Torrent Power LimitedQ1 FY27 Results & Financial Update
Torrent Power Limited: Q1 FY27 consolidated results and company financials – revenue ₹8,124.15 Cr, PAT ₹661.85 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
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Quarterly Results AnalysisExplore Torrent Power Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Torrent Power reported consolidated revenue from operations of ₹8,124.15 crore for the quarter ended June 30, 2026, marking an increase compared to ₹7,906 crore in the corresponding period of the previous year.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 2% to ₹1,619 crore compared to ₹1,588 crore in Q1 FY25-26, supported by contributions from the distribution and renewable energy business segments.
The operating environment during the quarter was marked by geopolitical disruptions that constrained liquefied natural gas (LNG) supplies, negatively impacting thermal power plant utilization and plant load factors.
Finance costs expanded notably to ₹292.99 crore from ₹213 crore in Q1 FY25-26, driven by increased borrowings deployed toward funding under-construction assets and strategic project portfolios.
Depreciation and amortization expenses were reported at ₹400.41 crore, and tax expense stood at ₹263.34 crore for the quarter.
During the quarter ended 30 June 2026 (Q1 FY27), Torrent Power Limited reported consolidated total revenue from operations of INR 8,124.15 crore.
Total income for the quarter stood at INR 8,204.81 crore, inclusive of other income amounting to INR 80.66 crore.
01 · Business model
What does Torrent Power do?
Torrent Power Limited is an integrated private sector power utility operating across the full energy value chain, encompassing power generation, transmission, and electricity distribution.
The company maintains an aggregate installed generation capacity of 6.6 GWp, consisting of 2.7 GW of gas-based capacity, 2.1 GWp of renewable capacity, and 1.8 GW of coal-based capacity, alongside an expanding pipeline of green energy and storage projects.
Its distribution footprint serves nearly 31 billion units to approximately 4.29 million customers across licensed areas in Gujarat (Ahmedabad, Gandhinagar, Surat, Dahej SEZ, Dholera SIR, Dadra & Nagar Haveli and Daman & Diu) and franchised regions in Maharashtra (Bhiwandi, Shil, Mumbra and Kalwa) and Uttar Pradesh (Agra).
Operating under the broader Torrent Group, the utility combines low transmission and distribution loss metrics with extensive captive and long-term contracted supply arrangements.
02 · Historical context
What shaped the business before this quarter
On February 16, 2026, the company signed a Securities Purchase Agreement to acquire 100% equity shares and convertible instruments of Nabha Power Limited for ₹3,632.35 crore, consummating the transaction on June 25, 2026.
The utility previously expanded its footprint by taking over distribution operations in Daman & Diu and Dadra & Nagar Haveli starting April 1, 2022, alongside longstanding franchised areas such as Bhiwandi and Agra.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹8,124.15 Cr |
| Total income | ₹8,204.81 Cr |
| Profit before tax | ₹925.19 Cr |
| Profit after tax | ₹661.85 Cr |
| EPS | ₹12.68 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue expansion was supported by stronger operational performance and electricity demand across licensed and franchised distribution service areas.
Incremental revenue was generated from higher plant load factors and contributions from renewable capacity additions commissioned during the previous year.
What drove margins
Power purchase expenses increased to ₹5,818 crore during the quarter compared to ₹5,472 crore in the corresponding period of the previous year.
Higher borrowing costs from under-construction assets elevated finance expenses to ₹292.99 crore, narrowing total comprehensive income margins despite stable EBITDA generation.
Finance costs of INR 292.99 crore and depreciation and amortization charges of INR 400.41 crore formed material components impacting the bottom-line earnings for Q1 FY27.
05 · Demand, customers & order book
Where demand is coming from
The utility distributes electricity to approximately 4.29 million customers across its licensed and franchised distribution areas.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The distribution business recorded a 10% increase in EBITDA, underpinned by low distribution losses and high power reliability indices.
The renewable portfolio delivered a 6% increase in EBITDA, driven by improved plant load factors and newly commissioned capacity.
Thermal power plant performance was constrained by geopolitical disruptions affecting LNG availability, leading to lower operating PLFs across gas-based assets.
Geography and market mix
Licensed areas in Ahmedabad, Gandhinagar, and Surat maintained low distribution losses (3.35% and 2.77% respectively in FY26) and 99.9% power availability.
