Sharescart Research Club logo

Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹71751 Cr.
Stock P/E
23.5
P/B
3.8
Current Price
₹1423.9
Book Value
₹ 378.6
Face Value
10
52W High
₹1824
52W Low
₹ 1188
Dividend Yield
1.4%

Torrent Power Overview

Business

Torrent Power Ltd. is a leading private sector integrated power utility company in India. Its core business involves the generation, transmission, and distribution of electricity. The company operates power generation plants using a mix of fuels including natural gas and renewables (wind, solar). It transmits power from its generation facilities and, significantly, distributes electricity to retail, commercial, and industrial consumers across its licensed areas in various cities and states in India. Torrent Power primarily makes money by selling electricity to end-users based on regulated tariffs and long-term Power Purchase Agreements (PPAs) for its generated power.

Revenue Mix

Torrent Power's operations are broadly divided into three key segments:

Generation: Operates gas-based and renewable (wind, solar) power plants.

Transmission: Owns and operates transmission lines to evacuate power from its generation facilities.

Distribution: Manages the distribution network and supplies electricity to consumers in licensed areas such as Ahmedabad, Gandhinagar, Surat, Dahej SEZ (Gujarat), Bhiwandi, Shil, Mumbra (Maharashtra), Agra, Kanpur (Uttar Pradesh), and parts of Odisha.

While specific revenue contribution numbers vary and are not provided here, electricity distribution typically forms a significant portion of its overall revenue due to direct billing to a large customer base.

Industry

The Indian power sector is a vast, regulated, and capital-intensive industry, comprising state-owned utilities and a growing number of private players. The industry structure involves generation, transmission, and distribution. Torrent Power is positioned as one of the largest private sector integrated power utilities in India, with a strong presence in key urban and industrial areas. It competes with other private sector players (e.g., Adani Power, Tata Power) in generation and increasingly with state-owned distribution companies as privatization initiatives unfold. Its integrated model from generation to distribution provides a competitive edge in managing the power value chain.

MOAT

Regulatory Barriers & Licensed Areas: Its distribution business operates under long-term licenses, granting it a natural monopoly within its specified service areas, making it difficult for new entrants to compete directly.

Integrated Operations: Control over the entire power value chain (generation, transmission, distribution) allows for better operational synergies, cost management, and reliability compared to fragmented players.

Operational Efficiency: As a private player, Torrent Power often demonstrates higher operational efficiency, lower Aggregate Technical & Commercial (AT&C) losses, and better customer service compared to many state-owned utilities, particularly in its distribution circles.

High Capital Intensity: The substantial capital required for power generation, transmission, and distribution assets acts as a significant barrier to entry for potential competitors.

Growth Drivers

Increasing Power Demand: India's economic growth, urbanization, and industrialization are expected to drive sustained demand for electricity.

Expansion into New Distribution Circles: Government initiatives to privatize state-owned distribution companies (DISCOMs) in various states offer opportunities for Torrent Power to expand its operational footprint and customer base.

Renewable Energy Capacity Addition: The company's focus on adding renewable energy (wind and solar) capacity aligns with national policy and growing demand for green energy, potentially leading to new projects and revenue streams.

Network Modernization & Smart Grids: Investments in smart grid technologies, digitalization, and infrastructure upgrades can lead to efficiency improvements and cater to future demands.

Risks

Regulatory & Policy Risks: Changes in power policies, tariff structures, fuel allocation, or environmental regulations by central or state governments can significantly impact profitability.

Fuel Price Volatility: Fluctuations in the price and availability of natural gas (for its gas-based plants) can affect generation costs and profitability.

High Capital Expenditure: The power sector is capital-intensive, requiring continuous investments in generation, transmission, and distribution infrastructure, which entails funding risks.

Collection & AT&C Losses: While generally efficient, the ability to manage and reduce Aggregate Technical & Commercial (AT&C) losses, especially in newly acquired distribution areas, remains a key operational and financial risk.

Inter-State Grid Issues: Challenges in grid stability, transmission constraints, and power evacuation can affect generation and distribution efficiency.

Management & Ownership

Torrent Power is part of the Torrent Group, a diversified Indian conglomerate with interests in pharmaceuticals and power. The company's promoter group (Torrent Private Limited) holds a significant ownership stake, indicating strong promoter commitment. The management team is generally perceived as professional and experienced in navigating the complexities of the Indian power sector, with a focus on operational efficiency and strategic expansion.

Outlook

Torrent Power is poised to benefit from India's growing electricity demand and the government's push for private sector participation in the power distribution segment. Its integrated business model and strong operational track record in existing licensed areas provide a foundation for stable revenue and potential expansion. The company's focus on renewable energy also aligns with long-term energy transition goals. However, the outlook is subject to significant regulatory oversight, the ability to successfully integrate and improve newly acquired distribution circles (which often come with high AT&C losses), and the volatility of fuel prices. While opportunities for growth exist, especially through distribution privatization, execution risks and the highly regulated nature of the industry will continue to be critical factors shaping its performance.

