The integrated power utility reported a 12.7% decline in net profit to ₹639 crore from ₹731.4 crore a year ago. Revenue, however, increased 2.8% to ₹8,124 crore, while EBITDA rose 3.7% to ₹1,538 crore. Operating margin remained broadly unchanged at 19%.
Ahead of the earnings announcement, Torrent Power shares closed 1.3% lower at ₹1,394.40 on the National Stock Exchange.
The company attributed the quarter’s performance to a challenging operating environment marked by geopolitical disruptions, which affected LNG supplies and, in turn, the performance of its thermal power plants. Even so, stronger execution across its distribution network and renewable energy portfolio helped cushion the impact.
Distribution remained a bright spot, with EBITDA from the segment growing 10%, while the renewable energy business recorded 6% EBITDA growth, supported by higher plant load factors and contributions from projects commissioned during the previous financial year.
Torrent Power also pointed to higher finance costs arising from increased borrowings to fund projects currently under construction. These investments, the company said, are expected to support its next phase of growth, though they weighed on total comprehensive income during the quarter.
A key strategic milestone during the quarter was the completion of the ₹3,632 crore acquisition of Nabha Power Ltd., which became a wholly owned subsidiary on 25 June 2026. Nabha Power operates a 2×700 MW coal-based supercritical thermal power plant in Punjab, supplying electricity under long-term power purchase agreements with Punjab State Power Corporation Ltd.Torrent Power continues to expand beyond its traditional distribution business. The company currently has an installed generation capacity of 6.6 GW, spanning gas-based, renewable and coal-fired assets.
It is also developing around 4.2 GW of renewable projects, 3 GW of pumped storage capacity, and an additional 1.6 GW of coal-based capacity, positioning itself for long-term growth as India’s power demand continues to rise.
