Torrent Power

Listed Utility / PSU — per-stock model.

As of 21 Aug 2026

Utility / PSU—

CMP ₹1,248NSE: TORNTPOWER

Latest concall

Q4 FY26 · 13 May 2026

Q4 PAT ₹318cr (-70% YoY on a prior-year ₹637cr deferred-tax reversal base).
Q4 PBT ₹547cr incl ₹171cr one-off UNOSUGEN provision; adjusted PBT ₹718cr (+16%).
Installed 5,094 MW (2,730 gas, 2,002 RE, 362 coal); Khavda transmission commissioned in Q4.
FY26 capex: RE ₹6,500cr, distribution ₹1,600cr, thermal ₹700cr, transmission ₹550cr.

Order-book execution

4 GW RE commissions ~1.2-1.4 GW in FY27 and the rest in FY28; 3 GW PSP and 1.6 GW coal build through FY31.

Management guidance

FY27 RE commissioning 1.2-1.4 GW; ~860 MW C&I under construction; FY27 capex above FY26.
Pipeline: 4 GW RE (₹28,000cr), 3 GW pumped storage, 1.6 GW coal (₹23,000cr) through FY31.
Renewable EBITDA pressured by expiry of generation-based incentive; pursuing Nabha acquisition.

Q4 FY26 earnings call, May 13 2026

UC + pipeline

8.6GW

own capacity, not an order book

Revenue FY26E

28,966₹ cr

EBITDA margin

19%

P/E

27.0×

Financials

Annual · ₹ crore · E = estimate.

Annual financials

₹ crore · FY25 → FY28E

Period	Revenue	EBITDA	EBITDA %	PAT	Gross %	ROE %	ROCE %	Capex	Net debt	EPS ₹	WC days
FY15	10,348	2,103	20.0%	363	—	—	—	—	—	7.6	—
FY16	11,680	2,999	26.0%	902	—	—	—	—	—	18.7	—
FY17	9,960	2,472	25.0%	430	—	—	—	—	—	8.9	—
FY18	11,512	3,148	27.0%	952	—	—	—	—	—	19.6	—
FY19	13,151	3,217	24.0%	904	—	—	—	—	—	18.7	—
FY20	13,641	3,596	26.0%	1,179	—	—	—	—	—	24.4	—
FY21	12,173	3,477	29.0%	1,296	—	—	—	—	—	26.9	—
FY22	14,258	3,615	25.0%	459	—	—	—	—	—	9.4	—
FY23	25,694	4,789	19.0%	2,165	—	—	—	—	—	44.1	—
FY24	27,183	4,596	17.0%	1,896	—	—	—	—	—	38.1	—
FY25	29,165	5,322	18.0%	3,059	—	—	—	—	—	59.3	—
FY26	28,966	5,577	19.0%	2,469	—	—	—	—	—	48.0	—

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Revenue, EBITDA & margin

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Quarterly

₹ crore · recent quarters.

Quarterly financials

₹ crore

Quarter	Revenue	EBITDA	EBITDA %	PAT	PAT %
Q4FY23	6,038	1,090	18.0%	484	8.0%
Q1FY24	7,328	1,185	16.0%	532	7.3%
Q2FY24	6,961	1,221	18.0%	543	7.8%
Q3FY24	6,366	1,044	16.0%	374	5.9%
Q4FY24	6,529	1,109	17.0%	447	6.8%
Q1FY25	9,034	1,858	21.0%	996	11.0%
Q2FY25	7,176	1,207	17.0%	496	6.9%
Q3FY25	6,499	1,112	17.0%	489	7.5%
Q4FY25	6,456	1,130	18.0%	1,077	16.7%
Q1FY26	7,906	1,483	19.0%	742	9.4%
Q2FY26	7,876	1,506	19.0%	742	9.4%
Q3FY26	6,778	1,403	21.0%	655	9.7%
Q4FY26	6,406	1,149	18.0%	331	5.2%

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Revenue & margin trend

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Valuation

As of 21 Aug 2026

P/E

27.0×

EV / EBITDA

13.7×

P/B

3.3×

Operating metrics

What the rest of the dashboard tracks for Torrent Power — capacity, auctions, offtake, manufacturing and returns.

150 MW

Auctions won

1 auction

Auctions won

From the maintained auction feed

Tenders

Date	Agency	Type	MW	₹/kWh	Source
16 Jul 2026	SECI	Wind	150	3.78	source

Commissioning pipeline

Guided COD tracked from concalls, with slippage vs earlier guidance

IPPs

Project	Capacity	Original	Current	Slip	Status
TPL-D 830 MWp wind-solar hybrid	0.83 GW	Q2 FY27	Q2 FY27	—	on track
MSEDCL 367 MWp solar (Nashik) 'SCOD by Sept-2025' guided in Feb-2025; only 218 MW live by Dec-2025 (unsuitable govt lease land), SCOD extensions applied; remainder guided 6-9 months from May-2026 = H2 FY27.	0.367 GW	Q2 FY26	Q3 FY27	+5Q	delayed
FY27 RE commissioning pipeline (~1.3 GW)	1.3 GW	Q4 FY27	Q4 FY27	—	on track
SECI XII 300 MW wind (ISTS) Suzlon EPC; 'SCOD by Jan-2026' guided in Feb-2025, downgraded to 'applied for SCOD extension' (evacuation not ready); COD now expected before Mar-2027. ~1-year slip.	0.3 GW	Q4 FY26	Q4 FY27	+4Q	delayed

Operating & order mix

Unit economics and the order book.

Shareholding

% · as of 31 Mar 2026

Shareholding pattern

Source Market data (mid-2026) + company filings· As of 21 Aug 2026