1. India Stocks

  2. •

    Utilities

  3. •

    Independent Power Producers
Torrent Power Limited

Torrent Power Limited

TORNTPOWER.NS
Torrent Power LimitedIN flagNational Stock Exchange of India
1,436.70
INR
+12.80
- -
723.96BMarket Cap
Torrent Power Limited
TORNTPOWER.NS
(National Stock Exchange of India)

Recent

price

1,436.70

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
FRC
138.18
158.4
168.7
181
214.67
233.21
203.04
234.69
269.58
280.34
250.03
292.44
528.55
559.58
597.55
574.79
574.73
Revenue per Share
22.32
26.51
8.19
2.23
7.61
18.73
8.93
19.61
18.7
24.43
26.86
9.45
44.06
38.14
61.23
47.95
47.95
Basic EPS, GAAP
-3.11
-34.7
-36.1
3.35
18.45
25.77
-2.06
9.87
15.98
46.89
35.2
28.26
7.63
12.52
9.73
-44.46
- -
Free Cash Flow per Basic Share
3.48
9.82
4.05
2.1
0.53
5.94
0.03
2.25
6.09
20.15
5.59
14.61
22.09
16.04
18.47
20.26
- -
Dividend per Share
10
10.25
10.25
10
46.3
56.36
64.39
80.85
106.13
108.65
131.53
127.47
149.45
171.28
212.34
10
10
Book Value per Share
101.08
121.9
129.27
131.45
125.63
134.85
143.8
161.05
187.06
190.88
212.27
205.07
219.7
243.6
355.62
374.66
374.62
Tangible Book Value per Share
472
472
472
472
472
481
481
481
481
481
481
481
481
481
488
504
504
Basic Weighted Avg Shares
65,278
74,836
79,701
85,515
101,419
112,079
97,579
112,797
129,565
134,735
120,167
140,553
254,028
268,944
291,653
289,663
289,663
Sales/Revenue/Turnover
25.17
25.52
11.93
9.09
13.67
19.7
14.66
17.72
15.39
16.95
18.83
16.56
13.85
12.03
13.06
13.56
13.56
Operating Margin (%)
3,996
3,839
4,272
5,544
7,205
9,157
10,059
11,315
12,265
13,043
12,822
13,367
12,844
13,775
14,971
16,128
16,128
Depreciation Expense
10,546
12,526
3,867
1,053
3,597
9,002
4,290
9,423
8,989
11,742
12,909
4,540
21,174
18,332
29,885
24,164
24,164
Net Income, GAAP
25.83
26.05
38.54
60.74
51.01
30.04
26.82
32.04
28.47
- -
16.49
18.67
28.83
26.59
5.96
25.55
25.55
Effective Tax Rate (%)
16.16
16.74
4.85
1.23
3.55
8.03
4.4
8.35
6.94
8.71
10.74
3.23
8.34
6.82
10.25
8.34
8.34
Profit Margin (%)
-5,748
2,089
-8,845
18,244
16,348
15,853
5,153
6,526
3,980
143
-1,654
-9,219
5,228
6,933
10,306
-4,737
-4,737
Working Capital
26,332
48,728
60,168
87,446
82,559
81,984
81,934
85,637
85,764
78,294
67,031
71,382
89,416
99,559
74,030
120,912
120,912
LT Debt
48,059
57,903
61,348
62,349
59,533
65,005
69,210
77,554
90,076
91,892
102,206
99,791
114,866
125,975
182,158
197,088
197,088
Total Equity
15.66
14.6
4.64
2.06
4.56
10.73
6.94
8.34
8.02
- -
10.56
10.23
12.12
10.22
13.99
9.64
9.64
Return on Invested Capital (%)
33.05
29.99
8.96
4.02
8.05
15.62
10.46
11.97
10.9
- -
13.59
6.44
15.77
12.66
19.41
17.53
17.53
Return on Capital (%)
223.22
261.91
79.89
22.01
27.05
36.77
14.78
27
20.01
22.75
22.37
7.29
31.82
23.79
32.14
44.47
44.47
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
12,137
- -
18,793
LT Borrowings
90,632
- -
118,714
LT Finance Leases
1,543
- -
2,198
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
504
- -
504
Market Capitalization
609,120
658,427
658,118

Working Capital

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
100,970
- -
92,394
Cash, Cash Equivalents & STI
56,489
- -
58,552
Accounts Receivable, Net
34,409
- -
23,298
Inventories
7,790
- -
5,072
Total Current Liabilities
79,798
- -
97,131
Payables & Accruals
- -
- -
- -
ST Debt
12,137
- -
18,793
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
12.31%
15.04%
8.2%
Free Cash Flow
-107.86%
-124.34%
-571.97%
Net Income, GAAP
43.53%
66.41%
-19.14%
Sales/Revenue/Turnover
12.2%
22.27%
-0.68%
Total Cash Common Dividend
693.57%
43.1%
13.26%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
73,276
69,609
63,661
62,398
268,944
2025
90,337
71,758
64,994
64,563
291,653
2026
79,064
78,760
67,779
64,061
289,663

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
10.76
10.94
7.49
- -
38.14
2025
20.23
10.01
9.76
21.03
61.23
2026
14.52
14.36
12.76
6.31
47.95

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
16.04
2025
- -
- -
- -
- -
18.47
2026
- -
- -
- -
- -
20.26
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Business
Torrent Power Limited, an integrated power utility promoted by the Torrent Group, generates, transmits and distributes electricity in India; it also manufactures and supplies power cables through its cables business. The company operates thermal power plants with 3,454 MW capacity comprising gas-based facilities such as the 1,530 MW SUGEN plant near Surat and the 1,200 MW DGEN plant at Dahej SEZ, alongside a 362 MW coal-based Sabarmati Thermal Power Station; its renewable portfolio includes 1,236 MW from wind and solar plants across Gujarat, Karnataka and Maharashtra, yielding a total installed generation capacity of 4,328 MW. Torrent Power transmits power via 400 kV double circuit lines including 249 km from SUGEN and 105 km from DGEN to off-take centers, and distributes electricity to over 4.13 million customers in license areas encompassing Ahmedabad, Gandhinagar, Surat, Dahej SEZ and Dholera SIR in Gujarat; Dadra & Nagar Haveli, Daman and Diu; Bhiwandi, Shil-Mumbra-Kalwa in Maharashtra; and Agra in Uttar Pradesh, achieving among India's lowest T&D losses of approximately 6.5% in Gujarat operations. Headquartered in Ahmedabad, Gujarat, and founded in 2004 through the merger of Torrent Group power entities including acquisitions of Ahmedabad Electricity Company and Surat Electricity Company, the company serves commercial, industrial and residential customers with 24x7 services and low AT&C losses such as 14.9% in Bhiwandi. Recent developments include a Rs 211 crore acquisition of stakes in Newzone India Pvt Ltd in September 2025 to bolster its renewable energy portfolio; plans for Rs 500 billion capex over three to four years targeting 10 GW renewable capacity by 2030 from 1.75 GW currently, with Rs 200 billion for renewables, Rs 140 billion for 3,000 MW pumped storage hydro and Rs 160 billion for transmission and distribution upgrades; a 200 MW firm dispatchable renewable energy tender with battery storage launched in August 2025; acquisition of 156 MW wind power plants from CESC Limited; and ongoing talks as of November 2025 to acquire a Larsen & Toubro unit for $1.2 billion to expand operations.