Adani Power Ltd.
NSE: ADANIPOWER
Utilities · Utilities - Independent Power Producers
₹182.04 last close on 23 Oct 2026 −1.74%
Research updated
Torrent Power Ltd.
NSE: TORNTPOWERUtilitiesUtilities - Independent Power Producers
- Last close
- ₹1,169.00
- Day change
- −₹35.00 (−2.91%)vs
- Market cap
- ₹58,906 crIndian rupees
- Research updated
- 2 reports
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About Torrent Power
Torrent Power Ltd. is an integrated power utility company operating in India, primarily engaged in the generation, transmission, and distribution of electricity. With a commitment to delivering reliable and efficient power solutions, Torrent Power serves a diverse array of sectors, including residential, commercial, and industrial clients. The company's power generation capacity is diversified across thermal, hydroelectric, and renewable energy sources, highlighting its efforts to embrace sustainable energy practices. Its distribution network extends through several key regions, enhancing its critical role in supporting India's infrastructure and energy needs. Torrent Power is recognised for its high operational standards and technological innovations that enhance efficiency and service quality. As a leading player in India's power sector, the company contributes significantly to the country's economic development by helping to meet the growing demand for electricity. Torrent Power's market significance is underscored by its commitment to scalability and sustainable energy production, reflecting broader trends toward energy efficiency and innovation in the power industry.
- Sector
- Utilities
- Industry
- Utilities - Independent Power Producers
- Listing
- NSE: TORNTPOWER
- Employees
- 8,173
- Headquarters
- Ahmedabad, India
- ISIN
- INE813H01021
- Website
- torrentpower.com
Public research · Report of
Business model & financial foundation
Torrent Power (NSE: TORNTPOWER), Integrated power generation, transmission and distribution: revenue of ₹28,966 crore in FY26 (-0.7% on FY25), an EBITDA margin of 19.1%, net profit of ₹2,416 crore and net debt of ₹11,853 crore.
- Revenue, FY26 (₹ crore)
- 28,966
- consolidated
- Revenue growth, FY26
- -0.7%
- on FY25
- Net profit, FY26 (₹ crore)
- 2,416
- to owners
- Return on equity, FY26
- 13.2%
- on average equity
- Net debt, FY26 (₹ crore)
- 11,853
- Issuer net debt incl liquidity mutual funds and leases
- Market capitalisation (₹ crore)
- 59,929
- at the close of 23 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | Torrent Power Limited |
| Exchange and ticker | NSE: TORNTPOWER; BSE: 532779 |
| ISIN | INE813H01021 |
| CIN | L31200GJ2004PLC044068 |
| Sector | Utilities |
| Industry | Integrated power generation, transmission and distribution |
| Headquarters | Ahmedabad, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Price Waterhouse Chartered Accountants LLP (since 2022 reappointment) |
| Market capitalisation | ₹59,929 crore (23 Oct 2026) |
| Shares outstanding | 50.39 crore shares (FY26) |
| Price | ₹1,204 (close, 23 Oct 2026) |
| 52-week range | ₹1,165 - ₹1,824 (to 23 Oct 2026) |
| Website | https://www.torrentpower.com |
Corporate structure and shareholding
Parent: Torrent Investments Limited.
