Torrent Power logo

Torrent Power

TORNTPOWER NSE

Key Fundamentals

MidcapIntegrated Power UtilitiesPower
Market Cap
₹61,819 Cr
Volatility
Moderate
P/E Ratio
26.96
EBITDA
₹5,864 Cr
Return on Equity
12.53%
Debt to Equity
0.73
Book Value
₹378.55
EPS
₹47.61
52W High
₹1,824.1
52W Low
₹1,188

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 38.6%

Weaknesses

1
  • Stock is trading at 3.28 times its book value

Growth Rate

Revenue Growth
-1.23% lower than 3Y
Net Income Growth
-19.26% lower than 3Y
Cash Flow Change
13.72% lower than 3Y
ROE
-25.37% lower than 3Y
ROCE
-19.22% lower than 3Y
EBITDA Margin (Avg.)
2.46% lower than 3Y

AI Analysis — Bull vs Bear

5d ago
AI opinion · based on fundamentals
Risk medium

Torrent Power is an integrated utility with a market capitalisation of about ₹62,393 Cr. It trades at a P/E of 26.3x, a P/B of 3.29x and a dividend yield of 1.61%. Over the long term it has compounded sales at 10% and profit at 10% over 10 years, and its stock has returned a 21% CAGR over the same period. Recent momentum is weaker: TTM profit growth is -15%, TTM sales growth is 4%, and ROE has slipped to 12% last year against a 3-year average of 15%.

Bull Case 6
  • Long-term shareholder returns have been steady, with stock CAGR of 21% over 10 years, 20% over 5 years and 20% over 3 years, pointing to a sustained record of value creation.
  • The company has kept a healthy dividend payout of 38.6% and offers a 1.61% dividend yield. At the current market cap, that implies roughly ₹1,000 Cr in annual dividends.
  • ROE has been consistent across cycles: 14% over 10 years, 15% over 5 years and 15% over 3 years. That is fairly durable profitability for a regulated-heavy utility.
  • Sales compounded at 19% over 5 years, well above the 10-year sales CAGR of 10%. This reflects meaningful expansion of the business base in the recent past.
  • Profit compounded at 12% over 5 years and 10% over 10 years, showing that earnings have grown broadly in line with revenue over the long run.
  • With a market cap of about ₹62,393 Cr, the company has large-cap scale. Its utility earnings base (about ₹2,370 Cr implied from the 26.3x P/E) tends to be relatively stable compared with cyclical sectors.
Bear Case 7
  • TTM profit growth is -15%, a sharp break from the 12% 5-year profit CAGR. Near-term earnings momentum has clearly deteriorated.
  • ROE fell to 12% last year from a 3-year and 5-year average of 15%, so returns on shareholder capital are declining.
  • The stock trades at 3.29–3.31x book value, rich for a utility whose ROE is currently 12%. Price-to-book looks stretched relative to returns.
  • A P/E of 26.3x sits alongside -15% TTM profit growth and only 4% 3-year profit CAGR. The valuation leaves little room for further earnings disappointment.
  • Revenue growth has slowed to 4% on both a TTM and a 3-year basis, down from a 19% 5-year sales CAGR, which suggests the recent expansion phase has plateaued.
  • 1-year stock return is just 2%, against a 20% 3-year CAGR, which shows price momentum has stalled as earnings weakened.
  • Leverage data (debt-to-equity) is not available here. That limits assessment of balance-sheet risk in a capital-intensive sector with a large ₹62,393 Cr valuation.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

21h ago
Headwinds 3
  • Project execution delay risk Sep 3

    Investec named delays in project execution as the main risk to its Buy thesis. That matters because the 4.2 GW renewable pipeline under execution drives much of the projected growth over FY27-FY28.

  • Analyst views remain split Sep 3

    Of the 12 analysts covering Torrent Power, 6 rate it Buy, 4 Hold and 2 Sell. Half the coverage is not bullish, which suggests conviction is not unanimous.

  • Lacklustre YTD stock performance Sep 3

    Before the upgrade rally, the stock was down about 1% so far this year. The 2026 re-rating has been limited so far.

Positives 4
  • Investec upgrade, 21% upside Sep 3

    Investec upgraded the stock to Buy with a target of ₹1,515. Shares rose over 5% to about ₹1,306.80, and the FactSet mean target is ₹1,532.78 with an average Overweight rating.

