# Torrent Power (TORNTPOWER) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/torntpower

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹1,267.5
- Change: +0.17%
- As of: 2026-11-06
- 1D return: +0.17%
- 5D return: +8.07%
- 1M return: +4.36%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

As of 2026-11-06, TORNTPOWER (₹1,267.50) exhibits a mixed technical structure characterized by short-term strength within a longer-term downtrend. On the daily timeframe, price sits above the 20-period and 50-period EMAs and SMAs, suggesting immediate bullish momentum. This is corroborated by a high-severity upward gap on 2026-11-05 (+2.5%) and recent positive market attention events. However, the daily Supertrend remains bearish, and the stock trades below its 200-period SMA, indicating that the broader trend has not yet reversed.

The weekly chart reinforces this cautionary backdrop: price is below all supplied moving averages and the Supertrend is bearish, with a steep negative slope in the 20-period EMA (-52.36). Conversely, the monthly view shows a bullish Supertrend direction, though price remains below key moving averages. Volatility is elevated at an annualized 31.3%, and the stock is currently 28.5% below its available high, reflecting significant historical drawdown risk.

Price positioning is critical here; the stock is near the upper end of its 20-day range (+94.7%) but near the lower end of its 252-day range (+17.7%). Immediate resistance lies at ₹1,276.47 (0.71% above), while support is clustered tightly around ₹1,259.93–₹1,260.79. A sustained move above ₹1,276.47 would be required to confirm further upside, whereas a break below ₹1,259.93 could invalidate the short-term recovery attempt.

- Trend Divergence: Daily indicators show price above 20/50-period EMAs and SMAs, but the daily Supertrend remains bearish; weekly structure is uniformly bearish across all timeframes.
- Range Positioning: Trading near the top of the 20-day range (+94.7%) but at the bottom of the 252-day range (+17.7%), highlighting a potential reversal attempt within a long-term decline.
- Key Levels: Immediate resistance at ₹1,276.47 (0.71% above); immediate support pivot at ₹1,259.93 (0.60% below).
- Risk Metrics: Annualized volatility stands at +31.3% with a current drawdown of -28.5%; maximum historical drawdown recorded at -34.7%.

- Outside Bar
- Inside Bar
- Bullish Engulfing Reversal

### News Context

Torrent Power reported its Q2 FY27 results on November 5, 2026, marking a significant expansion in scale and profitability. The company posted a 13% year-on-year increase in net profit to ₹838 crore, supported by a robust 24.5% revenue surge to ₹9,802 crore. This growth was driven by operational improvements in power distribution and renewable energy segments. While EBITDA grew by 15.5% to ₹1,988 crore, the EBITDA margin narrowed slightly to 18% from 19%, attributed to higher finance costs linked to increased borrowings. Looking ahead, Torrent Power holds an installed capacity of 6.8 GWp and is developing an additional 4.3 GWp of renewable projects alongside 3 GW of pumped storage capacity, signaling continued capital-intensive expansion.

- Q2 FY27 Net Profit: Rose 13% YoY to ₹838 crore; Revenue surged 24.5% YoY to ₹9,802 crore.
- Margin Dynamics: EBITDA grew 15.5% to ₹1,988 crore, but EBITDA margin contracted to 18% (from 19%) due to higher finance costs from increased borrowings.
- Expansion Pipeline: Current installed capacity stands at 6.8 GWp, with a development pipeline of 4.3 GWp renewable energy and 3 GW pumped storage capacity.

- [Torrent Power's Q2 net profit rises 13% YoY to Rs 838 crore](https://economictimes.indiatimes.com/markets/stocks/earnings/torrent-powers-q2-net-profit-rises-13-yoy-to-rs-838-crore/articleshow/135556136.cms)
- [Stocks in news: BSE, Lenskart, Nykaa, Bharti Airtel, LIC, Aurobindo Pharma and Nalco](https://economictimes.indiatimes.com/markets/stocks/news/stocks-in-news-bse-lenskart-nykaa-bharti-airtel-lic-aurobindo-pharma-and-nalco/articleshow/135548122.cms)
- [Stocks to Watch for Nov 5: Dabur, BSE, Nykaa, Lenskart, Torrent Power and more](https://www.cnbctv18.com/photos/market/stocks/stocks-to-watch-for-nov-5-dabur-nykaa-lenskart-torrent-power-rites-and-more-20027129.htm)
- [Torrent Power Delivers Power-Packed Q2 As Revenue Soars 24% To ₹9,801 Crore, EBITDA Climbs 26% While 4.3 GWp Renewable Energy Pipeline Signals Expansion](https://www.freepressjournal.in/business/torrent-power-delivers-power-packed-q2-as-revenue-soars-24-to-9801-crore-ebitda-climbs-26-while-43-gwp-renewable-energy-pipeline-signals-expansion)

### Official Filings

Torrent Power Limited’s Board approved unaudited financial results for Q2 and the half-year ended September 30, 2026, on November 4, 2026. Consolidated Revenue from Operations rose 24% year-over-year to ₹9,801 crore, while EBITDA increased 26% to ₹1,988 crore. Adjusted EBITDA grew 29%, supported by distribution and renewable energy performance alongside the consolidation of Nabha Power Limited, which was acquired as a wholly owned subsidiary on June 25, 2026, for ₹3,632.35 crore. Total Comprehensive Income (TCI) rose 14% to ₹835 crore. The company maintains an aggregate installed generation capacity of 6.8 GWp and distributes power to approximately 4.29 million customers across Gujarat, Maharashtra, Uttar Pradesh, and DNH & DD. Purchase price allocation for the Nabha acquisition remains in progress, with net assets provisionally valued at ₹4,390.16 crore. Additionally, security cover certificates filed for Series 7–15 indicate ratios ranging between 2.12 and 2.54.

