Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹6,406 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹220 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Torrent Power reported Q4 FY26 PBD of ₹547 cr, down 12% YoY, impacted by a ₹171 cr non-recurring provision for power purchase cost disallowance. Adjusted PBD rose 16% YoY to ₹718 cr, supported by a ₹186 cr carrying cost order and ₹58 cr solar rooftop incentive. Generation segment EBITDA fell due to higher maintenance costs and reversal of prior-year provisions. Renewable segment EBITDA declined as generation-based incentives expired. Management guided for ₹80,000 cr capex over 5 years across thermal, renewables, and distribution, with 1.2-1.4 GW renewable commissioning in FY27. Gas supply is secured via contracted cargoes, though spot prices remain elevated. Key risk: regulatory disallowances may recur, impacting generation profitability.
Colored figures show movement against the previous available record.
Guidance to track
- Includes ₹28,000 cr for renewables, ₹23,000 cr for 1.6 GW thermal, ₹14,000 cr for 3 GW pumped storage, and ~₹2,000 cr annual distribution capex.
- Phasing details available in investor presentation; projects include MSEDCL, SECI 12, and others.
- Transaction expected to close in June 2026; enterprise value ₹6,800 cr with debt of ~₹3,400 cr.
Risks flagged
- ₹171 cr provision booked in Q4; similar past disallowances were later reversed, but outcome uncertain.
- At current $16-20/MMBtu, merchant power sales are challenging; management noted difficulty in RTC market.
- After June, no contracted cargoes; reliance on spot market for availability demonstration, which may be costly.
Key quotes
- We are hopeful that the current matter will be also approved in our favor.
- Availability proving availability is not the issue. It is only the price which is higher.
- We are not impacted by this curtailment scenario... we are back with PPA.
Research modules