Torrent Power (TORNTPOWER) Q3 25/26 earnings summary

Executive summary

• Q3 FY 2026 PBT was INR 805 crore, up 28% year-over-year on a reported basis and 46% on an adjusted basis, excluding a prior year one-off from cable business sale.

• Achieved 4% year-over-year revenue growth in Q3 FY 2025-26, with total comprehensive income up 30% to ₹637 Cr, driven by improved gas-based power plant contribution and distribution business performance.

• Interim dividend of ₹15.00 per equity share approved and declared for FY 2025-26.

• Major profit boost from a one-time regulatory order of INR 270 crore related to the UNOSUGEN gas-based generation project.

• Board approved unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025.

Financial highlights

• Adjusted PBT for Q3 FY 2026 was INR 805 crore versus INR 553 crore last year, a 46% increase.

• Q3 FY 2025-26 revenue from operations: ₹6,778 Cr, up from ₹6,499 Cr in Q3 FY 2024-25.

• Consolidated revenue from operations for Q3 FY26: ₹6,777.87 crore; nine months: ₹22,560.24 crore.

• Profit after tax for Q3 FY 2025-26: ₹655 Cr, up 34% year-over-year.

• Q3 renewable CapEx was INR 1,750 crore; YTD renewable CapEx reached INR 3,100 crore.

Outlook and guidance

• Expect to commission 1.2–1.5 GW of renewable projects in FY 2027, with similar pace in subsequent years.

• Operational capacity expected to grow from ~5.0 GWp to ~10.6 GWp, backed by robust renewable capacity addition.

• No further impairment required for DGEN Mega Power Project as of December 31, 2025, based on value-in-use assessment.

• CapEx run rate is expected to remain elevated, in line with Q3 levels.

• Targeting 10 GW renewable capacity, with continued bidding for new projects, especially in C&I segment if commercials are favorable.