Power Generation/Distribution · Founded 2004 · www.torrentpower.com · BSE 532779 · NSE TORNT POWER · ISIN INE813H01021
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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.
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| #(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 |
| #(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 |
| # | 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% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 2% | 36% | 27% | 23% |
| ROE Average | 21% | 19% | 15% | 13% |
| ROCE Average | 17% | 17% | 14% | 13% |
| #(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 |
| #(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 |
| # | 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 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 53.57 | 53.57 | 53.57 | 53.57 | 51.09 | 51.09 | 51.09 | 51.09 | 51.09 | 51.09 |
| FII | 6.13 | 6.41 | 8.42 | 8.89 | 9.94 | 9.43 | 9.8 | 8.81 | 8.32 | 8.4 |
| DII | 23.08 | 22.93 | 21 | 27.78 | 29.56 | 30.24 | 29.77 | 30.5 | 31.08 | 31.17 |
| Public | 17.22 | 17.09 | 17.01 | 9.77 | 9.41 | 9.24 | 9.34 | 9.59 | 9.51 | 9.34 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 25.74 | 25.74 | 25.74 | 25.74 | 25.74 | 25.74 | 25.74 | 25.74 | 25.74 | 25.74 |
| FII | 2.95 | 3.08 | 4.05 | 4.27 | 5.01 | 4.75 | 4.94 | 4.44 | 4.19 | 4.23 |
| DII | 11.09 | 11.02 | 10.09 | 13.35 | 14.9 | 15.24 | 15 | 15.37 | 15.66 | 15.71 |
| Public | 8.28 | 8.22 | 8.18 | 4.7 | 4.74 | 4.65 | 4.71 | 4.83 | 4.79 | 4.71 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 48.06 | 48.06 | 48.06 | 48.06 | 50.39 | 50.39 | 50.39 | 50.39 | 50.39 | 50.39 |
| # | 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% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 53.57 | 53.57 | 53.57 | 53.57 | 51.09 | 51.09 | 51.09 | 51.09 | 51.09 | 51.09 |
| FII | 6.13 | 6.41 | 8.42 | 8.89 | 9.94 | 9.43 | 9.8 | 8.81 | 8.32 | 8.4 |
| DII | 23.08 | 22.93 | 21 | 27.78 | 29.56 | 30.24 | 29.77 | 30.5 | 31.08 | 31.17 |
| Public | 46.43 | 46.43 | 46.43 | 46.43 | 48.91 | 48.91 | 48.91 | 48.91 | 48.91 | 48.91 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 25.74 | 25.74 | 25.74 | 25.74 | 25.74 | 25.74 | 25.74 | 25.74 | 25.74 | 25.74 |
| FII | 2.95 | 3.08 | 4.05 | 4.27 | 5.01 | 4.75 | 4.94 | 4.44 | 4.19 | 4.23 |
| DII | 11.09 | 11.02 | 10.09 | 13.35 | 14.9 | 15.24 | 15 | 15.37 | 15.66 | 15.71 |
| Public | 22.32 | 22.32 | 22.32 | 22.32 | 24.65 | 24.65 | 24.65 | 24.65 | 24.65 | 24.65 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 48.06 | 48.06 | 48.06 | 48.06 | 50.39 | 50.39 | 50.39 | 50.39 | 50.39 | 50.39 |
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