- Q2 FY27 consolidated Revenue from Operations reached ₹9,801 crore (+24% YoY), with EBITDA at ₹1,988 crore (+26% YoY) and TCI rising 14% to ₹835 crore.
- Nabha Power Limited is consolidated into results following its acquisition on June 25, 2026, for ₹3,632.35 crore; purchase price allocation is ongoing with provisional net asset value of ₹4,390.16 crore.
- Adjusted EBITDA grew 29%, driven by distribution, renewable energy performance, and a ₹54 crore principal recovery from the Nabha acquisition.
- Security cover ratios for debt series 7–15 range from 2.12 to 2.54 as of September 30, 2026.

- [Torrent Power Limited has submitted to the Exchange, the Statement of Unaudited Financial Results (Standalone and Consolidated) for the quarter and half year ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/TORNTPOWER_04112026164014_Outcome_of_BM.pdf)
- [Torrent Power Limited has informed the Exchange regarding a press release dated November 04, 2026, titled "Torrent Power announces Q2 FY27 results". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/TORNTPOWER_04112026165513_Media_Release.pdf)
- [Torrent Power Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/TORNTPOWER_04112026170241_Investor_Presentation_0.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1752782_04112026054640_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1752783_04112026054704_WEB.xml)
- [Security Cover |SUBJECT: Security Cover](https://nsearchives.nseindia.com/content/debt/WDM/TORNTPOWER_04112026212544_Security_Cover_certificate.pdf)
- [Torrent Power Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/TORNTPOWER_04112026213008_Audio_recording_intimation.pdf)
- [Torrent Power Limited has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2466_WebXMLFile_20261104_213802812.xml)
- [Financial Results |Meeting Date: 04-Nov-2026](https://nsearchives.nseindia.com/corporate/TORNTPOWER_29102026181300_BM_Intimation.pdf)
- [Board Meeting Intimation |Meeting Date: 04-Nov-2026](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_2466_WebXMLFile_20261029_181814207.xml)

### Fundamentals

Torrent Power’s operating trajectory shows a clear divergence between top-line resilience and bottom-line pressure. In Q2 FY2026-27, revenue rose sequentially to ₹9,802 crore from ₹8,124 crore in Q1, driven by a 10% year-on-year sales growth trend observed through Sep 2025. However, this expansion coincided with rising finance costs (₹439 crore) and expenses (₹8,920 crore), resulting in a net profit of ₹838 crore. Despite higher absolute profits, the TTM EPS declined to ₹46.11 from ₹59.31 in Mar 2025, reflecting margin compression as interest costs outpaced operational gains.

Financial health is under strain due to aggressive capital expenditure. Borrowings surged to ₹23,058 crore (current + non-current) as of Sep 2026, up significantly from ₹10,264 crore a year prior, while cash reserves remained flat at ₹234 crore. This leverage supports a massive asset base expansion to ₹58,565 crore, but it has weighed on returns: ROCE fell to 14% in Mar 2026 from 16% previously. While CFO/EBITDA conversion remains strong at 109%, the heavy reliance on debt financing for fixed assets (₹25,611 crore) creates a sensitive interest burden that investors must monitor closely.

- Revenue grew to ₹9,802 crore in Q2 FY2026-27, continuing a sequential upward trend, but TTM EPS contracted to ₹46.11 from ₹59.31 in FY2025.
- Borrowings nearly doubled to ₹23,058 crore by Sep 2026, funding a rise in total assets to ₹58,565 crore, while cash balances stagnated at ₹234 crore.
- Finance costs increased to ₹439 crore in Q2, contributing to a decline in ROCE to 14% in Mar 2026 from 16% in Mar 2025.
- Operating cash flow conversion remains robust at 109% (Mar 2026), providing some coverage against the rising debt service obligations.

### Bull Case

Torrent Power presents a conditional upside case anchored by robust operational expansion and strong recent earnings momentum, despite near-term technical weakness. The company reported a 24% year-on-year revenue surge to ₹9,801 crore in Q2 FY27, with EBITDA climbing 26% to ₹1,988 crore. This growth is underpinned by a significant renewable energy pipeline: the firm currently holds 6.8 GWp of installed capacity and is developing an additional 4.3 GWp alongside 3 GW of pumped storage capacity. Financially, net profit rose 13% YoY to ₹838 crore, demonstrating effective scaling even as EBITDA margins narrowed slightly to 18% due to higher finance costs from increased borrowings. Technically, while the daily trend is bearish (Supertrend: bearish) and the stock has suffered a -28.5% current drawdown, the monthly timeframe remains bullish (Supertrend: bullish), suggesting longer-term structural support. The constructive case relies on the successful execution of its renewable expansion and continued profit growth offsetting short-term volatility.

- Revenue surged 24% YoY to ₹9,801 crore in Q2 FY27, with EBITDA rising 26% to ₹1,988 crore, driven by distribution and renewable segments.
- Renewable energy pipeline is expanding significantly: 6.8 GWp installed capacity plus 4.3 GWp under development and 3 GW pumped storage.
- Net profit grew 13% YoY to ₹838 crore, though EBITDA margin compressed to 18% from 19% due to higher finance costs.
- Monthly technical trend remains bullish (Supertrend: bullish) despite daily bearish signals, offering potential medium-term resilience.