  • Nabha acquisition boosts EBITDA Sep 3

    Investec expects the 1.4 GW Nabha Power acquisition to add ₹11 billion to steady-state EBITDA from FY27. It sees this as a key part of a 3-4 year earnings inflection phase.

  • Strong cash flow, renewables pipeline Sep 3

    Investec estimates ₹138 billion of operating cash flow over FY27-FY28, helped by a 4.2 GW renewable pipeline under execution. It says the valuation looks reasonable at 10x FY28E EV/EBITDA and 2.6x P/BV.

  • 322 MWp MSKVY solar commissioned Sep 8

    Torrent Green Energy commissioned 322 MWp of decentralized solar across 50 locations in 14 talukas of Nashik under MSKVY 2.0. The power goes to MSEDCL under a 25-year PPA, which locks in long-term annuity revenue.

Neutral 2
  • Investor conference participation in September Sep 16

    Torrent Power is meeting investors at Morgan Stanley, Jefferies and J.P. Morgan conferences, with dates given as Sep 15, 16 and 22, 2026. The J.P. Morgan India Conference slot is 10:45 am IST on Sep 22 in Mumbai. The filings disagree on the Morgan Stanley date: one says Sep 22 and another lists it among the Sep 15-16 events.

  • Trading window closed for Q2FY27 Sep 28

    The trading window for designated persons closes from October 1, 2026. It reopens 48 hours after Q2FY27 results are submitted.

TL;DR: Torrent Power has stronger momentum after Investec's upgrade to Buy, with a ₹1,515 target and a 3-4 year earnings inflection thesis. That thesis rests on ₹11 billion of EBITDA from the Nabha acquisition, a 4.2 GW renewable pipeline, and steady additions like the 322 MWp MSKVY solar portfolio. The main risks are execution delays on the renewable pipeline and divided analyst views, with 6 of 12 analysts not rating it Buy. The trend is improving, and Q2FY27 results will be the next test of whether Nabha's contribution and project commissioning are on track.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
7,328
6,961
6,366
6,529
9,034
7,176
6,499
6,456
7,906
7,876
6,778
6,406
8,124
Expenses
6,143
5,740
5,322
5,420
7,176
5,968
5,388
5,326
6,423
6,370
5,375
5,257
6,586
Operating Profit
1,185
1,221
1,044
1,109
1,858
1,207
1,112
1,130
1,483
1,506
1,403
1,149
1,538
OPM %
16%
18%
16%
17%
21%
17%
17%
18%
19%
19%
21%
18%
19%
Other Income
86
108
54
97
76
125
172
114
105
78
69
71
81
Interest
227
247
235
233
260
272
276
236
212
216
255
252
293
Depreciation
332
342
349
355
359
371
378
389
390
389
413
421
400
PBT
711
741
513
617
1,315
689
630
619
985
979
805
547
925
Tax %
25%
27%
27%
28%
24%
28%
22%
-74%
25%
24%
19%
39%
28%
Net Profit
532
543
374
447
996
496
489
1,077
742
742
655
331
662
EPS in Rs
10.76
10.94
7.49
8.95
20.23
10.01
9.44
21.03
14.52
14.36
12.76
6.31
12.68
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
10,348
11,680
9,960
11,512
13,151
13,641
12,173
14,258
25,694
27,183
29,165
28,966
29,184
Expenses
8,246
8,681
7,487
8,364
9,934
10,045
8,695
10,643
20,906
22,587
23,844
23,389
23,588
Operating Profit
2,103
2,999
2,472
3,148
3,217
3,596
3,477
3,615
4,789
4,596
5,322
5,577
5,596
OPM %
20%
26%
25%
27%
24%
26%
29%
25%
19%
17%
18%
19%
19%
Other Income
320
337
179
232
172
-862
130
-1,089
352
307
473
287
299
Interest
962
1,131
1,058
848
899
955
776
628
818
943
1,045
934
1,015
Depreciation
720
916
1,006
1,132
1,227
1,304
1,280
1,334
1,281
1,378
1,497
1,613
1,623
PBT
740
1,290
587
1,401
1,264
475
1,552
564
3,041
2,583
3,253
3,317
3,257
Tax %
51%
30%
27%
32%
28%
-148%
16%
19%
29%
27%
6%
26%
—
Net Profit
363
902
430
952
904
1,179
1,296
459
2,165
1,896
3,059
2,469
2,390
EPS in Rs
7.61
18.73
8.92
19.61
18.7
24.43
26.86
9.45
44.06
38.14
59.31
47.95
46.11
Div. Payout %
20%
24%
25%
26%
27%
47%
41%
95%
59%
42%
32%
42%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
472
481
481
481
481
481
481
481
481
481
504
504
Reserves
6,083
5,990
6,411
7,239
8,490
8,673
9,704
9,463
10,529
11,581
17,111
18,571
Borrowings
9,355
8,515
8,768
9,298
9,715
8,908
7,817
9,143
10,541
11,632
8,840
13,971
Other Liabilities
3,722
4,626
5,132
5,571
5,865
5,541
5,513
5,902
8,320
9,633
10,004
11,999
Total Liabilities
19,632
19,612
20,793
22,589
24,550
23,603
23,514
24,988
29,872
33,326
36,459
45,045
Fixed Assets
15,088
15,139
16,804
17,871
18,014
17,569
17,326
17,097
19,269
21,802
24,286
25,611
CWIP
233
213
332
393
359
568
838
1,297
2,625
2,472
2,250
6,965
Investments
607
511
671
873
914
724
466
407
804
954
895
1,531
Other Assets
3,705
3,748
2,986
3,453
5,263
4,743
4,885
6,187
7,174
8,097
9,028
10,938
Total Assets
19,632
19,612
20,793
22,589
24,550
23,603
23,514
24,988
29,872
33,326
36,459
45,045
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
2,251
2,550
2,356
2,764
2,425
3,610
2,988
3,167
3,456
4,258
4,805
5,464
Investing
-1,158
-911
-2,122
-2,418
-1,828
-1,129
-910
-2,483
-3,216
-3,544
-3,650
-8,088
Financing
-1,206
-2,163
-674
-311
-617
-2,506
-2,061
-502
-341
-551
-1,216
3,101
Net Cash Flow
-112
-523
-440
34
-20
-25
16
182
-101
163
-62
478
Free Cash Flow
889
926
-85
429
537
2,263
1,699
1,407
432
659
608
-2,156
CFO/OP
113
96
100
98
84
109
93
94
82
103
94
109
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
31
33
36
36
34
34
43
41
32
29
30
29
Cash Conversion Cycle
31
33
36
36
34
34
43
41
32
29
30
29
Working Capital Days
-35
9
-15
-11
-15
-23
-21
-40
-9
-9
-3
-35
ROCE %
11%
15%
10%
13%
12%
13%
13%
13%
18%
15%
16%
14%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Public5.63%Others3.73%Promot.51.09%Govt.8.35%FIIs8.52%DIIs22.68%As ofJun 2026

