Torrent Power reported a consolidated EBITDA of ₹1,619 crore for the quarter ended June 30, 2026 (Q1FY27), marking a 2% year-on-year increase from ₹1,588 crore in Q1FY26. Despite the operational gain, Total Comprehensive Income (TCI) attributable to owners declined 14% to ₹639 crore from ₹739 crore in the corresponding period last year. The profit contraction was primarily driven by higher finance costs associated with increased borrowings for strategic investments, including the recent acquisition of Nabha Power Limited (NPL). The company has made the transcript of its earnings conference call with analysts and investors available on its website.

The Board of Directors approved the unaudited financial results on August 03, 2026, pursuant to Regulations 30, 33, and 52(7) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Price Waterhouse Chartered Accountants LLP, the statutory auditor, issued a limited review report confirming that nothing came to their attention to suggest the statements were materially misstated. In continuation of its letter dated July 28, 2026, and pursuant to Regulation 30(6) of the SEBI LODR Regulations, 2015, Torrent Power notified exchanges that the earnings call transcript is accessible on its corporate website. Consolidated revenue from operations grew 3% to ₹8,124 crore from ₹7,906 crore in Q1FY26, supported by the inclusion of NPL’s operations post-acquisition on June 25, 2026.

Segmental Performance Drivers

Torrent Power attributed its EBITDA growth to strong contributions from its Distribution and Renewable Energy businesses. The distribution segment benefited from improved operational performance across its licensed areas in Gujarat, Maharashtra, Uttar Pradesh, and DNH & DD. The renewable portfolio saw gains driven by higher plant load factors (PLF), with wind PLF rising to 33.3% from 31.6% and solar PLF increasing to 25.9% from 22.0% in Q1FY26.

Conversely, the thermal power segment faced headwinds due to geopolitical disruptions affecting LNG supplies, impacting overall thermal plant performance. Excluding Nabha, the thermal PLF dropped to 26.3% from 38.7% in Q1FY26. Key thermal units like SUGEN and UNOSUGEN saw significant declines in utilization, with SUGEN dropping to 27.0% from 43.4%. However, AMGEN maintained robust performance at 78.9%. The following table summarizes the key consolidated financial metrics:

Impact of Nabha Power Acquisition

The company completed the acquisition of 100% equity shares of Nabha Power Limited (NPL) from L&T Power Development Limited on June 25, 2026, for a consideration of ₹3,632.35 crore. NPL operates a 2x700 MW coal-based supercritical thermal power plant in Punjab. The integration of NPL has significantly altered the consolidated balance sheet, increasing total assets to ₹56,777.17 crore from ₹45,193.28 crore at the end of FY26. The financing required for this acquisition contributed to a sharp rise in leverage, with the consolidated debt-equity ratio jumping from 0.44 to 0.97 year-on-year. Finance costs rose to ₹293 crore from ₹213 crore in Q1FY26.

Capacity and Pipeline Overview

As of June 30, 2026, Torrent Power’s installed capacity stands at 6,564 MWp, comprising 2,730 MW of gas, 1,762 MW of coal (including Nabha), 1,092 MWp of solar, and 980 MW of wind. The company targets growing its operational capacity to ~12.3 GWp, backed by a robust renewable pipeline of ~5,782 MWp. This includes 2,146 MWp of wind and 2,017 MWp of solar projects under development. Additionally, the company is advancing a 3 GW Pumped Storage Hydro project in Maharashtra, tied up with MSEDCL for 2,000 MW, with an expected commissioning date of October 2028.

What the Numbers Show

The divergence between top-line growth and bottom-line pressure highlights the transitional nature of Torrent Power’s expansion strategy. While operational efficiency improved—evidenced by the 2% EBITDA growth despite geopolitical supply shocks—the capital-intensive nature of the NPL acquisition is immediately visible in the income statement. The 14% drop in TCI, despite rising revenue, signals that interest burdens are currently outpacing operational margin expansions. Investors should monitor whether the scale benefits from NPL’s 1.4 GW capacity will eventually offset the elevated cost of debt as the company integrates the asset fully into its portfolio.

Torrent Power Limited has published the audio recording of its earnings conference call with analysts and investors, which discussed the company's unaudited financial results for the quarter ended June 30, 2026 (Q1 FY27). The call was conducted on Monday, August 3, 2026, at 6:30 PM IST. Senior management shared key guidance on renewable energy commissioning targets, capital expenditure plans, and long-term project timelines during the call.

The audio file is now accessible on Torrent Power's official website, fulfilling regulatory requirements for post-event disclosure. The filing was submitted pursuant to Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. It serves as a continuation of the initial intimation letter dated July 28, 2026, which announced the schedule for the conference call.

Earnings Call Details

The conference call provided a platform for senior management to address investor queries regarding the Q1 FY27 results. The following table outlines the key details of the event and the subsequent disclosure:

Management Participants

Senior executives from Torrent Power participated in the discussion to provide insights into the quarter's performance. The key participants included:

• Saurabh Mashruwala, Executive Director & CFO
• Rishi Shah
• Jayprakash Khanwani

Key Management Guidance

Management provided detailed guidance across renewable energy capacity additions, capital expenditure, and long-term infrastructure projects. The following table summarises the key guidance shared during the concall:

On the renewable energy front, Torrent Power expects to commission 1.2 GW of capacity in FY27, with approximately 400 MW in the first half and 800 MW in the second half of the year. The company has a total of 4.6 GW under implementation, with commissioning of 1.4–1.6 GW targeted in FY28 and the remaining balance in FY29. Total capital expenditure for all renewable energy projects in FY27 is anticipated to be approximately INR10,000 crores.

Regarding long-term projects, the 1.6 GW Anuppur thermal project is expected to be commissioned over the next six to seven years, while the 3 GW Pumped Storage Hydro Project in Maharashtra is targeted for commissioning in the next three to four years. Nabha Power is projected to contribute approximately INR1,000 crores in annual EBITDA on a steady-state basis.

Regulatory Compliance

The disclosure was filed by Rahul Chaitanya Bhai Shah, the Company Secretary & Compliance Officer of Torrent Power Limited. The submission was digitally signed on August 3, 2026, at 21:41:03 IST. The notice was sent to both the Corporate Relationship Department of BSE Limited and the Listing Department of the National Stock Exchange of India Limited, ensuring compliance with listing obligations across both exchanges.