Gujarat-based Torrent Power posted revenue of ₹81.24 billion (~$852.21 million) in the first quarter (Q1) of the financial year (FY) 2026-27, an increase of 3% year-over-year (YoY) from ₹79.06 billion (~$829.34 million).

Revenue growth can be attributed to improved operational performance across the company’s distribution businesses, improved performance of the renewable portfolio, driven by higher plant load factors and the contribution of projects commissioned during the previous year.

The company posted a profit after tax of ₹6.62 billion (~$69.44 million) during the quarter, down 11% from ₹7.42 billion (~$77.85 million) the year before.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at ₹16.18 billion (~$169.73 million), up 2% YoY from ₹15.88 billion (~$166.58 million).

The company’s total comprehensive income declined by 14% YoY to ₹6.39 billion (~$67.05 million), down from ₹7.39 billion (~$77.54 million).

The performance was impacted by a challenging operating environment marked by geopolitical disruptions, which affected LNG supplies and, consequently, the performance of its thermal power plants.

Earnings per share for the quarter stood at ₹12.68 (~$0.1,331), compared to ₹14.52 (~$0.1,523) during the same period last year.

The plant load factor (PLF) for wind generation stood at 33.3% for 980 MW during the quarter compared to 31.6% for 921 MW during the same period last year. Similarly, for solar generation, the PLF stood at 25.9% for 1.09 GW, compared to 22% for 868 MW the year before.

Operational Highlights

This June, Torrent Power raised ₹38 billion (~$402 million) through the private placement of secured, rated, listed, taxable, non-cumulative, redeemable, and non-convertible debentures (NCDs). The company issued 380,000 NCDs with a face value of ₹100,000 (~$1,058) each.

The company’s Bhiwandi arrangement was the first of its kind, allowing a private company to manage the area’s distribution business. Consequently, AT&C losses dropped from 58% to ~9.1% in FY 2025-26.

Torrent Power’s Ahmedabad and Surat distribution received an A+ grade, ranking 1st nationwide in the 14th Integrated ratings and rankings for FY 2025.

As of June, Torrent has an aggregate installed generation capacity of 6.6 GW comprising 2.7 GW of gas-based capacity, 2.1 GW of renewable capacity, and 1.8 GW of coal-based capacity. Further, renewable projects totaling ~4.2 GW, pumped-storage capacity of 3 GW, and coal-based power capacity of 1.6 GW are under development. Total generation and pumped storage capacity, including projects under development, is ~12.3 GW and 3 GW, respectively.

The company distributes nearly 31 billion units to around 4.29 million customers in the cities of Ahmedabad, Gandhinagar, Surat, Dahej SEZ and Dholera SIR in Gujarat, the Union Territory of Dadra and Nagar Haveli and Daman and Diu (DNH & DD), Bhiwandi, Shil, Mumbra and Kalwa in Maharashtra and Agra in Uttar Pradesh.

Torrent Power posted revenue of ₹64.06 billion (~$673.03 million) in Q4 of FY 2025-26, down 0.8% YoY from ₹64.56 billion (~$678.28 million).