Torrent Power Ltd

Q4 FY26Power

Torrent Power Ltd Q4 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Q4 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 in India has a strong growth outlook with a 6% CAGR over the last 10 years, expected to continue. Adjusted Profit Before Tax (PBT) for Q4 FY26 increased by 16% YoY after one-offs, indicating growth potential.

From Torrent Power Ltd's Q4 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

Power demand in India has a strong growth outlook with a 6% CAGR over the last 10 years, expected to continue.
Torrent Power is in an investment phase with sizable capex plans: ₹28,000 crores for renewables (4 GW), ₹23,000 crores for coal (1.6 GW), and ₹14,000 crores for pumped storage (3 GW).
Distribution capex is ongoing with about ₹2,000 crores per annum planned for 4-5 years.
Expected new renewable capacity commissioning is around 1.2 to 1.4 GW next year.
Merchant capacities expected to provide profits once LNG price volatility subsides and power demand deficit remains.

2 more points management made on revenue & sales performance

Profitability & Margins

Adjusted Profit Before Tax (PBT) for Q4 FY26 increased by 16% YoY after one-offs, indicating growth potential.
Regulatory changes improved Return on Equity (ROE), with performance-based incentives possibly raising effective ROE from 14% to 15%.
Planned capex for FY27 is expected to be significantly higher than FY26, supporting asset growth.
Portfolio includes 4 GW renewable projects (INR 28,000 crores capex), 1.6 GW coal-based (INR 23,000 crores), and 3 GW pumped storage hydro (INR 14,000 crores), signaling strong capacity expansion.
Distribution capex expected at INR 2,000 crores annually over next 4-5 years.
Gas-based plant profitability expected to improve post stabilization of LNG prices and commodity supply.

2 more points management made on profitability & margins

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

Capital Expenditure Plans

Torrent Power has a strong capex plan with a total of around INR 80,000 crores over 5 years.
Segment-wise capex includes:
Renewables: 4 GW capacity with INR 28,000 crores investment.
Coal-based thermal: 1.6 GW capacity with around INR 23,000 crores capex.
Pumped storage hydro (PSP): 3 GW capacity with INR 14,000 crores investment.
Distribution: Annual capex of about INR 1,500-2,000 crores.
FY26 capex was INR ~9,350 crores, expected to be much higher in FY27.
Nabha Power acquisition valued at INR ~6,800 crores (enterprise value) with INR 3,400 crores debt taken.
Torrent Power is actively looking at bidding for new thermal capacities at the state level.

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 has plans for significant capex across renewable (4 GW), coal-based (1.6 GW), and pumped storage hydro (3 GW) projects, indicating ongoing funding needs.
For the Nabha Power acquisition (~INR 6,800 crores enterprise value), they plan to raise around INR 3,500 to 4,000 crores in funding, which likely includes debt and/or equity.
The company states their balance sheet is very strong and under-leveraged, with ample room for further investments.

- Leverage ratios are currently comfortable, and the company has capacity to take on incremental projects funded by new leverage if good projects and returns are available. - Capex in FY27 is expected to be significantly higher than FY26, implying continued fundraising or internal accrual utilization. Overall, Torrent Power is open to raising new funds (debt or equity) as needed to support their expansion and acquisitions while maintaining comfortable leverage.

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

Renewable projects of 4 GW and the transmission project of Solapur are currently under implementation.
The company's investment plan includes a significant capex with roughly INR28,000 crore for Renewables, INR23,000 crore for Coal, and INR14,000 crore for Pump Storage Projects (PSP).
Distribution capex is ongoing at about INR1,500-2,000 crore annually for the next 4-5 years.
Capex phasing is well balanced, with total capex over next 5 years estimated around INR80,000 crore.
Acquisition of the Nabha Power project is expected to be consolidated in Q1 FY27.

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

Adani Energy Solutions Ltd (Q4 FY26)
Capitalization planned of around INR 22,000 crores in FY27 and about INR 23,000 crores (approximate) in FY28, indicating continued expansion. Key concall…
ACME Solar Holdings Ltd (Q4 FY26)
Revenue growth driven by capacity additions and higher CUF; FY26 revenue grew 59% YoY to INR 2,507 crores. Key concall takeaways from ACME Solar Hold.'s Q4…
Adani Power Ltd (Q4 FY26)
Power sales for FY26 were 99.1 billion units, growing 3.4% YoY, despite demand volatility. Key concall takeaways from Adani Power's Q4 FY26 earnings call — and…
Tata Power Company Ltd (Q4 FY26)
Overall power demand is rising (5-6% increase since April), supporting higher volumes and revenue growth. Key concall takeaways from Tata Power Co.'s Q4 FY26…

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Frequently Asked Questions

What were Torrent Power Ltd Q4 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?

Torrent Power has a strong capex plan with a total of around INR 80,000 crores over 5 years.

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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.