Torrent Power Limited (TORNTPOWER)

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Torrent Power Limited (TORNTPOWER) · mywealthgrid

About

Torrent Power Limited operates integrated power utilities within India's utilities sector, with a market cap of ₹65,965.55 Cr and sustained operating margins around 19%. The company generates consistent profitability across recent quarters and maintains regular dividend distributions, indicating operational stability. With an ROE of 13.17%, it competes in a capital-intensive, regulated industry.

Founded: 1996
Face value: ₹10

Market cap

₹62,630 Cr

P/E

27.0×

P/B

3.3×

Dividend yield

1.6%

ROE

13.2%

ROCE

13.2%

Debt / equity

0.72

OPM

19.1%

EPS (TTM)

₹46.1

Book value

₹378.6

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margin compression: OPM declined from 23.33% (Dec 2025) to 18.19% (Jun 2026), signaling cost pressure or competitive headwinds
Valuation risk: PE ratio of 28.39 with 1-year return –3.57% raises questions about earnings growth sustainability
Earnings volatility: EPS ranged ₹6.31–₹14.81 per share across recent quarters; verify if seasonal or operational drivers
Capital intensity with moderate leverage: D/E of 0.72 is manageable but verify ongoing capex and financing plans

Generated analysis · source review pending

Growth drivers

Operating margin recovery — OPM declined from 23.33% (Dec 2025) to 18.19% (Jun 2026); partial restoration would drive EPS growth absent revenue expansion
Revenue scale of ₹5,097–₹8,124 Cr per quarter; verify if company is capturing power demand growth in its markets
Financial flexibility at D/E 0.72 enables capex for expansion or efficiency; verify planned investments
Dividend sustainability (Feb/Jun 2026) reflects cash generation; verify if payout policy allows reinvestment-driven growth

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹1,242.9+1.9%1Y

Quick read

rule-based

Pros

+Revenue CAGR of 18.9% over the last 5 years
+Dividend payout of 43.4% of profit

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

38/100

Business quality: 39
Growth: 14
Valuation: 61

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MIDCAP 150 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET NIFTY ENERGY

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Adani Power LimitedADANIPOWERADANIPOWER	₹3,78,385 Cr	₹4,31,941 Cr	₹59,033 Cr	₹22,070 Cr	36.5%	₹14,255 Cr	23.9%	17.3%	21.2%	89
Adani Energy Solutions LimitedADANIENSOLADANIENSOL	₹1,59,340 Cr	₹2,08,239 Cr	₹30,480 Cr	₹9,778 Cr	32.9%	₹2,919 Cr	8.7%	11.1%	9.6%	-139
Jsw Energy LimitedJSWENERGYJSWENERGY	₹88,925 Cr	₹1,64,771 Cr	₹18,965 Cr	₹10,149 Cr	53.3%	₹1,967 Cr	14.6%	8.6%	7.7%	28
Ntpc Green Energy LimitedNTPCGREENNTPCGREEN	₹76,755 Cr	₹1,06,013 Cr	₹3,285 Cr	₹2,860 Cr	86.6%	₹607 Cr	18.2%	3.3%	2.8%	-32
Nhpc LimitedNHPCNHPC	₹72,073 Cr	₹1,24,207 Cr	₹12,210 Cr	₹5,787 Cr	45.1%	₹3,797 Cr	36.3%	4.4%	9.3%	77
Torrent Power LimitedTORNTPOWERTORNTPOWER	₹62,630 Cr	₹76,363 Cr	₹29,184 Cr	₹5,596 Cr	19.1%	₹2,324 Cr	8.5%	13.2%	13.2%	-285
Nlc India LimitedNLCINDIANLCINDIA	₹35,109 Cr	₹62,911 Cr	₹18,381 Cr	₹6,125 Cr	32%	₹3,367 Cr	21.6%	8.2%	17.5%	171
Acme Solar Holdings LimitedACMESOLARACMESOLAR	₹30,577 Cr	₹49,565 Cr	₹2,370 Cr	₹2,058 Cr	88%	₹603 Cr	24.6%	8.5%	10.4%	63
Sjvn LimitedSJVNSJVN	₹22,757 Cr	₹54,860 Cr	₹5,005 Cr	₹3,492 Cr	74%	₹639 Cr	14.2%	5.9%	4.5%	100
Cesc LimitedCESCCESC	₹17,448 Cr	₹38,767 Cr	₹18,853 Cr	₹3,478 Cr	18.6%	₹1,551 Cr	8.7%	10.2%	12.6%	11
Nava LimitedNAVANAVA	₹15,652 Cr	₹17,873 Cr	₹4,310 Cr	₹1,656 Cr	40%	₹756 Cr	24.2%	12.5%	9.6%	178
Juniper Green Energy LimitedJNPRJNPR	₹15,263 Cr	₹28,184 Cr	₹719 Cr	₹606 Cr	84.3%	₹40 Cr	5.6%	—	1.2%	—

