Torrent Power Limited has made available both the audio recording and the transcript of its earnings conference call with analysts and investors, held to discuss the audited financial results (consolidated and standalone) for the quarter and year ended March 31, 2026. The disclosures have been published on the company's official website in compliance with Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Conference Call Details

The following table outlines the key details of the earnings conference call:

Management Participants

The following senior management representatives participated in the earnings conference call:

• Mr. Saurabh Mashruwala – Executive Director & CFO
• Mr. Rishi Shah – GM Finance
• Mr. Jayprakash Khanwani – AGM Finance

Regulatory Disclosure

The audio recording and transcript were made available pursuant to Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, in continuation of the company's earlier letter dated May 06, 2026. The transcript was filed on May 15, 2026, and communicated to both BSE Limited and the National Stock Exchange of India Limited by Rahul Shah, Company Secretary & Compliance Officer of Torrent Power Limited. Both the audio recording and the transcript are accessible at the company's official investor relations page.

Torrent Power has unveiled a large-scale investment programme spanning renewables, transmission, and distribution, allocating ₹20,000 crore for 1.6 GW of renewable projects, approximately ₹14,000 crore for 3 GW of capacity expansion, and nearly ₹2,000 crore in annual distribution capital expenditure over five years, according to disclosures from its latest analyst concall. The company also outlined a major strategic shift towards renewables and pumped storage hydro for large-scale green energy growth, while assuring investors of uninterrupted LNG supply continuity despite ongoing global geopolitical tensions. Management forecasted 1.2–1.4 GW of new renewable capacity commissioning in FY27, with projects progressing mainly under secured Power Purchase Agreements (PPAs).

Capital Investment Framework

Torrent Power's management disclosed a comprehensive capital allocation plan across its key growth verticals. The company has earmarked ₹20,000 crore for 1.6 GW of renewable energy projects, reflecting its commitment to scaling clean energy capacity. Additionally, approximately ₹14,000 crore has been allocated towards 3 GW of capacity expansion, while annual distribution capital expenditure is planned at nearly ₹2,000 crore over a five-year horizon. Building upon FY26's capital expenditure of ₹8,720 crore, the company has outlined plans for a significant step-up in capital expenditure in FY27. The following table summarises the key capital allocation and investment parameters disclosed during the concall:

Renewable Capacity Outlook and PPA Coverage

Torrent Power's management provided a forward-looking update on its renewable energy pipeline, projecting the commissioning of 1.2–1.4 GW of new renewable capacity in FY27. The company noted that its projects are progressing primarily under secured PPAs, which provide revenue visibility and reduce merchant exposure. Management also confirmed that curtailment has had no impact on its renewable projects, and that risk from open capacity — capacity not backed by long-term contracts — remains minimal. These disclosures reinforce the company's positioning as a disciplined renewable energy developer with a focus on contracted growth.

Strategic Pivot: Renewables and Pumped Storage Hydro

Torrent Power's strategic roadmap places renewables and pumped storage hydro at the centre of its large-scale green energy growth ambitions. Pumped storage hydro, a form of grid-scale energy storage that uses water reservoirs to store and generate electricity, is increasingly being recognised as a critical enabler of renewable energy integration in India. Alongside conventional renewable energy assets, this focus signals the company's intent to build a diversified and resilient clean energy portfolio capable of supporting grid stability at scale.

LNG Supply Strategy and Thermal Margin Protection

Management highlighted that the company's approach to navigating the current high spot gas price environment centres on two primary pillars: ensuring reliable access to LNG fuel and maintaining fixed cost recovery within its thermal power operations. These measures are intended to insulate the company's thermal segment margins from volatility driven by global energy market disruptions. The assurance of uninterrupted LNG supply reflects the company's proactive procurement and supply chain management strategy amid heightened geopolitical uncertainties globally.

Strategic Priorities and Financial Discipline

Alongside its growth ambitions, Torrent Power's management emphasised that financing costs and leverage levels will remain under close scrutiny as the company scales up its investment programme. This dual focus on aggressive capacity expansion and financial discipline reflects the company's intent to pursue growth in a measured and sustainable manner. Renewables, pumped storage hydro, and energy storage are identified as the primary drivers of the anticipated capital expenditure increase in FY27, aligning with India's accelerating shift towards cleaner energy sources.

Key Takeaways from the Concall

• ₹20,000 crore allocated for 1.6 GW of renewable energy projects
• Approximately ₹14,000 crore earmarked for 3 GW of capacity expansion
• Annual distribution CAPEX planned at nearly ₹2,000 crore over five years
• FY27 renewable capacity commissioning forecast at 1.2–1.4 GW, primarily under secured PPAs
• Minimal risk reported from open capacity; no curtailment impact on renewable projects
• Uninterrupted LNG supply assured despite global geopolitical tensions
• FY27 capital expenditure planned to exceed FY26's ₹8,720 crore
• Financing costs and leverage management flagged as key financial priorities