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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 ofNIFTYLARGEMIDCAP250NIFTYMIDCAP150NIFTY MIDCAP 150NIFTY TOTAL MKTNIFTY 500
S.No.Name
1.ADANIPOWER214.5029.02413656.700.004866.6047.2418901.8933.9717.7942.67
2.NTPC333.2511.64323141.402.706896.44-88.7150740.967.818.5233.23
3.POWERGRID265.9515.56247349.563.383598.42-0.8911496.722.689.7482.97
4.ADANIGREEN1314.20121.34216471.890.00983.0019.304431.0016.619.9091.24
5.ADANIENSOL1421.9059.57173891.900.0012365.602194.4397110.801324.069.7131.27
6.TATAPOWER369.0030.52117908.030.681400.8610.9819051.265.6311.6321.53
7.JSWENERGY534.6549.8398027.150.37532.70-36.275207.131.248.5055.22
8.NHPC76.8020.3277145.872.101178.094.153808.3118.506.1661.80
9.NTPCGREEN88.02122.2074168.550.00304.8438.261106.8662.723.7391.95
10.TORNTPOWER1304.1528.2865716.581.53661.85-10.758124.152.7514.3718.93
11.NLCINDIA271.4511.7337640.251.42436.33-48.014716.7523.2911.2732.83
12.ACMESOLAR402.3047.1328437.550.05235.3379.88857.5067.819.2385.63
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
5,3835,1064,6814,7877,1865,2884,7464,6926,1676,1065,0974,4806,049
4,3784,1103,7773,8305,6144,3533,8233,7654,9964,9003,9083,5495,426
Operating Profit1,0059969049561,5729349239281,1711,2061,189931622
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%
10014093157145201162179173188157169183
Interest192194191204227228232187164164191176207
Depreciation274277283288263266269275277266294299271
Profit before Tax6396645226211,228641585644902963860624805
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 Profit4794923844449284643691,090685746712432587
9.9610.237.989.2319.329.667.5621.6313.5914.8114.138.5711.65

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
9,92111,43912,97813,44211,77713,71618,83619,95721,91321,85021,732
7,4948,3809,94210,0378,54510,45114,64416,20217,58117,42017,784
Operating Profit2,4273,0583,0363,4053,2323,2654,1923,7554,3314,4303,948
OPM %24.46%26.74%23.39%25.33%27.44%23.80%22.26%18.82%19.77%20.27%18.17%
193268268-737250-935466596713752697
Interest1,047840892892719582668781874696738
Depreciation9891,1111,1631,2301,1801,2341,0591,1231,0721,1361,131
Profit before Tax5841,3761,2485461,5835142,9312,4463,0983,3503,253
Tax %25.96%32.99%28.77%-126.81%16.32%20.35%28.23%26.50%7.98%23.14%23.85%
Net Profit4329228891,2381,3254102,1041,7982,8512,5752,477
EPS9.0019.1818.5025.7627.578.5243.7737.4156.5851.10—
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

Corporate actions

2026

Jun 19

₹ 0.50

Rs.5.0000 per share(50%)Final Dividend

2026

Feb 16

₹ 1.50

Rs.15.0000 per share(150%)Interim Dividend

2025

Jun 6

₹ 0.50

Rs.5.0000 per share(50%)Final Dividend

2025

Feb 12

₹ 1.40

Rs.14.0000 per share(140%)Interim Dividend

2024

Jun 14

₹ 0.40

Rs.4.0000 per share(40%)Final Dividend

2024

Feb 16

₹ 1.20

Interim Dividend

2023

Jun 16

₹ 0.40

Rs.4.0000 per share(40%)Final Dividend

2023

Feb 22

₹ 0.90

Interim Dividend

2023

Feb 22

₹ 1.30

Rs.13.0000 per share(130%)Special Dividend

2022

Feb 10

₹ 0.90

Interim Dividend

2021

Jun 24

₹ 0.55

Rs.5.5000 per share(55%)Final Dividend

2021

Feb 16

₹ 0.55

Interim Dividend

2020

Feb 18

₹ 1.16

Interim Dividend

2018

Jun 8

₹ 0.50

Rs.5.0000 per share(50%)Final Dividend

2017

Jun 8

₹ 0.22

Rs.2.2000 per share(22%)Final Dividend

2016

Mar 17

₹ 0.45

Interim Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital481481481481481481481481504504
6,4047,2128,4568,7079,7719,48510,53911,55816,95218,564
10,42511,17610,2689,5858,4809,2319,92110,7288,0129,915
Trade Payables7336578041,0279711,1081,0811,0901,3701,378
2,5722,5773,8153,0803,0763,3003,9655,3344,8205,442
Total Liabilities20,61522,10223,82522,88022,77823,60525,98829,19131,65935,802
16,59816,80617,01215,79115,58214,29414,75616,14315,69115,850
Capital Work in Progress3203903595678381,1861,609816756954
7549891,1621,0217811,4142,4942,7422,4167,206
369454627598386438646646609444
00000001,5661,6911,718
Cash & Bank269270326224189207282311297610
2,3043,1934,3384,6785,0036,0656,2026,96810,1999,021
Total Assets20,61522,10223,82522,88022,77823,60525,98829,19131,65935,802

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
2,4153,1142,6133,7602,9243,2103,5833,4144,2784,694
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-640-278-1,123-2,408-2,059-402-1,004-101-1,438411
-43932-20-351666-24126-41343

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
53.5753.5751.0951.0951.0951.0951.0951.0951.09
8.438.889.939.439.808.828.328.408.51
19.5319.0321.2121.9021.4122.1622.7422.8222.69
1.478.758.358.358.358.358.358.358.35
17.019.779.419.249.349.599.519.349.36

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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