Installed capacity
5.1 GW
+367 MW QoQ
Includes 2.7 GW gas, 2 GW renewables, 62 MW gas (likely typo for 0.062 GW).
TORRENTPOWER
Energy
30 Apr 2026
Torrent Power Limited — Q4 FY26
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.
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
Renewable capacity under construction
4 GW
N/A
Part of ₹28,000 cr investment plan; 1.2-1.4 GW expected commissioning in FY27.
Merchant + LNG gain (FY26 full year)
₹675 cr
N/A
Includes 1,400 MUs sold; Q4 contribution not material.
Regulatory gap reduction
₹800 cr
-800 cr YoY
Driven by operational efficiency and lower power purchase cost.
Management Guidance
Capex of ~₹80,000 cr over next 5 years
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.
capexRenewable commissioning of 1.2-1.4 GW in FY27
Phasing details available in investor presentation; projects include MSEDCL, SECI 12, and others.
growthNABA Power acquisition completion in Q1 FY27
Transaction expected to close in June 2026; enterprise value ₹6,800 cr with debt of ~₹3,400 cr.
expansionKey Risks
Regulatory disallowance of power purchase costs
₹171 cr provision booked in Q4; similar past disallowances were later reversed, but outcome uncertain.
medium · management_commentaryHigh LNG spot prices impacting merchant profitability
At current $16-20/MMBtu, merchant power sales are challenging; management noted difficulty in RTC market.
medium · analyst_questionGas supply availability post-summer cargoes
After June, no contracted cargoes; reliance on spot market for availability demonstration, which may be costly.
high · analyst_questionNotable 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.