Regulatory disallowance of power purchase costs
₹171 cr provision booked in Q4; similar past disallowances were later reversed, but outcome uncertain.
TORRENTPOWER / bear-case history
Track the concerns that keep returning.
Torrent Power · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
medium
High LNG spot prices impacting merchant profitability
At current $16-20/MMBtu, merchant power sales are challenging; management noted difficulty in RTC market.
Gas supply availability post-summer cargoes
After June, no contracted cargoes; reliance on spot market for availability demonstration, which may be costly.