Maintained low distribution loss performance below 2% during the operating cycle.
Bhiwandi, Agra, and Shil, Mumbra & Kalwa (SMK) continued loss-reduction efforts, with Bhiwandi AT&C losses standing at ~9.1% and Agra at ~5.4%.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Total installed generation capacity stood at 6.6 GWp as of June 30, 2026, comprising 2.7 GW of gas-based capacity, 2.1 GWp of renewable capacity, and 1.8 GW of coal-based capacity (including the 1,400 MW Nabha Power plant acquired on June 25, 2026).
Thermal plant load factors for Q1 FY27 were reported at 27.0% for Sugen, 14.0% for Unosugen, 13.6% for DGEN, and 78.9% for Amgen, resulting in an aggregate thermal PLF of 26.3% (excluding Nabha).
Renewable PLFs on contracted capacity reached 33.3% for wind assets (across 980 MW) and 25.9% for solar assets (across 1,092 MWp) in Q1 FY27.
Projects, capex and execution
Under-development renewable projects include ~4.2 GWp of solar and wind installations, such as SECI and MSEDCL tie-ups, with aggregate expected project costs of ~₹29,638 crore.
A 3,000 MW Pumped Storage Hydro Project in Raigad District, Maharashtra, is under development with an estimated project cost of ~₹14,000 crore, of which 2,000 MW is tied up with MSEDCL for an annual revenue of ₹1,680 crore upon commissioning scheduled for October 2028.
08 · Strategy & new businesses
How the company is trying to change its growth mix
The consummation of the Nabha Power acquisition on June 25, 2026, added a 2x700 MW supercritical coal-based power plant in Punjab operating under long-term PPAs with PSPCL.
The company is executing a 72 TPA pilot project for green hydrogen blending with natural gas in its city gas distribution network.
09 · Reported developments
What changed operationally
Distribution and renewable businesses recorded robust EBITDA growth of 10% and 6% respectively, offsetting thermal headwinds.
10 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Capital allocation & funding
Increased borrowings were deployed to fund strategic investments in under-construction assets and project acquisitions, driving up quarterly finance costs to ₹292.99 crore.
11 · Beyond the numbers
What changed beyond the numbers
Reported update
Nabha Power Consummation
The acquisition of Nabha Power Limited was formally completed on June 25, 2026, for a total consideration of ₹3,632.35 crore.
Reported update
Quarterly Financial Results Filing
Torrent Power Limited submitted its official consolidated financial results for the quarter ended June 30, 2026, through the exchange XBRL filing system.
12 · Key Q&A
The quarter, answered directly
What does Torrent Power do?
Torrent Power Limited is an integrated private sector power utility operating across the full energy value chain, encompassing power generation, transmission, and electricity distribution.
What is the clearest takeaway from Q1 FY27?
Torrent Power reported consolidated revenue from operations of ₹8,124.15 crore for the quarter ended June 30, 2026, marking an increase compared to ₹7,906 crore in the corresponding period of the previous year.
What drove revenue or demand?
Revenue expansion was supported by stronger operational performance and electricity demand across licensed and franchised distribution service areas.
What mattered most for margins or profitability?
Power purchase expenses increased to ₹5,818 crore during the quarter compared to ₹5,472 crore in the corresponding period of the previous year.
What changed operationally beyond the headline numbers?
Total installed generation capacity stood at 6.6 GWp as of June 30, 2026, comprising 2.7 GW of gas-based capacity, 2.1 GWp of renewable capacity, and 1.8 GW of coal-based capacity (including the 1,400 MW Nabha Power plant acquired on June 25, 2026).
What should the next disclosure help confirm?
Track the construction progress and commissioning milestones for the 4.2 GWp renewable pipeline and the 3 GW Pumped Storage Hydro project.
13 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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14 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Renewable and PSP Project Execution: Track the construction progress and commissioning milestones for the 4.2 GWp renewable pipeline and the 3 GW Pumped Storage Hydro project.
- 02
Thermal Fuel Supply Recovery: Monitor the stabilization of LNG imports and thermal plant load factors amid evolving geopolitical supply conditions.
- 03
Subsequent Financial Disclosures: Monitor upcoming quarterly filings for trend analysis and comparative period performance as historical data points become available.
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