TORNTPOWER

Torrent Power Limited

Torrent group's integrated power utility — generation, transmission and distribution

Utilities›Power›Power›Integrated Power Utilities

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Key metrics

Price as of 2026-10-16

Stock price
₹1226.30
Market cap
61,784 Cr
Stock P/E
26.6
P/B
3.24
Dividend yield
1.7%
ROE (FY26)
12.3%
ROCE (FY26)
12.7%
Operating margin (FY26)
13.6%
Debt / equity (FY26)
0.72
OCF / EBITDA (FY26)
98.6%
OCF / EBITDA (3Y)
94.3%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Torrent Power is an integrated power utility that generates electricity and distributes it to homes and businesses in cities across Gujarat, Maharashtra and Uttar Pradesh, and is adding renewable and pumped-storage capacity.

Company snapshot

3rdBy market cap

Ranked among 6 companies in Integrated Power Utilities.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 85.2% of revenue

SegmentRevenue shareRevenuePBTAssets
Generation
30.5%
6,935 Cr1,117 Cr—
Renewables
3.6%
815 Cr368 Cr—
Transmission and Distribution
85.2%
19,348 Cr1,956 Cr—

Shares add up to 119% because segment revenues are before inter-segment eliminations.

What we see

Positives
  • ✓94% of operating profit came in as cash over the last three years — profits are backed by real cash.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales6,961 Cr6,366 Cr6,529 Cr9,034 Cr7,176 Cr6,499 Cr6,456 Cr7,906 Cr7,876 Cr6,778 Cr6,406 Cr8,124 Cr
Operating expenses (approx.)5,740 Cr5,322 Cr5,420 Cr7,176 Cr5,969 Cr5,388 Cr5,326 Cr6,423 Cr6,370 Cr5,375 Cr5,257 Cr6,586 Cr
EBITDA1,221 Cr1,044 Cr1,109 Cr1,858 Cr1,207 Cr1,112 Cr1,130 Cr1,483 Cr1,506 Cr1,403 Cr1,149 Cr1,538 Cr
OPM %17.5%16.4%17.0%20.6%16.8%17.1%17.5%18.8%19.1%20.7%17.9%18.9%
Other income108 Cr54 Cr97 Cr76 Cr125 Cr172 Cr114 Cr105 Cr78 Cr69 Cr71 Cr81 Cr
Interest247 Cr235 Cr233 Cr260 Cr272 Cr276 Cr236 Cr212 Cr216 Cr255 Cr252 Cr293 Cr
Depreciation342 Cr349 Cr355 Cr359 Cr371 Cr378 Cr389 Cr390 Cr389 Cr413 Cr421 Cr400 Cr
Profit before tax741 Cr513 Cr617 Cr1,315 Cr689 Cr630 Cr619 Cr985 Cr979 Cr805 Cr547 Cr925 Cr
Tax %26.7%27.1%27.6%24.2%28.0%22.3%-73.9%24.7%24.3%18.7%39.4%28.5%
Net profit543 Cr374 Cr447 Cr996 Cr496 Cr489 Cr1,077 Cr742 Cr742 Cr655 Cr331 Cr662 Cr
EPS (₹)₹10.94₹7.49₹8.95₹20.23₹10.01₹9.76₹21.03₹14.52₹14.36₹12.76₹6.31₹12.68