- [Torrent Power's Q2 net profit rises 13% YoY to Rs 838 crore](https://economictimes.indiatimes.com/markets/stocks/earnings/torrent-powers-q2-net-profit-rises-13-yoy-to-rs-838-crore/articleshow/135556136.cms)
- [Stocks in news: BSE, Lenskart, Nykaa, Bharti Airtel, LIC, Aurobindo Pharma and Nalco](https://economictimes.indiatimes.com/markets/stocks/news/stocks-in-news-bse-lenskart-nykaa-bharti-airtel-lic-aurobindo-pharma-and-nalco/articleshow/135548122.cms)
- [Stocks to Watch for Nov 5: Dabur, BSE, Nykaa, Lenskart, Torrent Power and more](https://www.cnbctv18.com/photos/market/stocks/stocks-to-watch-for-nov-5-dabur-nykaa-lenskart-torrent-power-rites-and-more-20027129.htm)
- [Torrent Power Delivers Power-Packed Q2 As Revenue Soars 24% To ₹9,801 Crore, EBITDA Climbs 26% While 4.3 GWp Renewable Energy Pipeline Signals Expansion](https://www.freepressjournal.in/business/torrent-power-delivers-power-packed-q2-as-revenue-soars-24-to-9801-crore-ebitda-climbs-26-while-43-gwp-renewable-energy-pipeline-signals-expansion)
- [Torrent Power Limited has submitted to the Exchange, the Statement of Unaudited Financial Results (Standalone and Consolidated) for the quarter and half year ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/TORNTPOWER_04112026164014_Outcome_of_BM.pdf)
- [Torrent Power Limited has informed the Exchange regarding a press release dated November 04, 2026, titled "Torrent Power announces Q2 FY27 results". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/TORNTPOWER_04112026165513_Media_Release.pdf)
- [Torrent Power Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/TORNTPOWER_04112026170241_Investor_Presentation_0.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1752782_04112026054640_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1752783_04112026054704_WEB.xml)
- [Security Cover |SUBJECT: Security Cover](https://nsearchives.nseindia.com/content/debt/WDM/TORNTPOWER_04112026212544_Security_Cover_certificate.pdf)

### Bear Case

Torrent Power's Q2 FY27 results highlight a structural margin pressure despite top-line growth. While revenue surged 24% to ₹9,801 crore and net profit rose 13% to ₹838 crore, the EBITDA margin contracted from 19% to 18%. This narrowing is directly attributed to higher finance costs stemming from increased borrowings required to fund its expanding renewable energy pipeline (an additional 4.3 GWp capacity). From a market perspective, the stock faces significant technical headwinds; the daily Supertrend indicator has turned bearish, and the share price is trading in a deep drawdown of -28.5% from its peak, with a maximum historical drawdown of -34.7%. The stock has also underperformed over the medium term, posting a -26.9% return over the last six months and a -4.5% year-to-date decline as of November 6, 2026.

- EBITDA margin narrowed to 18% from 19% due to rising finance costs linked to higher borrowings for expansion.
- Daily technical trend is bearish, with the Supertrend signal indicating downward pressure against a monthly bullish backdrop.
- Stock is in a severe correction phase, reflecting a current drawdown of -28.5% and a six-month return of -26.9%.
- High annualized volatility of +31.3% and an ATR of 2.97% suggest elevated short-term price instability.

- [Torrent Power's Q2 net profit rises 13% YoY to Rs 838 crore](https://economictimes.indiatimes.com/markets/stocks/earnings/torrent-powers-q2-net-profit-rises-13-yoy-to-rs-838-crore/articleshow/135556136.cms)
- [Stocks in news: BSE, Lenskart, Nykaa, Bharti Airtel, LIC, Aurobindo Pharma and Nalco](https://economictimes.indiatimes.com/markets/stocks/news/stocks-in-news-bse-lenskart-nykaa-bharti-airtel-lic-aurobindo-pharma-and-nalco/articleshow/135548122.cms)
- [Stocks to Watch for Nov 5: Dabur, BSE, Nykaa, Lenskart, Torrent Power and more](https://www.cnbctv18.com/photos/market/stocks/stocks-to-watch-for-nov-5-dabur-nykaa-lenskart-torrent-power-rites-and-more-20027129.htm)
- [Torrent Power Delivers Power-Packed Q2 As Revenue Soars 24% To ₹9,801 Crore, EBITDA Climbs 26% While 4.3 GWp Renewable Energy Pipeline Signals Expansion](https://www.freepressjournal.in/business/torrent-power-delivers-power-packed-q2-as-revenue-soars-24-to-9801-crore-ebitda-climbs-26-while-43-gwp-renewable-energy-pipeline-signals-expansion)
- [Torrent Power Limited has submitted to the Exchange, the Statement of Unaudited Financial Results (Standalone and Consolidated) for the quarter and half year ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/TORNTPOWER_04112026164014_Outcome_of_BM.pdf)
- [Torrent Power Limited has informed the Exchange regarding a press release dated November 04, 2026, titled "Torrent Power announces Q2 FY27 results". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/TORNTPOWER_04112026165513_Media_Release.pdf)
- [Torrent Power Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/TORNTPOWER_04112026170241_Investor_Presentation_0.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1752782_04112026054640_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1752783_04112026054704_WEB.xml)
- [Security Cover |SUBJECT: Security Cover](https://nsearchives.nseindia.com/content/debt/WDM/TORNTPOWER_04112026212544_Security_Cover_certificate.pdf)

### FAQs

**How did Torrent Power perform in Q2 FY27, and what drove the results?**

Torrent Power reported a 24% year-on-year revenue increase to ₹9,801 crore and a 26% rise in EBITDA to ₹1,988 crore for Q2 FY27. Net profit grew 13% YoY to ₹838 crore. Growth was driven by operational improvements in power distribution and renewable energy segments, along with the consolidation of Nabha Power Limited.

