Torrent Power financials and balance sheet

NSE: TORNTPOWERBSE: 532779PowerMid Cap

₹1,169.00₹35.00 (2.91%)BSE ₹1,171.30

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,204.00.

52-week range of traded prices to 23 Oct 2026

₹1,150.00Low, 23 Oct 2026₹1,824.10High, 27 Apr 2026

Market cap: ₹58,906 Cr143rd largest listed
P/E: 25.3
P/B: 3.1
Dividend yield: 1.71%
ROE: 12.7%
ROCE: 11.9%
Debt to equity: 0.70
Volume, NSE: 2,44,36847.2% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Torrent Power annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹29,165 Cr, year to Mar 2025

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.2% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue28,966
Materials and goods−1,594
Employee costs−706
Other expenses−21,125
Operating profit5,541
Depreciation−1,613
Other income+323
One-off items0.0
Finance costs−934
Profit before tax3,317
Tax−847
Net profit2,469

What the company owns

Plant, investments and other assets₹40,018 Cr
Receivables₹2,330 Cr
Current investments₹1,507 Cr
Cash and bank₹831 Cr
Inventory₹507 Cr

What pays for it: net worth and liabilities

Net worth₹19,709 Cr
Borrowings₹13,733 Cr
Other liabilities₹9,872 Cr
Owed to suppliers₹1,879 Cr

Torrent Power business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Torrent Power segment results by quarter

Revenue by segment

₹33,591 CrTotal

Transmission and Distribution₹24,764 Cr73.7% of total
Generation₹7,585 Cr22.6% of total
Renewables₹1,241 Cr3.7% of total

Profit by segment

Transmission and Distribution₹2,940 Cr65.1% of total
Generation₹1,034 Cr22.9% of total
Renewables₹542 Cr12.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Transmission and Distribution
Revenue, ₹ crore
24,391
25,178
24,764
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
2,176
2,578
2,940
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Generation
Revenue, ₹ crore
7,979
8,181
7,585
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
867
1,281
1,034
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Renewables
Revenue, ₹ crore
1,150
1,066
1,241
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
607
458
542
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	–	–	–	–	–	33,520	34,425	33,591
Company revenue, as in its results	13,151	13,641	12,173	14,258	25,694	27,183	29,165	28,966
Revenue	–	–	–	–	–	24,391	25,178	24,764
Revenue growth	–	–	–	–	–	–	3.2%	−1.6%
Profit	–	–	–	–	–	2,176	2,578	2,940
Profit growth	–	–	–	–	–	–	18.5%	14.1%
Margin	–	–	–	–	–	8.9%	10.2%	11.9%
Return on capital	–	–	–	–	–	38.2%	35.5%	37.8%
Assets	–	–	–	–	–	20,169	21,504	22,202
Liabilities	–	–	–	–	–	14,474	14,244	14,415
Capital employed	–	–	–	–	–	5,695	7,260	7,788
Revenue	–	–	–	–	–	7,979	8,181	7,585
Revenue growth	–	–	–	–	–	–	2.5%	−7.3%
Profit	–	–	–	–	–	867	1,281	1,034
Profit growth	–	–	–	–	–	–	47.7%	−19.3%
Margin	–	–	–	–	–	10.9%	15.7%	13.6%
Return on capital	–	–	–	–	–	56.6%	42.3%	30.4%
Assets	–	–	–	–	–	4,806	4,273	4,426
Liabilities	–	–	–	–	–	3,276	1,243	1,025
Capital employed	–	–	–	–	–	1,530	3,030	3,400
Revenue	–	–	–	–	–	1,150	1,066	1,241
Revenue growth	–	–	–	–	–	–	−7.3%	16.4%
Profit	–	–	–	–	–	607	458	542
Profit growth	–	–	–	–	–	–	−24.5%	18.4%
Margin	–	–	–	–	–	52.7%	43.0%	43.7%
Return on capital	–	–	–	–	–	23.8%	15.6%	11.0%
Assets	–	–	–	–	–	8,073	11,786	17,111
Liabilities	–	–	–	–	–	5,528	8,846	12,164
Capital employed	–	–	–	–	–	2,546	2,940	4,947

