Torrent Power Ltd

Q3 FY26Power

Torrent Power Ltd Q3 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Q3 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹1,248

Market cap₹66.7K Cr

P/E28.7

Updated23 Aug 2026

Read4 min read

The short version

Power demand is expected to grow inline with GDP at around 5-6% next year after a current aberration due to extended monsoons and high base last year (Page 6). Torrent Power expects growth driven by commissioning of ~1.2-1.5 GW renewable capacity annually over the next two years, supporting revenue and profit.

From Torrent Power Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

Power demand is expected to grow inline with GDP at around 5-6% next year after a current aberration due to extended monsoons and high base last year (Page 6).
Renewable capacity addition will pick up with commissioning of about 1.2 to 1.5 gigawatt in FY 2027 and similar pace anticipated for following years (Page 5, 8).
The company aims to reach 10 gigawatts of renewable capacity, actively bidding for projects with a threshold IRR and locking in capacities when commercials are favorable (Page 8).

2 more points management made on revenue & sales performance

Profitability & Margins

Torrent Power expects growth driven by commissioning of ~1.2-1.5 GW renewable capacity annually over the next two years, supporting revenue and profit.
Thermal generation contribution improved due to favorable regulatory orders and LNG/merchant sales.
Distribution business profits are supported by improved T&D losses, higher asset capitalization, and increased ROE/ROCE (from 14% to 15.5%) as per new MYT regulations.
The company aims for an incremental 150 bps ROE by achieving operational efficiency milestones.
Breakeven expected at SMK distribution franchise by FY '27, further improving profitability.
LNG supply contracts secured for 10 years from 2027, supporting stable fuel costs and margins.

2 more points management made on profitability & margins

See what Torrent Power Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Cumulative capex in first 9 months of FY '26:
Licensee and franchisee: ~INR 1,100 crores
Transmission (coal project): ~INR 400 crores
Pumped Storage Project (PSP): ~INR 300 crores
Renewable energy: ~INR 3,100 crores (noted pickup in Q3 capex INR 1,750 crores)
No specific capex target given for entire FY '26; Q3 run rate expected to continue.
Renewable commissioning target: 1.2 to 1.5 GW in FY '27, similar pace in following years.
Pipeline includes 4 GW renewable, 3 GW pumped storage, 1.6 GW coal, and transmission projects at Khavda and Solapur.
Focus on maintaining financial discipline with comfortable leverage (net debt-to-equity 0.40 as of March '25).

2 more points management made on capital expenditure plans

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Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

Torrent Power is currently maintaining financial discipline with comfortable leverage ratios (net debt-to-equity at 0.40 and net debt-to-EBITDA at 1.41 as of March '25).
New projects are typically financed with a 70:30 or 75:25 debt-to-equity ratio.
The company has an active investment plan in renewable, pump storage, and coal projects but is mindful to keep debt and financial metrics under control.

2 more points management made on fundraising & capital structure

See what Torrent Power Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

The document does not explicitly mention a current or expected order book or pending orders for Torrent Power Limited. However, related information on project pipelines and contracts includes: - Renewable energy pipeline increased by 500 MW during the quarter. - 1.6 GW thermal project power purchase agreement signed with MP Power Management Company Limited. - Contracts awarded for balance of plant & machinery for the thermal project. - Pipeline projects as of December 31, 2025, include: - 4 GW renewable capacity - 3 GW pump storage capacity - 1.6 GW coal-based capacity - 2 transmission projects (Khavda and Solapur) - Execution plans discussed for multiple renewable projects like SECI XV, TPL-L project, and REMCL.

2 more points management made on order book & pipeline

Torrent Power Ltd — Quarterly revenue & net profit

Revenue Net profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹6.4K Cr, net profit ₹331 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

What Torrent Power Ltd's management said in earlier quarters

Others in Power this season

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Adani Green Energy Ltd (Q3 FY26)
Strategy includes maintaining ~20% merchant capacity, utilizing infirm power, and monetizing flexibility through battery storage to capture peak pricing…
IndiGrid Trust (Q3 FY26)
INR7,500 crores, growing AUM from INR32,000 crores to about INR40,000 crores. Key concall takeaways from IndiGrid Infrastructure Trust's Q3 FY26 earnings call…

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Frequently Asked Questions

What were Torrent Power Ltd Q3 FY26 results?

What is Torrent Power Ltd share price analysis?

Torrent Power Ltd currently shows a neutral. The stock trades at a P/E of 28.7 with a market cap of ₹66,692 Cr. Investors should review the full earnings analysis for detailed insights.

Is Torrent Power Ltd planning capital expenditure?

Cumulative capex in first 9 months of FY '26: - Licensee and franchisee: ~INR 1,100 crores - Transmission (coal project): ~INR 400 crores - Pumped Storage Project (PSP): ~INR 300 crores - Renewable energy: ~INR 3,100 crores (noted pickup in Q3 capex INR 1,750 crores) - No specific capex target given for entire FY '26; Q3 run rate expected to continue.

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.