Torrent Power (TORNTPOWER) Q1 26/27 earnings summary

Executive summary

• Q1 FY27 revenue grew to ₹8,124 crore, up 3% YoY, with EBITDA at ₹1,618 crore, a 2% increase; profit after tax declined 11% YoY to ₹662 crore, and total comprehensive income fell 14% to ₹639 crore.

• Adjusted PBT was ₹925 crore, down from ₹1,044 crore YoY, with tax expense rising to 28% from 25% due to prior tax assessments.

• Distribution and transmission profit rose 71% YoY, aided by regulatory orders, higher ROE/RoCE, and improved franchisee volumes; distribution loss for licensed areas remained among the lowest at 2.33% for FY26.

• Renewable segment contributed ₹19 crore, supported by new capacity and improved PLF, but growth was muted by the absence of last year’s LPS income.

• Acquisition of Nabha Power Limited completed on June 25, 2026, for ₹3,632.35 crore, making it a wholly owned subsidiary.

Financial highlights

• Consolidated revenue for Q1 FY27 was ₹8,124.15 crore, up from ₹6,406.07 crore YoY; standalone revenue was ₹6,048.71 crore, up from ₹4,480.02 crore.

• Consolidated net profit for Q1 FY27 was ₹661.85 crore, up from ₹331.49 crore YoY; standalone net profit was ₹587.15 crore, up from ₹431.90 crore.

• CapEx in Q1: ₹2,300 crore (Renewable: ₹1,550 crore, Thermal: ₹125 crore, Transmission: ₹120 crore, Distribution: ₹500 crore).

• Gross debt post Nabha Power acquisition: ₹6,500 crore; Nabha Power contributed ₹15 crore profit for five days post-acquisition.

• Earnings per share (consolidated) for Q1 FY27 stood at ₹12.68, up from ₹6.31 YoY.

Outlook and guidance

• 1.2 GW renewable capacity expected to commission in FY27, with 400 MW in Q2 and 800 MW in H2; FY27 CapEx guidance for RE projects is ₹10,000 crore.

• 3 GW pumped storage hydro project under development, with 2 GW tied up for 40 years and annual revenue of ₹1,680 crore expected.

• Anuppur Thermal Power Project (1.6 GW) and Pumped Storage Hydro Project (3 GW) progressing, with commissioning expected in 6-7 years and 3-4 years, respectively.

• Transmission project at Solapur to be commissioned this year.

• Total planned pumped storage capacity of 8.4 GW, with sites under planning and feasibility assessment.