6,529	9,034	7,176	6,499	6,456	7,906	7,876
Expenses	6,143	5,740	5,322	5,420	7,176	5,969	5,388	5,326	6,423	6,370
Operating Profit	1,185	1,221	1,044	1,109	1,858	1,207	1,112	1,130	1,483	1,506
OPM %	16.17	17.55	16.40	16.99	20.57	16.82	17.10	17.51	18.76	19.12
Other Income	86	108	54	97	76	125	172	114	105	78
Interest	227	247	235	233	260	272	276	236	212	216
Depreciation	332	342	349	355	359	371	378	389	390	389
Profit Before Tax	711	741	513	617	1,315	689	630	619	985	979
Tax %	25.16	26.75	27.12	27.58	24.21	28.02	22.32	-73.93	24.74	24.26
Net Profit	532	543	374	447	996	496	489	1,077	742	742
EPS in Rs	10.26	10.43	7.14	8.54	19.30	9.55	9.76	21.03	14.52	14.36

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	10,000	11,512	13,151	13,641	12,173	14,258	25,694	27,183	29,165	28,038
Expenses	7,540	8,395	9,951	10,085	8,707	10,667	20,935	22,624	23,858	23,105
Operating Profit	2,460	3,117	3,199	3,556	3,465	3,591	4,759	4,559	5,307	4,932
OPM %	24.60	27.08	24.33	26.07	28.47	25.19	18.52	16.77	18.20	17.59
Other Income	191	264	190	-822	142	-1,065	382	344	487	516
Interest	1,058	848	899	955	776	628	818	943	1,045	997
Depreciation	1,006	1,132	1,227	1,304	1,280	1,334	1,281	1,378	1,497	1,528
Profit Before Tax	587	1,401	1,264	475	1,552	564	3,041	2,583	3,253	2,923
Tax %	26.82	32.04	28.47	-148.27	16.49	18.67	28.83	26.59	5.96	4.09
Net Profit	430	952	904	1,179	1,296	459	2,165	1,896	3,059	2,804
EPS in Rs	8.51	18.69	17.85	23.31	25.62	9.01	42.01	36.38	59.63	59.67
Dividend Payout %	24.64	25.50	26.74	47.48	40.95	95.24	59.01	41.95	31.03	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	481	481	481	481	481	481	481	481	481	504
Reserves	5,990	6,411	7,239	8,490	8,673	9,704	9,463	10,529	11,581	17,111
Borrowings	8,198	8,270	8,564	8,877	7,838	6,708	9,143	10,541	11,632	8,840
Other Liabilities	4,943	5,630	6,309	6,707	6,632	6,646	5,937	8,359	9,699	10,118
Total Liabilities	19,612	20,793	22,592	24,554	23,623	23,539	25,023	29,910	33,392	36,573
Fixed Assets	15,139	16,803	17,871	18,014	17,569	17,326	17,097	19,260	21,802	24,286
CWIP	213	332	393	359	568	838	1,297	2,625	2,472	2,250
Investments	511	671	873	914	724	466	407	813	954	896
Other Assets	3,748	2,986	3,456	5,266	4,763	4,909	6,222	7,213	8,163	9,142
Total Assets	19,612	20,793	22,592	24,554	23,623	23,539	25,023	29,910	33,392	36,573

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	2,550	2,356	2,764	2,425	3,610	2,988	3,167	3,456	4,258	4,805
Cash from Investing Activity	-911	-2,122	-2,418	-1,828	-1,129	-910	-2,483	-3,216	-3,544	-3,650
Cash from Financing Activity	-2,163	-674	-311	-617	-2,506	-2,061	-502	-341	-551	-1,216
Net Cash Flow	-523	-440	34	-20	-25	16	182	-101	163	-62

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	53.57%	53.57%	53.57%	53.57%	53.57%	53.57%	53.57%	53.57%	51.09%	51.09%	51.09%	51.09%
FIIs	6.73%	6.30%	6.04%	6.17%	6.13%	6.41%	8.42%	8.89%	10.05%	9.43%	9.80%	8.81%
DIIs	22.78%	23.11%	23.14%	23.09%	23.08%	22.93%	21.00%	27.78%	29.53%	30.24%	29.77%	30.50%
Public	16.93%	17.03%	17.25%	17.18%	17.22%	17.09%	17.01%	9.77%	9.33%	9.24%	9.34%	9.59%
Total Shareholders	1,24,106	1,25,793	1,16,318	1,19,993	1,31,393	1,40,153	1,41,479	1,53,443	1,63,326	1,65,189	1,65,738	1,75,073

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
May 31, 2024	Integrated core strategies (a...	Bulk	Sell	1,498.79	370.14 Cr	24,69,594	0.49
Apr 10, 2023	Sbi mutual fund	Bulk	Sell	520.00	436.32 Cr	83,90,783	1.66
Apr 10, 2023	Sbi mutual fund	Bulk	Buy	520.00	437.17 Cr	84,07,066	1.66

