Gujarat-based Torrent Power posted revenue of ₹64.06 billion (~$673.03 million) in the fourth quarter (Q4) of the financial year (FY) 2026, down 0.8% year-over-year (YoY) from ₹64.56 billion (~$678.28 million).

Revenue growth from the renewable energy segment was partly offset by higher interest and depreciation costs.

Contributions from the gas-based generation business remain constrained by dynamic power demand and gas market volatility.

Torrent’s total comprehensive income decreased by 62.4% YoY to ₹4.08 billion (~$42.87 million) from ₹10.85 billion (~$113.99 million).

Earnings before interest, tax, depreciation, and amortization (EBITDA) for the quarter also decreased by 2% YoY to ₹12.20 billion (~$128.18 million) from ₹12.45 billion (~$130.81 million).

Jinal Mehta, Vice Chairman and Managing Director at Torrent Power, said, “We strengthened our gas-based portfolio by enhancing our fuel security through long-term LNG partnerships with leading global players like BP and JERA, while keeping some capacities open to capture market opportunities.”

Financial Year 2026

Torrent’s revenue decreased by 0.7% YoY to ₹289.66 billion (~$3.04 billion) from ₹291.65 billion (~$3.06 billion).

Total comprehensive income decreased by 12.8% YoY to ₹25.14 billion (~$264.13 million) from ₹30.59 billion (~$321.38 million).

The company said the yearly comparison was affected by a one-time, non-cash reversal of a deferred tax liability of ₹6.37 billion (~$66.92 million) in FY 2025, along with lower contribution from gas-based generation and the prior-year gain on the sale of non-current investments.

Its EBITDA for the period increased by 1.3% YoY to ₹58.64 billion (~$616.08 million) from ₹57.95 billion (~$608.83 million).

Operational Highlights

Torrent has an aggregate installed generation capacity of 5,094 MW, comprising 2,730 MW of gas-based capacity, 2,002 MW of renewable capacity, and 362 MW of coal-based capacity.

Renewable projects totaling ~3.96 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 and acquisition, is ~12.05 GW and 3 GW, respectively.

Torrent distributes nearly 31 BUs to around 4.29 million customers in Gujarat, Dadra and Nagar Haveli, Daman and Diu, Maharashtra, and Uttar Pradesh.

In March this year, Torrent Power raised ₹20 billion (~$210.12 million) through private placement of secured, non-convertible debentures (NCDs). The debenture issue comprised 200,000 NCDs, each with a face value of ₹100,000 (~$1,050.62), carrying a coupon rate of 7.97% per annum.

Torrent’s revenue from operations increased 4% YoY to ₹67.78 billion (~$712.11 million) in Q3 of FY 2026 from ₹64.99 billion (~$682.79 million).