# Torrent Power share price today (Torrent Power Ltd, NSE: TORNTPOWER)

> Torrent Power share price today: ₹1,203.30 at the NSE close on 3 November 2026, down 8.6% in a year. Torrent Power (NSE: TORNTPOWER) is worth ₹60,630 crore, trades at a P/E of 26.1 and has closed between ₹1,169.00 and ₹1,736.00 over the past 52 weeks. > Torrent Power Ltd's results are improving, and its P/E is near the top of its own history, higher than 80% of past readings. TORNTPOWER · Power - Generation/Distribution · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/torrent-power-ltd

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## Key numbers

- Business trend: Getting worse, from fewer quarters than usual
- Price: ₹1,203.30 (−8.6% in a year)
- P/E: 26.1× (higher than 80% of the last 11 years)
- Revenue (Jun 2026): ₹8,124 Cr (+2.8% on a year ago)
- Profit (Jun 2026): ₹662 Cr (−10.8% on a year ago)
- Operating margin: 19.0% (flat on a year ago)
- ROCE: 14%, FY26
- Profit that came in as cash: 196%, last 3 years

The main question: results are strong, and the P/E is higher than 80% of its own history. ## What is the Torrent Power share price today? Torrent Power Ltd's share price was ₹1,203.30 at the close on 3 November 2026. It has been falling for 13 weeks. That is 10.6% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹1,169 and ₹1,736, and at that close it sat 6% of the way up from that low. Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 23 weeks running. Over the last 11 years the share price moved +453% while the NIFTY 500 moved +257%, so it is ahead of the index over that whole period. It was last ahead over 13 weeks in the week of 17 June 2026. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Torrent Power this quarter? 2. Highest quarterly revenue in 8 quarters Revenue of ₹8,124 crore in the June 2026 quarter is the highest of the last 8 quarters. ## What are Torrent Power's latest quarterly results? For April to June 2026 (the quarter ended 30 June 2026), Torrent Power reported revenue of ₹8,124 crore, up 2.8% from ₹7,906 crore a year earlier, and a profit of ₹662 crore, down 10.8% from ₹742 crore. ### Torrent Power results: April to June 2026 against a year earlier

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹8,124 crore | ₹7,906 crore | +2.8% |
| Profit | ₹662 crore | ₹742 crore | −10.8% |
| Earnings per share | ₹12.68 | ₹14.52 | −12.7% |
| Operating margin | 19.0% | 19.0% | 0.0 points |

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). Torrent Power's management discussed these results on a call held on 3 August 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.)

## What is the Torrent Power share price history? Torrent Power closed at ₹1,203.30 on 3 November 2026, down 8.6% from ₹1,316.50 a year earlier (31 October 2025) and up 133.4% over five years. Its highest weekly close since February 2016 was ₹1,973.65 on 18 October 2024. ### Torrent Power share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹1,169.00 | +2.9% |
| 1 month ago · 1 Oct 2026 | ₹1,242.90 | −3.2% |
| 6 months ago · 30 Apr 2026 | ₹1,736.00 | −30.7% |
| 1 year ago · 31 Oct 2025 | ₹1,316.50 | −8.6% |
| 3 years ago · 3 Nov 2023 | ₹745.50 | +61.4% |
| 5 years ago · 4 Nov 2021 | ₹515.55 | +133.4% |
| 10 years ago · 4 Nov 2016 | ₹176.10 | +583.3% |
| Earliest weekly close in our records · 26 Feb 2016 | ₹217.70 | +452.7% |
| Highest weekly close since February 2016 · 18 Oct 2024 | ₹1,973.65 | −39.0% |
| Lowest weekly close since February 2016 · 18 Nov 2016 | ₹164.25 | +632.6% |
| 52-week high (weekly close) · 30 Apr 2026 | ₹1,736.00 | −30.7% |
| 52-week low (weekly close) · 23 Oct 2026 | ₹1,169.00 | +2.9% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (564 weekly closes from 26 February 2016 to 3 November 2026.)

