Overview

Detailed Summary

Torrent Power Limited is an integrated private‑sector power utility operating across generation, transmission and distribution, with a reported operational capacity of c.5.04 GW as on 31 December 2025 and an installed+pipeline capacity of ~10.64 GW, serving licensed areas such as Ahmedabad, Surat, Dahej and franchise areas like Bhiwandi and Agra while owning transmission assets through TPGL.
The company is executing a large multi‑technology expansion: a 1,600 MW ultra‑supercritical coal project (₹22,000 crore), a multi‑GW renewables pipeline with ~2.3 GW contracted and ~4.3 GW under installation, and a 3,000 MW pumped storage hydro project (₹14,000 crore) tied to a long‑term MSEDCL agreement, indicating aggressive capex and multi‑year revenue visibility backed by PPAs.
Operational performance in Q3 FY26 showed resilience: revenue from operations at ₹6,778 crore (up 4% YoY) and PAT of ₹655 crore (up 34% YoY), driven by regulatory favourable orders, improved contribution from gas generation, better renewable PLFs and improved distribution performance while the Board approved an interim dividend of ₹15 per share.
Torrent Power’s distribution franchise/license businesses report industry‑leading metrics — distribution losses as low as ~2–3% in licensed areas (Ahmedabad/Surat) and dramatic AT&C loss reductions in franchise areas like Bhiwandi (from 58% on takeover to <10%), underpinning stable cash flows and differentiated execution capability across operations and network management.
Key near‑term execution risks relate to transmission and commissioning timelines: several RE projects have sought SCOD extensions due to evacuation delays, while management remains confident of commissioning ~1.2–1.5 GW of renewables next fiscal, maintaining conservative leverage targets (net debt/equity ~0.4 and net debt/EBITDA ~1.41 on FY25 data).

Sector: Power Generation & Distribution
Industry: Power Generation And Supply
Market Cap: 78,448 Cr
Volatility: High Risk
P/E Ratio: 24.8
Industry P/E: 24.1
PEG Ratio: 4.2
P/B Ratio: 4.2
52W High: 1,640.00
52W Low: 1,188.00

Sales CAGR

1Y: 7.30%
3Y: 16.90%
5Y: 10.27%
10Y: 7.26%

Profit CAGR

1Y: 61.32%
3Y: 90.92%
5Y: 18.15%
10Y: 13.68%

ROE

TTM: 15.90%
3Y: 16.40%
5Y: 13.89%
10Y: 12.79%

ROCE

TTM: 13.21%
3Y: 15.07%
5Y: 13.20%
10Y: 11.88%

Technicals

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Forecasts

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Analyst Target, Price, EPS and Revenue Projections

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
TATAPOWER	368.00	1,17,589 Cr	31.03	3.12	0.61	10.75	9.31	3.06
ADANIENSOL	975.80	1,16,663 Cr	51.88	4.99	0.00	9.64	8.99	2.88
ENRIN	2971.50	1,05,821 Cr	89.56	24.15	0.13	25.11	31.50	12.38
JSWENERGY	481.85	84,675 Cr	36.95	2.86	0.41	6.95	6.52	2.29
TORNTPOWER	1556.80	78,448 Cr	24.84	4.17	1.22	15.90	13.21	7.98
NTPCGREEN	88.10	73,949 Cr	133.48	3.94	0.00	3.24	3.70	1.15
NHPC	73.13	73,459 Cr	23.22	1.78	2.61	7.69	6.46	3.22

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	6,961	6,366	6,529	9,034	7,176	6,499	6,456	7,906	7,876	6,778
Expenses	5,740	5,322	5,420	7,176	5,969	5,388	5,326	6,423	6,370	5,375
Operating Profit	1,221	1,044	1,109	1,858	1,207	1,112	1,130	1,483	1,506	1,403
OPM %	17.55	16.40	16.99	20.57	16.82	17.10	17.51	18.76	19.12	20.70
Other Income	108	54	97	76	125	172	114	105	78	69
Interest	247	235	233	260	272	276	236	212	216	255
Depreciation	342	349	355	359	371	378	389	390	389	413
Profit Before Tax	741	513	617	1,315	689	630	619	985	979	805
Tax %	26.75	27.12	27.58	24.21	28.02	22.32	-73.93	24.74	24.26	18.66
Net Profit	543	374	447	996	496	489	1,077	742	742	655
EPS in Rs	10.43	7.14	8.54	19.30	9.55	9.76	21.03	14.52	14.36	12.76

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	62.67
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

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	53.57%	53.57%	53.57%	53.57%	53.57%	53.57%	53.57%	51.09%	51.09%	51.09%	51.09%	51.09%
FIIs	6.30%	6.04%	6.17%	6.13%	6.41%	8.42%	8.89%	10.05%	9.43%	9.80%	8.81%	8.32%
DIIs	23.11%	23.14%	23.09%	23.08%	22.93%	21.00%	27.78%	29.53%	30.24%	29.77%	30.50%	31.08%
Public	17.03%	17.25%	17.18%	17.22%	17.09%	17.01%	9.77%	9.33%	9.24%	9.34%	9.59%	9.51%
Total Shareholders	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	1,68,442

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Q3 FY26

Investor Presentation

Q2 FY26

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Q1 FY26

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