Torrent Power (TORNTPOWER) Q3 25/26 earnings summary

Executive summary

• Q3 FY 2026 profit before tax reached INR 805 crore, up 28% YoY on reported and 46% on adjusted basis, driven by regulatory orders, improved distribution, and higher renewable generation; total comprehensive income rose 30% to ₹637 crore.

• Board approved unaudited standalone and consolidated results for Q3 and nine months ended December 31, 2025, and declared an interim dividend of ₹15 per equity share.

• Approval for raising up to ₹7,000 crore via non-convertible debentures through private placement.

Financial highlights

• Q3 FY 2026 consolidated revenue from operations was ₹6,777.87 crore, with standalone revenue at ₹5,096.71 crore; consolidated net profit for Q3 was ₹654.74 crore, and standalone net profit was ₹712.16 crore.

• Adjusted PBT rose to INR 805 crore from INR 553 crore YoY, a 46% increase; profit after tax for Q3 FY 2025-26 was ₹655 crore, up 34% YoY.

• Q3 renewable CapEx was INR 1,750 crore; YTD renewable CapEx reached INR 3,100 crore; major investments in renewable and hydro projects ongoing.

• Basic and diluted EPS (consolidated) for Q3 FY26: ₹12.76; nine months: ₹41.64.

Outlook and guidance

• Operational capacity expected to grow from ~5.0 GWp to ~10.6 GWp, targeting ~5.95 GWp renewable portfolio and 8.4 GW pumped storage hydro pipeline.

• Expect to commission 1.2–1.5 GW of renewable capacity in FY 2027, with similar pace in subsequent years; CapEx run rate to remain elevated.

• No further impairment required for DGEN Mega Power Project as of December 31, 2025.