**What is the impact of the Nabha Power acquisition on Torrent Power's financials?**

The acquisition of Nabha Power Limited as a wholly owned subsidiary on June 25, 2026, contributed to consolidated results. The company paid ₹3,632.35 crore for the acquisition, with net assets provisionally valued at ₹4,390.16 crore. Purchase price allocation remains in progress, and the acquisition included a ₹54 crore principal recovery that supported adjusted EBITDA growth.

**What are the key risks or headwinds noted in the recent earnings report?**

Despite strong top-line growth, the EBITDA margin narrowed to 18% from 19%, attributed to higher finance costs associated with increased borrowings. Additionally, the stock has experienced significant volatility, with a current drawdown of -28.5% and a maximum drawdown of -34.7% over the observed period.

**What is the outlook for Torrent Power's renewable energy expansion?**

The company holds an aggregate installed capacity of 6.8 GWp and is developing an additional 4.3 GWp of renewable projects alongside 3 GW of pumped storage capacity. This pipeline signals continued expansion in its renewable energy business, which was a key driver of the recent EBITDA growth.

- [Torrent Power's Q2 net profit rises 13% YoY to Rs 838 crore](https://economictimes.indiatimes.com/markets/stocks/earnings/torrent-powers-q2-net-profit-rises-13-yoy-to-rs-838-crore/articleshow/135556136.cms)
- [Stocks in news: BSE, Lenskart, Nykaa, Bharti Airtel, LIC, Aurobindo Pharma and Nalco](https://economictimes.indiatimes.com/markets/stocks/news/stocks-in-news-bse-lenskart-nykaa-bharti-airtel-lic-aurobindo-pharma-and-nalco/articleshow/135548122.cms)
- [Stocks to Watch for Nov 5: Dabur, BSE, Nykaa, Lenskart, Torrent Power and more](https://www.cnbctv18.com/photos/market/stocks/stocks-to-watch-for-nov-5-dabur-nykaa-lenskart-torrent-power-rites-and-more-20027129.htm)
- [Torrent Power Delivers Power-Packed Q2 As Revenue Soars 24% To ₹9,801 Crore, EBITDA Climbs 26% While 4.3 GWp Renewable Energy Pipeline Signals Expansion](https://www.freepressjournal.in/business/torrent-power-delivers-power-packed-q2-as-revenue-soars-24-to-9801-crore-ebitda-climbs-26-while-43-gwp-renewable-energy-pipeline-signals-expansion)
- [Torrent Power Limited has submitted to the Exchange, the Statement of Unaudited Financial Results (Standalone and Consolidated) for the quarter and half year ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/TORNTPOWER_04112026164014_Outcome_of_BM.pdf)
- [Torrent Power Limited has informed the Exchange regarding a press release dated November 04, 2026, titled "Torrent Power announces Q2 FY27 results". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/TORNTPOWER_04112026165513_Media_Release.pdf)
- [Torrent Power Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/TORNTPOWER_04112026170241_Investor_Presentation_0.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1752782_04112026054640_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1752783_04112026054704_WEB.xml)
- [Security Cover |SUBJECT: Security Cover](https://nsearchives.nseindia.com/content/debt/WDM/TORNTPOWER_04112026212544_Security_Cover_certificate.pdf)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Weak Uptrend
- Weekly trend: Moderate Downtrend
- Pivot point: ₹1,259.93
- Risk regime: Price Risk Requires Attention

### Support levels
- 1260.7884765625
- 1248.65
- 1233.4578125

### Resistance levels
- 1326.1791015625001
- 1411.2
- 1441.025

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | +0.17% |
| return_10 | +8.43% |
| return_1m | +2.64% |
| return_1y | -0.45% |
| return_20 | +4.36% |
| return_3m | -4.35% |
| return_5 | +8.07% |
| return_6m | -26.90% |
| return_since_start | -15.17% |
| return_ytd | -4.48% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | elevated_risk |
| label | Price risk requires attention |
| summary | Recent drawdown or price variability is high enough to warrant closer monitoring. |
| maximum_drawdown | -34.69% |
| annualized_volatility | +31.26% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# Torrent Power Limited Q2 FY2026-27: Revenue up 24% year on year

Torrent Power’s revenue from operations rose 24.4% year on year to ₹9,802 crore in Q2 FY2026-27, while profit for the period increased 13.0% to ₹838 crore. Profit before tax grew 15.5% year on year, but finance costs more than doubled, and the quarter recorded negative free cash flow amid substantial investing outflows.

## Revenue and earnings advance

Revenue from operations increased 20.6% from ₹8,124 crore in Q1 FY2026-27. Total income was ₹10,051 crore, up 22.5% sequentially and 26.4% year on year. Expenses rose 22.5% from Q1 to ₹8,920 crore.