## What is the latest news on Torrent Power? 3 Nov 2026: Torrent Power closed at ₹1,203.30, up 2.9% on the week and down 3.2% on the month. 3 Aug 2026: Torrent Power held its results call for April to June 2026. Management guided: Renewable commissioning: about 1.2 GW in FY27, about 400 MW by Q2, 1.4-1.6 GW in FY28 and balance in FY29. ### Earlier

- Results for April to June 2026: Revenue up 2.8% and profit down 10.8% on a year earlier. - 19 Jun 2026: ex-date for a dividend of ₹5 a share. - 16 Feb 2026: ex-date for an interim dividend of ₹15 a share. ## What dividend does Torrent Power pay? Torrent Power paid ₹20 a share in regular dividends in the 12 months to 4 November 2026 (2 payments), a yield of 1.66% at the ₹1,203.30 close on 3 November 2026. The last was a dividend of ₹5 a share, ex-date 19 June 2026. ### Torrent Power dividends since 1 April 2021

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 19 Jun 2026 | ₹5 | Dividend | same day |
| 16 Feb 2026 | ₹15 | Interim | same day |
| 6 Jun 2025 | ₹5 | Dividend | same day |
| 12 Feb 2025 | ₹14 | Interim | same day |
| 14 Jun 2024 | ₹4 | Dividend | same day |
| 16 Feb 2024 | ₹12 | Interim | same day |
| 16 Jun 2023 | ₹4 | Dividend | same day |
| 22 Feb 2023 | ₹22 | Interim + Special | same day |
| 10 Feb 2022 | ₹9 | Interim | 11 Feb 2022 |
| 24 Jun 2021 | ₹5.50 | Dividend | 25 Jun 2021 |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. Torrent Power Ltd paid out 42% of its profit as dividends in FY26, and it paid a dividend in each of its last 13 reported years. (From the NSE corporate-actions record, read 4 November 2026.)

## What did Torrent Power management say on the latest results call? On the call for April to June 2026, held on 3 August 2026, Torrent Power's management guided: Renewable commissioning: about 1.2 GW in FY27, about 400 MW by Q2, 1.4-1.6 GW in FY28 and balance in FY29. > “Our benchmark will be the IRR, not acquiring more and more capacity. That is the philosophy we are following, and we will continue to follow it going forward.”
> Management, on the call for April to June 2026

### What management guided

- RE project capital spending: approximately ₹10,000 crore in FY27 within ₹29,600 crore total RE project capital spending. - Nabha Power steady-state operating profit: around ₹1,000 crore. - Anuppur thermal project: 1.6 GW commissioning in the next 6-7 years. - Pumped-hydro: 3 GW commissioning in the next 3-4 years; Sholapur transmission commissioning this year. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijoristack.ai/concall/transcript/4666-03-Aug-2026.pdf). (From the call for April to June 2026, 3 August 2026.)

## What to watch in Torrent Power's next results? When Torrent Power reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: RE commissioning phasing and Sholapur transmission progress to track against onward-line readiness. - What to check (from the call)
- RE commissioning phasing and Sholapur transmission progress to track against onward-line readiness. - Nabha full-quarter operating profit, PLF and cash contribution to test the steady-state operating framework. - Merchant gas dispatch and realized margins under spot LNG, especially high-DAM versus regular-market periods. - Central coal allocation and site selection for the Amgen replacement unit. ## Which stock lists is Torrent Power on? Torrent Power is on 4 of our India lists: 52 week high & low, Dividend stocks, Small & mid cap stocks and Power & green energy stocks. - [52 week high & low 52-week position: Near 52-week low](https://www.sectoralpha.in/52-week-high-stocks-india)
- [Dividend stocks Regular dividend yield (%): 1.64](https://www.sectoralpha.in/dividend-stocks-india)
- [Small & mid cap stocks Size rank in India: 169](https://www.sectoralpha.in/small-cap-stocks-india)
- [Power & green energy stocks Group on the list: Power producers and distributors](https://www.sectoralpha.in/sectors/power-stocks-india)