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Torrent Power quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 16 May	Mar 2020Filed 19 May	Mar 2021Filed 21 May	Mar 2022Filed 11 May	Mar 2023Filed 29 May	Mar 2024Filed 23 May	Mar 2025Filed 12 Jun	Mar 2026Filed 12 May
Revenue from operations	10,054	11,512	13,151	13,641	12,173	14,258	25,694	27,183	29,165	28,966
	7,593	8,395	9,951	10,085	8,707	10,667	20,935	22,624	23,858	23,425
Materials and goods bought	193	235	470	306	161	558	2,185	1,117	1,317	1,594
Employee costs	–	–	486	532	539	534	578	611	690	706
Other expenses	–	–	8,995	9,247	8,007	9,576	18,172	20,895	21,850	21,125
Operating profit before depreciation	2,460	3,117	3,199	3,556	3,465	3,591	4,759	4,559	5,307	5,541
Operating margin	24.5%	27.1%	24.3%	26.1%	28.5%	25.2%	18.5%	16.8%	18.2%	19.1%
Materials, % of revenue	–	–	3.6%	2.2%	1.3%	3.9%	8.5%	4.1%	4.5%	5.5%
Employee costs, % of revenue	–	–	3.7%	3.9%	4.4%	3.7%	2.3%	2.2%	2.4%	2.4%
Other expenses, % of revenue	–	–	68.4%	67.8%	65.8%	67.2%	70.7%	76.9%	74.9%	72.9%
Depreciation and amortisation	1,006	1,132	1,227	1,304	1,280	1,334	1,281	1,378	1,497	1,613
Operating profit after depreciation	1,454	1,986	1,973	2,252	2,186	2,257	3,478	3,182	3,810	3,929
Other income	191	264	190	178	142	235	382	344	487	323
Finance costs	1,058	848	899	955	776	628	818	943	1,045	934
Profit before one-off items and tax	587	1,401	1,264	1,475	1,552	1,864	3,041	2,583	3,253	3,317
One-off items	0	0	0	−1,000	0	−1,300	0	0	0	0
Profit before tax	587	1,401	1,264	475	1,552	564	3,041	2,583	3,253	3,317
	158	449	360	−704	256	105	877	687	194	847
Current tax	–	312	276	309	288	372	673	445	600	728
Deferred tax	–	136	84	−1,013	−32	−267	204	242	−407	119
	430	952	904	1,179	1,296	459	2,165	1,896	3,059	2,469
Belonging to the company's shareholders	430	952	899	1,174	1,291	454	2,117	1,833	2,989	2,416
Belonging to outside owners of subsidiaries	–	–	5	5	5	5	47	63	70	53
Other comprehensive income	–	–	−6	−29	4	2	6	−14	1	45
Total comprehensive income	–	–	898	1,150	1,300	461	2,171	1,882	3,059	2,514
Net margin	4.3%	8.3%	6.9%	8.6%	10.6%	3.2%	8.4%	7.0%	10.5%	8.5%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 16 May	Mar 2020Filed 19 May	Mar 2021Filed 21 May	Mar 2022Filed 11 May	Mar 2023Filed 29 May	Mar 2024Filed 23 May	Mar 2025Filed 12 Jun	Mar 2026Filed 12 May
	9,008	9,189	10,221	9,979	11,487	12,598	18,216	19,709
	8,970	9,154	10,184	9,943	11,010	12,062	17,615	19,075
Share capital	481	481	481	481	481	481	504	504
Reserves	8,490	8,673	9,704	9,463	10,529	11,581	17,111	18,571
Belonging to outside owners of subsidiaries	37	36	36	36	477	536	600	633
	8,877	7,800	6,672	9,098	10,496	11,585	8,737	13,733
Repayable after a year	8,576	7,796	6,672	7,099	8,902	9,916	7,310	11,871
Repayable within a year	300	3	0	1,999	1,594	1,669	1,426	1,862
	3,182	4,706	4,810	6,148	6,930	7,813	7,589	9,713
Trade payables	790	1,038	975	1,111	1,523	1,812	1,824	1,879
Other financial liabilities	1,363	2,790	2,913	2,027	2,694	3,272	3,420	4,789
Other liabilities	669	584	542	614	677	735	690	921
Provisions	42	270	335	275	264	202	198	226
Tax owed	16	22	45	123	179	124	31	36
	12,365	9,728	8,508	8,896	11,494	12,982	10,768	15,771
Other financial liabilities	1,055	33	32	39	0	40	101	258
Other liabilities	975	1,132	1,160	1,262	1,412	1,446	1,624	1,689
Provisions	83	103	0	0	0	0	0	0
Deferred tax	1,565	553	528	345	969	1,234	1,352	1,629
Trade payables	109	110	116	150	211	346	381	324
Total assets	24,554	23,623	23,539	25,023	29,910	33,392	36,573	45,193
	19,916	18,799	18,894	19,797	22,457	24,886	27,953	35,954
Plant in use, after depreciation	17,997	17,366	17,129	16,759	18,116	20,654	23,028	24,201
Plant being built	359	567	838	1,297	2,625	2,472	2,250	6,962
Intangible assets	17	15	18	123	756	718	687	654
Goodwill	0	0	0	0	171	171	171	171
Intangible assets being developed	–	0	0	0	0	0	0	3
Property held to earn rent	–	0	0	0	9	0	0	0
Investments	288	116	124	133	16	17	22	24
Loans given	17	176	174	122	0	0	0	0
Other financial assets	231	1	57	102	135	95	106	349
Deferred tax	4	20	25	35	39	66	115	148
Other assets	1,004	537	529	1,226	590	692	1,574	3,441
	4,638	4,824	4,644	5,226	7,453	8,506	8,620	9,239
Inventories	627	598	450	538	820	800	658	507
Trade receivables	1,230	1,280	1,420	1,603	2,246	2,191	2,362	2,330
Cash and cash equivalents	116	91	107	289	188	351	289	767
Other bank balances	212	189	95	63	155	68	91	65
Current investments	627	608	342	274	788	937	873	1,507
Loans given	15	15	31	20	0	0	0	0
Other financial assets	1,679	1,925	2,123	2,299	3,111	3,989	4,188	3,517
Other assets	132	117	76	141	144	170	158	547
Net debt	7,922	6,912	6,128	8,472	9,365	10,229	7,484	11,394

