Torrent Power Ltd
TORNTPOWERTorrent Power Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it.
The sharpest disagreement: Domestic institutions moved +3.2 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced.
The price is in a confirmed uptrend (21 weeks in) while the P/E sits at the 92nd percentile of its own 10-year range. Underneath, the last four quarters read deteriorating — profit −69.3% year on year, and 196% of the last 3 years' profit arrived as cash. What settles it: whether the register turns back in the story’s favour.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Torrent Power Ltd trades at ₹1,391, in a confirmed uptrend and 21 weeks into that stage. That is −2.9% against its own 200-day average. It sits at 33% of a 52-week range of ₹1,221 to ₹1,736. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (7 weeks and counting).
Today the stock is in a confirmed uptrend — week 21 of stage 2. At ₹1,391 it trades −2.9% versus its 200-day average and sits at 33% of its 52-week range (₹1,221–₹1,736).
Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +539% while the NIFTY 500 moved +280% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (7 weeks and counting; last ahead the week of 2026-06-17) — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 92nd percentile of its own range.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Torrent Power Ltd trades at 31.6× P/E, at the pricey end of its own range (92nd percentile). Its long-run median P/E is 15.1×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 31.6× is at the pricey end of its own range (92nd percentile), against a long-run median of 15.1× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved −19.2% against a +1.6% price move — the price outran earnings, pushing the multiple UP its own range.
The price move, decomposed: over 5y, of the +23.7%/yr price move, ~+11.4%/yr came from earnings growth and ~+12.3 pp from the multiple (expanding); over 10y, of the +23.3%/yr price move, ~+11.5%/yr came from earnings growth and ~+11.8 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.
→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.
Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Torrent Power Ltd reads as mixed on its fundamental arc. Mixed — revenue growth is lifting off its trough at −0.7% while profit growth is falling at −19.2% — the curves disagree, so the per-curve reads carry the story. The read is built from 12 quarters across 4 curves, on partial evidence.
Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.
Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.
A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | −0.7% | +4.1% | +18.9% | +9.5% |
| Profit | −19.3% | +4.5% | +13.8% | +10.6% |
| EPS | −19.2% | +2.9% | +12.3% | +9.9% |
| Share price | +1.6% | +31.6% | +23.7% | +23.3% |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
44.7/100 — rank 13 of 20 in Power - Generation/Distribution · 93% evidence confidence
Torrent Power Ltd scores 44.7 out of 100 against the 20 companies it is compared with in Power - Generation/Distribution, ranking 13. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 8.7 + 15.8 + 10 + 10.2 = 44.7. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Torrent Power Ltd reported ₹6,406 Cr of revenue in the Mar 26 quarter, −0.8% year on year. Over 10 years it has compounded at 9.5% a year. The last full year, FY26, came in at ₹28,966 Cr. The last four reported quarters add to ₹28,966 Cr.
Torrent Power Ltd reported ₹6,406 Cr of revenue in the Mar 26 quarter, −0.8% year on year. Over 10 years it has compounded at 9.5% a year. The last full year, FY26, came in at ₹28,966 Cr. The last four reported quarters add to ₹28,966 Cr.
FY26 revenue came in at ₹28,966 Cr (−0.7% on the year), capping 10 years at 9.5% compound. The latest quarter (Mar 26) printed ₹6,406 Cr, −0.8% year on year.
Pace check: the last four quarters averaged +0.2% growth against the decade's 9.5% — the current year is running slower than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew −0.7% over the last 4 quarters against +3.2%/yr over the last 8 — rolling over; TTM profit −19.2% vs +14.1%/yr — rolling over.
→ Revenue slipped — did margins hold as it scaled? Next: 18.0% this quarter (+0.0 pp YoY).
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Torrent Power Ltd's operating margin is 18.0% in the Mar 26 quarter, +0.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 15.0% to 29.0%. The current quarter sits inside that band.
Torrent Power Ltd's operating margin is 18.0% in the Mar 26 quarter, +0.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 15.0% to 29.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 18.0%, +0.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 15.0%–29.0%.
