NSE: TORNTPOWER · BSE: 532779
TORRENT POWER LTD
Operates an integrated power utility with three reporting segments. The Transmission and Distribution segment is the largest, accounting for ₹24,764.42 crore or 73.7% of segment revenue for the period ending 31 March 2026, distributing electricity to 4.3 million customers. The Generation segment contributed ₹7,585.36 crore (22.6% share), running conventional power plants, while Renewables contributed ₹1,241.14 crore (3.7% share). Total installed capacity stood at 12,044 MWp, with an additional 4 GWp of renewables under development. Recent additions include the ₹3,632.35 crore acquisition of 1,400 MW Nabha Power from L&T Power Development, a 1,600 MW coal power purchase agreement in Madhya Pradesh, and a 300 MW wind award from SECI. The cost base is dominated by other operating expenses at 72.9% of revenue, with depreciation at 5.6% and employee costs at 2.4%, giving an FY26 EBITDA margin of 20.24%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Transmission and Distribution (74%), Generation (23%), Renewables (4%). Asset-heavy, regulated integrated power utility with generation, T&D and renewables operations
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 14,258 | 25,694 | 27,183 | 29,165 | 28,966 |
| EBITDA (ex other income) | 2,291 | 4,759 | 4,559 | 5,307 | 5,541 |
| margin % | 16.1 | 18.5 | 16.8 | 18.2 | 19.1 |
| Owners' profit | 454 | 2,117 | 1,833 | 2,989 | 2,416 |
| EPS, as reported (₹) | 9.45 | 44.06 | 38.14 | 61.23 | 47.95 |
| ROE % · ROCE % | 4.6 · 6.3 | 18.8 · 16.8 | 15.1 · 13.8 | 16.8 · 14.8 | 12.5 · 12.0 |
| Debt / equity (x) | 0.91 | 0.91 | 0.92 | 0.48 | 0.70 |
| Cash from operations | 3,167 | 3,456 | 4,258 | 4,805 | 5,464 |
| Capex | (1,809) | (2,816) | (3,656) | (4,330) | (7,705) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7,176 | 6,499 | 6,456 | 7,906 | 7,876 | 6,778 | 6,406 | 8,124 |
| Profit before tax | 689 | 630 | 619 | 985 | 979 | 805 | 547 | 925 |
| Net profit | 496 | 489 | 1,077 | 742 | 742 | 655 | 331 | 662 |
| EPS (₹) | 10.01 | 9.76 | 21.03 | 14.52 | 14.36 | 12.76 | 6.31 | 12.68 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Generation | 7,585 | 22.6 |
| Transmission and Distribution | 24,764 | 73.7 |
| Renewables | 1,241 | 3.7 |
| Total, before eliminations | 33,591 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADANI POWER LTD | 3,63,883 | 25.5 | 5.48 | 17.8 | 19.5 | 12.7 | 15.6 | 44.3 |
| TATA POWER CO LTD | 1,08,363 | 28.1 | 2.28 | 11.9 | 10.8 | 3.4 | 14.0 | 23.1 |
| TORRENT POWER LTD ◆ | 59,455 | 25.6 | 3.02 | 12.3 | 12.5 | 9.3 | 18.9 | 19.9 |
| CESC LTD | 16,492 | 8.5 | 1.25 | 7.1 | 12.3 | 5.9 | 9.8 | 20.9 |
| RELIANCE INFRASTRUCTU LTD | 1,942 | 0.6 | 0.07 | 2.0 | 16.6 | (1.6) | 4.1 | 0.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 25.6 | 19.4 | 19 of 31 | 40% |
| P/B | 3.0 | 1.4 | 27 of 35 | 24% |
| ROCE | 9.3 | 3.1 | 6 of 38 | 87% |
| ROE | 12.5 | 8.7 | 9 of 35 | 77% |
| Debt / Equity | 0.7 | 0.8 | 15 of 35 | 59% |
| EBITDA margin | 19.9 | 41.1 | 29 of 33 | 13% |
| Revenue growth | 2.8 | 7.8 | 23 of 33 | 31% |
| Profit growth | (10.8) | 7.6 | 25 of 34 | 27% |
| Market cap | 59455 | 6339 | 10 of 38 | 76% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · AA+ Stable ratings upheld; proposed Rs 2,500 crore debentures rated | credit debt | medium | — | — |
| 8 Oct 2026 · Routine SEBI compliance certificate submitted for Q2 FY26 | compliance | minimal | — | — |
| 7 Oct 2026 · Torrent Power: 300 MW wind PPA with SECI terminated, Rs 39.78 cr damages payable | business updates | high | — | — |
| 28 Sept 2026 · Trading Window Closure for Designated Persons from Oct 1, 2026 | compliance | minimal | — | — |
| 16 Sept 2026 · Torrent Power to attend Morgan Stanley investor conference on Sept 22, 2026 | board shareholder meetings | low | — | — |
| 14 Sept 2026 · Torrent Power to participate in J.P. Morgan India Conference 2026 | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Torrent Green Energy commissions 322 MWp solar project in Maharashtra | business updates | high | — | — |
| 7 Sept 2026 · Torrent Power to attend three investor conferences in September 2026 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Torrent Power to attend three investor conferences in September 2026 | board shareholder meetings | low | — | — |
| 25 Aug 2026 · Investor meeting with Sameeksha Capital on Aug 31 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.