| Entity | Holding | Business |
|---|---|---|
| DNH & DD Power Distribution Corporation Limited | 51% | Licensed electricity distribution |
| Torrent Green Energy Private Limited | 100% | Renewable project platform |
| Torrent Solargen Limited | 100% | Renewable generation step-down subsidiary |
| Torrent Power Grid Limited | 90% | Transmission |
| Solapur Transmission Limited | 100% | Transmission project |
| Newzone India Private Limited | 100% | Anuppur thermal project development |
| Nabha Power Limited | 100% | 1400 MW coal generation acquired 25 June 2026 |
Annual-report holdings at March 2026 except Nabha acquisition update. Renewable minority SPVs consolidated; segment capital employed is not regulatory equity.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 51.09% | 51.09% | 51.09% | 51.09% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 8.32% | 8.40% | 8.52% | 8.36% |
| Domestic institutions | 22.73% | 22.83% | 22.68% | 22.80% |
| of which mutual funds | 16.12% | 15.67% | 15.79% | 15.90% |
| Retail | 4.49% | 4.23% | 4.40% | 4.50% |
| Other | 13.37% | 13.45% | 13.31% | 13.25% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Segment | revenue, FY26 (₹ crore) | Share | result, FY26 (₹ crore) | Share | assets, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Generation (thermal and RLNG trading) | 7,585 | 22.6% | 1,320 | 21.5% | 4,426 | 9.8% |
| Transmission and Distribution | 24,764 | 73.7% | 3,793 | 61.9% | 22,202 | 49.1% |
| Renewables (wind and solar) | 1,241 | 3.7% | 1,012 | 16.5% | 17,111 | 37.9% |
| Reconciliation adjustments (not operating segment) | 1,454 | 3.2% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Tata Power (TATAPOWER) | Integrated private utility with distribution and renewable growth |
| CESC (CESC) | Regulated distribution and thermal utility |
| NTPC (NTPC) | Regulated thermal generation and renewable capital cycle |
| NHPC (NHPC) | Regulated generation and long-duration capital projects |
| JSW Energy (JSWENERGY) | Private generation, renewable and storage expansion; different merchant risk |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 14,055 | 25,403 | 27,183 | 29,165 | 28,966 |
| Cost of revenue (vendor classification) * | 9,814 | 19,917 | 21,456 | 22,503 | 21,700 |
| Other operating costs (vendor classification) * | 329.1 | 486.2 | 589.8 | 704.1 | 946.3 |
| EBITDA (vendor classification) * | 3,800 | 5,029 | 4,775 | 5,574 | 5,715 |
| EBIT including other income | 1,178 | 3,845 | 3,526 | 4,297 | 4,251 |
| Finance costs | 613.9 | 803.2 | 943.4 | 1,045 | 934.5 |
| Profit before tax | 564.0 | 3,041 | 2,583 | 3,253 | 3,317 |
| Total current and deferred tax expense | 105.3 | 876.7 | 686.6 | 194.0 | 847.4 |
| Group profit after tax including non-controlling interests | 458.7 | 2,165 | 1,896 | 3,059 | 2,469 |
| Diluted EPS (₹) | 9.45 | 44.06 | 38.14 | 61.23 | 47.95 |
| Fuel, purchased power, materials, stock and inventory change | 20,509 | 21,485 | 20,592 | ||
| Employee benefits expense | 611.2 | 690.0 | 705.8 | ||
| Other expenses | 1,504 | 1,683 | 2,128 | ||
| Operating EBITDA excluding other income | 4,559 | 5,307 | 5,541 | ||
| Other income | 344.3 | 487.2 | 322.6 | ||
| Depreciation and amortisation | 1,378 | 1,497 | 1,613 | ||
| Signed separately presented exceptional items | 0.00 | 0.00 | 0.00 | ||
| Profit attributable to non-controlling interests | 62.8 | 70.1 | 52.9 | ||
| Signed share of associates and joint ventures | 0.00 | 0.00 | 0.00 | ||
