India · Delayed Price · Currency is INR Torrent Power Earnings Call Transcripts
Fiscal Year 2026
-
Q4 FY26 adjusted PBT rose 16% YoY to INR 718 crores, with adjusted EBITDA at INR 1,391 crores. CapEx for FY27 is set to exceed FY26, with a five-year plan of INR 80,000 crores. Nabha Power acquisition will be consolidated from Q1 FY27.
-
The acquisition of a 1.4 GW coal-based power plant in Punjab for INR 6,889 crore expands operational capacity, delivers immediate EPS and ROE accretion, and is expected to close by Q1 FY 2027. Conservative projections and resolved regulatory issues provide upside potential and risk mitigation.
-
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.
-
Q2 FY26 saw a 42% rise in PBT to INR 979 crore, driven by strong merchant power sales and improved distribution metrics. Renewable performance was mixed due to weather, while CapEx focused on renewables and new projects. Installed capacity neared 5 GW.
-
Q1 FY26 saw a 25% year-over-year PBT decline, mainly from lower merchant gains and non-recurring items, but distribution and renewables improved. CapEx is set to ramp up, with a strong project pipeline and regulatory decisions pending in Maharashtra.
Fiscal Year 2025
-
Q4 FY25 adjusted EBITDA rose 6% year-over-year, driven by strong distribution performance and new project commissioning, though merchant and LNG sales were impacted by high fuel prices and weak demand. Major CapEx is planned for FY26, with a robust project pipeline and strong balance sheet.
-
Q3 FY25 adjusted PBT rose 8% year-over-year, driven by higher merchant and LNG sales, improved distribution, and increased renewables. CapEx for nine months totaled over INR 2,500 crores, with a strong project pipeline and QIP proceeds used mainly for debt reduction.
-
Q2 FY25 saw a 16% year-over-year decline in adjusted PBT due to lower demand and higher costs, with renewable and merchant segments impacted by extended monsoons. CapEx for H1 FY25 reached ₹1,400 crore, and 274 MW of new renewable capacity was commissioned.
-
Q1 FY25 saw an 85% year-over-year PBT increase, driven by strong merchant power sales, higher plant utilization, and favorable market conditions. Significant renewable and transmission projects are underway, with major capex planned over the next few years.