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 21 May	Mar 2022Filed 11 May	Mar 2023Filed 29 May	Mar 2024Filed 23 May	Mar 2025Filed 12 Jun	Mar 2026Filed 12 May
	2,988	3,167	3,456	4,258	4,805	5,464
	3,243	3,398	3,946	4,756	5,026	6,081
	−255	−163	−924	238	−387	541
Receivables	−210	−120	−149	59	−293	94
Inventories	148	−85	−266	199	−129	151
Payables	−66	197	125	470	106	−62
Other working capital	−127	−155	−634	−490	−70	358
Tax paid	−256	−231	−490	−498	−221	−617
Capital spending	1,296	1,809	2,816	3,656	4,330	7,705
Free cash flow	1,692	1,358	640	602	475	−2,240
	−910	−2,483	−3,216	−3,544	−3,650	−8,088
Plant and property sold	7	49	66	57	133	84
Companies bought	0	−515	28	−19	0	−210
Interest received	100	69	74	58	67	113
	−2,061	−502	−341	−551	−1,216	3,101
Borrowings raised	1,600	1,818	4,212	4,665	1,996	6,668
Borrowings repaid	−2,693	−1,125	−2,819	−3,584	−4,855	−1,652
Interest paid	−809	−649	−868	−997	−1,111	−1,039
Lease payments	−7	−44	−22	−44	−20	−51
Dividends paid	269	702	1,062	771	902	1,021
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	3,440	0
Net change in cash	16	182	−101	163	−62	478

