Ahmedabad-based Torrent Power Limited reported consolidated revenue from operations of ₹9,801 crore for the quarter ended 30 September 2026 (Q2 FY27), up 24% from ₹7,876 crore a year earlier. EBITDA rose 26% to ₹1,988 crore. The integrated power utility disclosed the results on 4 November 2026. It said stronger distribution and renewable businesses and the consolidation of the Nabha thermal plant drove the quarter, partly offset by higher finance costs.
Key Figures
According to the media release and the results statement, the consolidated figures were:
- Revenue from operations: ₹9,801 crore in Q2 FY27 against ₹7,876 crore in Q2 FY26
- EBITDA (earnings before interest, tax, depreciation and amortisation): ₹1,988 crore against ₹1,584 crore
- Total comprehensive income (TCI): ₹835 crore against ₹730 crore, up 14%
- Profit attributable to owners: ₹820.19 crore, against ₹638.85 crore in Q1 FY27
- First half (H1 FY27): revenue of ₹17,926 crore against ₹15,782 crore, up 14%; EBITDA of ₹3,606 crore against ₹3,171 crore; TCI of ₹1,474 crore against ₹1,469 crore
The company said adjusted EBITDA grew 29% in the quarter. Adjusted EBITDA includes ₹54 crore of principal recovery relating to the Nabha acquisition, which is recognised in the balance sheet under lease accounting. Torrent attributed the incremental TCI of ₹105 crore to better distribution performance, higher plant load factors at renewable plants, new projects and the Nabha contribution. Higher borrowings increased finance costs. The release does not split profit by business or give the renewable segment’s earnings.
Generation and Distribution
Torrent has 6.8 GWp of installed generation capacity, comprising 2.7 GW of gas-based plants, 2.3 GWp of renewables and 1.8 GW of coal. A further about 4.3 GWp of renewables, 3 GW of pumped storage and 1.6 GW of coal capacity is under development. Including these projects, total generation capacity would reach about 12.7 GWp, with 3 GW of pumped storage.
The company distributes nearly 31 billion units to around 4.29 million customers. Its areas include Ahmedabad, Gandhinagar, Surat, the Dahej special economic zone (SEZ) and the Dholera special investment region (SIR) in Gujarat, and the Union Territory of Dadra and Nagar Haveli and Daman and Diu. It also serves Bhiwandi, Shil, Mumbra and Kalwa in Maharashtra and Agra in Uttar Pradesh.
Storage and Renewable Pipeline
The investor presentation describes a 3,000 MW pumped storage project in Raigad district, Maharashtra, with a project cost of about ₹14,000 crore. Of this, 2,000 MW / 16,000 MWh is tied up for 40 years with Maharashtra State Electricity Distribution Company Limited (MSEDCL) under an executed energy storage facility agreement. A further 300 MW / 2,400 MWh for 40 years with Solar Energy Corporation of India (SECI) has a letter of award. Civil, hydro-mechanical and electro-mechanical contracts have been signed and environment and forest clearance received. The presentation puts annual revenue from the two contracts at ₹1,680 crore and ₹329 crore respectively. The SECI capacity is due within 36 months of the effective date of its agreement.
The presentation shows a total planned pumped storage capacity of 8.4 GW across Maharashtra and Uttar Pradesh, including the 3 GW under construction. It also sets a target to raise the renewable portfolio to about 6.59 GWp. Projects in the pipeline total about 2.5 GW of contracted capacity and about 4.5 GW of installed capacity, according to the presentation, with buyers including central and state agencies, the company’s own distribution business and merchant sales.
Policy Backdrop
Inaugurating the Bharat Renewable Energy Summit & Expo 2026 in New Delhi on 2 November 2026, Prime Minister Narendra Modi announced a goal to add another 500 GW of new non-fossil capacity over the next 10 to 11 years. He said meeting these goals requires next-generation innovation, indigenous storage hardware and new battery storage capacity. Torrent’s storage plans rest on pumped hydro rather than batteries.
About the Company
Torrent Power describes itself as a ₹28,966 crore integrated power utility within the approximately ₹50,000 crore Torrent Group. It operates across generation, transmission and distribution. The company says its licensed areas in Gujarat have the lowest distribution losses and best reliability indices in India.
The Company’s Recent Pipeline
- September 2026 (8 September): subsidiary Torrent Green Energy commissioned 322 MWp of decentralised solar plants at 50 locations across 14 talukas of Nashik district, Maharashtra, under the Mukhyamantri Saur Krushi Vahini Yojana (MSKVY) 2.0 and PM-KUSUM Component-C, with 25-year power purchase agreements with MSEDCL. The company said the plants will provide daytime electricity for farmers and reduce distribution losses.
- October 2026 (7 October): disclosed that the 300 MW SECI wind power purchase agreement held by subsidiary Torrent Saurya Urja 2 was terminated after delays in transmission connectivity and other external infrastructure. The company had received the letter of award on 14 July 2022 and signed the agreement on 4 May 2023, and SECI had granted extensions to the scheduled commercial operation date. Liquidated damages of ₹39.78 crore are payable.
- November 2026 (4 November): reported Q2 FY27 results.
Outlook
The next milestone is the progressive commissioning of the renewable pipeline listed in the presentation, much of it due between FY27 and FY29. The Raigad pumped storage project has a scheduled commercial operation date of March 2030 under the MSEDCL agreement. The company has said higher borrowings raised finance costs in Q2 FY27, and the second-half results will show the balance between those costs and new capacity.
Official Sources
- Torrent Power Limited – Media Release on Q2 FY27 Results (NSE, 4 November 2026): https://nsearchives.nseindia.com/corporate/TORNTPOWER_04112026165513_Media_Release.pdf
- Torrent Power Limited – Statement of Unaudited Financial Results, Q2 FY27 (NSE, 4 November 2026): https://nsearchives.nseindia.com/corporate/TORNTPOWER_04112026164014_Outcome_of_BM.pdf
- Torrent Power Limited – Investor Presentation Q2 FY27 (NSE, 4 November 2026): https://nsearchives.nseindia.com/corporate/TORNTPOWER_04112026170241_Investor_Presentation_0.pdf
- Torrent Power Limited – Update on 300 MW SECI Wind PPA (NSE, 7 October 2026): https://nsearchives.nseindia.com/corporate/TORNTPOWER_07102026184836_Termination_of_Agreement.pdf
- Torrent Power Limited – Media Release on 322 MWp MSKVY Solar Projects (NSE, 8 September 2026): https://nsearchives.nseindia.com/corporate/TORNTPOWER_08092026110523_Media_Release.pdf
- Prime Minister’s Office – PM Inaugurates Bharat Renewable Energy Summit & Expo 2026 (2 November 2026): https://www.pmindia.gov.in/en/news_updates/pm-inaugurates-bharat-renewable-energy-summit-expo-2026/
Leave a Comment