Torrent Power logo

Torrent Power share price

NSE: TORNTPOWERBSE: 532779PowerMid Cap

Torrent Power Limited · Face value ₹10 · Listed Nov 2006
Last close ₹1,160.00down ₹19.70 (1.67%)BSE ₹1,161.10

Share price at the NSE close on 28 Oct 2026. Previous close ₹1,179.70.

28 Oct: open ₹1,173.00, high ₹1,178.40, low ₹1,157.80

52-week range of traded prices to 28 Oct 2026
₹1,147.50Low, 26 Oct 2026₹1,824.10High, 27 Apr 2026
Market cap
₹58,453 Cr143rd largest listed
P/E
25.15
P/B
3.06
Dividend yield
1.72%
ROE
12.7%
ROCE
11.9%
Debt to equity
0.70
Volume, NSE
74,22441.6% delivered

Torrent Power share price chart

Daily closes since Jan 2007, adjusted for splits and bonuses

−9.2%over a year · Nifty 500 −8.8%

Results20-session average 2,45,126 shares a day, 54.2% delivered

About Torrent Power

Torrent Power Limited is an integrated power utility that generates, transmits and distributes electricity in India.1 Its power plants run on natural gas, coal, solar energy and wind.2 It supplies electricity to households and industries in Ahmedabad, Gandhinagar, Surat, Dahej and Dholera in Gujarat, in Dadra and Nagar Haveli and Daman and Diu, in Bhiwandi and Shil, Mumbra and Kalwa in Maharashtra, and in Agra in Uttar Pradesh.34

It reports its results in segments: generation, transmission and distribution, and renewables.5 In Gujarat and in Dadra and Nagar Haveli and Daman and Diu it holds the distribution licence; in Bhiwandi, Agra and Shil, Mumbra and Kalwa it runs distribution as a franchisee, on behalf of the state company that holds the licence.6 In its licensed areas and at its SUGEN and UNOSUGEN gas plants, regulators set the tariff: allowed costs plus a post-tax return on the money invested, with performance-linked incentives in the licensed areas.67 It also operates transmission lines, some through a subsidiary, that carry power from its gas-based plants.8

It was incorporated in 2004.9 On 25 Jun 2026 it completed the purchase of Nabha Power Limited, which runs a 1,400 megawatt (MW) coal-based plant in Punjab, from L&T Power Development Limited for ₹3,632.35 crore.1011 Its holding company and promoter, Torrent Investments Limited, holds 51.09% of its shares.1213 It is part of the Torrent Group, which also has pharmaceutical and city gas distribution businesses.14

Torrent Power key points

Results

  • In the quarter to Jun 2026, consolidated revenue from operations was ₹8,124 crore, up 3% from ₹7,906 crore a year earlier, and EBITDA (earnings before interest, tax, depreciation and amortisation) ₹1,618 crore against ₹1,588 crore. Profit after tax was ₹662 crore against ₹742 crore.15
  • In the year to Mar 2026, consolidated revenue from operations was ₹28,966 crore against ₹29,165 crore a year earlier, EBITDA ₹5,864 crore and profit before tax ₹3,317 crore.1617

Business segments

  • Revenue by segment, ₹33,591 crore in all, including ₹4,625 crore of sales between segments18
    Itemyear to Mar 2026
    Transmission and distribution₹24,764 crore (74%)
    Generation₹7,585 crore (22%)
    Renewables₹1,241 crore (4%)
  • EBITDA by segment, ₹6,125 crore in all, before ₹261 crore of unallocated items1920
    Itemyear to Mar 2026
    Transmission and distribution₹3,793 crore (62%)
    Generation₹1,320 crore (22%)
    Renewables₹1,012 crore (16%)

Plants and capacity

  • Operating capacity by fuel at the end of Jun 2026, 6,564 MWp in all (megawatt peak, the rated output of solar panels)21
    Itemquarter to Jun 2026
    Gas2,730 MW (41%)
    Coal1,762 MW (27%)
    Solar1,092 MWp (17%)
    Wind980 MW (15%)
  • Of its gas-based capacity, 1,163 MW was tied up under long-term power purchase agreements (contracts to sell power at agreed tariffs) at the end of March 2026; the other 1,567 MW depended on short-term contracts or the open market.22

Power distribution

  • In the year to Mar 2026 it distributed about 31 billion units (kilowatt-hours) of electricity to about 4.3 million consumers, 2.96 million in licensed areas and 1.33 million in franchised areas.2324
  • Distribution loss (electricity lost between purchase and sale) in its licensed areas was 2.33% in the year to Mar 2026. Its Ahmedabad and Surat circles ranked 1st of 65 distribution companies in the Ministry of Power's 14th Integrated Ratings and Rankings, January 2026.2526
  • In the year to Mar 2026, aggregate technical and commercial losses (power lost or not paid for) were about 9.1% in Bhiwandi, 5.4% in Agra and 23.1% in Shil, Mumbra and Kalwa, against 58%, 58.77% and 48% at takeover.27
  • As of its annual report of 10 Jul 2026, renewal of the Bhiwandi franchise, valid until January 2027 and extendable by mutual agreement, was under discussion with MSEDCL, Maharashtra's state distribution company.28

