Torrent Power Ltd.

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torrentpower.comBSE: 532779NSE: TORNTPOWER

Market Cap₹ 65,717 Cr.

Current Price

High / Low₹ 1,824 / 1,188

Stock P/E26.5

Book Value₹ 390

Price to Book3.45

Dividend Yield1.53 %

ROCE15.8 %

ROE14.1 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Transmission & Distribution: 73.7% • Generation: 22.6% • Renewables: 3.7%

AI Sector View

AI GENERATED

Power

Buy

Operationally, power remains one of the strongest sectors in the dataset. Power generation rose 8.0% YoY (2026-07), IIP-electricity was 10.0% YoY (2026-06), electricity core output was 9.0% YoY (2026-07), and coal offtake increased 10.0% YoY (2026-07). FPI outflows are a headwind at INR -10736 crore over 3 months to 2026-08-31, but the fundamental demand signal is strong enough to retain a positive stance.

Confidence

71%

View full sector analysis →

PROS

Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.71x)
Company has been maintaining a healthy dividend payout of 39.1%
Working capital cycle has improved - days down from 36 to 11
Company has a consistent dividend-paying track record
Company generates healthy free cash flow
Company maintains a comfortable, low leverage position

CONS

Recent results are weak - TTM profit is down 30.0% versus prior year
Promoter holding has decreased over last 2 years: -2.5pp
Operating margins have contracted to 20.3% from 24.7%
Total debt has risen sharply - up 30.4% year on year
Expensive relative to growth - PEG of 3.8

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

PowerPowerPower Generation/Distribution

Part ofNIFTYLARGEMIDCAP250 NIFTYMIDCAP150 NIFTY MIDCAP 150 NIFTY TOTAL MKT NIFTY 500

S.No.	Name
1.	ADANIPOWER	214.50	29.02	413656.70	0.00	4866.60	47.24	18901.89	33.97	17.79	42.67
2.	NTPC	333.25	11.64	323141.40	2.70	6896.44	-88.71	50740.96	7.81	8.52	33.23
3.	POWERGRID	265.95	15.56	247349.56	3.38	3598.42	-0.89	11496.72	2.68	9.74	82.97
4.	ADANIGREEN	1314.20	121.34	216471.89	0.00	983.00	19.30	4431.00	16.61	9.90	91.24
5.	ADANIENSOL	1421.90	59.57	173891.90	0.00	12365.60	2194.43	97110.80	1324.06	9.71	31.27
6.	TATAPOWER	369.00	30.52	117908.03	0.68	1400.86	10.98	19051.26	5.63	11.63	21.53
7.	JSWENERGY	534.65	49.83	98027.15	0.37	532.70	-36.27	5207.13	1.24	8.50	55.22
8.	NHPC	76.80	20.32	77145.87	2.10	1178.09	4.15	3808.31	18.50	6.16	61.80
9.	NTPCGREEN	88.02	122.20	74168.55	0.00	304.84	38.26	1106.86	62.72	3.73	91.95
10.	TORNTPOWER	1304.15	28.28	65716.58	1.53	661.85	-10.75	8124.15	2.75	14.37	18.93
11.	NLCINDIA	271.45	11.73	37640.25	1.42	436.33	-48.01	4716.75	23.29	11.27	32.83
12.	ACMESOLAR	402.30	47.13	28437.55	0.05	235.33	79.88	857.50	67.81	9.23	85.63

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	5,383	5,106	4,681	4,787	7,186	5,288	4,746	4,692	6,167	6,106	5,097	4,480	6,049
	4,378	4,110	3,777	3,830	5,614	4,353	3,823	3,765	4,996	4,900	3,908	3,549	5,426
Operating Profit	1,005	996	904	956	1,572	934	923	928	1,171	1,206	1,189	931	622
OPM %	18.68%	19.51%	19.30%	19.98%	21.87%	17.67%	19.45%	19.77%	18.98%	19.75%	23.33%	20.77%	10.29%
	100	140	93	157	145	201	162	179	173	188	157	169	183
Interest	192	194	191	204	227	228	232	187	164	164	191	176	207
Depreciation	274	277	283	288	263	266	269	275	277	266	294	299	271
Profit before Tax	639	664	522	621	1,228	641	585	644	902	963	860	624	805
Tax %	25.10%	25.97%	26.44%	28.55%	24.38%	27.64%	36.96%	-69.16%	24.11%	22.54%	17.21%	30.83%	27.11%
Net Profit	479	492	384	444	928	464	369	1,090	685	746	712	432	587
	9.96	10.23	7.98	9.23	19.32	9.66	7.56	21.63	13.59	14.81	14.13	8.57	11.65