| Profit attributable to owners of Torrent Power | 1,833 | 2,989 | 2,416 | ||
| Electrical energy purchased (COGS component) | 13,743 | 15,290 | 15,054 | ||
| Fuel cost (COGS component) | 5,648 | 4,878 | 3,944 | ||
| Materials consumed (COGS component) | 406.5 | 213.5 | 0.00 | ||
| Stock-in-trade purchases (COGS component) | 690.5 | 1,104 | 1,594 | ||
| Finished-goods and WIP inventory change (COGS component) | 20.5 | 0.11 | 0.00 | ||
| Current tax expense | 445.1 | 600.5 | 728.2 | ||
| Signed deferred tax expense (negative is credit) | 241.5 | -406.5 | 119.3 | ||
| Issuer PBDIT including other income | 4,904 | 5,795 | 5,864 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners | 9,979 | 11,487 | 12,062 | 17,615 | 19,075 |
| Borrowings including current maturities excluding leases | 9,143 | 10,541 | 11,585 | 8,737 | 13,733 |
| Cash and cash equivalents | 289.4 | 188.2 | 350.8 | 289.1 | 766.6 |
| Net trade receivables excluding regulatory unbilled assets | 1,603 | 2,246 | 2,191 | 2,362 | 2,330 |
| Inventories | 537.6 | 820.3 | 800.5 | 658.0 | 507.2 |
| Total current and non-current trade payables | 1,111 | 1,523 | 2,158 | 2,205 | 2,203 |
| Net property plant and equipment excluding ROU/intangibles | 55.5 | 68.4 | 20,654 | 23,028 | 24,201 |
| Capital work in progress | 1,297 | 2,625 | 2,472 | 2,250 | 6,962 |
| Total assets | 25,023 | 29,910 | 33,392 | 36,573 | 45,193 |
| Issuer net debt incl liquidity mutual funds and leases | 10,504 | 7,813 | 11,853 | ||
| Total equity including non-controlling interests | 12,598 | 18,216 | 19,709 | ||
| Debt carrying amount including lease liabilities | 11,632 | 8,840 | 13,971 | ||
| Current investments in liquidity mutual funds | 937.4 | 873.0 | 1,507 | ||
| Bank balances outside cash equivalents | 67.9 | 90.9 | 64.8 | ||
| Gross regulatory unbilled revenue in other financial assets | 3,672 | 3,991 | 3,150 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operations after tax | 1,979 | 2,641 | 4,258 | 4,805 | 5,464 |
| Free cash flow (vendor definition) * | 1,358 | 366.7 | 601.9 | 474.7 | -2,240 |
| Group cash dividends paid (positive outflow) | -702.0 | -1,062 | 771.1 | 901.7 | 1,021 |
| Cash payments PPE intangibles and right-of-use assets | -1,760 | -3,023 | 3,656 | 4,330 | 7,705 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Year-end issued shares (not weighted average) | 48.06 | 48.06 | 48.06 | 50.39 | 50.39 |
| Weighted-average diluted shares | 48.06 | 48.81 | 50.39 | ||
| Contracted capital commitments net of advances | 3,431 | 14,824 | 24,543 | ||
| Contracted equity investment commitments | 3,661 | ||||
| Finance costs allocated to capital works (flow) | 71.6 | 114.1 | |||
| Government capital grants received (cash) | 0.00 | 166.5 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 7,176 | 6,499 | 6,456 | 7,906 | 7,876 | 6,778 | 6,406 | 8,124 |
| Cost of revenue (vendor classification) * | 5,367 | 4,831 | 5,766 | 5,733 | 5,705 | 4,653 | 4,500 | 5,818 |
| Other operating costs (vendor classification) * | 410.9 | 390.4 | -724.2 | 504.9 | 490.4 | 538.4 | 593.9 | 589.1 |
| EBITDA (vendor classification) * | 1,332 | 1,284 | 1,217 | 1,588 | 1,584 | 1,472 | 1,220 | 1,619 |
| EBIT * | 961.0 | 906.0 | 827.5 | 1,197 | 1,195 | 1,060 | 799.2 | 1,218 |
| Finance costs | 272.3 | 276.1 | 236.4 | 212.1 | 215.8 | 254.7 | 251.9 | 293.0 |
| Profit before tax | 688.7 | 629.9 | 619.4 | 985.3 | 979.1 | 805.0 | 547.4 | 925.2 |
| Total tax expense (credit signed) | 193.0 | 140.6 | -457.9 | 243.8 | 237.6 | 150.2 | 215.9 | 263.3 |