Expansion and capital spending

  • Torrent Power's capital spending was ₹8,681 crore in the year to Mar 2026, about ₹6,010 crore of it on renewable projects, and about ₹2,300 crore in the quarter to Jun 2026.2930
  • On its earnings call of 3 Aug 2026, the company said it expects to spend about ₹10,000 crore on renewable projects in the year to Mar 2027; ₹8,800 crore of their ₹29,600 crore cost had been spent by 30 Jun 2026.31
  • It is building a 1,600 MW coal-based plant at Anuppur, Madhya Pradesh, for about ₹23,000 crore, with its whole output contracted to the state for 25 years at ₹5.829 per kilowatt-hour.32
  • It is building a 3,000 MW pumped storage project (which stores power by pumping water uphill) in Raigad, Maharashtra, for about ₹14,000 crore; 2,000 MW is contracted to MSEDCL for 40 years at ₹1,680 crore a year, with a scheduled start of October 2028.3334

What the company expects

  • On its earnings call of 3 Aug 2026, the company said it expects about 1 to 1.2 gigawatts (GW) of the 4.6 GW of renewable projects under construction to start operating in the year to Mar 2027, and 1.4 to 1.6 GW the next year.35
  • In its presentation of 3 Aug 2026, the company set a target to increase its renewable portfolio to about 6.25 GWp (gigawatt peak); its annual report for the year to Mar 2026 says it is working towards 10 GWp by 2030.3637
  • The company stated in its annual report for the year to Mar 2026 that it expects its borrowings, including undrawn sanctioned limits, to rise from about ₹17,250 crore at the end of March 2026 to about ₹24,000 crore in the near term.38

Recent events

  • On 23 Oct 2026, India Ratings and Research and CRISIL Ratings each rated ₹2,500 crore of proposed debentures (bonds) AA+/Stable, one credit grade below the top, AAA, and reaffirmed the same rating on existing debt.39
  • On 8 Sep 2026, its subsidiary Torrent Green Energy said it had commissioned 322 MWp of solar projects at 50 locations in Nashik district, Maharashtra, selling the power to MSEDCL under a 25-year agreement.40

Litigation and regulatory matters

  • In March 2026 GST (goods and services tax) authorities in Agra demanded ₹94.71 crore for April 2019 to September 2024, plus an equal penalty; in its exchange filing of 28 Mar 2026, the company said it would appeal and saw no material financial impact.4142

Last updated

All 42 sources, each with its page
  1. 1. Annual report, 10 Jul 2026, page 197
  2. 2. Annual report, 10 Jul 2026, page 29
  3. 3. Exchange filing, 8 Sep 2026, page 3
  4. 4. Annual report, 10 Jul 2026, page 12
  5. 5. Annual report, 10 Jul 2026, page 535
  6. 6. Annual report, 10 Jul 2026, page 201
  7. 7. Annual report, 10 Jul 2026, page 198
  8. 8. Annual report, 10 Jul 2026, page 42
  9. 9. Annual report, 10 Jul 2026, page 591
  10. 10. Exchange filing, 25 Jun 2026, page 1
  11. 11. Annual report, 10 Jul 2026, page 31
  12. 12. Exchange filing, 30 Mar 2026, page 2
  13. 13. Investor presentation, 3 Aug 2026, page 8
  14. 14. Investor presentation, 3 Aug 2026, page 25
  15. 15. Investor presentation, 3 Aug 2026, page 18
  16. 16. Investor presentation, 3 Aug 2026, page 22
  17. 17. Annual report, 10 Jul 2026, page 16
  18. 18. Investor presentation, 3 Aug 2026, page 10
  19. 19. Investor presentation, 3 Aug 2026, page 10
  20. 20. Investor presentation, 3 Aug 2026, page 10
  21. 21. Investor presentation, 3 Aug 2026, page 10
  22. 22. Annual report, 10 Jul 2026, page 207
  23. 23. Annual report, 10 Jul 2026, page 24
  24. 24. Annual report, 10 Jul 2026, page 112
  25. 25. Annual report, 10 Jul 2026, page 38
  26. 26. Annual report, 10 Jul 2026, page 16
  27. 27. Investor presentation, 3 Aug 2026, page 14
  28. 28. Annual report, 10 Jul 2026, page 40
  29. 29. Annual report, 10 Jul 2026, page 78
  30. 30. Earnings call, 3 Aug 2026, page 11
  31. 31. Earnings call, 3 Aug 2026, page 4
  32. 32. Annual report, 10 Jul 2026, page 198
  33. 33. Investor presentation, 3 Aug 2026, page 16
  34. 34. Annual report, 10 Jul 2026, page 36
  35. 35. Earnings call, 3 Aug 2026, page 3
  36. 36. Investor presentation, 3 Aug 2026, page 15
  37. 37. Annual report, 10 Jul 2026, page 210
  38. 38. Annual report, 10 Jul 2026, page 161
  39. 39. Exchange filing, 23 Oct 2026, page 1
  40. 40. Exchange filing, 8 Sep 2026, page 2
  41. 41. Exchange filing, 28 Mar 2026, page 1
  42. 42. Exchange filing, 28 Mar 2026, page 2