## Is Torrent Power profitable? Torrent Power Ltd earned ₹662 Cr of net profit in the Jun 2026 quarter, −10.8% on the same quarter a year earlier. Full-year FY26 profit was ₹2,469 Cr. Over 10 years profit has grown 10.6% a year on average. That is 8.1% of the quarter's revenue. The same quarter a year earlier earned ₹742 Cr. For the full year, FY26 profit was ₹2,469 Cr (−19.3% on the year before). Why profit moved: revenue changed +2.8% on a year earlier and the margin moved +0.0 percentage points. Sales did the work, and the margin was about flat. On average over the last four quarters, profit changed +0.9% and revenue +4.0%. Profit is growing slower than sales: rising costs are taking part of the growth. ## How much revenue does Torrent Power make, and is it growing? Torrent Power Ltd reported ₹8,124 Cr of revenue in the Jun 2026 quarter, +2.8% on the same quarter a year earlier. Over 10 years it has grown 9.5% a year on average. The last full year, FY26, came in at ₹28,966 Cr. The last four reported quarters add to ₹29,184 Cr. Why this happened. MP thermal 1.6 GW: power sale agreement executed with MP Power Management Company at Rs 5.8983/kWh (Rs 4.22 fixed + Rs 6.00 variable); boiler, turbine, generator, balance-of-plant LoAs issued; environmental clearance received. COD planned within 66 months of PTA signing (PTA expected within 2 months from Nov 2025 concall). Pumped Storage: 3 GW total (2 GW contracted MSEDCL 40-year + 1 GW merchant); civil/hydro-mechanical + electrical/mechanical LoAs issued; environmental clearance secured; October 2028 COD goal. Together these add contracted baseload coal and storage capacity, both at declared IRR thresholds. These are FY30 to 31 earnings contributors, not near-term. FY26 revenue was ₹28,966 Cr, −0.7% on the year before. Recent pace: the last four quarters grew +4.0% on average, against 9.5% a year over the longer run, so this year is growing slower than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +4.1%, against +0.5% a year over the last 8 quarters (accelerating); profit over the last 12 months grew −14.8%, against +0.6% a year (rolling over). ## How much of every ₹100 of sales does Torrent Power keep? Torrent Power Ltd's operating margin was 19.0% in the Jun 2026 quarter, about the same as the same quarter a year ago. Across 13 years it has been between 15.0% and 29.0%. The latest quarter is within that range. Why this happened. Torrent Power has a 4 GW renewable pipeline with total capex Rs 28,000 Cr. FY26 commissioned only ~200 MW (lackluster, acknowledged). FY27 guide is 1.2 to 1.4 GW, a 6 to 7x step-up. 603 MW merchant wind (peak-hour planned) + 860 MW C&I under construction. Once commissioned, incremental EBITDA accrues at near-zero fuel cost. The SECI 367 MW project is 95% commissioned; final 5% awaits government land replacement (6 to 9 months). Operating leverage is real and multi-year, but the FY26 execution gap creates credibility discount on FY27 goals. In the latest quarter it moved +0.0 percentage points on the same quarter a year ago. Why the margin moved: operating margin changed +0.2 percentage points on the year while gross margin changed +0.9 points. So the gain came mostly from the gross margin, which means input costs and prices charged. ## Is Torrent Power's profit turning into cash? Over the last 3 years, 196% of Torrent Power Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹5,464 Cr of operating cash against ₹2,469 Cr of profit. After ₹7,653 Cr of spending on assets, free cash was −₹2,189 Cr: it spent more than its operations brought in. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 196% of profit came in as cash: the cash cycle got 14 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner. What to look at next: the bigger use of cash is spending on new assets, at 3.4× depreciation over three years. The next section checks what that spending is building. ## Where does Torrent Power's cash go? Torrent Power Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 29 days in FY26, down from 43 days in FY21. It spent ₹15,170 Cr on assets over the last 3 years. Customers take 29 days to pay, and stock sits for 116 days on average. At FY26 sales of ₹28,966 Cr, each day of that cycle ties up about ₹79.4 Cr, so roughly ₹2,301 Cr is tied up in the business at any time. FY26: customers took 29 days to pay and stock sat for 116 days, about 3.8 months of sales sitting as stock, for a full cycle of 29 days, shorter than FY21's 43. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 116 days. Customers pay about 29 days after that. Suppliers are paid at 430 days. Together that makes the 29-day cycle. Spending on assets: ₹15,170 Cr over the last 3 years, against ₹4,488 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹6,965 Cr (FY26): assets paid for that are not earning yet. In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns. ## What is Torrent Power's P/E ratio, and how does it compare with its own history? Torrent Power Ltd's P/E is 26.1×, near the high end of its own history: higher than 80% of past readings. Its usual P/E (the middle reading) is 15.8×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. Why the multiple is where it is: over the past year earnings per share moved −19.2% while the price moved −8.6%. The price did better than earnings, which pushed the multiple up within its own range. Where the price move came from: over 5 years the price moved +18.5% a year; about +11.4% a year came from earnings growth and about +7.1 percentage points from the multiple (the market paying more); over 10 years the price moved +21.2% a year; about +13.6% a year came from earnings growth and about +7.6 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple. The PEG ratio and its quarterly curve, which only the second data source has, are not shown on this page: its two data sources disagree by up to 34% on reported income across 16 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data. ## Is the Torrent Power business getting better or worse? Torrent Power Ltd's business is getting worse. Profit and EPS growth are shrinking: profit growth is −14.8% in the latest quarter, against +61.3% at its best in 12 quarters, with ROCE falling at 14.0%. This is based on 9 quarters of 4 measures, with some gaps. Why it matters: falling lines mean any ratio below that looks low should be read with that direction in mind. The return figures here are yearly, not quarterly. They show level and direction only; they can support the growth lines but never decide the reading alone. This reading has some gaps: at least one line is short, or the return line is not the quarterly series, so treat it with a little more caution. ## What is the Torrent Power story, and has it been checked? Torrent Power Ltd's story is not scored yet against the checks our research set on 17 May 2026. Where it sits in its own cycle: CONTRACTION. Our read, 17 May 2026. From the numbers. However, cycle position is MID CONTRACTION with PEAK WARNING EPS setup, suggesting earnings are cyclically compressed by…