Profit before tax was ₹1,131 crore, compared with ₹925 crore in Q1 FY2026-27 and ₹979 crore in Q2 FY2025-26. Profit for the period reached ₹838 crore, up from ₹662 crore in Q1 and ₹742 crore a year earlier. Tax expense increased 11.2% sequentially to ₹293 crore, less than the increase in pre-tax profit. Basic EPS was ₹16.28, versus ₹12.68 in Q1 and ₹14.36 in Q2 FY2025-26.

Revenue from operations rose from ₹6,406 crore in Q4 FY2025-26 to ₹8,124 crore in Q1 FY2026-27 and ₹9,802 crore in Q2. Profit before tax also increased over that sequence, from ₹547 crore to ₹925 crore and ₹1,131 crore.

## Finance costs and borrowings rise

Finance costs increased 49.9% sequentially to ₹439 crore from ₹293 crore in Q1 FY2026-27; they were ₹216 crore in Q2 FY2025-26. This rise was a counterweight to earnings growth.

Non-current borrowings stood at ₹20,249 crore on 30 September 2026, compared with ₹11,871 crore on 31 March 2026 and ₹9,063 crore on 30 September 2025. Current borrowings were ₹2,809 crore at quarter-end.

## Investment and asset base expand

Capital work in progress was ₹8,383 crore on 30 September 2026, up from ₹6,962 crore on 31 March 2026 and ₹3,625 crore on 30 September 2025. Property, plant and equipment increased to ₹26,744 crore from ₹24,201 crore at the previous financial year-end. Total assets stood at ₹58,565 crore, compared with ₹45,193 crore at 31 March 2026; non-current assets were ₹47,635 crore.

## Cash flow and equity

Operating cash flow was ₹2,086 crore in the quarter, against investing cash outflow of ₹7,381 crore and financing cash inflow of ₹4,763 crore. Reported free cash flow was negative ₹5,296 crore. Cash and cash equivalents were ₹234 crore at 30 September 2026, down from ₹767 crore at 31 March 2026.

Equity attributable to owners of the parent was ₹21,015 crore at quarter-end, compared with ₹19,075 crore at 31 March 2026. Of the quarter’s ₹838 crore profit, ₹820 crore was attributable to owners of the parent and ₹18 crore to non-controlling interests. Trailing twelve-month EPS was ₹48.03.

## Key Takeaway

Torrent Power delivered higher revenue and profit both sequentially and year on year, while finance costs rose sharply and quarterly investing outflows exceeded operating cash flow. The expansion in capital work in progress, fixed assets and borrowings puts the focus on how investment supports earnings as financing costs remain elevated.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q1
- As of: 2026-06-30
- Promoter holding: +51.09%
- FII holding: +8.53%
- DII holding: +22.69%
- Mutual fund holding: +15.79%
- Retail holding: +4.40%
- Promoter pledged: +0.00%

### Major reported shareholders

- Torrent Investments Limited — +51.09% (Bodies Corporate)
- SBI Mutual Funds — +9.00%
- Gujarat Urja Vikas Nigam Limited — +6.95%
- Life Insurance Corporation Of India — +3.16%
- Gujarat State Financial Services Ltd — +2.36%
- Axis Mutual Funds — +2.04%
- NPS Trust- A/C Sbi Pension Fund Scheme - Central Govt — +1.57%
- The Governor Of Gujarat — +1.40%

## Official filings

- 2026-11-06 — Generic Announcement: Torrent Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/TORNTPOWER_06112026180548_GST_Penalty_order.pdf)
- 2026-11-06 — Generic Announcement: Torrent Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_2466_WebXMLFile_20261106_182127422.xml)
- 2026-11-04 — Generic Announcement: Torrent Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/TORNTPOWER_04112026164014_Outcome_of_BM.pdf)
- 2026-11-04 — Press Release: Torrent Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/TORNTPOWER_04112026165513_Media_Release.pdf)
- 2026-11-04 — Earnings Presentation: Torrent Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/TORNTPOWER_04112026170241_Investor_Presentation_0.pdf)
- 2026-11-04 — Financial Results Filing: Torrent Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1752782_04112026054640_WEB.xml)
- 2026-11-04 — Financial Results Filing: Torrent Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1752783_04112026054704_WEB.xml)
- 2026-11-04 — Generic Announcement: Torrent Power Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/TORNTPOWER_04112026212544_Security_Cover_certificate.pdf)
- 2026-11-04 — Generic Announcement: Torrent Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/TORNTPOWER_04112026213008_Audio_recording_intimation.pdf)
- 2026-11-04 — Generic Announcement: Torrent Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2466_WebXMLFile_20261104_213802812.xml)
- 2026-10-29 — Board Meeting Notice: Torrent Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/TORNTPOWER_29102026181300_BM_Intimation.pdf)
- 2026-10-29 — Board Meeting Notice: Torrent Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_2466_WebXMLFile_20261029_181814207.xml)
- 2026-10-29 — Generic Announcement: Torrent Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_2466_WebXMLFile_20261029_181814207.xml)
- 2026-10-29 — Generic Announcement: Torrent Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/TORNTPOWER_29102026182253_Earning_Call_Intimation.pdf)
- 2026-10-29 — Generic Announcement: Torrent Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2466_WebXMLFile_20261029_182906423.xml)
- 2026-10-23 — Credit Rating Update: Torrent Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/TORNTPOWER_23102026183811_SE_Intimation_Credit_Raing.pdf)
- 2026-10-21 — Shareholding Disclosure: Torrent Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1743436_21102026070322_WEB.xml)
- 2026-10-08 — Generic Announcement: Torrent Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/TORNTPOWER_08102026183530_Reg74.pdf)
- 2026-10-07 — Generic Announcement: Torrent Power Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/TORNTPOWER_07102026182740_Reg7.pdf)
- 2026-10-07 — Generic Announcement: Torrent Power Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/TORNTPOWER_07102026182621_Reg6.pdf)
- 2026-10-07 — Generic Announcement: Torrent Power Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/TORNTPOWER_07102026183154_Half_yearly.pdf)
- 2026-10-07 — Generic Announcement: Torrent Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/TORNTPOWER_07102026184836_Termination_of_Agreement.pdf)
- 2026-09-28 — Generic Announcement: Torrent Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/TORNTPOWER_28092026130215_Trading.pdf)
- 2026-09-28 — Generic Announcement: Torrent Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_2466_WebXMLFile_20260928_132213802.xml)
- 2026-09-16 — Generic Announcement: Torrent Power Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/TORNTPOWER_16092026145410_Investor.pdf)

