Earnings Release

Torrent Power Announces Q4 FY26 Results; Declares 200% Dividend for FY26

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Torrent Power reported stable FY26 operational performance with consolidated revenue of ₹28,966 crore and EBITDA of ₹5,864 crore. The company declared a total FY26 dividend of ₹20 per share and outlined major expansion plans across renewable, thermal, and storage businesses.

PRICE-SENSITIVE TRIGGER

Event: Announcement of audited Q4 and FY26 financial results along with dividend declaration

Type: Earnings Release

Impact: Positive

Immediate Effect: The results reflect operational resilience, strong balance sheet positioning, continued expansion in renewable and thermal capacity, and shareholder returns through dividend payout.

Key Metrics:

Q4 FY26 Revenue: ₹6,406 crore
Q4 FY25 Revenue: ₹6,456 crore
FY26 Revenue: ₹28,966 crore
FY25 Revenue: ₹29,165 crore
Q4 FY26 EBITDA: ₹1,220 crore
Q4 FY25 EBITDA: ₹1,245 crore
FY26 EBITDA: ₹5,864 crore
FY25 EBITDA: ₹5,795 crore
Q4 FY26 Total Comprehensive Income (TCI): ₹408 crore
FY26 Total Comprehensive Income: ₹2,514 crore
Final Dividend Recommended: ₹5 per share
Total FY26 Dividend: ₹20 per share
Interim Dividend Already Paid: ₹15 per share
Net Debt to Equity Ratio: 0.67x
Net Debt to EBITDA Ratio: 2.06x
Installed Generation Capacity: 5,094 MWp
Renewable Capacity Under Development: ~3.96 GW
Pumped Storage Capacity Under Development: 3 GW
Planned Thermal Capacity Addition: 3 GW
Committed Thermal Business Investment: Over ₹30,000 crore

Highlight:

Label: Total FY26 Dividend
Value: ₹20 per Equity Share

What Happened ?

Torrent Power announced its audited consolidated financial results for the quarter and year ended March 31, 2026.

The company reported FY26 consolidated revenue from operations of ₹28,966 crore and EBITDA of ₹5,864 crore. The management stated that operational performance improved in licensed and franchised distribution businesses as well as renewable energy operations.

Torrent Power declared a final dividend of ₹5 per equity share, taking the total dividend for FY26 to ₹20 per share including the interim dividend already paid.

The company also highlighted significant strategic investments in thermal generation, renewable energy, pumped storage, and transmission infrastructure as part of its long-term growth roadmap.

key highlights

Financial Performance and Strategic Expansion:

Torrent Power reported FY26 revenue from operations of ₹28,966 crore.
FY26 EBITDA stood at ₹5,864 crore compared with ₹5,795 crore in FY25.
Q4 FY26 EBITDA stood at ₹1,220 crore.
FY26 Total Comprehensive Income (TCI) stood at ₹2,514 crore.
The company declared a final dividend of ₹5 per equity share.
Total FY26 dividend stands at ₹20 per equity share including interim dividend.
Torrent Power committed over ₹30,000 crore towards thermal capacity enhancement.
The company initiated construction of a new 1,600 MW power project in Madhya Pradesh.
Torrent Power is acquiring the 1,400 MW Nabha Power project.
Installed generation capacity currently stands at 5,094 MWp.
Renewable projects of approximately 3.96 GW are under development.
Pumped storage capacity of 3 GW is under development.
The company distributes nearly 31 billion electricity units annually to around 4.29 million customers.
Torrent Power achieved distribution losses of only 2.33% in its licensee businesses.
The company stated that it ranked number one nationally among 65 DISCOMs on operational parameters.
Net debt-to-equity ratio stood at 0.67x as of March 31, 2026.
Net debt-to-EBITDA ratio stood at 2.06x.

Note:

Torrent Power continues to strengthen its position as an integrated energy platform with diversified exposure across thermal, renewable, storage, transmission, and distribution businesses.

Risk Analysis

Key Risks

Gas-based generation profitability remains vulnerable to fuel price volatility.
Renewable expansion projects may face execution and commissioning delays.
Large capital expenditure commitments could increase leverage over the medium term.
Regulatory changes in the power sector may impact returns and tariffs.
International energy market disruptions may affect LNG sourcing costs.
Thermal project execution involves environmental and financing risks.

Worst Case Scenario

Cost overruns, fuel supply disruptions, or slower-than-expected returns from expansion projects could pressure profitability and cash flows.

Risk Level: Medium

Company Commentary

Management stated FY26 marked a milestone year in Torrent Power’s sustainable growth journey.
The company highlighted major investments across renewable, thermal, and storage businesses.
Torrent Power emphasized strengthening fuel security through long-term LNG partnerships with BP and JERA.
Management reiterated confidence in India’s long-term power demand growth potential.
The company stated that its distribution business continues to demonstrate operational excellence and reliability leadership.
Torrent Power reaffirmed its strategy to build a diversified energy platform across generation, storage, renewables, and distribution.

Official Exchange Filing: Torrent Power Limited