From the price. Price stage 4, week 13, below its 200-day line, relative strength falling. From the research. Where they disagree. However, cycle position is MID CONTRACTION with PEAK WARNING EPS setup, suggesting earnings are cyclically compressed by maintenance, one-offs, and LNG pricing. FII stake-cutting is the institutional caution signal. What is proven. What is not proven yet. Torrent cash outflow Rs 4,100 Cr + Rs 2,733 Cr Napa debt assumed; leverage more than doubles from pre-Nabha 0.40 D/E, any commissioning slip in FY27 makes the interest burden outpace operating leverage gains. The test written in advance. Elevated post-Nabha leverage (pro forma net debt/EBITDA 5.5 to 6x) constrains credit ratios. Measured by: Elevated post-Nabha leverage (pro forma net debt/EBITDA 5.5 to 6x) constrains credit ratios Nabha closure Q1 FY27 + net debt/EBITDA trajectory after Q1 FY27 results by the next result. The test written in advance. FY27 RE commissioning shortfall (3rd consecutive miss potential). Measured by: FY27 RE commissioning shortfall (3rd consecutive miss potential) Cumulative RE commissioning in H1 FY27 (Q1 + Q2 concalls), must show 400+ MW in 6 months by the next result. The test written in advance. LNG price spike (current $16 to 20 spot) sustains merchant uneconomics through FY27. Measured by: LNG price spike (current $16 to 20 spot) sustains merchant uneconomics through FY27 LNG spot price vs Rs 6.00/kWh break-even; JERA deal commissioning CY27 by the next result. Lever 2 · Value-added mix: building. Every MW commissioned adds near-zero-marginal-cost generation; 1.2 to 1.4 GW in FY27 at ~Rs 5 to 6 Cr EBITDA/MW = Rs 6,000 to 8,400 Cr incremental EBITDA over 4 years on FY27 capacity alone. What proves it keeps working: Renewable Energy Operating Leverage (4 GW pipeline, 1.2 to 1.4 GW FY27). It stops working if Nabha closure Q1 FY27 + net debt/EBITDA trajectory after Q1 FY27 results. Lever 1 · Operating leverage: building. Rs 6,800 Cr EV for adjusted EBITDA Rs 1,153 Cr at 5.97x, day-one accretion to group PAT; capacity base grows 5 GW → 6.4 GW (+28%). What proves it keeps working: Nabha Power Acquisition (1,400 MW coal, >15% IRR day-one, Q1 FY27 close). It stops working if Nabha closure Q1 FY27 + net debt/EBITDA trajectory after Q1 FY27 results. Lever 9 · Buyback: building. Assets capitalised post-April 2025 earn 13% base ROE rising to 15% with performance incentives vs 14% flat prior; carrying cost orders (Rs 186 Cr in March 2026) are recurring, not one-off. What proves it keeps working: Distribution ROCE Modernisation (new MYT regime, 13→15% ROE, performance incentives). It stops working if Nabha closure Q1 FY27 + net debt/EBITDA trajectory after Q1 FY27 results. Lever 6 · Order-book wins: building. 1.6 GW MP coal (PSA executed, LoAs issued, environmental clearance received; tariff Rs 5.8983/unit) + 3 GW PSH (MSEDCL agreement, LoAs, environmental clearance; Oct 2028 COD goal), adds 4.6 GW capacity by FY31. What proves it keeps working: Thermal Expansion, MP 1.6 GW Coal + 3 GW Pumped Storage Hydro. It stops working if Nabha closure Q1 FY27 + net debt/EBITDA trajectory after Q1 FY27 results. Sources: our stock research file (17 May 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Torrent Power management deliver what it promised? What Torrent Power Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. Renewable Capacity Addition - Substantial Shortfall vs Prior Guidance · 13 May 2026. In Aug 2025, management guided 500-700 MW of renewable capacity addition for the balance of FY26 (Q2 through Q4 FY26). The May 2026 call reveals renewable installed capacity grew from 1.8 GW at Q1 FY26 exit to only 2.0 GW at FY26 year-end, implying an addition of approximately 200 MW - roughly 60-70% below the prior guidance range. No explanation was offered in the latest call for this material execution gap, and an analyst on the call characterized FY26 as a lackluster year for capacity addition, which management did not dispute. Renewable Capex for FY26 - Actual Fell Below Prior Guided Range · 13 May 2026. In Aug 2025, management gave a specific RE capex guidance range of INR7,000-8,000 crores for FY26 and indicated FY27 would be slightly higher than that range. The May 2026 call disclosed actual FY26 RE capex of approximately INR6,500 crores, which falls below the guided range by INR500-1,500 crores with no explanation provided. Management also declined to offer any specific FY27 RE capex guidance despite the prior call having set a clear directional goal, representing a withdrawal of a previously stated commitment. Parallel Licensing Decision - Imminent Outcome Implied vs No Update Nine Months Later · 13 May 2026. In Aug 2025, management stated that a MERC public hearing on parallel licensing for three distribution areas had concluded that very day and that MERC would announce its order within a couple of days, framing this as a near-term resolution on a meaningful growth catalyst. Nine months later in May 2026, management responded to a direct question on parallel licensing with no further development at this moment, offering no explanation for the prolonged absence of a decision on what was explicitly presented as an imminent outcome. Capacity Commissioning Delay · 16 February 2026. In the August 2025 call, management projected commissioning 500 MW to 700 MW of new capacity during the remainder of FY 2026, which would have increased total installed capacity from 4.9 GW to roughly 5.4-5.6 GW. However, during the February 2026 call, management cited a baseline operating capacity of only 5.0 GW, indicating a significant shortfall and delay in the execution of its capacity addition pipeline for the fiscal year. Earlier call (Aug 2025): “For”. Later call (Feb 2026): “this acquisitions allows us to extend our without introduction of complexity and growth in sector. addition of operating capacity increase from 5 to 6.4 is philosophy of having stable cash return with minimal risk.”