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	11,723	10,000	11,512	13,151	13,641	12,173	14,258	25,694	27,183	29,165	28,966
COGS	21	192	235	470	306	161	558	2,185	1,117	1,317	1,594
Gross profit	—	9,808	11,277	12,681	13,335	12,011	13,700	23,509	26,066	27,848	27,373
	8,632	7,348	8,160	9,482	9,779	8,546	10,109	18,751	21,507	22,540	21,831
	3,070	2,460	3,117	3,199	3,556	3,465	3,591	4,759	4,559	5,307	5,541
OPM %	26.2%	24.6%	27.1%	24.3%	26.1%	28.5%	25.2%	18.5%	16.8%	18.2%	19.1%
Depreciation	922	1,006	1,132	1,227	1,304	1,280	1,334	1,281	1,378	1,497	1,613
Interest	1,135	1,058	848	899	955	776	628	818	943	1,045	934
	279	191	264	190	-822	142	-1,065	382	344	487	323
Profit before tax	1,243	587	1,401	1,264	475	1,552	564	3,041	2,583	3,253	3,317
Tax	373	158	449	360	-704	256	105	877	687	194	847
Tax %	30%	26.8%	32%	28.5%	-148.3%	16.5%	18.7%	28.8%	26.6%	6%	25.6%
	867	430	952	904	1,179	1,296	459	2,165	1,896	3,059	2,469
PAT margin %	7.4%	4.3%	8.3%	6.9%	8.6%	10.7%	3.2%	8.4%	7%	10.5%	8.5%
EPS (₹)	—	—	19.6	18.7	24.4	26.9	9.5	44.1	38.1	61.2	48
EPS adjusted (₹)	—	—	—	—	24.4	26.9	9.5	44.1	38.1	59.3	48
	—	—	25.5%	26.7%	47.5%	41%	232.8%	29.5%	42%	31%	41.7%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	481	481	481	481	481	504	504
Reserves	—	9,704	9,463	10,529	11,581	17,111	18,571
Minority interest	—	36	36	477	536	600	633
	—	7,781	9,098	10,496	11,585	8,737	13,733
	—	5,538	5,945	7,927	9,210	9,621	11,752
Total equity & liabilities	—	23,539	25,023	29,910	33,392	36,573	45,193
	17,381	17,148	16,883	19,043	21,543	23,887	25,026
CWIP	—	838	1,297	2,625	2,472	2,250	6,962
Investments	—	466	407	813	954	896	1,532
	—	5,088	6,436	7,429	8,423	9,541	11,675
Total assets	—	23,539	25,023	29,910	33,392	36,573	45,193

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Transmission and Distribution	24,764.42	2,940.01	22,202.29	14,414.74	7,787.55	37.75
Generation	7,585.36	1,033.88

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	96.4%	97.8%	98.7%	96.1%	91.5%	95.9%	95.5%	94.5%
EBITDA margin %	24.3%	26.1%	28.5%	25.2%	18.5%	16.8%	18.2%	19.1%
EBIT margin %	15%	16.5%	18%	15.8%	13.5%	11.7%	13.1%	13.6%
PAT margin %	6.9%	8.6%	10.7%	3.2%	8.4%	7%	10.5%	8.5%
Working capital
Receivable days	—	—	43	41	32	29	30	29
Inventory days	—	—	1,019	352	137	261	182	116
Payable days	—	—	2,206	727	254	592	505	430
NWC days	—	—	-1,144	-334	-85	-301	-294	-285
Leverage
Current ratio	—	—	0.97	0.85	1.08	1.09	1.14	0.95
Debt to EBITDA	—	—	2.25	2.53	2.21	2.54	1.65	2.48
Debt to equity	—	—	0.76	0.92	0.95	0.96	0.5	0.72
Interest coverage	2.4	2.5	3	4	4.7	3.7	4.1	4.5
Asset turnover	—	—	0.52	0.57	0.86	0.81	0.8	0.64
Return ratios
Return on assets %	—	—	5.5%	1.8%	7.2%	5.7%	8.4%	5.5%
Return on capital employed %	—	—	12.4%	13.3%	18.4%	14.5%	15.8%	13.2%
Return on equity %	—	—	12.7%	4.6%	19.7%	15.7%	17.4%	12.9%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	53.57%	53.57%	53.57%	53.57%	53.57%	51.09%	51.09%	51.09%	51.09%	51.09%	51.09%	51.09%
	6.17%	6.13%	6.41%	8.42%	8.89%	9.94%	9.43%	9.8%	8.81%	8.32%	8.4%	8.52%
	21.62%	21.62%	21.46%	19.53%	19.03%	21.21%	21.9%	21.42%	22.16%	22.73%	22.83%	22.68%
	0%	0%	0%	0%	0%	0%	0%	0%	8.35%	8.35%	8.35%	8.35%
	18.64%	18.68%	18.56%	18.48%	18.51%	17.76%	17.58%	17.69%	9.59%	9.51%	9.33%	9.36%
No. of shareholders	—	—	—	—	—	—	—	—	1,75,073	1,68,442	1,60,566	1,55,488

