Issuance of NCDs upto Rs. 10,000 Crore by way of private placement
TORNTPOWER · price
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On the reaction day the stock moved 9.7 pts less than Nifty Midcap 150 and 9.3 pts less than its Power peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Torrent Power's Board approved raising up to Rs. 10,000 crore via Non-Convertible Debentures through private placement. The company also reported FY26 standalone revenue of Rs. 21,850 crore and net profit of Rs. 2,575 crore, down from Rs. 2,851 crore in FY25. The Board recommended a final dividend of Rs. 5 per share, adding to the Rs. 15 interim dividend already paid, totaling Rs. 20 per share for FY26. Additionally, Torrent Power entered an agreement to acquire 100% of Nabha Power Limited from L&T for Rs. 3,661 crore. The prior NCD issuance of Rs. 2,000 crore (Series-14) was fully utilised with no deviation reported.
The large NCD programme gives Torrent Power flexibility to raise debt capital as needed, potentially funding the Nabha Power acquisition or other growth initiatives. The debt-to-equity ratio rose to 0.57 from 0.39 year-ago, indicating increased leverage but the company maintains a healthy interest coverage ratio of 7.98x.