Gujarat-based Torrent Power’s revenue from operations decreased 12% year-over-year (YoY) to ₹79.06 billion (~$900.3 million) in the first quarter (Q1) of the financial year (FY) 2026.

Its earnings before interest, tax, depreciation, and amortization for the quarter also fell 18% to ₹15.88 billion (~$180.9 million).

Total comprehensive income declined by 26% to ₹7.39 billion (~$84.1 million). All the figures were impacted due to lower power demand following the early onset of monsoon and elevated gas prices, impacting merchant gains from gas-based generation.

Torrent Power currently has an operational renewable capacity of 868 MW in solar and 921 MW of wind. These projects are across Gujarat, Maharashtra, Karnataka, Rajasthan, Madhya Pradesh, Telangana, and other states. An additional 41 MW of commercial and industrial solar projects have been commissioned in states like Haryana, Tamil Nadu, Andhra Pradesh, and Uttar Pradesh.

The company aims to increase its total renewable capacity to approximately 4.9 GW. This capacity would comprise about 2.1 GW of contracted capacity and 3.3 GW under development. Key projects under execution include those tied up with Maharashtra State Electricity Distribution Company, Solar Energy Corporation of India, Torrent Power DISCOM, REMCL, merchant market, and various commercial and industrial clients. These projects are scheduled to be commissioned progressively from 2025 to 2027.

Torrent has also signed an agreement with Maharashtra State Electricity Distribution to develop a pumped storage hydro project with a capacity of 2 GW/16 GWh in Raigad, Maharashtra, for 40 years. Overall, Torrent is planning pumped storage projects totaling approximately 8.4 GW in Maharashtra and Uttar Pradesh.

In Q1, the company’s renewable performance improved with solar achieving a plant load factor of 22% and wind reaching 31.6%, compared to 19.6% and 28.3% respectively in Q1 FY 2025. Favorable wind conditions and the addition of solar capacity drove this.

Torrent is also pursuing green hydrogen and ammonia projects and has been awarded 18,000 tonnes per annum of capacity under the production-linked incentive program. The company states that over 50% of its renewable capacity is tied to its own distribution business.

Torrent’s revenue from operations dropped by 1% YoY to ₹64.56 billion (~$756.4 million) in the previous quarter.