Promoter holding down 2.48 percentage points since Sep 2023.

23 deals · 19 Sept 2022 – 31 May 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
31 May 2024	INTEGRATED CORE STRATEGIES (ASIA) PTE. LTD.	Bulk	NSE	Sell	24,69,594	₹1,498.79	₹370.14 Cr
10 Apr 2023	SBI MUTUAL FUND	Bulk	NSE	Buy	84,07,066	₹520.00	₹437.17 Cr
10 Apr 2023	SBI MUTUAL FUND	Bulk	NSE	Sell	83,90,783	₹520.00	₹436.32 Cr
25 Oct 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	BSE	Sell	4,54,957	₹485.75	₹22.10 Cr
25 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	4,54,957	₹485.75	₹22.10 Cr
25 Oct 2022	ISHARES MSCI INDIA SMALL-CAP ETF	Block	BSE	Buy	56,613	₹485.75	₹2.75 Cr
25 Oct 2022	ISHARES INDIA SC MAURITIUS COMPANY	Block	BSE	Sell	56,613	₹485.75	₹2.75 Cr
17 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	4,54,522	₹478.00	₹21.73 Cr
17 Oct 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	BSE	Sell	4,54,522	₹478.00	₹21.73 Cr
17 Oct 2022	ISHARES MSCI INDIA SMALL-CAP ETF	Block	BSE	Buy	56,556	₹478.00	₹2.70 Cr

1–10 of 23

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Mr. SAMIR UTTAMLAL MEHTAExecutive Director-Chairperson-MD
Mr. JINAL SUDHIRBHAI MEHTAExecutive Director-MD
Mrs. USHA SANGWANNon-Executive - Independent Director
Mrs. RADHIKA VIJAY HARIBHAKTINon-Executive - Independent Director
Mr. KETAN ARVIND DALALNon-Executive - Independent Director
Mr. VARUN SUDHIR MEHTANon-Executive - Non Independent Director
Mr. APURVA SHISHIR DIWANJINon-Executive - Independent Director
Mr. SUNIL DASS MATHURNon-Executive - Independent Director
Mr. JIGISH BHOGILAL MEHTAExecutive Director
Mr. Rahul ShahCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 12 fund houses

Held by these funds

12.83%

of the company's equity

All mutual funds

15.79%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

68 schemes · 12 fund houses

		Shares
Contra Fund	SBI Mutual Fund	89.82 L	1,091.45	2.29%	1.783%	-0
Focused Fund	SBI Mutual Fund	70 L	850.57	1.66%	1.389%	-0
Large and Midcap Fund	SBI Mutual Fund	65 L	789.82	1.87%	1.29%	-0
Midcap Fund	SBI Mutual Fund	60 L	729.06	2.97%	1.191%	+10 L
ELSS Tax Saver Fund	SBI Mutual Fund	56.11 L	681.77	2.15%	1.113%	-0
Balanced Advantage Fund	SBI Mutual Fund	40.9 L	497	1.19%	0.812%	-0
MultiCap Fund	SBI Mutual Fund	40 L	486.04	1.98%	0.794%	-3.3 L
Growth Mid Cap FundNEW	Nippon India Mutual Fund	35.09 L	426.34	0.82%	0.696%	—