Every quote above is taken word for word from the company’s own earnings calls. ## What is Torrent Power management's track record? As of April 2026, Torrent Power Ltd (TPL) faces significant regulatory actions. In Jan 2026, SEBI penalized two individuals ₹50 lakh for insider trading in TPL shares using UPSI leaked by TPL's GM (Finance), Rishi Shah. Shah settled his own case with SEBI in Sept 2025 for ₹39 lakh without admitting guilt. In March 2026, the company received a ₹189.42 crore GST demand and penalty from UP authorities regarding property rentals. Additionally, in Feb 2025, a ₹5.44 crore GST penalty was imposed by Ahmedabad authorities over corporate guarantees. The CCI also issued a show-cause notice in 2024-2025 for 'gun-jumping' in the DNH&DD power distribution acquisition. No direct promoter fraud or SEBI bans were found. (Checked 12 April 2026.)

## How much does Torrent Power earn on its capital? Torrent Power Ltd earned a ROCE of 14% in FY26. That is up from a low of 6% in FY14. We cannot compare its return on capital used with its cost of capital from the data we have. It comes from a 8.5% net margin and 0.64× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 8.5% net margin × 0.64× asset turnover × 2.36× leverage (assets divided by equity) ≈ 12.8% on equity. The margin does its share; borrowing is a big part of it. The quarterly return lines and the return-on-capital-used (ROIC) line, which only the second data source has, are not shown on this page: its two data sources disagree by up to 34% on reported income across 16 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data. ## Does Torrent Power have too much debt? Torrent Power Ltd had ₹13,971 Cr of borrowings against ₹19,075 Cr of equity in FY26, so its debt is 0.73× its equity. Its operating profit is 6 times its interest bill. Over 5 years borrowings went from ₹7,817 Cr to ₹13,971 Cr. Over the last 3 of those years it spent ₹15,170 Cr on assets. Part of the spending on assets is being paid for with borrowed money. The total-debt and debt-to-equity series, which only the second data source has, are not shown on this page: its two data sources disagree by up to 34% on reported income across 16 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data. ## What is the Torrent Power shareholding pattern? Domestic institutions raised their stake in Torrent Power Ltd by 3.8 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 22.8% of the company. Promoters moved −2.5 points over the same period, to 51.1%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Why this happened. The distribution business (Gujarat, Maharashtra, UP, Karnataka) earns regulated returns under Multi-Year Tariff framework. New MYT regulations modernised the return methodology: pre-April 2025 assets now eligible for up to 1% incremental ROE via performance incentives (T&D loss reduction, smart meters, collection efficiency, network availability). AT&C losses at 2.5% are already best-in-class, but incremental opportunity exists across other levers. Regulatory assets Ahmedabad-Surat approximately Rs 3,000 Cr; carrying cost orders (~Rs 186 Cr in March 2026, Rs 41 Cr in Q3) are routine recurring features as the asset base grows, not one-off items. Unosugen power purchase cost cap Rs 171 Cr…

