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
| ₹ 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) |
| ₹ 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 |
| 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADANI POWER LTD | 4,04,921 | 28.4 | 6.10 | 19.5 | 19.5 | 12.7 | 15.6 | 44.3 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 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 | — | — |
| 20 Aug 2026 · Torrent Power CFO change: Mashruwala retires, Poddar takes over from Aug 21 | management changes | high | — | — |
| 20 Aug 2026 · Torrent Power CFO Saurabh Mashruwala retires; Vikas Poddar named successor | management changes | high | — | — |
| 20 Aug 2026 · Torrent Power CFO Saurabh Mashruwala retires, Vikas Poddar named successor | management changes | high | — | — |
| 19 Aug 2026 · Torrent Power sets up two new step-down subsidiaries for green energy | strategic transactions | medium | — | — |
| 19 Aug 2026 · Torrent Power reschedules investor meeting to August 26 | board shareholder meetings | low | — | — |
| 6 Aug 2026 · Torrent Power shares Q1 FY27 earnings call transcript | investor communications | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| TATA POWER CO LTD | 1,16,528 | 30.2 | 2.45 | 12.4 | 10.8 | 3.4 | 14.0 | 23.1 |
| TORRENT POWER LTD ◆ | 65,406 | 28.1 | 3.32 | 13.4 | 12.5 | 9.3 | 18.9 | 19.9 |
| CESC LTD | 19,345 | 9.9 | 1.47 | 7.8 | 12.3 | 5.9 | 9.8 | 20.9 |
| RELIANCE INFRASTRUCTU LTD | 2,193 | 0.7 | 0.08 | 2.1 | 16.6 | (1.6) | 4.1 | 0.8 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 28.1 | 20.4 | 21 of 34 | 39% |
| P/B | 3.3 | 1.6 | 27 of 35 | 24% |
| ROCE | 9.3 | 3.1 | 6 of 38 | 87% |
| ROE | 12.5 | 8.8 | 9 of 36 | 77% |
| Debt / Equity | 0.7 | 0.8 | 16 of 36 | 57% |
| 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 | 65406 | 6460 | 10 of 38 | 76% |
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| 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 |
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