TORNTPOWER

Torrent Power share price & financials

Price
₹1,438.4
Market cap
₹65.4k Cr
Sector
Power
Calls analysed
5
Latest concall · Q4 FY26 · call held 13 May 2026

Torrent Power Q4 FY26

Reported EBITDA ₹1,220 cr Reported PBT ₹547 cr −12%

What went well

  • Adjusted PBT for Q4 FY26 increased by 16% YoY to INR 718 crores, demonstrating underlying operational strength despite one-off provisions.
  • Regulatory gap reduced by INR 800 crores, backed by better operational efficiency and lower power purchase costs.
  • New tariff regulations are expected to be ROE accretive, with performance-based incentives potentially improving ROE by 1% annually.

What to watch

  • Reported PBT for Q4 FY26 decreased by INR 72 crores YoY to INR 547 crores, primarily due to a non-recurring provision.
  • A non-recurring provision of INR 171 crores was recognized in Q4 FY26 due to disallowance of power purchase costs for UNOSUGEN projects.
Read the full call →

What Torrent Power Limited does

Torrent Power is an integrated private-sector power utility that generates, transmits and distributes electricity in India. It operates gas-based and coal-based thermal power plants along with wind and solar renewable assets, and supplies electricity directly to end consumers through licensed distribution areas (Ahmedabad/Gandhinagar, Surat, Dahej, Dholera SIR and Dadra & Nagar Haveli-Daman & Diu) as well as franchisee distribution arrangements (Bhiwandi, Agra, and Shil-Mumbra-Kalwa). It also owns intra-state power transmission lines through a majority-held subsidiary and is expanding into pumped storage hydro and green hydrogen production. Torrent Power is part of the Torrent Group conglomerate, whose sister businesses include generics pharmaceuticals (Torrent Pharmaceuticals) and city gas distribution (Torrent Gas).

Segments

  • Generation
  • Renewables
  • Transmission & Distribution
Total installed power generation capacity
5,094 MWp (Gas 2,730 MW, Wind 921 MW, Solar 1,081 MWp, Coal 362 MW)
Distribution customer base
4.2 million+ customers across licensed and franchisee areas in 3 states and 1 Union Territory
Licensed distribution circles
5 licensed areas: Ahmedabad/Gandhinagar, Surat, Dahej, Dholera SIR, Dadra & Nagar Haveli-Daman & Diu
Franchisee distribution circles
3 franchisee areas: Bhiwandi, Agra, Shil-Mumbra-Kalwa (SMK)
Operating thermal power plants
4 plants (Sugen, Unosugen, Dgen, Amgen) in Gujarat
Transmission network (operational)
952 ckm of 400kV + 388 ckm of 220kV double-circuit lines, via 90.25%-owned Torrent Power Grid Ltd
Founded 2004Headquarters Ahmedabad, Gujarat, India Company website

Guidance record · Q4 FY26

what the last two calls moved 12 tracked 2 delivered 3 missed 7 open
  • Distribution CAPEX missed said Q4 FY25 Promised: Rs. 2000 crores (Rs. 1750 for license, Rs. 250 for franchisee) Q4 FY26: Full year FY26 capex was INR 1600 crores, missing the INR 2000 crore target.
  • Pumped Storage Project Timeline at risk said Q4 FY25 Promised: 4-5 years project from PPA signing Q4 FY26: Project mentioned as under implementation as part of the pipeline, but no specific update on the timeline or mitigation of previously acknowledged delay risks.
  • Renewable Capacity Addition delivered said Q1 FY26 Promised: 500 to 700 MW capacity coming in Q3 FY26: 285 MW solar commissioned in Q3, bringing total additions to >650 MW, hitting original guidance

All 12 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 2.8%, net profit down 10.8% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue7,176 6,499 6,456 7,906 7,876 +10%6,778 +4%6,406 −1%8,124 +3%
EBITDA1,207 1,112 1,130 1,483 1,506 +25%1,403 +26%1,149 +2%1,538 +4%
Net profit496 489 1,077 742 742 +50%655 +34%331 −69%662 −11%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +2.7% 1Y

₹1.2k₹1.4k₹1.6k₹1.8kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 11 Nov 2025Q3 FY26 — 10 Feb 2026Q4 FY26 — 13 May 2026

1Y: ₹1,262.9 on 10 Sept 2025 → ₹1,297.6. High ₹1,772.5 (27 Apr 2026), low ₹1,200 (6 Oct 2025).

How the price took the results

close before → close after

Q4 FY26
−8.8%
13 May
Q3 FY26
+3.9%
10 Feb
Q2 FY26
+1.9%
11 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 4.1% a year over 3 years, FY23 to FY26. Operating margin widened to 19.1%.

