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Torrent Power

TORNTPOWER NSE
₹1,234.40 No trade today
P/E
26.77
View as Markdown
MCP
Close 4 Nov 2026 ₹1,234.40 −38.80 −3.05% 1Y
Start ₹1,273.20

Key Fundamentals

MidcapPowerUtilities

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
13.70%
Debt to Equity
0.73
EPS (TTM)
₹46.11
Book Value
₹378.55
Market Cap
—
P/E (TTM)
26.77
P/B
3.26
ROE
12.50%
Dividend Yield
1.66%
EBITDA
₹5,864 Cr
52W High
₹1,824.10
52W Low
₹1,147.50
Volume
0

Peer Comparison

Utilities › Power › Integrated Power Utilities

Torrent Power peer comparison
Adani Power
₹201.7121.34₹3,86,658 Cr5.070.00%21.10%17.20%₹65,015 Cr₹18,645 Cr
Tata Power
₹360.0029.75₹1,14,233 Cr2.910.70%10.20%10.50%₹63,445 Cr₹5,256 Cr
Torrent Power (this company)
₹1,234.4026.77₹61,139 Cr3.261.66%12.50%13.70%₹29,184 Cr₹2,390 Cr
CESC
₹130.9411.17₹17,179 Cr1.394.67%12.00%10.90%₹18,853 Cr₹1,630 Cr
Reliance Infrastructure
₹49.130.62₹1,961 Cr0.120.00%14.30%15.40%₹20,877 Cr₹5,300 Cr
DPSC
₹6.3148.54₹634 Cr0.690.78%1.45%3.49%₹771 Cr₹13 Cr
Median 6 companies₹166.3324.06₹39,159 Cr2.150.74%12.25%12.30%₹25,031 Cr₹3,823 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

46 Average

Data confidence 100/100

Category scores

Quality
64
Good
Returns, margins, earnings quality 22% weight
Valuation
43
Weak
Cheap vs sector & own history 24% weight
Growth
35
Poor
Sales & profit trajectory 9% weight
Financial Health
46
Average
Solvency, leverage, coverage 9% weight
Momentum
22
Poor
Trend strength, vol-adjusted 12% weight
Ownership
49
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 38.6%

Weaknesses

1
  • Stock is trading at 3.10 times its book value

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBullish667
OscillatorsBullish162
Moving AveragesNeutral505

Key readings

RSI (14)
54.39
Neutral
MACD (12,26,9)
−11.41
Bullish
SMA (50)
1,234.09
Bullish
SMA (200)
1,394.06
Bearish

As of

Analyst Rating

Based on 11 analysts
BUY45%

5 of 11 analysts rate Buy, 4 Hold, 2 Sell.

As of

BUY
5
45%
HOLD
4
36%
SELL
2
18%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+9.51%
5Y+18.93%
3Y+4.08%
1Y−0.68%
TTM+4.09%

Net profit

Net profit growth by window
10Y+10.59%
5Y+13.76%
3Y+4.48%
1Y−19.29%
TTM−14.76%

Operating cash flow

Operating cash flow growth by window
10Y+7.92%
5Y+12.83%
3Y+16.50%
1Y+13.71%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−6.43 pp
5Y−9.31 pp
3Y+0.61 pp
1Y+1.00 pp
TTM+1.58 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹9,960 Cr
Mar 2018₹11,512 Cr
Mar 2019₹13,151 Cr
Mar 2020₹13,641 Cr
Mar 2021₹12,173 Cr
Mar 2022₹14,258 Cr
Mar 2023₹25,694 Cr
Mar 2024₹27,183 Cr
Mar 2025₹29,165 Cr
Mar 2026₹28,966 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹430 Cr
Mar 2018₹952 Cr
Mar 2019₹904 Cr
Mar 2020₹1,179 Cr
Mar 2021₹1,296 Cr
Mar 2022₹459 Cr
Mar 2023₹2,165 Cr
Mar 2024₹1,896 Cr
Mar 2025₹3,059 Cr
Mar 2026₹2,469 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹1,880 Cr +16.2% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 2 Nov 2026
AI opinion · based on fundamentals
Risk medium

Torrent Power Ltd trades at ₹1,218.7 as of 2026-11-02 with a market cap of ₹59,844 crore, a P/E of 26.43x and ROE of 12.53%. The company has delivered strong long-term stock returns (10-year CAGR of 21%) and maintained a healthy dividend payout, but recent profit growth has turned negative on a TTM basis at -15%.

