Torrent Power Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
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 reported flat revenue of ₹21,850 crore for FY2026 vs ₹21,913 crore in FY2025, a marginal decline. PAT fell to ₹2,575 crore from ₹2,851 crore (~9.7% decline) due to higher tax expense. Q4 PAT was sharply lower at ₹432 crore vs ₹1,090 crore in Q4 FY2025, partly reflecting a deferred tax benefit reversal. Despite lower profit, EBITDA margin expanded from 19.9% to 20.6%, driven by lower fuel costs and power purchase expenses. The Board recommended a final dividend of ₹5 per share, bringing total FY2026 dividend to ₹20 per share (including ₹15 interim). Auditors issued unmodified opinions on both standalone and consolidated results. The company also disclosed plans to acquire Nabha Power (2x700 MW thermal plant in Punjab) for ₹3,661 crore and is seeking approval to raise NCDs up to ₹10,000 crore via private placement.
PAT decline and Q4 softness may weigh on sentiment near-term, but EBITDA margin expansion and the proposed Nabha acquisition signal strategic growth intent. Total dividend of ₹20/share is healthy for shareholders.