Torrent Power Ltd
Torrent Power Ltd is a leading integrated power utility company in India with presence across generation, transmission and distribution of power. Its operations are spread across the states of Gujarat, Maharashtra, Uttar Pradesh and Karnataka.[1]
It is a part of Torrent Group which has presence across pharmaceutical, power and city gas distribution business.[2]
- Market Cap ₹ 65,462 Cr.
- Current Price ₹ 1,299
- High / Low ₹ 1,824 / 1,188
- Stock P/E 28.2
- Book Value ₹ 379
- Dividend Yield 1.54 %
- ROCE 13.7 %
- ROE 12.5 %
- Face Value ₹ 10.0
Pros
- Company has been maintaining a healthy dividend payout of 38.6%
Cons
- Stock is trading at 3.43 times its book value
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Utilities Power Power Integrated Power Utilities
Part of BSE 500 BSE 200 BSE Dollex 200 Nifty 500 Nifty Energy
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 10,348 | 11,680 | 9,960 | 11,512 | 13,151 | 13,641 | 12,173 | 14,258 | 25,694 | 27,183 | 29,165 | 28,966 | 29,184 | |
| 8,246 | 8,681 | 7,487 | 8,364 | 9,934 | 10,045 | 8,695 | 10,643 | 20,906 | 22,587 | 23,844 | 23,389 | 23,588 | |
| Operating Profit | 2,103 | 2,999 | 2,472 | 3,148 | 3,217 | 3,596 | 3,477 | 3,615 | 4,789 | 4,596 | 5,322 | 5,577 | 5,596 |
| OPM % | 20% | 26% | 25% | 27% | 24% | 26% | 29% | 25% | 19% | 17% | 18% | 19% | 19% |
| 320 | 337 | 179 | 232 | 172 | -862 | 130 | -1,089 | 352 | 307 | 473 | 287 | 299 | |
| Interest | 962 | 1,131 | 1,058 | 848 | 899 | 955 | 776 | 628 | 818 | 943 | 1,045 | 934 | 1,015 |
| Depreciation | 720 | 916 | 1,006 | 1,132 | 1,227 | 1,304 | 1,280 | 1,334 | 1,281 | 1,378 | 1,497 | 1,613 | 1,623 |
| Profit before tax | 740 | 1,290 | 587 | 1,401 | 1,264 | 475 | 1,552 | 564 | 3,041 | 2,583 | 3,253 | 3,317 | 3,257 |
| Tax % | 51% | 30% | 27% | 32% | 28% | -148% | 16% | 19% | 29% | 27% | 6% | 26% | |
| 363 | 902 | 430 | 952 | 904 | 1,179 | 1,296 | 459 | 2,165 | 1,896 | 3,059 | 2,469 | 2,390 | |
| EPS in Rs | 7.61 | 18.73 | 8.92 | 19.61 | 18.70 | 24.43 | 26.86 | 9.45 | 44.06 | 38.14 | 59.31 | 47.95 | 46.11 |
| Dividend Payout % | 20% | 24% | 25% | 26% | 27% | 47% | 41% | 95% | 59% | 42% | 32% | 42% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 10% |
| 5 Years: | 19% |
| 3 Years: | 4% |
| TTM: | 4% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 10% |
| 5 Years: | 12% |
| 3 Years: | 4% |
| TTM: | -15% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 22% |
| 5 Years: | 22% |
| 3 Years: | 22% |
| 1 Year: | 3% |
| Return on Equity | |
|---|---|
| 10 Years: | 14% |
| 5 Years: | 15% |
| 3 Years: | 15% |
| Last Year: | 12% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 472 | 481 | 481 | 481 | 481 | 481 | 481 | 481 | 481 | 481 | 504 | 504 |
| Reserves | 6,083 | 5,990 | 6,411 | 7,239 | 8,490 | 8,673 | 9,704 | 9,463 | 10,529 | 11,581 | 17,111 | 18,571 |
| 9,355 | 8,515 | 8,768 | 9,298 | 9,715 | 8,908 | 7,817 | 9,143 | 10,541 | 11,632 | 8,840 | 13,971 | |
| 3,722 | 4,626 | 5,132 | 5,571 | 5,865 | 5,541 | 5,513 | 5,902 | 8,320 | 9,633 | 10,004 | 11,999 | |
| Total Liabilities | 19,632 | 19,612 | 20,793 | 22,589 | 24,550 | 23,603 | 23,514 | 24,988 | 29,872 | 33,326 | 36,459 | 45,045 |
| 15,088 | 15,139 | 16,804 | 17,871 | 18,014 | 17,569 | 17,326 | 17,097 | 19,269 | 21,802 | 24,286 | 25,611 | |
| CWIP | 233 | 213 | 332 | 393 | 359 | 568 | 838 | 1,297 | 2,625 | 2,472 | 2,250 | 6,965 |
| Investments | 607 | 511 | 671 | 873 | 914 | 724 | 466 | 407 | 804 | 954 | 895 | 1,531 |
| 3,705 | 3,748 | 2,986 | 3,453 | 5,263 | 4,743 | 4,885 | 6,187 | 7,174 | 8,097 | 9,028 | 10,938 | |
| Total Assets | 19,632 | 19,612 | 20,793 | 22,589 | 24,550 | 23,603 | 23,514 | 24,988 | 29,872 | 33,326 | 36,459 | 45,045 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,251 | 2,550 | 2,356 | 2,764 | 2,425 | 3,610 | 2,988 | 3,167 | 3,456 | 4,258 | 4,805 | 5,464 | |
| -1,158 | -911 | -2,122 | -2,418 | -1,828 | -1,129 | -910 | -2,483 | -3,216 | -3,544 | -3,650 | -8,088 | |
| -1,206 | -2,163 | -674 | -311 | -617 | -2,506 | -2,061 | -502 | -341 | -551 | -1,216 | 3,101 | |
| Net Cash Flow | -112 | -523 | -440 | 34 | -20 | -25 | 16 | 182 | -101 | 163 | -62 | 478 |
| Free Cash Flow | 889 | 926 | -85 | 429 | 537 | 2,263 | 1,699 | 1,407 | 432 | 659 | 608 | -2,156 |
| CFO/OP | 113% | 96% | 100% | 98% | 84% | 109% | 93% | 94% | 82% | 103% | 94% | 109% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 31 | 33 | 36 | 36 | 34 | 34 | 43 | 41 | 32 | 29 | 30 | 29 |
| Inventory Days | ||||||||||||
| Days Payable | ||||||||||||
| Cash Conversion Cycle | 31 | 33 | 36 | 36 | 34 | 34 | 43 | 41 | 32 | 29 | 30 | 29 |
| Working Capital Days | -35 | 9 | -15 | -11 | -15 | -23 | -21 | -40 | -9 | -9 | -3 | -35 |
| ROCE % | 11% | 15% | 10% | 13% | 12% | 13% | 13% | 13% | 18% | 15% | 16% | 14% |
Insights
In beta| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Solar Renewable Plant Load Factor % |
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| T&D Loss - Ahmedabad Licensed Distribution % |
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| T&D Loss - Bhiwandi Franchised Distribution % |
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| Thermal Plant Load Factor (Aggregate) % |
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| Wind Renewable Plant Load Factor % |
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| Installed Generation Capacity MWp |
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| Distribution Power Purchase Volume MUs |
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Extracted by Screener AI
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
- Torrent Power to meet Sameeksha Capital in person on August 31, 2026, at 10:30 am IST.
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Appointment Of Vikas Poddar As Chief Financial Officer & Whole Time Key Managerial Personnel And Senior Management Personnel Of The Company