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	9,921	11,439	12,978	13,442	11,777	13,716	18,836	19,957	21,913	21,850	21,732
	7,494	8,380	9,942	10,037	8,545	10,451	14,644	16,202	17,581	17,420	17,784
Operating Profit	2,427	3,058	3,036	3,405	3,232	3,265	4,192	3,755	4,331	4,430	3,948
OPM %	24.46%	26.74%	23.39%	25.33%	27.44%	23.80%	22.26%	18.82%	19.77%	20.27%	18.17%
	193	268	268	-737	250	-935	466	596	713	752	697
Interest	1,047	840	892	892	719	582	668	781	874	696	738
Depreciation	989	1,111	1,163	1,230	1,180	1,234	1,059	1,123	1,072	1,136	1,131
Profit before Tax	584	1,376	1,248	546	1,583	514	2,931	2,446	3,098	3,350	3,253
Tax %	25.96%	32.99%	28.77%	-126.81%	16.32%	20.35%	28.23%	26.50%	7.98%	23.14%	23.85%
Net Profit	432	922	889	1,238	1,325	410	2,104	1,798	2,851	2,575	2,477
EPS	9.00	19.18	18.50	25.76	27.57	8.52	43.77	37.41	56.58	51.10	—
Dividend Payout %	24.46%	26.07%	27.02%	45.03%	39.90%	105.58%	59.40%	42.77%	33.58%	39.14%	—

COMPOUNDED SALES GROWTH

10 Years:: 7%
5 Years:: 13%
3 Years:: 5%

COMPOUNDED PROFIT GROWTH

10 Years:: 11%
5 Years:: 14%
3 Years:: 7%

STOCK PRICE CAGR

10 Years:: 22%
5 Years:: 22%
3 Years:: 22%
1 Year:: 3%

RETURN ON EQUITY

10 Years:: 13%
5 Years:: 15%
3 Years:: 16%
Last Year:: 14%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	481	481	481	481	481	481	481	481	504	504
	6,404	7,212	8,456	8,707	9,771	9,485	10,539	11,558	16,952	18,564
	10,425	11,176	10,268	9,585	8,480	9,231	9,921	10,728	8,012	9,915
Trade Payables	733	657	804	1,027	971	1,108	1,081	1,090	1,370	1,378
	2,572	2,577	3,815	3,080	3,076	3,300	3,965	5,334	4,820	5,442
Total Liabilities	20,615	22,102	23,825	22,880	22,778	23,605	25,988	29,191	31,659	35,802
	16,598	16,806	17,012	15,791	15,582	14,294	14,756	16,143	15,691	15,850
Capital Work in Progress	320	390	359	567	838	1,186	1,609	816	756	954
	754	989	1,162	1,021	781	1,414	2,494	2,742	2,416	7,206
	369	454	627	598	386	438	646	646	609	444
	0	0	0	0	0	0	0	1,566	1,691	1,718
Cash & Bank	269	270	326	224	189	207	282	311	297	610
	2,304	3,193	4,338	4,678	5,003	6,065	6,202	6,968	10,199	9,021
Total Assets	20,615	22,102	23,825	22,880	22,778	23,605	25,988	29,191	31,659	35,802

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,415	3,114	2,613	3,760	2,924	3,210	3,583	3,414	4,278	4,694
Cash from Investing	-2,111	-2,493	-1,231	-1,096	-595	-2,512	-2,137	-3,187	-2,880	-4,762
Cash from Financing	-640	-278	-1,123	-2,408	-2,059	-402	-1,004	-101	-1,438	411
	-439	32	-20	-35	16	66	-24	126	-41	343

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
53.57	53.57	51.09	51.09	51.09	51.09	51.09	51.09	51.09
8.43	8.88	9.93	9.43	9.80	8.82	8.32	8.40	8.51
19.53	19.03	21.21	21.90	21.41	22.16	22.74	22.82	22.69
1.47	8.75	8.35	8.35	8.35	8.35	8.35	8.35	8.35
17.01	9.77	9.41	9.24	9.34	9.59	9.51	9.34	9.36

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-08

Press Release

2026-09-08 - Torrent Power Limited has informed the Exchange regarding a press release dated September 08, 2026, titled "Torrent Green Energy commissions landmark 322 MWp decentralized solar projects in Maharashtra under MSKVY PM-KUSUM scheme".

2026-09-07

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-07 - Torrent Power Limited has informed the Exchange about Schedule of meet

2026-08-25

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-25 - Torrent Power Limited has informed the Exchange about Schedule of meet

2026-08-20

Resignation of Director/KMP/SMP

2026-08-20 - Torrent Power Limited has informed the Exchange about Resignation of Director/KMP/SMP

2026-08-20

Resignation of Director/KMP/SMP

2026-08-20 - Torrent Power Limited has informed the Exchange about Resignation of Director/KMP/SMP

2026-08-20

Resignation

2026-08-20 - Torrent Power Limited has informed the Exchange regarding Resignation of Saurabh Mashruwala as Chief Financial Officer and Whole Time Key Managerial Personnel of the Company w.e.f. August 20, 2026.

2026-08-20

Appointment

2026-08-20 - Torrent Power Limited has informed the Exchange regarding Appointment of Vikas Poddar as Chief Financial Officer and Whole Time Key Managerial Personnel and Senior Management Personnel of the company w.e.f. August 21, 2026.

2026-08-20

Outcome of Board Meeting

2026-08-20 - Torrent Power Limited has informed the Exchange regarding Outcome of Board Meeting held on August 20, 2026.

2026-08-19

Acquisition

2026-08-19 - Torrent Power Limited has informed the Exchange about Intimation for incorporation of a New Step-Down Subsidiaries

News

Recent coverage and analyst commentary for TORNTPOWER

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