Bull Case 7
  • Strong long-term wealth creation with a 10-year stock price CAGR of 21%, well ahead of broader market indices over the same period
  • Consistent 10-year compounded sales growth of 10% and 5-year compounded sales growth of 19%, reflecting sustained revenue expansion across cycles
  • Healthy dividend payout ratio of 38.6% with a current dividend yield of 1.71%, offering meaningful income in the capital-intensive power sector
  • 5-year compounded profit growth of 12% demonstrates the company's ability to scale earnings over a medium-term horizon
  • Average ROE of 15% over both 3-year and 5-year periods indicates efficient capital allocation relative to many peers in the regulated utility space
  • Debt-to-equity ratio of 0.73 is manageable for a power utility, suggesting the balance sheet is not over-leveraged despite the capital-intensive nature of the business
  • Stock is currently about 33% below its 52-week high of ₹1,824.1, which may present a more reasonable entry valuation compared to recent peaks
Bear Case 6
  • TTM profit growth has declined sharply to -15%, signalling a meaningful deterioration in near-term earnings momentum
  • P/E of 26.43x is elevated for a power utility, implying the market is pricing in growth that the recent TTM earnings decline does not support
  • Stock trades at 3.22x book value (P/B), a premium valuation for a regulated utility sector company where asset-heavy models typically command lower multiples
  • 3-year compounded sales growth of only 4% and 3-year compounded profit growth of 4% suggest the top-line and bottom-line momentum has moderated significantly from the 5-year trend
  • Last year's ROE of 12% has slipped from the 3-year and 5-year average of 15%, indicating declining return efficiency on shareholders' equity
  • 1-year stock price return of -5% shows the market has already started repricing the stock downward amid weakening fundamentals

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Torrent Power is under pressure with a 35% drawdown from its 52-week high and weakening merchant power earnings (₹87 crore lower in Q1FY27). On the positive side, return ratios remain well above peer medians and valuation has compressed to a slight discount.

Headwinds 2
  • Stock hits fresh 52-week low Oct 09

    Torrent Power fell to ₹1,192, its lowest since March 2024, marking a 35% decline from the 52-week high of ₹1,824 touched on April 27, 2026. Market cap stood at ₹62,302.63 crore.

  • Merchant power gains drop ₹87Cr Oct 09

    Gains from merchant sales and LNG trading were lower by ₹87 crore in Q1FY27 despite elevated gas prices, impacting overall quarterly performance.

Positives 4
  • Strong ROE and ROCE metrics Oct 09

    ROE of 13.46% vs peer median 10.41% and ROCE of 14.37% vs peer median 8.5% indicate superior capital efficiency relative to peers.

  • Valuation below peer median Oct 09

    P/E ratio of 26.33x trades at a discount to the peer median of 27.75x, with a 1.65% dividend yield and June 2026 revenue of ₹8,124.15 crore.

  • UP privatisation opportunity ahead Oct 09

    Upcoming UP distribution privatisation offers packages of 3.0-3.5 million customers each, with each player eligible to win up to two packages — not yet factored into estimates.

Neutral 1
  • Healthy margins despite gas costs Oct 09

    Despite elevated gas prices in Q1FY27, Torrent Power maintained healthy operating margins in merchant power operations per the Q1 earnings conference call.

Quarterly Results

₹ Cr
TORNTPOWER quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
7,328
6,961
6,366
6,529
9,034
7,176
6,499
6,456
7,906
7,876
6,778
6,406
8,124
Expenses
6,143
5,740
5,322
5,420
7,176
5,968
5,388
5,326
6,423
6,370
5,375
5,257
6,586
Operating Profit
1,185
1,221
1,044
1,109
1,858
1,207
1,112
1,130
1,483
1,506
1,403
1,149
1,538
OPM %
16%
18%
16%
17%
21%
17%
17%
18%
19%
19%
21%
18%
19%
Other Income
86
108
54
97
76
125
172
114
105
78
69
71
81
Interest
227
247
235
233
260
272
276
236
212
216
255
252
293
Depreciation
332
342
349
355
359
371
378
389
390
389
413
421
400
PBT
711
741
513
617
1,315
689
630
619
985
979
805
547
925
Tax %
25%
27%
27%
28%
24%
28%
22%
−74%
25%
24%
19%
39%
28%
Net Profit
532
543
374
447
996
496
489
1,077
742
742
655
331
662
EPS (₹)
10.76
10.94
7.49
8.95
20.23
10.01
9.44
21.03
14.52
14.36
12.76
6.31
12.68

Profit & Loss

₹ Cr
TORNTPOWER profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
10,348
11,680
9,960
11,512
13,151
13,641
12,173
14,258
25,694
27,183
29,165
28,966
29,184
Expenses
8,246
8,681
7,487
8,364
9,934
10,045
8,695
10,643
20,906
22,587
23,844
23,389
23,588
Operating Profit
2,103
2,999
2,472
3,148
3,217
3,596
3,477
3,615
4,789
4,596
5,322
5,577
5,596
OPM %
20%
26%
25%
27%
24%
26%
29%
25%
19%
17%
18%
19%
19%
Other Income
320
337
179
232
172
−862
130
−1,089
352
307
473
287
299
Interest
962
1,131
1,058
848
899
955
776
628
818
943
1,045
934
1,015
Depreciation
720
916
1,006
1,132
1,227
1,304
1,280
1,334
1,281
1,378
1,497
1,613
1,623
PBT
740
1,290
587
1,401
1,264
475
1,552
564
3,041
2,583
3,253
3,317
3,257
Tax %
51%
30%
27%
32%
28%
−148%
16%
19%
29%
27%
6%
26%
—
Net Profit
363
902
430
952
904
1,179
1,296
459
2,165
1,896
3,059
2,469
2,390
EPS (₹)
7.61
18.73
8.92
19.61
18.7
24.43
26.86
9.45
44.06
38.14
59.31
47.95
46.11
Div. Payout %
20%
24%
25%
26%
27%
47%
41%
95%
59%
42%
32%
42%
—

