Torrent Power (TORNTPOWER) Q4 25/26 earnings summary

Executive summary

• Q4 FY26 PBT was INR 547 crores, down from INR 619 crores YoY, due to a non-recurring provision of INR 171 crores related to the UNOSUGEN Power Project.

• Adjusted for the one-off, PBT was INR 718 crores, up 16% YoY.

• Total comprehensive income for FY 2025-26 was ₹2,514 Cr, down from ₹3,059 Cr in FY 2024-25, but adjusting for a one-time deferred tax reversal in FY 2024-25, TCI improved by ₹92 Cr year-over-year, driven by better operational performance in distribution and renewables.

• Audited standalone and consolidated financial results for the quarter and year ended March 31, 2026 were approved, with unmodified auditor opinions.

• Board recommended a final dividend of ₹5.00 per share, bringing the total dividend for FY 2025-26 to ₹20.00 per share.

Financial highlights

• Reported EBITDA for Q4 FY26 was INR 1,220 crores; adjusted EBITDA (adding back INR 171 crores one-off) was INR 1,391 crores.

• EBITDA for FY 2025-26 was ₹5,864 Cr, up 1% from ₹5,795 Cr in FY 2024-25.

• Standalone revenue from operations for FY 2025-26: ₹21,850.03 crore; consolidated: ₹28,966.31 crore.

• Standalone net profit for FY 2025-26: ₹2,575.11 crore; consolidated net profit: ₹2,469.36 crore.

• Full-year merchant and LNG gains totaled INR 675 crores on 1,400 MUs sold.

Outlook and guidance

• CapEx for FY26: INR 1,600 crores (distribution), INR 550 crores (transmission), INR 70 crores (thermal), INR 6,500 crores (renewables).

• FY27 CapEx expected to be higher than FY26, with a five-year plan totaling around INR 80,000 crores across renewables, coal, PSPs, and distribution.

• Operational capacity is projected to grow from ~5.1 GWp to ~10.6 GWp, with significant renewable additions planned.

• Nabha Power acquisition expected to be consolidated from Q1 FY27.

• Board approved raising up to ₹10,000 crore via non-convertible debentures through private placement.