## News and market events

- 2026-11-05 — Economic Times: **Torrent Power's Q2 net profit rises 13% YoY to Rs 838 crore** — Torrent Power reported a 13% year-on-year increase in Q2 net profit to ₹838 crore, driven by a 24.5% revenue surge to ₹9,802 crore and operational improvements in its distribution and renewable energy segments. Although EBITDA grew by 15.5%, the company's EBITDA margin narrowed to 18% from 19% due to higher finance costs associated with increased borrowings. — [Source](https://economictimes.indiatimes.com/markets/stocks/earnings/torrent-powers-q2-net-profit-rises-13-yoy-to-rs-838-crore/articleshow/135556136.cms)
- 2026-11-05 — Economic Times: **Stocks in news: BSE, Lenskart, Nykaa, Bharti Airtel, LIC, Aurobindo Pharma and Nalco** — Indian equity benchmarks extended their winning streak to a fifth consecutive session, with the Nifty 50 closing at 23,961 amid broad-based buying and optimism for a breakout above 24,000. Several companies, including BSE, Lenskart, Nykaa, Bharti Airtel, LIC, Aurobindo Pharma, and NALCO, are in focus as investors track their September-quarter earnings, sales data, and operational updates. Experts advise monitoring support levels around 23,750–23,700 as the bullish trend persists. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/stocks-in-news-bse-lenskart-nykaa-bharti-airtel-lic-aurobindo-pharma-and-nalco/articleshow/135548122.cms)
- 2026-11-04 — CNBC-TV18: **Stocks to Watch for Nov 5: Dabur, BSE, Nykaa, Lenskart, Torrent Power and more** — Multiple companies including Dabur, Nykaa, Torrent Power, Apollo Hospitals, and BSE reported their Q2 results on November 4, with most posting double-digit profit growth. While entities like Apollo Tyres and RITES saw earnings declines or margin contractions, others such as PhysicsWallah and Chalet Hotels demonstrated significant improvements in profitability metrics despite varying revenue trends. — [Source](https://www.cnbctv18.com/photos/market/stocks/stocks-to-watch-for-nov-5-dabur-nykaa-lenskart-torrent-power-rites-and-more-20027129.htm)
- 2026-11-04 — FREEPRESSJOURNAL.IN: **Torrent Power Delivers Power-Packed Q2 As Revenue Soars 24% To ₹9,801 Crore, EBITDA Climbs 26% While 4.3 GWp Renewable Energy Pipeline Signals Expansion** — Torrent Power reported a 24% year-on-year increase in Q2 FY27 revenue to ₹9,801 crore and a 26% rise in EBITDA to ₹1,988 crore, driven by growth in its power distribution and renewable energy businesses. The company currently holds an aggregate installed capacity of 6.8 GWp and is developing an additional 4.3 GWp of renewable projects alongside 3 GW of pumped storage capacity to support future expansion. — [Source](https://www.freepressjournal.in/business/torrent-power-delivers-power-packed-q2-as-revenue-soars-24-to-9801-crore-ebitda-climbs-26-while-43-gwp-renewable-energy-pipeline-signals-expansion)
- 2026-10-29 — BUSINESSTODAY: **Tata Power, NTPC Green, Torrent Power, NTPC, Power Grid, JSW Energy, IEX shares: Check ratings, targets** — Ambit Institutional Equities has identified Tata Power Company, NTPC, JSW Energy, Torrent Power and Power Grid among its preferred power stocks, citing the prospect of another major investment cycle in India's power sector. — [Source](https://www.businesstoday.in/markets/stocks/story/tata-power-ntpc-green-torrent-power-ntpc-power-grid-jsw-energy-iex-shares-check-ratings-targets-564495-2026-10-29)
- 2026-10-28 — Times of India: **252 hectares of private land in Satara transferred to forest department to compensate for Torrent’s Karjat project** — Maharashtra transfers 252.75 ha private land in Satara to forest department as compensatory afforestation for Torrent’s Karjat pumped storage project amid protests. — [Source](https://timesofindia.indiatimes.com/city/kolhapur/252-hectares-of-private-land-in-satara-transferred-to-forest-department-to-compensate-for-torrents-karjat-project/articleshow/135277901.cms)
- 2026-10-27 — FREEPRESSJOURNAL.IN: **Torrent Power Project Row: NCP's Sayaji Shinde Opposes Tree Felling, CM Devendra Fadnavis Defends Pumped Storage Plant** — Torrent Power — [Source](https://www.freepressjournal.in/mumbai/torrent-power-project-row-ncps-sayaji-shinde-opposes-tree-felling-cm-devendra-fadnavis-defends-pumped-storage-plant)
- 2026-10-26 — Economic Times: **Karjat project sparks Maharashtra political faceoff as thousands of trees are cut for 3,000 MW plant** — A significant controversy emerged in Maharashtra due to tree cutting for Torrent Power's energy project. Locals and activists oppose the project due to environmental concerns and tree felling. Shiv Sena leader Aaditya Thackeray questioned the project's need while citing its ties to Gujarat. The Maharashtra government claims the project is essential for energy needs and has followed regulations. — [Source](https://economictimes.indiatimes.com/news/india/karjat-project-sparks-maharashtra-political-faceoff-as-thousands-of-trees-are-cut-for-3000-mw-plant/articleshow/135218219.cms)