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Torrent Power dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 16 May	Mar 2020Filed 19 May	Mar 2021Filed 21 May	Mar 2022Filed 11 May	Mar 2023Filed 29 May	Mar 2024Filed 23 May	Mar 2025Filed 12 Jun	Mar 2026Filed 12 May
Earnings per share	₹8.93	₹19.61	₹18.70	₹24.43	₹26.86	₹9.45	₹44.06	₹38.14	₹61.23	₹47.95
Diluted earnings per share	₹8.93	₹19.61	₹18.70	₹24.43	₹26.86	₹9.45	₹44.06	₹38.14	₹61.23	₹47.95
Dividend per share	₹2.20	₹5.00	₹5.00	₹11.60	₹11.00	₹9.00	₹26.00	₹16.00	₹19.00	₹20.00
Book value per share	–	–	₹186.64	₹190.45	₹211.90	₹206.88	₹229.08	₹250.96	₹349.58	₹378.55
Dividend payout	24.6%	25.2%	26.7%	47.5%	41.0%	95.3%	59.0%	41.9%	32.0%	41.7%
Shareholder yield	–	–	–	–	1.3%	3.0%	4.3%	1.2%	−3.4%	1.6%
Market cap at the year end (₹ crore)	11,071	11,018	12,376	13,412	20,369	23,639	24,531	65,265	74,923	65,800

Ratios

Consolidated, years to March.Torrent Power PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 16 May	Mar 2020Filed 19 May	Mar 2021Filed 21 May	Mar 2022Filed 11 May	Mar 2023Filed 29 May	Mar 2024Filed 23 May	Mar 2025Filed 12 Jun	Mar 2026Filed 12 May
Revenue growth	−14.0%	14.5%	14.2%	3.7%	−10.8%	17.1%	80.2%	5.8%	7.3%	−0.7%
Operating profit growth	−17.7%	26.7%	2.6%	11.1%	−2.6%	3.6%	32.5%	−4.2%	16.4%	4.4%
Net profit growth	−50.3%	121.5%	−5.1%	30.4%	9.9%	−64.6%	371.9%	−12.4%	61.3%	−19.3%
Earnings per share growth	−50.4%	119.6%	−4.6%	30.6%	9.9%	−64.8%	366.2%	−13.4%	60.5%	−21.7%
	–	–	10.0%	13.0%	13.4%	4.5%	20.2%	15.9%	20.1%	13.2%
	–	–	–	2.9 pts	0.4 pts	−8.8 pts	15.7 pts	−4.3 pts	4.2 pts	−7.0 pts
From the net margin	–	–	–	2.6 pts	3.0 pts	−9.3 pts	7.2 pts	−3.7 pts	8.3 pts	−3.7 pts
From asset turnover	–	–	–	0.7 pts	−1.4 pts	0.6 pts	6.9 pts	−1.4 pts	−0.7 pts	−2.5 pts
From borrowing	–	–	–	−0.4 pts	−1.2 pts	0.0 pts	1.6 pts	0.7 pts	−3.3 pts	−0.8 pts
Return on capital employed	–	–	11.0%	13.3%	12.9%	11.8%	15.8%	13.2%	14.1%	11.7%
Cash conversion	–	–	–	–	230.5%	690.5%	159.6%	224.6%	157.1%	221.3%
Interest cover	1.4	2.3	2.2	2.4	2.8	3.6	4.3	3.4	3.6	4.2
Debt to equity	–	–	0.99	0.85	0.65	0.91	0.91	0.92	0.48	0.70
Receivable days	–	–	34	34	43	41	32	29	30	29
Inventory days	–	–	487	714	1,019	352	137	261	182	116
Payable days	–	–	614	1,239	2,206	727	254	592	505	430
Cash conversion cycle, days	–	–	−93	−491	−1,144	−334	−85	−301	−294	−285
Working capital days	–	–	22	−21	−21	12	14	14	15	−12
Asset turnover	–	–	0.54	0.57	0.52	0.59	0.94	0.86	0.83	0.71
Assets per rupee of net worth	–	–	2.74	2.66	2.44	2.41	2.62	2.74	2.36	2.23
Sales per rupee of plant	–	–	0.73	0.79	0.71	0.85	1.42	1.32	1.27	1.20
Capital spending to depreciation	–	–	–	–	1.01	1.36	2.20	2.65	2.89	4.78
Plant being built, % of plant in use	–	–	2.0%	3.3%	4.9%	7.7%	14.5%	12.0%	9.8%	28.8%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 5.9%
Cash from operations against operating profit: 98.6%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	9.5%	18.9%	4.1%
Profit growth, yearly rate	10.8%	13.4%	4.5%
Return on equity, average	–	14.8%	16.4%
Return on capital employed, average	–	13.3%	13.0%
Operating margin, average	22.8%	19.6%	18.0%
Net margin, average	7.6%	7.5%	8.7%
Asset turnover, average	–	0.78	0.80
Cash conversion cycle, days, average	–	−260	−293
Interest cover, average	3.0	3.8	3.7
Debt to equity, average	–	0.78	0.70