Why the margin moved: operating margin went +0.4 pp year on year while gross margin went +3.3 pp — the gain came mostly from the gross line: input costs and pricing.
→ Margins held — did that reach the bottom line? Next: profit −69.3% in the latest quarter.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Torrent Power Ltd earned ₹331 Cr of net profit in the Mar 26 quarter, −69.3% year on year. Full-year FY26 profit was ₹2,469 Cr. The 10-year compound rate is 10.6%. That is 5.2% of the quarter's revenue. The same quarter a year earlier earned ₹1,077 Cr.
Torrent Power Ltd earned ₹331 Cr of net profit in the Mar 26 quarter, −69.3% year on year. Full-year FY26 profit was ₹2,469 Cr. The 10-year compound rate is 10.6%. That is 5.2% of the quarter's revenue. The same quarter a year earlier earned ₹1,077 Cr.
Mar 26 profit was ₹331 Cr, −69.3% year on year. On the full year, FY26 printed ₹2,469 Cr (−19.3%), and the 10-year compound rate is 10.6%.
🚨 Why profit moved: revenue contributed −0.8% and the margin +0.0 pp — the quarter was revenue-led, with the margin roughly flat.
Pace comparison, last four quarters: profit −2.8% vs revenue +0.2%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.
→ Profit rose — but did the cash follow? Next: 196% of the last 3 years' profit arrived as cash.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 196% of Torrent Power Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹5,464 Cr of operating cash against ₹2,469 Cr of profit. After ₹7,653 Cr of capital spending, ₹−2,189 Cr was left as free cash.
FY26: operating cash of ₹5,464 Cr against reported profit of ₹2,469 Cr, leaving free cash of ₹−2,189 Cr after ₹7,653 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 196% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 196%: the cash cycle tightened 14 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.
Router verdict: the bigger cash user is investment — capital spending ran 3.4× depreciation over three years, so the next section's job is to check what that build-out is buying.
→ So follow the cash to where it goes. Next: ₹15,170 Cr of building over 3 years.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Torrent Power Ltd's cash conversion cycle runs 29 days in FY26, down from 43 days in FY21. Capital spending ran ₹15,170 Cr over the last 3 years. At FY26 sales of ₹28,966 Cr each day of that cycle holds about ₹79.4 Cr, so roughly ₹2,301 Cr sits inside the business at any moment.
FY26: debtors at 29 days, inventory at 116 days — roughly 3.8 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 29 days, tighter than FY21's 43.
The full loop: cash goes out to suppliers and production on day 0; stock waits 116 days to sell; customers pay about 29 days after that; and suppliers themselves are paid at 430 days — netting out to the 29-day cycle.
In money terms: at FY26 sales of ₹28,966 Cr, each day of the cycle holds about ₹79.4 Cr — so the 29-day loop keeps roughly ₹2,301 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹15,170 Cr over the last 3 fiscal years against ₹4,488 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹6,965 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
→ Does all this activity actually earn its cost of capital? Next: ROCE is 14% and the ROIC − WACC spread is −3.6 pp.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
Torrent Power Ltd earns a ROCE of 14% in FY26. That is up from a trough of 6% in FY14. Return on invested capital clears the cost of that capital by −3.6 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 8.5% net margin on 0.64× asset turns.
FY26 ROCE is 14%, recovered from a FY14 trough of 6% — the full ladder below shows the fall and the climb, undoctored.
🚨 Why the return is what it is — the wiring (FY26): 8.5% net margin × 0.64× asset turns × 2.36× balance-sheet leverage ≈ 12.8% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 8.4% − 12.0% = a −3.6 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.
→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.73.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
Torrent Power Ltd carries total debt of ₹13,971 Cr against shareholder equity of ₹19,709 Cr as of Mar 26, a debt-to-equity of 0.71. On the annual view that ratio went from 0.92 in FY22 to 0.71 in FY26. Read the returns elsewhere on this page with that leverage in mind.
Mar 26: total debt of ₹13,971 Cr against shareholder equity of ₹19,709 Cr — a debt-to-equity of 0.71. On the annual view, debt-to-equity went from 0.92 (FY22) to 0.71 (FY26). Read the returns on this page with that leverage in mind.