Torrent Power Share Price

Live · BSE / NSE · Inception: 2004
| |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Torrent Power Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 6366 6529 9034 7176 6499 6456 7906 7876 6778 6406
Other Income 54 97 76 125 172 114 105 78 69 71
Total Income 6420 6625 9110 7301 6671 6571 8011 7954 6847 6477
Total Expenditure 5322 5420 7176 5969 5388 5326 6423 6370 5375 5257
Operating Profit 1098 1206 1934 1332 1284 1245 1588 1584 1472 1220
Interest 235 233 260 272 276 236 212 216 255 252
Depreciation 349 355 359 371 378 389 390 389 413 421
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 513 617 1315 689 630 619 985 979 805 547
Provision for Tax 139 170 318 193 141 -458 244 238 150 216
Profit After Tax 374 447 996 496 489 1077 742 742 655 331
Adjustments -14 -17 -24 -15 -14 -18 -10 -18 -12 -13
Profit After Adjustments 360 430 972 481 476 1060 731 724 643 318
Adjusted Earnings Per Share 7.5 9 20.2 10 9.4 21 14.5 14.4 12.8 6.3

Torrent Power Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 10396 11680 9960 11502 13151 13641 12173 14258 25694 27183 29165 28966
Other Income 366 282 191 264 199 197 142 325 406 470 507 323
Total Income 10762 11962 10151 11766 13350 13837 12314 14583 26100 27653 29672 29289
Total Expenditure 8316 8619 7500 8385 9961 10104 8707 10757 20959 22750 23878 23425
Operating Profit 2446 3344 2651 3381 3389 3734 3607 3826 5141 4904 5795 5864
Interest 962 1131 1058 848 899 955 776 628 818 943 1045 935
Depreciation 721 916 1006 1132 1227 1304 1280 1334 1281 1378 1497 1613
Exceptional Income / Expenses -23 -7 0 0 0 -1000 0 -1300 0 0 0 0
Profit Before Tax 740 1290 587 1401 1264 475 1552 564 3041 2583 3253 3316
Provision for Tax 378 387 158 449 360 -704 256 105 877 687 194 848
Profit After Tax 363 902 430 952 904 1179 1296 459 2165 1896 3059 2470
Adjustments -3 -2 -1 -10 -5 -5 -5 -5 -47 -63 -70 -53
Profit After Adjustments 360 900 429 942 899 1174 1291 454 2117 1833 2989 2416
Adjusted Earnings Per Share 7.6 18.7 8.9 19.6 18.7 24.4 26.9 9.4 44.1 38.1 59.3 48

Torrent Power Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 6556 6470 6892 7720 8970 9154 10184 9943 11010 12062 17615
Minority's Interest 31 30 29 36 37 36 36 36 477 536 600
Borrowings 8256 8198 8193 8564 8576 7796 6672 7099 8902 9916 7310
Other Non-Current Liabilities 2016 3147 3175 3492 2779 1808 1812 1762 2553 2999 3343
Total Current Liabilities 2774 1765 2503 2778 4187 4809 4810 6148 6930 7813 7589
Total Liabilities 19632 19612 20793 22589 24550 23603 23514 24988 29872 33326 36459
Fixed Assets 15088 15139 16803 17871 18014 17569 17326 17097 19260 21802 24286
Other Non-Current Assets 398 1122 811 1288 1796 1210 1544 2665 3159 3017 3553
Total Current Assets 4146 3351 3019 3430 4585 4824 4644 5226 7453 8506 8620
Total Assets 19632 19612 20793 22589 24550 23603 23514 24988 29872 33326 36459

Torrent Power Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 1679 1570 543 103 137 116 91 107 289 188 351
Cash Flow from Operating Activities 2251 2550 2356 2764 2425 3610 2988 3167 3456 4258 4805
Cash Flow from Investing Activities -1158 -911 -2122 -2418 -1828 -1129 -910 -2483 -3216 -3544 -3642
Cash Flow from Financing Activities -1206 -2163 -674 -311 -617 -2506 -2061 -502 -341 -551 -1216
Net Cash Inflow / Outflow -112 -523 -440 34 -20 -25 16 182 -101 163 -53
Closing Cash & Cash Equivalent 1567 1047 103 137 116 91 107 289 188 351 289

