Torrent Power Limited has successfully completed the issuance and allotment of Series 14 Non-convertible Debentures worth ₹2,000 crore through private placement basis. The company informed stock exchanges about this significant debt fundraising exercise under Regulation 30 of SEBI regulations.

Debenture Structure and Terms

The issue comprises 2,00,000 secured, rated, listed, taxable, non-cumulative, redeemable and non-convertible debentures of ₹1 lakh per debenture. All three series carry a uniform coupon rate of 7.97% per annum, with the debentures structured across different maturity periods to provide investors varied investment horizons.

Interest and Principal Payment Schedule

The debentures follow an annual interest payment structure with comprehensive repayment terms. The principal repayment will occur at face value on the respective maturity dates for each series, providing investors with predictable cash flows over the investment tenure.

Security and Charge Structure

The debentures are secured by comprehensive charge arrangements over the company's assets. The First Pari Passu Charge covers all present and future movable assets and immovable assets, with specific exclusions for renewable project assets, debt service reserve accounts, and NCD reserve investments.

Special Features and Investor Protection

The debentures include several investor-friendly features designed to protect debenture holders' interests. The rating-linked coupon adjustment mechanism provides for coupon rate increases of 0.25% for each notch of rating downgrade, while offering decreases for upgrades capped at the original rate.

Listing and Regulatory Compliance

The debentures are proposed to be listed on the Wholesale Debt Market Segment of National Stock Exchange of India Limited. The company will create the specified charges within 30 days and register them with appropriate authorities including Registrar of Companies and CERSAI as applicable.

Torrent Power Limited delivered exceptional financial performance in Q3FY26, with net profit surging 93.20% year-on-year to ₹712.16 crore. The integrated power utility company's strong results reflect improved operational efficiency and favorable market conditions during the quarter ended December 31, 2025.

Financial Performance Highlights

The company's quarterly performance showed significant improvement across key financial metrics. Revenue from operations increased 7.38% to ₹5,096.71 crore compared to ₹4,746.26 crore in Q3FY25. Total income, including other income of ₹156.58 crore, reached ₹5,253.29 crore for the quarter.

Nine-Month Performance

For the nine months ended December 31, 2025, Torrent Power maintained strong momentum with net profit growing 21.69% to ₹2,143.21 crore from ₹1,761.21 crore in the corresponding period last year. Revenue from operations remained relatively stable at ₹17,370.01 crore compared to ₹17,220.21 crore in the previous year.

Cost Management and Operational Efficiency

The company demonstrated effective cost management during the quarter. Total expenses decreased to ₹4,393.04 crore from ₹4,323.47 crore in Q3FY25, representing a marginal increase of 1.61%. Key expense components included electrical energy purchased at ₹2,213.42 crore, fuel costs of ₹567.18 crore, and purchase of stock-in-trade at ₹574.05 crore.

Finance costs declined significantly to ₹191.30 crore from ₹231.63 crore in the previous year, reflecting improved financial management. Depreciation and amortization expense increased to ₹294.15 crore from ₹268.88 crore, indicating continued capital investments.

Board Decisions and Capital Initiatives

The Board of Directors approved several key decisions during their meeting held on February 10, 2026:

The interim dividend of ₹15 per equity share will be paid on 50,39,03,543 equity shares of ₹10 each. The company also approved raising funds through Non-Convertible Debentures up to ₹7,000 crore in one or more tranches via private placement.

Asset Performance and Impairment Assessment

The company's net carrying value of Property, Plant & Equipment and Right-of-Use assets includes ₹1,130.79 crore pertaining to the 1,200 MW DGEN Mega Power Project at Dahej, Gujarat. This amount is net of impairment loss of ₹2,300.00 crore provided in earlier years. The company conducted an impairment assessment as of December 31, 2025, and concluded no further impairment provision is necessary.

Earnings Per Share Performance

Earnings per share showed remarkable improvement, reaching ₹14.13 for Q3FY26 compared to ₹7.56 in Q3FY25. For the nine-month period, EPS increased to ₹42.53 from ₹36.47 in the corresponding period last year, demonstrating consistent value creation for shareholders.