- Saurabh Mashruwala retires as CFO August 20, 2026; Vikas Poddar appointed CFO from August 21, 2026.
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Announcement under Regulation 30 (LODR)-Resignation of Chief Financial Officer (CFO)
- Saurabh Mashruwala retires as CFO on Aug 20, 2026; Vikas Poddar appointed CFO from Aug 21, 2026.
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Board Meeting Outcome for Change In Key Managerial Personnel
- Saurabh Mashruwala retires as CFO on Aug 20, 2026; Vikas Poddar appointed CFO from Aug 21, 2026.
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Announcement under Regulation 30 (LODR)-Acquisition
- TGEPL incorporated Torrent Urja 50 and 51 Private Limited on August 19, 2026.
Annual reports
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Annual Report 2026
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Annual Report 2025
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Annual Report 2024
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Annual Report 2023
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Annual Report 2022
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Annual Report 2021
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Annual Report 2020
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Annual Report 2019
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Annual Report 2018
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Annual Report 2017
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Annual Report 2016
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Annual Report 2015
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Annual Report 2014
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Annual Report 2013
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Annual Report 2013
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Concalls
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Aug 2026TranscriptPPT REC
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May 2026Transcript PPT
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Feb 2026Transcript PPT
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Feb 2026TranscriptAI SummaryPPT
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Nov 2025TranscriptPPT REC
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Nov 2025TranscriptPPTREC
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Aug 2025Transcript PPT REC
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May 2025Transcript PPT
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Feb 2025Transcript PPT REC
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Nov 2024Transcript PPT
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Oct 2024TranscriptAI SummaryPPT
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Jul 2024Transcript PPT
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May 2024Transcript PPT
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Nov 2023Transcript PPT
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Nov 2022Transcript PPT
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Aug 2022Transcript PPT
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May 2022Transcript PPT
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Feb 2022TranscriptAI SummaryPPT
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Oct 2021TranscriptAI SummaryPPT
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Sep 2021Transcript PPT
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Aug 2021TranscriptAI SummaryPPT
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May 2021Transcript PPT
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Feb 2021Transcript PPT
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Nov 2020Transcript PPT
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Aug 2020Transcript PPT
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Feb 2020Transcript PPT
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Nov 2019Transcript PPT
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Aug 2019Transcript PPT
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Aug 2019TranscriptAI SummaryPPT
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May 2019Transcript PPT
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Feb 2019TranscriptAI SummaryPPT
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Aug 2005TranscriptPPT
Business Segments:[1]
a) Transmission:
Operational network of 952 ckm at 400 kV
and 388 ckm at 220 kV; ~40 kms of additional 400 kV D/C line in the pipeline.
b) Distribution:
Stable, regulated revenue stream through licensed distribution in Ahmedabad, Surat, Dahej SEZ, Dholera SIR, DNH, and Diu & Daman; plus franchised operations in Agra, Bhiwandi, Shil, Mumbra & Kalwa.
c) Thermal Generation:
The backbone of the portfolio with 2,730 MW gas-based and 362 MW coal-based capacity operational. An additional 1,600 MW coal capacity is under development, and 1,400 MW is under acquisition, indicating aggressive capacity expansion.
d) Renewable Generation:
A fast-growing pillar. Solar stands at 1,081 MWp operational with 1,787 MWp in the pipeline. Wind is 921 MW operational with a large 2,163 MW under development - total renewable pipeline exceeds 3,900 MW, signaling a strong green transition.
e) PSP (Pumped Storage Projects):
An emerging high-growth vertical with
8.4 GW pipeline across UP and Maharashtra;
3 GW under construction and 2 GW tied up - strategically important for grid balancing as renewables scale.
f) Green Hydrogen / Green Ammonia:
Early-stage but PLI-backed; awarded 18 KTPA capacity under the government's PLI Scheme, positioning Torrent for the emerging clean fuel economy.