Results

Consolidated; ₹ crore.Torrent Power quarterly results

Revenue growth, 12 months
+4.1%
Net profit growth, 12 months
−15.4%

Quarter to Jun 2026, against the quarter before

Revenue
₹8,124 Crup 26.82%
Net profit
₹662 Crup 99.66%
Net margin
8.1%

Revenue by quarter

₹7,176 CrSep 24₹6,499 CrDec 24₹6,456 CrMar 25₹7,906 CrJun 25₹7,876 CrSep 25₹6,778 CrDec 25₹6,406 CrMar 26₹8,124 CrJun 26
Peak revenue ₹8,124 Cr, quarter to Jun 2026; lowest ₹6,406 Cr, quarter to Mar 2026

Net profit by quarter, a loss in red

₹496 CrSep 24₹489 CrDec 24₹1,077 CrMar 25₹742 CrJun 25₹742 CrSep 25₹655 CrDec 25₹331 CrMar 26₹662 CrJun 26
₹ croreSep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue7,1766,4996,4567,9067,8766,7786,4068,124
Net profit4964891,077742742655331662
Net margin6.9%7.5%16.7%9.4%9.4%9.7%5.2%8.1%
Consolidated. The last eight quarters. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.

Business segments

Share of revenue, year to Mar 2026, consolidated.Segment revenue and profit

  • Transmission and Distribution₹24,764 Crdown 1.64%73.7%
  • Generation₹7,585 Crdown 7.28%22.6%
  • Renewables₹1,241 Crup 16.40%3.7%
The pill is the change in revenue on the year before; the share is of all the businesses together.

Valuation

Today, against the company's own history.Torrent Power PE ratio and valuation

Price to earnings

At or below today's level on 79% of 2,478 trading days over the last 10 years.

LowestHighest
Its median16.34Industry median19.17
Price to book

At or below today's level on 61% of 1,981 trading days since Oct 2018.

LowestHighest
Its median2.43Industry median1.47
Dividend yield

At or below today's level on 47% of 2,411 trading days over the last 10 years.

LowestHighest
Its median1.78%Industry median1.93%

Where the return came from

Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.

OverReturn a yearEarnings growthChange in P/EDividend yield
1 year−10.6%−19.1%+8.6%1.5%
3 years+38.1%+2.9%+33.0%1.3%
5 years+27.4%+12.3%+11.5%2.2%
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add. Earnings growth over 1 year is on profit divided by shares in issue at both ends: the earnings per share stated for one end does not match that year's profit and share count.

Shareholding

Per cent of the company's shares, from the filing for Sep 2026.Torrent Power shareholding pattern

Shareholding by group

  • Promoters51.09%
  • Foreign institutions8.36%
  • Indian institutions22.80%
  • Governments8.35%
  • Individuals and others9.40%
Holder
Torrent Investments LimitedPromoter51.09%
Gujarat Urja Vikas Nigam LimitedState governments6.95%
Life Insurance Corporation of IndiaInsurance companies2.61%
Gujarat State Financial Services LtdCompanies2.36%
NPS Trust- A/C Sbi Pension Fund Scheme - State GovtProvident and pension funds2.04%
The Governor of GujaratState governments1.40%
Holders are named in the company's own words: an insurer's holding can carry one of its funds' names. Mutual funds are left out here and listed fund by fund below.

Since Jun 2026: promoters unchanged, foreign institutions −0.16 pts, Indian institutions +0.12 pts, mutual funds +0.11 pts.

