Torrent Power (TORNTPOWER) Q4 25/26 earnings summary

Executive summary

• Total comprehensive income for FY 2025-26 was ₹2,514 Cr, down from ₹3,059 Cr in FY 2024-25, but adjusting for a one-time deferred tax reversal in FY 2024-25, TCI improved by ₹92 Cr year-over-year, driven by better operational performance in distribution and renewables.

• Revenue from operations for FY 2025-26 was ₹28,966 Cr, a slight decrease of 1% compared to ₹29,165 Cr in FY 2024-25.

• Board recommended a final dividend of ₹5.00 per share, bringing the total dividend for FY 2025-26 to ₹20.00 per share.

• Audited standalone and consolidated financial results for the year ended March 31, 2026 were approved, with unmodified auditor opinions.

• Acquisition of Nabha Power Limited for ₹3,660.87 crore announced, expanding generation capacity.

Financial highlights

• EBITDA for FY 2025-26 was ₹5,864 Cr, up 1% from ₹5,795 Cr in FY 2024-25.

• Profit after tax for FY 2025-26 was ₹2,469 Cr, down 19% year-over-year, mainly due to the absence of a one-time deferred tax gain.

• Net worth increased to ₹20,704 Cr in FY 2025-26 from ₹18,968 Cr in FY 2024-25.

• Standalone EPS for FY 2025-26: ₹51.10; consolidated EPS: ₹47.95.

• Revenue CAGR over five years was 11%, and adjusted TCI CAGR was 15%.

Outlook and guidance

• Operational capacity is projected to grow from ~5.1 GWp to ~10.6 GWp, with significant renewable additions planned.

• Focus on scaling up renewable energy portfolio to ~5.95 GWp and developing 3 GW pumped storage hydro projects.

• Strategic expansion in thermal and transmission assets, with new projects under development and acquisition.

• Board expects continued growth with the acquisition of Nabha Power and ongoing investments in generation and renewables.