TORNTPOWER
Large CapTorrent Power Limited
Power
Torrent Power is an integrated private sector power utility in India, with presence across generation (thermal, solar, wind, PSP), transmission, and distribution. It operates licensed and franchised distribution areas, focusing on reducing T&D losses and expanding its renewable energy portfolio. The company is also exploring green hydrogen production.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100Rev -1% YoY · PAT -69% YoY · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹6,406 Cr | -0.8% | -5.5% |
| EBITDA | ₹1,149 Cr | +1.7% | -18.1% |
| Operating margin | 18.0% | +0 bps | -300 bps |
| PAT | ₹331 Cr | -69.3% | -49.5% |
| PAT margin | 5.2% | -1151 bps | -449 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 PAT declined 69% YoY to ₹331 Cr, and FY26 PAT fell 19% YoY to ₹2,469 Cr. Total Comprehensive Income (TCI) also decreased. However, adjusting for a one-time deferred tax reversal in FY25, FY26 TCI improved by ₹92 Cr, driven by better distribution and renewable performance.
Despite a reported decline in Q4 and FY26 PAT/TCI, the underlying operational performance in licensed/franchised distribution and renewable energy segments improved. The reported decline is largely due to a one-time deferred tax reversal in the prior year. The company continues its strategic expansion in renewables and pumped storage hydro, supporting long-term growth.
Segmental Revenue in FY26
Latest issuer-disclosed distribution across 3 reported categories.
Renewable Capacity Expansion
positiveOperational capacity is estimated to grow from ~5.1 GWp to ~10.6 GWp, backed by robust renewable capacity addition.
Pumped Storage Hydro Projects
positive3 GW PSP project under development in Raigad, Maharashtra, with 2 GW tied up with MSEDCL for 40 years. Total planned capacity of 8.4 GW.
Thermal Capacity Expansion
positive1,600 MW (2x800 MW) Ultra-Supercritical thermal project under development in Madhya Pradesh with a 25-year PPA.
Transmission Projects
positiveWon Solapur Transmission project (40 km 400 kV D/C line) for 1,500 MW RE evacuation, expected implementation H1 FY27.
Thermal Power Project (MP)
positive1,600 MW (2x800 MW) Ultra-Supercritical project in Madhya Pradesh. SCOD: Unit 1 in 66 months, Unit 2 in 72 months from PPA execution.
Pumped Storage Hydro Project (Maharashtra)
positive3,000 MW project in Raigad, Maharashtra. SCOD: Oct’28. LOAs awarded for Civil & Hydro Mechanical and Electrical & Mechanical packages.
Renewable Energy Projects in Pipeline
positiveApproximately 4.3 GW of renewable capacity under installation, including solar and wind projects with various off-takers and commissioning timelines.
Transmission Project (Khavda, Gujarat)
positiveTransmission project for 4.5 GW RE evacuation in Khavda, Gujarat, successfully commissioned in Feb’26.
Strong Balance Sheet
positiveNet Debt to EBITDA of 2.06x and Net Debt to Equity of 0.56x for FY26, providing headroom for growth.
Operational Excellence in Distribution
positiveDistribution loss of 2.33% in FY26 for licensed areas and significant AT&C loss reduction in franchised areas (e.g., Bhiwandi from 58% to ~9.1%).
Integrated Business Model
positiveOver 70% of EBITDA from integrated generation and distribution business segment in FY26, providing stability.
Gas Market Volatility
negativeContribution from gas-based generation business remained constrained due to dynamic power demand scenario and gas market volatility.
Higher Project Costs
negativeRenewable Energy segment's improved performance was partly offset by higher interest and depreciation cost as growth continues with new projects.
Gas Market Volatility
neutralGas-based generation business is constrained by dynamic power demand and gas market volatility, impacting profitability.
Project Execution and Cost Overruns
neutralLarge-scale thermal, renewable, and PSP projects involve significant capital expenditure and execution risks, potentially leading to higher interest and depreciation costs.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The investor presentation primarily compares Q4 FY26 to Q4 FY25 and FY26 to FY25 for financial results and operational statistics. This provides a clear annual and quarterly performance trend, which is standard for the power sector and accounts for seasonality.
Q4 FY26 Thermal PLF (Sugen)
negativeSugen PLF decreased from 34% in Q4 FY25 to 20% in Q4 FY26.
Q4 FY26 Thermal PLF (Amgen)
negativeAmgen PLF decreased from 72% in Q4 FY25 to 71% in Q4 FY26.
Q4 FY26 Wind PLF
negativeWind PLF decreased from 18.9% in Q4 FY25 to 18.0% in Q4 FY26.
Q4 FY26 Solar PLF
positiveSolar PLF increased from 17.6% in Q4 FY25 to 22.9% in Q4 FY26.
Target RE Capacity
positiveManagement targets increasing renewable portfolio to ~5.95 GWp.
Focus on Complex/Hybrid Solutions
positiveFocus on other green molecule technologies like Green Hydrogen and Pumped Storage Power (PSP) with an eventual target of ~8.4 GW capacity.
Strategic Expansion in Transmission
positiveSelective participation in tariff-based competitive bidding for inter-state and intra-state transmission projects and evaluating brownfield opportunities.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Renewable Capacity Commissioning | ~4.3 GW under installation | Timely commissioning of pipeline RE projects, especially MSEDCL, SECI, and TPL-D projects, and ramp-up of PSP. |
| T&D Loss Reduction (Franchised) | Bhiwandi ~9.1%, Agra ~5.4%, SMK ~23.1% in FY26 | Continued reduction in AT&C losses in franchised areas, particularly SMK, to improve operational efficiency. |
| Gas-based Generation Contribution | Constrained due to market volatility | Improvement in PLF and contribution from gas-based plants, indicating better gas availability and demand. |
| Net Debt to EBITDA | 2.06x for FY26 | Maintenance of comfortable leverage ratios amidst significant capital expenditure for new projects. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
58NeutralSMA20 +9.3% / mo
Technical chart
TORNTPOWERweekly · 3Y-15.7%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 47.
- SMA20 rising (~8.5% over last month) — short-term momentum positive.
- RSI(14) at 47 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 22% off 52W high · 18% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 8/15 to the score.
- Growth contributes 11/25 to the score.
Main drags
- Quality is weaker at 2/20; verify the latest quarterly trend.
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 57th percentile of the scored universe and 55th percentile within Power. Main check: results consistency is weak at 49/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: 2 latest quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Power: 55th pctile, median 67 · Large: 34th pctile, median 74
106 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸11 years of positive FCF.
- ▸OPM spread across recent quarters is 4%.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 30.30
- P/B
- 3.84
- EV/EBITDA
- 12.20
- Market Cap
- 73320.00Cr
Profitability
- ROE
- 13.20%
- ROCE
- 14.00%
- ROA
- 5.46%
- Dividend Y
- 1.31%
Growth (CAGR)
- Revenue 5Y
- 19.00%
- EPS 5Y
- 14.00%
- Revenue 3Y
- 4.00%
- EPS 3Y
- 6.00%
Balance Sheet
- Debt/Equity
- 0.73
- Interest Coverage
- 5.93×
- Altman Z
- 3.46
- Book Value
- 379.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 11/5
- OCF
- 5464.00 Cr
- EPS TTM
- 47.95
Shareholding
- Promoter Hold
- 51.09%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 42%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Power — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.