Torrent Power (TORNTPOWER) Q2 26/27 earnings summary

Executive summary

• Q2 revenue was ₹9,801.58 crore, PBT ₹1,130.73 crore (+15% YoY) and PAT ₹837.96 crore (+13%); adjusted PBT was ₹1,008 crore (+6%).

• H1 revenue was ₹17,925.73 crore (+14% YoY), PBT ₹2,055.92 crore and PAT ₹1,499.81 crore.

• Operational capacity reached 6,804 MWp; capacity including the pipeline was 12,681 MWp.

• Operating resilience across generation, distribution and renewables was offset by higher depreciation and financing costs.

Financial highlights

• Q2 revenue from operations increased to ₹9,801.58 crore from ₹7,876.00 crore YoY; PBT rose to ₹1,130.73 crore from ₹979.10 crore and PAT to ₹837.96 crore from ₹741.55 crore.

• H1 PBT was ₹2,055.92 crore versus ₹1,964.44 crore YoY; PAT was ₹1,499.81 crore versus ₹1,483.13 crore.

• Q2 contribution was ₹2,548 crore, up 17% YoY; finance cost rose to ₹439 crore from ₹216 crore.

• Current-quarter non-recurring items included ₹115 crore seller indemnity income, ₹52 crore LNG-hedge unwind gain and ₹44 crore SECI 12 termination charges; prior-year PBT included ₹31 crore of non-recurring credit.

• Tax rate was 26% versus 24% YoY, reflecting the new tax regime and tax on profitable subsidiaries.

Outlook and guidance

• Renewable projects under implementation total 4.4 GW; expected commissioning is 1–1.2 GW in FY27, 1.4–1.6 GW in FY28 and the balance by FY29.

• Renewable portfolio target is ~6.59 GW; projects listed include ~2.5 GW contracted capacity and ~4.5 GWp under installation, with estimated costs of ~₹30,638 crore.

• Nabha Power is expected to deliver a recurring EBITDA run rate of ₹1,000 crore annually; timing differences affecting the quarter should normalize.

• Long-term LNG supply begins in calendar 2027 at 10 cargoes annually; 4–5 cargoes are expected for power operations, prioritizing PPA needs.

• Pumped-storage pipeline totals 8.4 GW across Maharashtra and Uttar Pradesh, including 3 GW under development; C&I renewable projects are expected to commission progressively through 2029.