→ Who owns this, and are they adding or leaving? Next: Domestic institutions added 3.2 points over 8 quarters.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Domestic institutions added 3.2 points of Torrent Power Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 22.7% of the company. Promoters moved −2.5 points over the same window, to 51.1%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Domestic institutions: +3.2 points over 8 quarters to 22.7%; Promoters: −2.5 points over 8 quarters to 51.1%; Foreign institutions: +0.1 points over 8 quarters to 8.5%.
Why the register moved: domestic institutions drove it (+3.2 points), absorbed on the other side by promoters (−2.5 points) — steady accumulation by institutions reading the same numbers this page reads.
→ One last check: does the safety math agree? Next: the balance-sheet safety line.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Torrent Power Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
| Company | P/E | Mkt cap | Revenue | EPS | ROCE | Stage |
|---|---|---|---|---|---|---|
| Torrent Power Ltd this page | 31.6× | ₹72,265 Cr | Mixed | |||
| Adani Power Ltd | 28.9× | ₹4.1L Cr | Improving | |||
| NTPC Ltd | 12.1× | ₹3.4L Cr | Mixed | |||
| Adani Green Energy Ltd | 119.0× | ₹2.3L Cr | Mixed | |||
| Tata Power Company Ltd | 31.1× | ₹1.2L Cr | Mixed | |||
| JSW Energy Ltd | 50.4× | ₹1L Cr | Mixed | |||
| NTPC Green Energy Ltd | 134.0× | ₹81,162 Cr | No read | |||
| NHPC Ltd | 21.2× | ₹79,748 Cr | Turning around | |||
| NLC India Ltd | 11.5× | ₹40,601 Cr | Improving | |||
| SJVN Ltd | 41.4× | ₹26,558 Cr | Improving | |||
| CESC Ltd | 14.0× | ₹21,631 Cr | Mixed | |||
| Jaiprakash Power Ventures Ltd | 13.9× | ₹11,617 Cr | Turning around | |||
| Reliance Power Ltd | — | ₹9,951 Cr | No read | |||
| KPI Green Energy Ltd | 16.2× | ₹7,713 Cr | Mixed | |||
| RattanIndia Power Ltd | 41.6× | ₹4,634 Cr | No read | |||
| Gujarat Industries Power Co Ltd | 6.1× | ₹2,440 Cr | No read | |||
| BF Utilities Ltd | 14.3× | ₹2,186 Cr | Consistent | |||
| Orient Green Power Company Ltd | 22.0× | ₹1,177 Cr | Mixed | |||
| Mac Charles (India) Ltd | — | ₹938 Cr | No read | |||
| India Power Corporation Ltd | 54.5× | ₹698 Cr | Mixed |
Frequently asked questions
What is Torrent Power Ltd's share price today?
Torrent Power Ltd trades at ₹1,391, +1.6% over the past year. The company is valued at ₹72,265 Cr. The stock sits at 33% of its 52-week range of ₹1,221–₹1,736, −2.9% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 21 weeks in. — as of 24 July 2026.
What were Torrent Power Ltd's latest quarterly results?
Torrent Power Ltd reported revenue of ₹6,406 Cr and net profit of ₹331 Cr for the Mar 26 quarter. Revenue fell 0.8% and profit fell 69.3% year on year. Earnings per share were ₹6.31. The operating margin was 18.0%, 0.0 pp higher than a year earlier. — as of 24 July 2026.
What is Torrent Power Ltd's revenue?
Torrent Power Ltd reported revenue of ₹6,406 Cr in the Mar 26 quarter, −0.8% year on year. For the full FY26 fiscal year, revenue was ₹28,966 Cr (−0.7%). Over the last 10 years revenue compounded at 9.5% a year. — as of 24 July 2026.
What is Torrent Power Ltd's profit?
Torrent Power Ltd earned ₹331 Cr of net profit in the Mar 26 quarter, −69.3% year on year. Full-year FY26 profit was ₹2,469 Cr. The operating margin ran 18.0% in the latest quarter. — as of 24 July 2026.
What is Torrent Power Ltd's market cap?