Mutual fund holdings

141 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 74 of the 85 funds that added or cut are index funds, ETFs or arbitrage funds: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future. 1 more fund filed its first portfolio on record, holding it.All 141 funds holding Torrent Power

Bought for the first time
1
Added
42
Cut
43
Held unchanged
54
Sold out
2
Fund
SBI Mutual Fund logoSBI Contra FundSBI Mutual Fund89,82,4102.48%₹1,119.1 Cr
SBI Mutual Fund logoSBI Focused FundSBI Mutual Fund70,00,0001.74%₹872.1 Cr
SBI Mutual Fund logoSBI Large & Midcap FundSBI Mutual Fund65,00,0002.00%₹809.8 Cr
SBI Mutual Fund logoSBI Midcap FundSBI Mutual Fund64,96,0073.48%₹809.3 Cr
SBI Mutual Fund logoSBI ELSS Tax Saver FundSBI Mutual Fund56,10,8132.33%₹699.1 Cr
SBI Mutual Fund logoSBI Balanced Advantage FundSBI Mutual Fund40,90,2231.26%₹509.6 Cr
SBI Mutual Fund logoSBI Multicap FundSBI Mutual Fund40,00,0002.12%₹498.4 Cr
Nippon India Mutual Fund logoNippon India Growth Mid Cap FundNippon India Mutual Fund35,08,6790.87%₹437.1 Cr
Axis Mutual Fund logoAxis Midcap FundAxis Mutual Fund31,67,3611.18%₹394.6 Cr
Canara Robeco Mutual Fund logoCanara Robeco Large and Mid Cap FundCanara Robeco Mutual Fund28,51,3871.45%₹355.3 Cr
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.

Torrent Power competitors and peers

Power, 45 listed companies, priced on 28 Oct 2026. The table lists the 8 companies closest to Torrent Power in market cap.Power stocks

Where the company sits among the companies nearest its size

Return on equity across, P/E up, size is market cap
Company
Tata Power Company logoTata Power CompanyTATAPOWER1,07,04427.712.71−4.2%−4.8%10.3%6.8%0.75%
JSW Energy logoJSW EnergyJSWENERGY88,55738.192.41+26.4%+14.6%7.0%6.0%0.41%
NHPC logoNHPCNHPC74,77519.701.80+12.0%+24.1%9.4%3.6%2.16%
NTPC Green Energy logoNTPC Green EnergyNTPCGREEN70,124115.533.70––3.2%3.4%0.00%
NLC India logoNLC IndiaNLCINDIA31,608–1.47+16.8%––6.8%1.69%
Acme Solar Holdings logoAcme Solar HoldingsACMESOLAR29,06338.403.48+53.7%–11.5%5.3%0.05%
SJVN logoSJVNSJVN20,01831.321.41+60.5%−7.4%4.5%5.1%2.94%
CESC logoCESCCESC16,38510.561.31+8.7%+12.6%12.6%6.6%4.85%
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page.

Dividends

Per share, by the year it was paid for, and the latest payments.Torrent Power dividend history

Dividend per share, ₹, restated for later splits and bonuses

2.2Mar 175Mar 185Mar 1912Mar 2011Mar 219Mar 2226Mar 2316Mar 2419Mar 2520Mar 26
Highest ₹26.00 a share, year to Mar 2023.
Ex-dateTypePer share
19 Jun 2026Final₹5.00
16 Feb 2026Interim₹15.00
6 Jun 2025Final₹5.00
12 Feb 2025Interim₹14.00
14 Jun 2024Final₹4.00
16 Feb 2024Interim₹12.00
Latest payments, as declared, by ex-date.

Latest announcements

Routine notices left out.Torrent Power announcements

Torrent Power share price by year

Each calendar year to 2025.Torrent Power share price history

YearClose at year endChangeHighest closeLowest close
20251,306.70−12.1%1,623.601,200.00
20241,485.95+59.1%1,973.65937.70
2023933.85+89.7%1,003.85435.25
2022492.35−11.1%587.50419.80
2021553.55+74.4%598.60305.10
2020317.40+11.8%359.95249.50
2019284.00+8.5%311.00232.70
2018261.80−7.6%305.60214.00
2017283.25+58.2%286.40174.20
2016179.00+3.1%247.95162.15
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before.

Recent sessions

The 9 trading days to 27 Oct 2026, as traded on NSE; the latest is at the top of the page.

DateOpenHighLowCloseAverage priceVolumeDelivery
27 Oct 20261,160.301,184.801,158.101,179.701,174.521,36,18356.5%
26 Oct 20261,168.001,189.001,147.501,157.601,164.291,73,29336.1%
23 Oct 20261,195.001,195.001,150.001,169.001,161.742,44,36847.2%
22 Oct 20261,175.001,215.801,166.001,204.001,187.842,20,57344.4%
21 Oct 20261,206.001,209.501,173.101,181.901,184.531,98,50459.6%
19 Oct 20261,225.001,227.001,202.001,210.001,210.461,18,49854.0%
16 Oct 20261,239.001,240.001,220.001,226.301,229.181,42,33344.6%
15 Oct 20261,240.301,260.001,225.901,238.601,244.041,86,14539.0%
14 Oct 20261,190.101,249.301,190.101,240.301,239.226,52,08046.1%
Prices in ₹ per share as traded, not adjusted.

Company details