Torrent Power has notified the stock exchanges of a scheduled Board of Directors meeting on Tuesday, May 12, 2026, in compliance with Regulation 29 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The intimation was filed on May 06, 2026, and signed by Rahul Shah, Company Secretary & Compliance Officer.

Key Agenda Items for the Board Meeting

The board meeting has been convened to consider and approve several significant matters. The following table outlines the key agenda items scheduled for discussion:

Financial Results and Dividend Consideration

The board is set to review and approve the audited standalone and consolidated financial results for the quarter and full year ended March 31, 2026. Alongside the financial results, the board will also consider the recommendation of a final dividend, if any, on the equity shares of the company for the financial year 2025-26.

NCD Issuance via Private Placement

In addition to the financial results and dividend agenda, the board will evaluate a proposal for raising funds through the issuance of Non-Convertible Debentures (NCDs) on a private placement basis. This forms a key part of the company's capital-raising considerations to be deliberated at the upcoming meeting.

Filing Details

The intimation was submitted to both BSE Limited and the National Stock Exchange of India Limited on May 06, 2026, in accordance with applicable listing regulations. The filing was duly signed by Rahul Shah in his capacity as Company Secretary & Compliance Officer of Torrent Power.

Torrent Power Limited has received favorable credit ratings from India Ratings and Research, with the agency assigning IND AA+/Stable rating to proposed non-convertible debentures worth ₹4000 crore and reaffirming the same rating on existing NCDs of ₹3700 crore. The rating agency also affirmed the short-term commercial paper rating at IND A1+.

Rating Details and Rationale

The ratings are based on Torrent Power's regulated cost-plus model in its distribution licensee business and generation assets, which allows the company to generate 14%-16% post-tax return on regulated equity. The company's strong operating performance in distribution licensee and distribution franchise areas contributes over 50% to total EBITDA from its distribution business.

Financial Performance and Credit Metrics

Torrent Power's financial position shows healthy credit metrics with net leverage declining to 1.6x during 1HFY26, supported by increased EBITDA generation from the renewable energy segment following the commissioning of 544MW capacity during FY25. The company's EBITDA remained stable at ₹43.9 billion in 9MFY26 compared to ₹41.8 billion in 9MFY25.

Operational Highlights

The company operates a diversified portfolio with 1.95GW of renewable energy capacity in 9MFY26, comprising 0.92GW wind and 1.03GW solar capacity. Torrent Power maintains distribution licenses in key regions including Ahmedabad, Gandhinagar, Surat, Dahej, Dholera, and Dadra and Nagar Haveli and Daman and Diu, with aggregate technical and commercial losses remaining below normative levels.

Expansion Plans and Strategic Initiatives

Torrent Power has announced the acquisition of Nabha Power Limited, which operates a 1,400MW coal-based thermal power plant. The acquisition, primarily debt-funded, will increase the company's debt level by ₹65-70 billion. Nabha Power generated EBITDA of ₹7.5 billion during FY25.

The company has a robust under-construction portfolio of 4.3GW renewable energy projects at various development stages, with total project cost of ₹279 billion. Additionally, Torrent Power has secured contracts for a 1.6GW coal-based thermal power plant in Madhya Pradesh and a 3GW pumped storage hydro project in Maharashtra.

Rating Outlook

India Ratings expects the company's EBITDA to increase substantially over the medium term as the 4.3GW renewable capacity becomes operational over the next two-to-three years. The agency notes that while leverage may temporarily increase due to large debt-funded capex plans, it should stabilize at satisfactory levels as assets become operational and generate full-year EBITDA.