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	21,150	14,527	5,464
Cash from investing	−20,981	−15,282	−8,088
Cash from financing	490	1,333	3,101
Capital spending	20,316	15,691	7,705
Dividends paid	4,458	2,694	1,021
Shares bought back	0	0	0
Shares issued for cash	3,440	3,440	0
Borrowings raised	19,360	13,329	6,668
Borrowings repaid	14,034	10,090	1,652

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	7	5	7	7	6	4
Altman Z-scorePublished threshold 1.1	–	–	2.72	2.30	2.77	2.01	2.78	2.61	3.54	2.72
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.56	−2.67	−2.02	−2.91	−2.52	−2.47
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−3.31	−0.93	7.01	3.73	5.44	12.46
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	2.45	2.41	1.76	1.96
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	0.35	21.74	−4.28	−40.05	−8.26	0.53	−0.69
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	30.32	22.52	−226.25	−239.30	46.44	−35.69	−43.89
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	1.69	1.29	1.69	3.17	3.33	0.64	−0.98
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.84	0.80	1.35	1.00	0.63	0.58	2.50
Effective tax ratePublished threshold 17.16 per cent	26.82	32.04	28.47	−148.27	16.49	18.67	28.83	26.59	5.96	25.55
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−22.30	12.71	7.32	−0.83	6.96

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
23 Apr 2026	CRISIL Ratings Limited (opens in a new tab)	Non Convertible Debentures	WithdrawnReview, Other		175
23 Apr 2026	CRISIL Ratings Limited (opens in a new tab)	Non-convertible debentures	Crisil AA+Review, Re-affirm	Stable	100
23 Apr 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Re-affirm		5,500
23 Apr 2026	CRISIL Ratings Limited (opens in a new tab)	Non Convertible Debentures	Crisil AA+Review, Re-affirm	Stable	150
23 Apr 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AA+Review, Re-affirm	Stable	273
23 Apr 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	Crisil A1+Review, Re-affirm		500
16 Apr 2026	India Ratings and Research Private Limited (opens in a new tab)	Commercial paper	IND A1+Review, Re-affirm		1,650
16 Apr 2026	India Ratings and Research Private Limited (opens in a new tab)	Non-convertible debentures	WDReview, Other		175
16 Apr 2026	India Ratings and Research Private Limited (opens in a new tab)	Non-convertible debentures	IND AA+Review, Re-affirm	Stable	100

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.