Torrent Power Ltd's market capitalisation is ₹72,265 Cr at a share price of ₹1,391. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.
What is Torrent Power Ltd's P/E ratio?
Torrent Power Ltd trades at a P/E of 31.6×, at the 92nd percentile of its own 10-year range, against a long-run median of 15.1×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.
Does Torrent Power Ltd pay a dividend?
Yes — Torrent Power Ltd's dividend payout was 42% of profit in FY26, and it recorded a payout in each of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.
Is Torrent Power Ltd overvalued?
On its own history, Torrent Power Ltd looks expensive against its own history: its P/E of 31.6× sits at the 92nd percentile of its 10-year range (long-run median 15.1×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.
Is Torrent Power Ltd growing?
Not right now — Torrent Power Ltd's latest numbers are shrinking: latest-quarter revenue −0.8% year on year, profit −69.3%, and the margin +0.0 pp at 18.0%. The 10-year compound rates are 9.5% (revenue) and 10.6% (profit). The earnings engine currently reads: deteriorating — as of 24 July 2026.
How is Torrent Power Ltd performing?
Torrent Power Ltd is in a confirmed uptrend, 21 weeks in. Its latest quarter's revenue fell 0.8% and profit fell 69.3% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 7 weeks. This describes what the data did, not a rating. — as of 24 July 2026.
What stage is Torrent Power Ltd in?
Mixed — revenue growth is lifting off its trough at −0.7% while profit growth is falling at −19.2% — the curves disagree, so the per-curve reads carry the story. The read comes from the last 12 quarters of growth (revenue growth −0.7% latest, profit growth −19.2% latest, eps growth −21.0% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.
Is Torrent Power Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 21 of stage 2), trading −2.9% versus its 200-day average and at 33% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.
Is Torrent Power Ltd beating the market?
Not lately — on a trailing-13-week view Torrent Power Ltd is currently behind the NIFTY 500 (7 weeks and counting; last ahead the week of 2026-06-17), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.4 years the stock moved +539% against the NIFTY 500's +280% — ahead of the index over the full window. — as of 24 July 2026.
Will Torrent Power Ltd's share price go up?
This page publishes no price forecast for Torrent Power Ltd. What it measures instead: the share price is ₹1,391, the price is in a confirmed uptrend 21 weeks in. Its P/E of 31.6× sits at the 92nd percentile of its own 10-year range. — as of 24 July 2026.
Who owns Torrent Power Ltd?
Promoters hold 51.1% of Torrent Power Ltd, foreign institutions 8.5%, domestic institutions 22.7% and the public 9.4% (latest quarter). The biggest move on the register over the last two years: Domestic institutions added 3.2 points over 8 quarters. — as of 24 July 2026.
Does Torrent Power Ltd have too much debt?
It is moderate — Torrent Power Ltd's debt-to-equity is 0.73, and operating profit covers the interest bill 6×. FY26 borrowings were ₹13,971 Cr against equity of ₹19,075 Cr. Read the returns on this page with that leverage in mind — as of 24 July 2026.
What is Torrent Power Ltd's capex?
Torrent Power Ltd spent ₹15,170 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹7,653 Cr, with ₹6,965 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.
What is Torrent Power Ltd's cash flow?
Torrent Power Ltd generated ₹5,464 Cr of operating cash flow in FY26 and ₹−2,189 Cr of free cash flow after ₹7,653 Cr of capital spending. Reported profit that year was ₹2,469 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.
Is Torrent Power Ltd's profit real cash?
Yes — over the last 3 fiscal years, 196% of Torrent Power Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹5,464 Cr against reported profit of ₹2,469 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.
Where is Torrent Power Ltd in its business cycle?
Torrent Power Ltd's FY26 operating margin was 19.0%, against a 13-year band of 15.0%–29.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 18.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.
What could break the Torrent Power Ltd story?
The sharpest disagreement: Domestic institutions moved +3.2 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.
Is Torrent Power Ltd a stock worth studying right now?
This is not investment advice. The machine read: Torrent Power Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it. The sharpest open question: whether the register turns back in the story’s favour. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.