- 2026-10-26 — The Hindu: **Greens see red in Torrent Power unit in Karjat; actor calls for ‘plate-banging’ stir over tree cutting** — Protests oppose Torrent Power's Karjat hydro project amid 60,000 trees at risk, urging unity against deforestation and environmental impact. — [Source](https://www.thehindu.com/news/national/maharashtra/greens-see-red-in-torrent-power-unit-in-karjat-actor-calls-for-plate-banging-stir-over-tree-cutting/article71627422.ece)
- 2026-10-25 — Economic Times: **Torrent Power says 3,000-MW Karjat pumped storage project outside Bhimashankar Sanctuary** — The company in a statement said the project, which will supply power to Maharashtra, would support grid stability as the share of solar and other renewable energy rises, while reducing reliance on coal-fired generation during evening peak hours. It also rejected reports of tree felling inside the sanctuary, describing them as based on incorrect information. — [Source](https://economictimes.indiatimes.com/industry/energy/power/torrent-power-says-3000-mw-karjat-pumped-storage-project-outside-bhimashankar-sanctuary/articleshow/135191571.cms)
- 2026-10-25 — FREEPRESSJOURNAL.IN: **'Not Merely Tree Felling But End Of An Ecosystem': Aaditya Thackeray, Rohit Pawar Oppose Cutting Of 32,490 Trees For Karjat Power Project** — A forest order dated October 14, 2026, reportedly permits felling 32,490 trees in Karjat forests for Torrent Power’s proposed 3,000 MW Saidongar-I project. Commenting on the opposition criticism, state minister Meghna Bordikar said that the project was approved after it complied with the Union Environment Ministry — [Source](https://www.freepressjournal.in/mumbai/not-merely-tree-felling-but-end-of-an-ecosystem-aaditya-thackeray-rohit-pawar-oppose-cutting-of-32490-trees-for-karjat-power-project)
- 2026-10-07 — FREEPRESSJOURNAL.IN: **‘Torrent Go Back’ Agitation Enters Day 3; Protesters Urge Maharashtra Govt Not To Extend Power Franchise Beyond 2027** — The Bhiwandi Nyay Manch-led ‘Torrent Go Back’ agitation entered its third day, with protesters demanding that Maharashtra review Torrent Power’s electricity distribution franchise and not extend it beyond January 2027. The forum cited concerns over billing, meters, vigilance proceedings and powerloom costs. — [Source](https://www.freepressjournal.in/mumbai/torrent-go-back-agitation-enters-day-3-protesters-urge-maharashtra-govt-not-to-extend-power-franchise-beyond-2027)
- 2026-09-30 — The Hindu: **Broker’s Call: ICICI Lombard GIC (Add)** — Emkay Global Services — [Source](https://www.thehindubusinessline.com/markets/brokers-call-icici-lombard-general-insurance-add/article71527876.ece)
- 2026-09-30 — The Hindu: **Broker’s Call: Torrent Power (Neutral)** — Motilal Oswal Research — [Source](https://www.thehindubusinessline.com/markets/brokers-call-torrent-power-neutral/article71527770.ece)
- 2026-09-30 — MONEYCONTROL: **Neutral Torrent Power; target of Rs 1270: Motilal Oswal** — Motilal Oswal, Neutral, Torrent Power, Recommendations — [Source](https://www.moneycontrol.com/news/business/stocks/neutral-torrent-power-target-of-rs-1270-motilal-oswal-14041721.html)
- 2026-09-17 — BUSINESSTODAY: **Torrent Power share price target: Why Jefferies sees 37% upside on this stock** — Torrent Power share, Torrent Power share price, Torrent Power share price today, Torrent Power shares, Torrent Power news — [Source](https://www.businesstoday.in/markets/stocks/story/torrent-power-share-price-target-why-jefferies-sees-37-upside-on-this-stock-556027-2026-09-17)
- 2026-09-15 — MONEYCONTROL: **Mega sale of BluPine Energy: Blackstone & Inox Clean Energy may move to round two** — BluPine Energy, Inox Clean Energy, Actis, big-bang sale, Blackstone, Inox Clean Energy sale — [Source](https://www.moneycontrol.com/news/business/mega-sale-of-blupine-energy-blackstone-inox-clean-energy-may-move-to-round-two-14030514.html)
- 2026-09-10 — Mint: **Stock market today: Gift Nifty hints at a volatile trend | Vaishali Parekh recommends three stocks to buy today** — Stock market today: Vaishali Parekh recommends three stocks to buy today — Meesho, Torrent Power, and Max Healthcare Institute — [Source](https://www.livemint.com/market/stock-market-news/stock-market-today-gift-nifty-hints-at-a-volatile-trend-vaishali-parekh-recommends-three-stocks-to-buy-today-11789006668121.html)
