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Torrent Power Ltd Q2 FY27 results are out (Jul–Sep 2026) →Revenue ₹9,802 Cr +24.5% YoYSee revenue, profit and what management said. You are viewing Q3 FY26.
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Torrent Power Ltd

Q3 FY26Power

Torrent Power Q3 FY26 earnings call: Revenue & Margins

Q3 FY26 earnings call: what management said on revenue, margins and capex.

Revenue
₹6,778Cr
+4.3% YoY
−13.9% QoQ
Net profit
₹655Cr
+33.9% YoY
−11.7% QoQ
Margin
21%
+4 pp YoY
+2 pp QoQ
Price₹1,248
Market cap₹66.7K Cr
P/E28.7

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 from Torrent Power Ltd's call on revenue

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Profitability & Margins

Torrent Power expects growth driven by commissioning of ~1.2-1.5 GW renewable capacity annually over the…

Locked: what Torrent Power Ltd said on margins

Also locked on this page: fundraising

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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)
  • 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 from Torrent Power Ltd's call on capex

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Top-ranked in Power

Ranked on what management guided this quarter

Guidance-ranked
1Insolation Ener
Rev 1Mar 1
2ACME Solar Holdings
Rev 1Mar 3
3
Rev 2Mar 3
4
Rev 2Mar 3
5
Rev 2Mar 3
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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…

Locked: what Torrent Power Ltd said on fundraising

Also locked on this page: margins

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Order Book & Pipeline

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)

2 more points from Torrent Power Ltd's call on order book

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Torrent Power Ltd — Quarterly revenue & net profit

Revenue Net profit
Jun 2025Q1 FY26
Sep 2025Q2 FY26
Dec 2025Q3 FY26
Mar 2026Q4 FY26
Jun 2026Q1 FY27
Sep 2026Q2 FY27

Torrent Power Ltd Q3 FY26 results — key figures

Torrent Power Ltd Q3 FY26 reported results vs Q3 FY25, ₹ crore
₹ CrQ3 FY26Q3 FY25YoYQ2 FY26QoQ
Revenue6,7786,499+4.3%7,876-13.9%
Operating profit (EBITDA)1,4031,112+26.2%1,506-6.8%
Operating margin21%17%+4 pp19%+2 pp
Profit before tax805630+27.8%979-17.8%
Net profit (PAT)655489+33.9%742-11.7%
EPS (₹)12.769.44+35.2%14.36-11.1%

Source: reported quarterly figures (Screener), ₹ crore.

Reported quarterly figures (₹ Cr). Latest (Q2 FY27): revenue ₹9.8K Cr, net profit ₹838 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What Torrent Power's management said in earlier quarters

Earlier calls (1)

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Frequently Asked Questions

What were Torrent Power Ltd Q3 FY26 results?

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.

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) - Q3 run rate expected to continue.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.