India · Delayed Price · Currency is INR Torrent Power Earnings Call Transcripts
Fiscal Year 2026
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Acquisition of a 1.4 GW coal-based plant in Punjab for INR 6,889 crore boosts capacity to 6.4 GW, ensures stable cash flows under a 13-year PPA, and offers immediate EPS and ROE accretion, with further upside from potential expansion and operational efficiencies.
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Q3 FY 2026 saw a 46% adjusted PBT increase, driven by favorable regulatory orders, improved distribution returns, and higher renewable generation. CapEx accelerated, with a strong pipeline and comfortable leverage ratios maintained.
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Q2 FY26 saw a 42% rise in PBT, driven by strong merchant power sales and improved distribution returns. CapEx for H1 reached INR 3,700 crore, with significant renewable and thermal project progress. Installed capacity neared 5 GW, and future growth focuses on renewables and new coal projects.
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Q1 FY26 saw a 25% drop in reported PBT and a 14% decline in adjusted PBT, mainly due to lower merchant and LNG gains from subdued demand and high gas prices. Distribution and renewables offset some weakness, while CapEx is set to ramp up in H2.
Fiscal Year 2025
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Q4 FY25 saw a 6% adjusted EBITDA growth, driven by strong distribution performance and improved solar generation, offset by weak merchant and LNG sales. FY26 will be CapEx-heavy, especially in renewables and transmission, with robust balance sheet metrics and major project commissioning ahead.
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Q3 FY25 saw a 23% rise in reported PBT to INR 630 crores, with adjusted PBT up 8% year-over-year. Thermal EBIT surged on higher merchant and LNG sales, while CapEx and project commissioning remain robust. QIP proceeds were mainly used for debt reduction.
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Q2 FY25 saw a 16% year-over-year drop in adjusted PBT to ₹622 crore, mainly due to lower power demand from extended monsoons and reduced margins in thermal and renewables. 274 MW of new renewable capacity was commissioned, and major pipeline and green hydrogen projects are progressing.
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Q1 FY25 saw an 85% year-over-year PBT increase, driven by strong merchant power sales and higher thermal PLF. Significant renewable and transmission projects are underway, with INR 20,000 crore investment planned over 3-4 years.