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Earnings Call

Torrent Power Earnings Call: Key Takeaways

Management focused on a massive ₹80,000 Cr capex cycle over five years despite Q4 profitability being hit by one-off regulatory provisions and higher maintenance costs in thermal segments.

Highlights
Revenue growthAdjusted PBT grew 16% YoY; reported figures impacted by one-off provisions.
MarginsHigher ROE allowances (14% to 15%) provide structural margin tailwinds.
Demand visibilityStrong visibility with 6% CAGR in power demand over decade.
Management confidenceHighly optimistic regarding long-term investment cycle and leverage capacity.

Growth

Adjusted PBT rose 16% YoY; growth driven by favorable regulatory orders and increased ROE/ROCE allowances under new tariff regimes.

Outlook

Executing 4GW renewable, 1.6GW thermal, and 3GW pumped storage projects; FY27 capex guided significantly higher than FY26.

Risks

Significant reliance on spot gas markets for summer demand and potential regulatory delays in approving cost pass-throughs like UNOSUGEN.

Source

Earnings Call filed with NSE, NSE: TORNTPOWER. Summary written with AI assistance from the document.

Read the document ↗

Torrent Power Ltd: key numbers

Share price
₹1,254.60
Market cap
₹63,220 Cr
Revenue (annual)
₹28,966 Cr
Net profit (annual)
₹2,416 Cr
P/E (TTM)
27.2×Sector 25.1×
Promoter holding
51.09%+0.00% QoQ
FII holding
8.53%Current quarter

Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.

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Torrent Power Production Started

Torrent Power commissions 322 MWp of decentralized solar projects in Nashik under MSKVY 2.0. Power will be supplied to MSEDCL under a 25-year PPA.

Execution
25 years (PPA with MSEDCL)
solar generation capacity
322 MWp