Balance Sheet

₹ Cr
TORNTPOWER balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
472
481
481
481
481
481
481
481
481
481
504
504
Reserves
6,083
5,990
6,411
7,239
8,490
8,673
9,704
9,463
10,529
11,581
17,111
18,571
Borrowings
9,355
8,515
8,768
9,298
9,715
8,908
7,817
9,143
10,541
11,632
8,840
13,971
Other Liabilities
3,722
4,626
5,132
5,571
5,865
5,541
5,513
5,902
8,320
9,633
10,004
11,999
Total Liabilities
19,632
19,612
20,793
22,589
24,550
23,603
23,514
24,988
29,872
33,326
36,459
45,045
Fixed Assets
15,088
15,139
16,804
17,871
18,014
17,569
17,326
17,097
19,269
21,802
24,286
25,611
CWIP
233
213
332
393
359
568
838
1,297
2,625
2,472
2,250
6,965
Investments
607
511
671
873
914
724
466
407
804
954
895
1,531
Other Assets
3,705
3,748
2,986
3,453
5,263
4,743
4,885
6,187
7,174
8,097
9,028
10,938
Total Assets
19,632
19,612
20,793
22,589
24,550
23,603
23,514
24,988
29,872
33,326
36,459
45,045

Cash Flow

₹ Cr
TORNTPOWER cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
2,251
2,550
2,356
2,764
2,425
3,610
2,988
3,167
3,456
4,258
4,805
5,464
Investing
−1,158
−911
−2,122
−2,418
−1,828
−1,129
−910
−2,483
−3,216
−3,544
−3,650
−8,088
Financing
−1,206
−2,163
−674
−311
−617
−2,506
−2,061
−502
−341
−551
−1,216
3,101
Net Cash Flow
−112
−523
−440
34
−20
−25
16
182
−101
163
−62
478
Free Cash Flow
889
926
−85
429
537
2,263
1,699
1,407
432
659
608
−2,156
CFO/OP
113
96
100
98
84
109
93
94
82
103
94
109

Ratios

TORNTPOWER financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
31
33
36
36
34
34
43
41
32
29
30
29
Cash Conversion Cycle
31
33
36
36
34
34
43
41
32
29
30
29
Working Capital Days
−35
9
−15
−11
−15
−23
−21
−40
−9
−9
−3
−35
ROCE %
11%
15%
10%
13%
12%
13%
13%
13%
18%
15%
16%
14%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Torrent Power insights

63 extracted metrics across FY12–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 51.09%
  • DIIs 22.80%
  • FIIs 8.36%
  • Government 8.35%
  • Public 5.77%
  • Others 3.63%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Torrent Power

What does Torrent Power Ltd do?
Torrent Power Ltd is a leading integrated power utility company in India with presence across generation, transmission and distribution of power. Its operations are spread across the states of Gujarat, Maharashtra, Uttar Pradesh and Karnataka.
Where is Torrent Power Ltd (TORNTPOWER) listed?
Torrent Power Ltd trades as TORNTPOWER on the NSE and under code 532779 on the BSE.
Which sector does Torrent Power Ltd belong to?
Torrent Power Ltd is classified under the Power sector, in the Integrated Power Utilities industry.
What is the PE ratio of Torrent Power Ltd?
Torrent Power Ltd trades at a PE ratio of 26.77 as of 4 Nov 2026, on earnings per share of ₹46.11, against a book value of ₹378.55 per share.
What is the 52-week high and low of Torrent Power Ltd?
Over the last 52 weeks Torrent Power Ltd has traded between ₹1,147.5 and ₹1,824.1 as of 4 Nov 2026.
Does Torrent Power Ltd pay dividends?
Torrent Power Ltd has a dividend yield of 1.66%.
What is the Return on Equity (ROE) of Torrent Power Ltd?
Torrent Power Ltd reported a return on equity of 12.50%. Its debt-to-equity ratio is 0.73.

Company Information

Torrent Power Ltd is a leading integrated power utility company in India with presence across generation, transmission and distribution of power. Its operations are spread across the states of Gujarat, Maharashtra, Uttar Pradesh and Karnataka. It is a part of Torrent Group which has presence across pharmaceutical, power and city gas distribution business.

Website torrentpower.com
CEO Mr. Jinal Sudhirbhai Mehta
Employees 7,969
Listed 28 Nov 2006
Face Value ₹10

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