Investor Presentation
TORNTPOWER · price
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Torrent Power Limited posted Total Comprehensive Income of ₹2,514 Crore for FY26, down 18% YoY (vs ₹3,059 Cr in FY25), impacted by a one-time deferred tax reversal in the prior year; adjusted TCI rose by ₹92 Cr driven by improved distribution and renewable performance, partially offset by weaker gas-generation margins. Revenue from operations was largely flat at ₹28,966 Cr. The company is scaling up its renewable portfolio from ~5.1 GWp operational to a target of ~10.6 GWp, with ~4.3 GW currently under installation and ~2.3 GW contracted. It also has a 1,600 MW coal-based plant under development in Madhya Pradesh (₹23,000 Cr project, tariff ₹5.829/kWh, 25-year PPA with MPPMCL) and a 1,400 MW Nabha plant under acquisition. The balance sheet remains comfortable with Net Debt/EBITDA at 2.06x and Net Debt/Equity at 0.56x. The Board recommended a total dividend of ₹20 per share (₹15 interim + ₹5 final).
The company demonstrates solid operational execution in distribution (lowest-in-class losses) and a clear multi-year RE expansion roadmap, but near-term earnings face headwinds from gas-market volatility and higher financing costs for the capital-intensive build-out. The disclosed project pipeline and multiyear capacity targets provide a constructive medium-term outlook.