| Consolidated PAT before non-controlling attribution | 495.7 | 489.3 | 1,077 | 741.6 | 741.6 | 654.7 | 331.5 | 661.9 |
| Diluted EPS as reported, not annualised (₹) | 10.01 | 9.76 | 21.03 | 14.52 | 14.36 | 12.76 | 6.31 | 12.68 |
| Fuel, power purchases, materials and inventory costs | 5,367 | 4,831 | 4,748 | 5,733 | 5,705 | 4,653 | 4,500 | 5,818 |
| Employee benefits expense | 190.3 | 165.9 | 160.8 | 185.3 | 174.4 | 183.5 | 162.6 | 179.4 |
| Other expenses | 410.9 | 390.4 | 416.9 | 504.9 | 490.4 | 538.4 | 593.9 | 589.1 |
| Operating EBITDA excluding other income | 1,207 | 1,112 | 1,130 | 1,483 | 1,506 | 1,403 | 1,149 | 1,538 |
| Other income | 124.7 | 171.9 | 114.4 | 104.7 | 77.9 | 69.2 | 70.9 | 80.7 |
| Depreciation and amortisation | 371.0 | 377.5 | 389.1 | 390.3 | 388.8 | 412.7 | 421.0 | 400.4 |
| PAT attributable to non-controlling interests | 14.7 | 13.7 | 17.7 | 10.1 | 17.8 | 11.7 | 13.3 | 23.0 |
| PAT attributable to parent owners | 481.0 | 475.7 | 1,060 | 731.4 | 723.7 | 643.1 | 318.2 | 638.9 |
| Period-end ordinary shares (not weighted diluted shares) | 48.06 | 50.39 | 50.39 | 50.39 | 50.39 | 50.39 | 50.39 | 50.39 |
| Exceptional items (signed if disclosed) | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. |
| Share of equity-accounted associates/JV profit (signed) | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. |
| Electrical energy purchased | 3,756 | 3,818 | 3,897 | 3,921 | 3,931 | 3,512 | 3,690 | 4,674 |
| Fuel cost | 1,357 | 620.3 | 469.6 | 1,551 | 1,311 | 567.2 | 515.1 | 1,143 |
| Materials consumed | 114.1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Purchase of stock in trade | 147.3 | 393.0 | 381.8 | 261.1 | 463.7 | 574.1 | 294.9 | 0.00 |
| Signed change in finished goods and WIP inventory | -6.69 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Current tax expense | 27.7 | 203.0 | 131.9 | 213.4 | 207.4 | 115.7 | 191.6 | 222.0 |
| Signed deferred tax expense or credit | 165.2 | -62.5 | -589.7 | 30.4 | 30.1 | 34.5 | 24.3 | 41.4 |
| Paid-up equity capital INR10 face value | 480.6 | 503.9 | 503.9 | 503.9 | 503.9 | 503.9 | 503.9 | 503.9 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 17.0% | 80.7% | 7.0% | 7.3% | -0.7% |
| EBITDA margin | 16.8% | 18.2% | 19.1% | ||
| Net margin | 6.7% | 10.2% | 8.3% | ||
| Return on equity | 15.6% | 20.1% | 13.2% | ||
| Return on capital employed | 6.3% | 18.7% | 15.4% | 17.2% | 14.4% |
| Return on assets | 5.8% | 8.5% | 5.9% | ||
| Net debt (₹ crore) | 10,504 | 7,813 | 11,853 | ||
| Net debt / EBITDA | 2.30x | 1.47x | 2.14x | ||
| Interest cover | 1.92x | 4.79x | 3.74x | 4.11x | 4.55x |
| Asset turnover | 0.58x | 0.92x | 0.86x | 0.83x | 0.71x |
| Receivable days | 42 | 32 | 29 | 30 | 29 |
| Inventory days (on revenue) | 14 | 12 | 11 | 8 | 6 |
| Payable days (on revenue) | 29 | 22 | 29 | 28 | 28 |
| Cash conversion | 2.32x | 1.61x | 2.26x | ||
| Capex intensity | 12.5% | 11.9% | 13.5% | 14.8% | 26.6% |
| Free cash flow (₹ crore) | 219.7 | -382.1 | 601.9 | 474.7 | -2,240 |
| Dividend payout | 42.1% | 30.2% | 42.3% | ||
| EPS, diluted (₹) | 9.45 | 44.06 | 38.14 | 61.23 | 47.95 |
| Book value per share (₹) | 207.6 | 239.0 | 251.0 | 349.6 | 378.6 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Issuer net debt incl liquidity mutual funds and leases; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 23 Oct 2026); market data at the close of 23 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 23 Oct 2026; page updated 25 Oct 2026.
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