Documents

Frequently Asked Questions about Torrent Power

What does Torrent Power Ltd do?
Torrent Power Ltd is a leading integrated power utility company in India with presence across generation, transmission and distribution of power. Its operations are spread across the states of Gujarat, Maharashtra, Uttar Pradesh and Karnataka.[1] It is a part of Torrent Group which has presence a...
Where is Torrent Power Ltd (TORNTPOWER) listed?
Torrent Power Ltd trades as TORNTPOWER on the NSE and under code 532779 on the BSE.
Which sector does Torrent Power Ltd belong to?
Torrent Power Ltd is classified under the Power sector, in the Integrated Power Utilities industry.
What is the market capitalisation of Torrent Power Ltd?
Torrent Power Ltd has a market capitalisation of ₹61,819 Cr, which places it in the Large Cap band.
What is the PE ratio of Torrent Power Ltd?
Torrent Power Ltd trades at a PE ratio of 26.96, on earnings per share of ₹47.61, against a book value of ₹378.55 per share.
What is the 52-week high and low of Torrent Power Ltd?
Over the last 52 weeks Torrent Power Ltd has traded between ₹1,188 and ₹1,824.1.
Does Torrent Power Ltd pay dividends?
Torrent Power Ltd has a dividend yield of 1.61%.
What is the Return on Equity (ROE) of Torrent Power Ltd?
Torrent Power Ltd reported a return on equity of 12.53%. Its debt-to-equity ratio is 0.73.

Company Information

Torrent Power Ltd is a leading integrated power utility company in India with presence across generation, transmission and distribution of power. Its operations are spread across the states of Gujarat, Maharashtra, Uttar Pradesh and Karnataka.[1] It is a part of Torrent Group which has presence across pharmaceutical, power and city gas distribution business.[2]

Website torrentpower.com
CEO Mr. Jinal Sudhirbhai Mehta
Employees 7,969
Listed 2006-11-28
Face Value ₹ 10
Issued Size 50,39,03,543

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