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales10,000 Cr11,512 Cr13,151 Cr13,641 Cr12,173 Cr14,258 Cr25,694 Cr27,183 Cr29,165 Cr28,966 CrSign in free for the trailing twelve months
Operating expenses (approx.)7,540 Cr8,395 Cr9,951 Cr10,085 Cr8,707 Cr10,667 Cr20,935 Cr22,624 Cr23,858 Cr23,425 CrSign in free for the trailing twelve months
EBITDA2,460 Cr3,117 Cr3,199 Cr3,556 Cr3,465 Cr3,591 Cr4,759 Cr4,559 Cr5,307 Cr5,541 CrSign in free for the trailing twelve months
OPM %24.6%27.1%24.3%26.1%28.5%25.2%18.5%16.8%18.2%19.1%Sign in free for the trailing twelve months
Other income191 Cr264 Cr190 Cr178 Cr142 Cr235 Cr382 Cr344 Cr487 Cr323 CrSign in free for the trailing twelve months
Interest1,058 Cr848 Cr899 Cr955 Cr776 Cr628 Cr818 Cr943 Cr1,045 Cr934 CrSign in free for the trailing twelve months
Depreciation1,006 Cr1,132 Cr1,227 Cr1,304 Cr1,280 Cr1,334 Cr1,281 Cr1,378 Cr1,497 Cr1,613 CrSign in free for the trailing twelve months
Profit before tax587 Cr1,401 Cr1,264 Cr475 Cr1,552 Cr564 Cr3,041 Cr2,583 Cr3,253 Cr3,317 CrSign in free for the trailing twelve months
Tax %26.8%32.0%28.5%-148.3%16.5%18.7%28.8%26.6%6.0%25.5%Sign in free for the trailing twelve months
Net profit430 Cr952 Cr904 Cr1,179 Cr1,296 Cr459 Cr2,165 Cr1,896 Cr3,059 Cr2,469 CrSign in free for the trailing twelve months
EPS (₹)₹8.93₹19.61₹18.70₹24.43₹26.86₹9.45₹44.06₹38.14₹61.23₹47.95Sign in free for the trailing twelve months
Dividend payout %————20.7%153.0%49.1%40.7%29.5%41.4%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital481 Cr481 Cr481 Cr481 Cr481 Cr481 Cr481 Cr481 Cr504 Cr504 Cr
Reserves6,411 Cr7,239 Cr8,490 Cr8,673 Cr9,704 Cr9,463 Cr10,529 Cr11,581 Cr17,111 Cr18,571 Cr
Borrowings8,270 Cr8,564 Cr8,877 Cr7,800 Cr6,672 Cr9,098 Cr10,496 Cr11,585 Cr8,737 Cr13,733 Cr
Other liabilities5,601 Cr6,273 Cr6,670 Cr6,634 Cr6,646 Cr5,945 Cr7,927 Cr9,210 Cr9,621 Cr11,752 Cr
Total liabilities20,793 Cr22,592 Cr24,554 Cr23,623 Cr23,539 Cr25,023 Cr29,910 Cr33,392 Cr36,573 Cr45,193 Cr
Fixed assets (net)16,796 Cr17,857 Cr17,997 Cr17,366 Cr17,129 Cr16,759 Cr18,116 Cr20,654 Cr23,028 Cr24,201 Cr
CWIP329 Cr390 Cr359 Cr567 Cr838 Cr1,297 Cr2,625 Cr2,472 Cr2,250 Cr6,962 Cr
Investments671 Cr873 Cr914 Cr724 Cr466 Cr407 Cr813 Cr954 Cr896 Cr1,532 Cr
Loans & advances——15 Cr15 Cr31 Cr20 Cr0 Cr0 Cr0 Cr0 Cr
Inventories369 Cr455 Cr627 Cr598 Cr450 Cr538 Cr820 Cr800 Cr658 Cr507 Cr
Trade receivables975 Cr1,130 Cr1,230 Cr1,280 Cr1,420 Cr1,603 Cr2,246 Cr2,191 Cr2,362 Cr2,330 Cr
Cash & bank103 Cr137 Cr116 Cr91 Cr107 Cr289 Cr188 Cr351 Cr289 Cr767 Cr
Other assets1,549 Cr1,749 Cr3,296 Cr2,981 Cr3,097 Cr4,110 Cr5,102 Cr5,970 Cr7,090 Cr8,896 Cr
Total assets20,793 Cr22,592 Cr24,554 Cr23,623 Cr23,539 Cr25,023 Cr29,910 Cr33,392 Cr36,573 Cr45,193 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity2,356 Cr2,764 Cr2,425 Cr3,635 Cr2,988 Cr3,167 Cr3,456 Cr4,258 Cr4,805 Cr5,464 Cr
Cash from investing-2,122 Cr-2,418 Cr-1,828 Cr-1,154 Cr-910 Cr-2,483 Cr-3,216 Cr-3,544 Cr-3,650 Cr-8,088 Cr
Cash from financing-674 Cr-311 Cr-617 Cr-2,506 Cr-2,061 Cr-502 Cr-341 Cr-551 Cr-1,216 Cr3,101 Cr
Net cash flow-440 Cr34 Cr-20 Cr-25 Cr16 Cr182 Cr-101 Cr163 Cr-62 Cr478 Cr
Free cash flow (OCF − Capex)182 Cr377 Cr436 Cr2,302 Cr1,692 Cr1,358 Cr640 Cr602 Cr475 Cr-2,240 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %10.8%13.8%12.1%8.4%13.8%6.2%17.6%14.6%15.9%12.7%
ROE %6.2%12.3%10.0%12.8%12.6%4.5%18.4%14.6%16.4%12.3%
Debtor days35363434424132292929
Inventory days684709878871157374589271911226
Days payable13591027110715123405154016551627311124
Cash conversion cycle-639-282-195-606-1789-754-732-879-195912
OCF / EBITDA %95.8%88.7%75.8%102.2%86.2%88.2%72.6%93.4%90.5%98.6%
OCF / EBITDA % (3 years)——86.0%89.4%88.5%92.3%81.3%84.3%85.6%94.3%
Debt / equity1.201.110.990.850.660.920.950.960.500.72
Current ratio1.211.241.461.020.970.851.081.091.140.95
Net debt / EBITDA3.32—2.742.171.892.452.172.461.592.34