Torrent Power Limited has informed the Exchange about Credit Rating
TORNTPOWER · price
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India Ratings and Research has assigned a rating of 'IND AA+/Stable' to proposed non-convertible debentures worth ₹4,000 crore and re-affirmed the same rating for existing NCDs of ₹3,700 crore. The short-term commercial paper rating of 'IND A1+' was also affirmed. The rating reflects Torrent Power's regulated cost-plus business model, strong operating performance in distribution areas with low AT&C losses, and healthy credit metrics with net leverage at 1.6x during 1HFY26. The company is undertaking a large capex plan including 4.3 GW of renewable projects, a 1,400 MW Nabha Power acquisition, and a 3 GW pump storage project, with management having adequate headroom to absorb increased leverage.
The ratings affirmation indicates stable credit quality and continued creditor confidence. This is positive for existing bondholders and signals manageable financial risk despite the company's ambitious expansion plans.