1–8 of 68

1 / 9

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

27

Final dividend19 Jun 2026 · ex-date₹5
Interim dividend16 Feb 2026 · ex-date₹15
Final dividend6 Jun 2025 · ex-date₹5
Interim dividend12 Feb 2025 · ex-date₹14
Final dividend14 Jun 2024 · ex-date₹4
Interim dividend16 Feb 2024 · ex-date₹12
Final dividend16 Jun 2023 · ex-date₹4
Special dividend22 Feb 2023 · ex-date₹13
Interim dividend22 Feb 2023 · ex-date₹9
Interim dividend10 Feb 2022 · ex-date₹9
Final dividend24 Jun 2021 · ex-date₹5.5
Interim dividend16 Feb 2021 · ex-date₹5.5
Interim dividend18 Feb 2020 · ex-date₹11.6
Final dividend13 Jun 2019 · ex-date₹5
Final dividend8 Jun 2018 · ex-date₹5
Final dividend8 Jun 2017 · ex-date₹2.2
Interim dividend17 Mar 2016 · ex-date₹4.5
Dividend dividend11 Jun 2015 · ex-date₹1.5
Dividend dividend12 Jun 2014 · ex-date₹0.5
Dividend dividend13 Jun 2013 · ex-date₹2
Final dividend14 Jun 2012 · ex-date₹3.5
Interim dividend25 Jan 2012 · ex-date₹3
Dividend dividend16 Jun 2011 · ex-date₹3
Special dividend16 Jun 2011 · ex-date₹2.5
Dividend dividend17 Jun 2010 · ex-date₹3
Dividend dividend18 Jun 2009 · ex-date₹2
Dividend dividend19 Jun 2008 · ex-date₹1.2

1

Board meeting to consider results3 Aug 2026

1

Earnings call3 Aug 2026call

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

5 announcementsExport CSV

28 Sept 2026, 1:04 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

Loading announcements…

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	96.4%	97.8%	98.7%	96.1%	91.5%	95.9%	95.5%	94.5%
EBITDA margin %	24.3%	26.1%	28.5%	25.2%	18.5%	16.8%	18.2%	19.1%
EBIT margin %	15%	16.5%	18%	15.8%	13.5%	11.7%	13.1%	13.6%
PAT margin %	6.9%	8.6%	10.7%	3.2%	8.4%	7%	10.5%	8.5%
Working capital
Receivable days	—	—	43	41	32	29	30	29
Inventory days	—	—	1,019	352	137	261	182	116
Payable days	—	—	2,206	727	254	592	505	430
NWC days	—	—	-1,144	-334	-85	-301	-294	-285
Leverage
Current ratio	—	—	0.97	0.85	1.08	1.09	1.14	0.95
Debt to EBITDA	—	—	2.25	2.53	2.21	2.54	1.65	2.48
Debt to equity	—	—	0.76	0.92	0.95	0.96	0.5	0.72
Interest coverage	2.4	2.5	3	4	4.7	3.7	4.1	4.5
Asset turnover	—	—	0.52	0.57	0.86	0.81	0.8	0.64
Return ratios
Return on assets %	—	—	5.5%	1.8%	7.2%	5.7%	8.4%	5.5%
Return on capital employed %	—	—	12.4%	13.3%	18.4%	14.5%	15.8%	13.2%
Return on equity %	—	—	12.7%	4.6%	19.7%	15.7%	17.4%	12.9%

Date	Category	Subject	Filing
28 Sept 2026, 1:04 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
16 Sept 2026, 2:54 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
14 Sept 2026, 4:04 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
8 Sept 2026, 11:06 am	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
7 Sept 2026, 6:23 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,550	2,356	2,764	2,425	3,610	2,988	3,167	3,456	4,258	4,805	5,464
	-911	-2,122	-2,418	-1,828	-1,129	-910	-2,483	-3,216	-3,544	-3,650	-8,088
	-2,163	-674	-311	-617	-2,506	-2,061	-502	-341	-551	-1,216	3,101
Net cash flow	-523	-440	34	-20	-25	16	182	-101	163	-62	478
Free cash flow	—	—	—	—	—	1,692	1,358	640	602	475	-2,240
CFO / Operating profit %	83.1%	95.8%	88.7%	75.8%	101.5%	86.2%	88.2%	72.6%	93.4%	90.5%	98.6%

Torrent Power Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

27

1

1

Announcements

27

1

1

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Generation · revenue

Torrent Power Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Dividends27

Board meetings1

Other corporate actions1

Announcements

Dividends27

Board meetings1

Other corporate actions1

Ratio timeline

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Generation · revenue

27

1

1

27

1

1