- 2026-09-09 — FREEPRESSJOURNAL.IN: **Maharashtra Signs ₹79,000 Crore MoUs With Torrent Power And JSW Energy For 4,200 MW Nuclear Power Projects** — Maharashtra signed MoUs with Torrent Power and JSW Energy for nuclear power projects with a combined capacity of 4,200 MW and investment of ₹79,000 crore. Chief Minister Devendra Fadnavis said nuclear energy will help meet clean power needs and ensure reliable supply. The projects are expected to generate around 11,700 direct and indirect jobs across the state. — [Source](https://www.freepressjournal.in/mumbai/maharashtra-signs-79000-crore-mous-with-torrent-power-and-jsw-energy-for-4200-mw-nuclear-power-projects)
- 2026-09-09 — REDIFF.COM: **Gains for power stocks depend on execution, valuations** — India's power sector is undergoing a significant transformation, driven by a planned shift towards renewable energy and ambitious capacity expansion targets, with major players like NTPC, JSW Energy, Adani, and Tata Power prioritising predictable returns. However, execution challenges and valuation concerns remain critical factors for sustained growth. — [Source](https://www.rediff.com/business/report/india-power-sector-growth-renewables-capacity-expansion-and-investment-outlook/20260909.htm)
- 2026-09-08 — Economic Times: **Torrent Green Energy commissions 322 MWp decentralised solar projects** — Torrent Green Energy commissioned 322 MWp solar projects in Nashik district. These projects support Maharashtra's Mukhyamantri Saur Krushi Vahini Yojana 2.0 scheme. Power from these plants will supply MSEDCL for twenty-five years. This initiative brings clean energy closer to agricultural demand centers. — [Source](https://economictimes.indiatimes.com/industry/renewables/torrent-green-energy-commissions-322-mwp-decentralised-solar-projects/articleshow/133916280.cms)
- 2026-09-03 — CNBC-TV18: **Stocks To Buy: This power company's shares could rise 21%, Investec projects after upgrade** — Investec said Torrent Power is entering a 3-4 year earnings inflection phase, driven by the acquisition of 1.4 GW Nabha Power and an accelerated renewable energy (RES) build-out. — [Source](https://www.cnbctv18.com/market/torrent-power-share-price-surges-as-investec-upgrades-stock-raises-target-earnings-inflection-19983048.htm)
- 2026-08-21 — MONEYCONTROL: **Stocks to Watch Today: Amagi Media Labs, Manipal Health, Saatvik Green Energy, RailTel Corp, Kfin Technologies, Krishna Institute of Medical Sciences in focus on 21 August** — Stocks to watch, stocks in focus today, stocks in focus, share market today, top stocks, shares in focus today, shares today, today stocks to watch, trending stocks, trending stocks today, markets today, buzzing stocks, stocks today, stock market today,Manipal Health Enterprises,Amagi Media Labs,Saatvik Green Energy,Torrent Power,Krishna Institute of Medical Sciences,RailTel Corporation of India,Lemon Tree Hotels,Rallis India,Kfin Technologies,Pfizer,Amrutanjan Health Care,Apollo Pipes,Welspun Investments and Commercials,Credent Connect N Care,Technocrats Plasma Systems, ENS Enterprises, Skytech Infinite Platform — [Source](https://www.moneycontrol.com/news/business/markets/stocks-to-watch-today-amagi-media-labs-manipal-health-saatvik-green-energy-railtel-corp-kfin-technologies-krishna-institute-of-medical-sciences-in-focus-on-21-august-14011891.html)
- 2026-08-20 — CNBC-TV18: **Stocks to Watch for August 21: RailTel, KIMS, Saatvik Green Energy, Manipal Health and more** — From Manipal Health’s Q1 results and Saatvik Green Energy’s ₹190 crore solar module order to RailTel’s ₹164.79 crore Western Coalfields order, Tata Motors PV’s Sanand operations update and Niva Bupa’s IRDAI action, here are the stocks to watch ahead of Friday market session. — [Source](https://www.cnbctv18.com/photos/market/stocks-to-watch-for-august-21-railtel-hal-kims-manipal-health-share-price-19973747.htm)
- 2026-08-18 — MONEYCONTROL: **Torrent Gas to file updated draft papers for up to $418 million IPO: Report** — Torrent Gas, Torrent Gas IPO, IPO alert, torrent gas — [Source](https://www.moneycontrol.com/news/business/ipo/torrent-gas-to-file-updated-draft-papers-for-up-to-418-million-ipo-report-14009145.html)

## Business profile

**Strategic vision:** Integrated power utility generating, transmitting, and distributing electricity.

### Business segments
- **Power Generation:** Utilizing a mix of coal, gas, and renewable sources (solar and wind) to produce electricity.
- **Power Transmission:** Establishing and operating networks to transmit electricity.
- **Power Distribution:** Supplying electricity to end consumers across its licensed and franchised areas.
- **Power Cables:** Manufacturing and supplying power cables through Torrent Electricals Limited.

### Competitive strengths
- Integrated electricity value chain operations
- Diverse power generation sources
- Extensive transmission and distribution networks

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## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/torntpower
Markdown representation: https://faxioms.com/stocks/torntpower?render=md