Year endingFY23FY24FY25FY26
Revenue₹25.7k Cr₹27.2k Cr₹29.2k Cr₹29.0k Cr
Operating profit₹4.8k Cr₹4.6k Cr₹5.3k Cr₹5.5k Cr
Operating margin18.5%16.8%18.2%19.1%
Interest₹818 Cr₹942 Cr₹1.0k Cr₹935 Cr
Depreciation₹1.3k Cr₹1.4k Cr₹1.5k Cr₹1.6k Cr
Net profit₹2.2k Cr₹1.9k Cr₹3.1k Cr₹2.5k Cr
Net margin8.4%7.0%10.5%8.5%
Cash from operations₹3.5k Cr₹4.3k Cr₹4.8k Cr₹5.5k Cr
Free cash flow₹432 Cr₹659 Cr₹608 Cr₹-2.2k Cr
ROCE18.0%15.0%16.0%14.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹481 Cr₹481 Cr₹481 Cr₹481 Cr₹504 Cr₹504 Cr
Reserves₹9.7k Cr₹9.5k Cr₹10.5k Cr₹11.6k Cr₹18.3k Cr₹18.6k Cr
Borrowings₹7.8k Cr₹9.1k Cr₹10.5k Cr₹11.6k Cr₹10.4k Cr₹14.0k Cr
Other liabilities₹5.5k Cr₹5.9k Cr₹8.3k Cr₹9.6k Cr₹11.1k Cr₹12.0k Cr
Total liabilities₹23.5k Cr₹25.0k Cr₹29.9k Cr₹33.3k Cr₹40.3k Cr₹45.0k Cr
Fixed assets₹17.3k Cr₹17.1k Cr₹19.3k Cr₹21.8k Cr₹24.4k Cr₹25.6k Cr
Capital work in progress₹838 Cr₹1.3k Cr₹2.6k Cr₹2.5k Cr₹3.6k Cr₹7.0k Cr
Investments₹466 Cr₹407 Cr₹804 Cr₹954 Cr₹1.6k Cr₹1.5k Cr
Other assets₹4.9k Cr₹6.2k Cr₹7.2k Cr₹8.1k Cr₹10.7k Cr₹10.9k Cr
Total assets₹23.5k Cr₹25.0k Cr₹29.9k Cr₹33.3k Cr₹40.3k Cr₹45.0k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs added +1.28 pp while FIIs trimmed −1.26 pp. The shareholder count shrank 6% to 1,55,488.

Promoters
51.1%
FIIs
8.5%
DIIs
22.7%
Government
8.3%
Public
9.4%

Since Jun 2025

  • DIIs +1.28 pp
  • FIIs −1.26 pp
  • Public +0.02 pp

How it drifted, 12 quarters

Over this window the public fell from 17.2% to 9.4% — −7.8 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 53.6%, FIIs 6.2%, DIIs 21.6%, Government 1.5%, Public 17.2%.Dec '23: Promoters 53.6%, FIIs 6.1%, DIIs 21.6%, Government 1.5%, Public 17.2%.Mar '24: Promoters 53.6%, FIIs 6.4%, DIIs 21.5%, Government 1.5%, Public 17.1%.Jun '24: Promoters 53.6%, FIIs 8.4%, DIIs 19.5%, Government 1.5%, Public 17.0%.Sep '24: Promoters 53.6%, FIIs 8.9%, DIIs 19.0%, Government 8.8%, Public 9.8%.Dec '24: Promoters 51.1%, FIIs 9.9%, DIIs 21.2%, Government 8.3%, Public 9.4%.Mar '25: Promoters 51.1%, FIIs 9.4%, DIIs 21.9%, Government 8.3%, Public 9.3%.Jun '25: Promoters 51.1%, FIIs 9.8%, DIIs 21.4%, Government 8.3%, Public 9.3%.Sep '25: Promoters 51.1%, FIIs 8.8%, DIIs 22.2%, Government 8.3%, Public 9.6%.Dec '25: Promoters 51.1%, FIIs 8.3%, DIIs 22.7%, Government 8.3%, Public 9.5%.Mar '26: Promoters 51.1%, FIIs 8.4%, DIIs 22.8%, Government 8.3%, Public 9.3%.Jun '26: Promoters 51.1%, FIIs 8.5%, DIIs 22.7%, Government 8.3%, Public 9.4%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 3 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Torrent Power Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Torrent Investments Limited 51.09%unchanged
SBI Mutual Funds Mutual fund9.00%+0.43 pp
Gujarat Urja Vikas Nigam Limited 6.95%unchanged
Life Insurance Corporation Of India Insurer3.16%−0.07 pp
Gujarat State Financial Services Ltd 2.36%unchanged
Axis Mutual Funds Mutual fund2.04%−0.72 pp
NPS Trust- A/C SBI Pension Fund Scheme - Central Govt Pension / PF1.57%−0.08 pp
The Governor Of Gujarat 1.40%unchanged
Mehta Family Trust 4 0.00%unchanged
Mehta Family Trust 3 0.00%unchanged
Mehta Family Trust 2 0.00%unchanged
Mehta Family Trust 1 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in TORNTPOWER

Filings to Aug 2026

0 new, 6 added, 2 trimmed, 0 sold out — net +6.85 L shares (+1.3%).

Held by funds
₹6.3k Cr
24 schemes
Biggest holder
SBI Contra Fund
₹1.1k Cr · 2.3% of that fund
SchemeHoldingLast month
SBI Contra Fund SBI Mutual Fund₹1.1k Crheld
SBI Focused Fund SBI Mutual Fund₹851 Crheld
SBI Large and Midcap Fund SBI Mutual Fund₹790 Crheld
SBI Midcap Fund SBI Mutual Fund₹729 Cr+10.00 L
SBI ELSS Tax Saver Fund SBI Mutual Fund₹682 Crheld
SBI Balanced Advantage Fund SBI Mutual Fund₹497 Crheld
SBI MultiCap Fund SBI Mutual Fund₹486 Cr−3.30 L
Nippon India Growth Mid Cap Fund Nippon India Mutual Fund₹426 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

6 added, 2 trimmed — net +6.85 L shares (+1.3%)

Funds are sitting on
+42%
vs est. average cost
Held by funds
₹6.3k Cr
24 schemes · ≈ 11% of the company
Biggest holder
SBI Contra Fund
₹1.1k Cr · 2.3% of that fund
Longest holder
Nippon India Growth Mid Cap Fund
8y 5m · since Apr '18

Shares held by these funds +84%

Aug '23 5.11 cr shares Jul '26

All earnings calls (5)

Read the Q4 FY26 call →

Learn to analyse Torrent Power Limited

Guides on how to read this kind of business and the numbers that matter.