Torrent Power Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 7.61 18.73 8.92 19.61 18.7 24.43 26.86 9.45 44.06 38.14 59.31
CEPS(Rs) 22.93 37.83 29.87 43.35 44.33 51.67 53.59 37.3 71.69 68.11 90.41
DPS(Rs) 1.5 4.5 2.2 5 5 11.6 11 9 26 16 19
Book NAV/Share(Rs) 138.76 134.63 140.09 160.62 183.4 190.45 211.9 206.88 229.08 250.96 349.58
Core EBITDA Margin(%) 20.01 26.13 24.6 27.08 24.26 25.93 28.47 24.56 18.43 16.31 18.13
EBIT Margin(%) 16.38 20.66 16.45 19.54 16.44 10.48 19.12 8.36 15.02 12.97 14.73
Pre Tax Margin(%) 7.12 11.01 5.87 12.17 9.61 3.48 12.75 3.96 11.84 9.5 11.15
PAT Margin (%) 3.49 7.7 4.3 8.27 6.87 8.64 10.65 3.22 8.42 6.97 10.49
Cash Profit Margin (%) 10.42 15.52 14.36 18.1 16.2 18.2 21.16 12.57 13.41 12.04 15.62
ROA(%) 1.87 4.6 2.13 4.39 3.83 4.9 5.5 1.89 7.89 6 8.77
ROE(%) 5.68 13.85 6.51 13.18 10.93 13.12 13.4 4.56 20.66 16.44 20.61
ROCE(%) 10.78 15.67 10.79 13.83 12.17 7.82 12.93 6.44 19.04 15.62 17.19
Receivable days 29.77 30.37 37.08 33.38 32.75 33.57 40.48 38.69 27.34 29.79 28.49
Inventory Days 9.65 10.59 14.41 13.07 15.01 16.39 15.72 12.65 9.64 10.88 9.13
Payable days 0 0 0 0 0 0 0 0 0 0 0
PER(x) 21.41 12.29 26.03 11.69 13.75 11.42 15.78 52.08 11.56 35.52 25.08
Price/Book(x) 1.17 1.71 1.66 1.43 1.4 1.46 2 2.38 2.22 5.4 4.25
Dividend Yield(%) 0.92 1.96 0.95 2.18 1.94 4.16 2.6 1.83 5.1 1.18 1.28
EV/Net Sales(x) 1.47 1.61 1.97 1.74 1.65 1.61 2.3 2.27 1.35 2.81 2.86
EV/Core EBITDA(x) 6.25 5.62 7.42 5.91 6.42 5.89 7.75 8.47 6.74 15.56 14.38
Net Sales Growth(%) 19.75 12.36 -14.73 15.49 14.33 3.72 -10.76 17.13 80.21 5.8 7.29
EBIT Growth(%) 73.83 42.16 -32.02 36.7 -3.85 -33.9 62.83 -48.78 223.74 -8.64 21.88
PAT Growth(%) 236.12 148.78 -52.36 121.53 -5.07 30.43 9.92 -64.6 371.91 -12.41 61.32
EPS Growth(%) 241.71 146.02 -52.35 119.68 -4.6 30.61 9.95 -64.83 366.42 -13.42 55.49
Debt/Equity(x) 1.43 1.32 1.3 1.2 1.1 0.97 0.76 0.92 0.95 0.96 0.5
Current Ratio(x) 1.49 1.9 1.21 1.24 1.1 1 0.97 0.85 1.08 1.09 1.14
Quick Ratio(x) 1.41 1.69 1.07 1.08 0.95 0.88 0.87 0.76 0.96 0.99 1.05
Interest Cover(x) 1.77 2.14 1.56 2.65 2.41 1.5 3 1.9 4.72 3.74 4.11
Total Debt/Mcap(x) 1.21 0.77 0.79 0.84 0.79 0.66 0.38 0.38 0.43 0.18 0.12

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +7% +27% +16% +11%
Operating Profit CAGR +18% +15% +9% +9%
PAT CAGR +61% +88% +21% +24%
Share Price CAGR +2% +36% +27% +23%
ROE Average +21% +19% +15% +13%
ROCE Average +17% +17% +14% +13%

Torrent Power Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 51.09 %
FII 8.4 %
DII (MF + Insurance) 31.17 %
Public (retail) 48.91 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 53.5753.5753.5753.5751.0951.0951.0951.0951.0951.09
FII 6.136.418.428.899.949.439.88.818.328.4
DII 23.0822.932127.7829.5630.2429.7730.531.0831.17
Public 46.4346.4346.4346.4348.9148.9148.9148.9148.9148.91
Others 0000000000
Total 100100100100100100100100100100

Torrent Power Peer Comparison

Power Generation/Distribution Edit Columns

Torrent Power Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

See more…

Torrent Power Pros & Cons

Pros

  • Company has delivered good profit growth of 21% CAGR over last 5 years
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Stock is trading at 3.8 times its book value.
Want to Start Investing in Top Unlisted Stocks?

Our experts help you choose the right stocks based on performance, risk, and growth potential.

whatsapp