Projection

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Announcements

Last 7 days

Newest

Sentiment

Analyst/Investor Meet

23 hours ago

Schedule of Analyst/Investor Meeting

The company has scheduled an Analyst/Investor meeting with Morgan Stanley on December 18, 2025, at 09:00 AM IST in Ahmedabad.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q1 FY25

Investor Presentation

Q4 FY24

Investor Presentation

Q3 FY24

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	7,328	6,961	6,366	6,529	9,034	7,176	6,499	6,456	7,906	7,876
Expenses	6,143	5,740	5,322	5,420	7,176	5,969	5,388	5,326	6,423	6,370
Operating Profit	1,185	1,221	1,044	1,109	1,858	1,207	1,112	1,130	1,483	1,506
OPM %	16.17	17.55	16.40	16.99	20.57	16.82	17.10	17.51	18.76	19.12
Other Income	86	108	54	97	76	125	172	114	105	78
Interest	227	247	235	233	260	272	276	236	212	216
Depreciation	332	342	349	355	359	371	378	389	390	389
Profit Before Tax	711	741	513	617	1,315	689	630	619	985	979
Tax %	25.16	26.75	27.12	27.58	24.21	28.02	22.32	-73.93	24.74	24.26
Net Profit	532	543	374	447	996	496	489	1,077	742	742
EPS in Rs	10.26	10.43	7.14	8.54	19.30	9.55	9.76	21.03	14.52	14.36

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	10,000	11,512	13,151	13,641	12,173	14,258	25,694	27,183	29,165	28,038
Expenses	7,540	8,395	9,951	10,085	8,707	10,667	20,935	22,624	23,858	23,105
Operating Profit	2,460	3,117	3,199	3,556	3,465	3,591	4,759	4,559	5,307	4,932
OPM %	24.60	27.08	24.33	26.07	28.47	25.19	18.52	16.77	18.20	17.59
Other Income	191	264	190	-822	142	-1,065	382	344	487	516
Interest	1,058	848	899	955	776	628	818	943	1,045	997
Depreciation	1,006	1,132	1,227	1,304	1,280	1,334	1,281	1,378	1,497	1,528
Profit Before Tax	587	1,401	1,264	475	1,552	564	3,041	2,583	3,253	2,923
Tax %	26.82	32.04	28.47	-148.27	16.49	18.67	28.83	26.59	5.96	4.09
Net Profit	430	952	904	1,179	1,296	459	2,165	1,896	3,059	2,804
EPS in Rs	8.51	18.69	17.85	23.31	25.62	9.01	42.01	36.38	59.63	59.67
Dividend Payout %	24.64	25.50	26.74	47.48	40.95	95.24	59.01	41.95	31.03	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	481	481	481	481	481	481	481	481	481	504
Reserves	5,990	6,411	7,239	8,490	8,673	9,704	9,463	10,529	11,581	17,111
Borrowings	8,198	8,270	8,564	8,877	7,838	6,708	9,143	10,541	11,632	8,840
Other Liabilities	4,943	5,630	6,309	6,707	6,632	6,646	5,937	8,359	9,699	10,118
Total Liabilities	19,612	20,793	22,592	24,554	23,623	23,539	25,023	29,910	33,392	36,573
Fixed Assets	15,139	16,803	17,871	18,014	17,569	17,326	17,097	19,260	21,802	24,286
CWIP	213	332	393	359	568	838	1,297	2,625	2,472	2,250
Investments	511	671	873	914	724	466	407	813	954	896
Other Assets	3,748	2,986	3,456	5,266	4,763	4,909	6,222	7,213	8,163	9,142
Total Assets	19,612	20,793	22,592	24,554	23,623	23,539	25,023	29,910	33,392	36,573

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	2,550	2,356	2,764	2,425	3,610	2,988	3,167	3,456	4,258	4,805
Cash from Investing Activity	-911	-2,122	-2,418	-1,828	-1,129	-910	-2,483	-3,216	-3,544	-3,650
Cash from Financing Activity	-2,163	-674	-311	-617	-2,506	-2,061	-502	-341	-551	-1,216
Net Cash Flow	-523	-440	34	-20	-25	16	182	-101	163	-62

Overview

Detailed Summary

Sector

Power Generation & Distribution

Industry

Power Generation And Supply

Market Cap

65,049 Cr

Volatility

High Risk

P/E Ratio

21.8

Industry P/E

23.6

PEG Ratio

7.5

P/B Ratio

3.5

52W High

1,670.40

52W Low

1,188.00

Sales CAGR

7.30%

16.90%

10.27%

10Y

7.26%

Profit CAGR

61.32%

90.92%

18.15%

10Y

13.68%

ROE

TTM

15.90%

16.40%

13.89%

10Y

12.79%

ROCE

TTM

13.21%

15.07%

13.20%

10Y

11.88%