Over the last two years: Domestic institutions: +3.8 points over 8 quarters, to 22.8%; Promoters: −2.5 points over 8 quarters, to 51.1%; Foreign institutions: −0.5 points over 8 quarters, to 8.4%. Why the owners changed: domestic institutions drove it (+3.8 points), with the other side taken by promoters (−2.5 points). They raised their stake step by step. ## How far is Torrent Power from balance-sheet trouble? For Torrent Power Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Torrent Power rank in its industry? 39.8 out of 100, rank 17 of 21 in Power - Generation/Distribution, with 78% of the evidence available. Torrent Power Ltd scores 39.8 out of 100 against the 21 companies it is compared with in Power - Generation/Distribution, ranking 17. A strong business with a high valuation: it would need rising earnings, or a lower multiple, to score better on value. The four parts add up to the total exactly: 11.5 + 16.4 + 6.7 + 5.2 = 39.8. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Torrent Power compared with? Torrent Power ranks 17 of 21 Power - Generation/Distribution companies on the 4-Factor Sector Score, with 39.8 out of 100. 1. [ACME Solar Holdings Ltd](https://www.sectoralpha.in/stocks/acme-solar-holdings-ltd) ACMESOLAR · leader · Most evidence points up · 83% evidence 65.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.5/35 · Revenue 53.7% · Profit 57.5% · Operating margin change -1 points · 100% evidence Capital efficiency 15.6/25 · ROCE 8.9% · Operating margin 85% · 100% evidence Valuation 9.3/20 · P/E 38.1× · PEG n/a · 15% evidence Relative strength 20.0/20 · Lead over its industry 48.7% · Lead over NIFTY 500 37.1% · 1 year 43.6% · 100% evidence · 12 of 12 weeks ahead Exact sum: 20.5 + 15.6 + 9.3 + 20 = 65.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [Adani Power Ltd](https://www.sectoralpha.in/stocks/adani-power-ltd) ADANIPOWER · quiet · Most evidence points up · 100% evidence 65.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.1/35 · Revenue 17.2% · Profit 58.7% · Operating margin change 4 points · 100% evidence Capital efficiency 17.9/25 · ROCE 17.2% · Operating margin 42% · 100% evidence Valuation 7.9/20 · P/E 20× · PEG 1.83 · 100% evidence Relative strength 13.4/20 · Lead over its industry 17.8% · Lead over NIFTY 500 8% · 1 year 19.7% · 100% evidence · 0 of 12 weeks ahead Exact sum: 26.1 + 17.9 + 7.9 + 13.4 = 65.3 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 3. [Gujarat Industries Power Co Ltd](https://www.sectoralpha.in/stocks/gujarat-industries-power-co-ltd) GIPCL · breaking out · Evidence leans up · 81% evidence 59.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 28.6/35 · Revenue 23.7% · Profit 100% · Operating margin change 18 points · 88% evidence Capital efficiency 8.1/25 · ROCE 5.5% · Operating margin 48% · 100% evidence Valuation 11.2/20 · P/E 4.9× · PEG 2.55 · 100% evidence Relative strength 12.0/20 · Lead over its industry n/a · Lead over NIFTY 500 6% · 1 year -12.5% · 25% evidence · 12 of 12 weeks ahead Exact sum: 28.6 + 8.1 + 11.2 + 12 = 59.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [JSW Energy Ltd](https://www.sectoralpha.in/stocks/jsw-energy-ltd) JSWENERGY · quiet · Evidence leans up · 82% evidence 58.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.1/35 · Revenue 26.4% · Profit 24.4% · Operating margin change -1 points · 95% evidence Capital efficiency 13.6/25 · ROCE 8.2% · Operating margin 57% · 76% evidence Valuation 7.8/20 · P/E 38.9× · PEG n/a · 50% evidence Relative strength 14.3/20 · Lead over its industry 10.5% · Lead over NIFTY 500 1.6% · 1 year -5.1% · 100% evidence · 0 of 12 weeks ahead Exact sum: 23.1 + 13.6 + 7.8 + 14.3 = 58.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [Adani Green Energy Ltd](https://www.sectoralpha.in/stocks/adani-green-energy-ltd) ADANIGREEN · turning · Evidence leans up · 75% evidence 55.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.4/35 · Revenue 21.2% · Profit -3.3% · Operating margin change 2 points · 95% evidence Capital efficiency 14.1/25 · ROCE 7.4% · Operating margin 89% · 76% evidence Valuation 8.7/20 · P/E 109× · PEG n/a · 15% evidence Relative strength 15.9/20 · Lead over its industry 25.5% · Lead over NIFTY 500 15.2% · 1 year 13.9% · 100% evidence · 0 of 12 weeks ahead Exact sum: 16.4 + 14.1 + 8.7 + 15.9 = 55.1 · What this means: Relative strength against the index is 15.2%, and revenue and profit growth are weak. 6. [NTPC Ltd](https://www.sectoralpha.in/stocks/ntpc-ltd) NTPC · quiet · Evidence leans up · 82% evidence 55.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.7/35 · Revenue 7.4% · Profit 24.8% · Operating margin change 0 points · 95% evidence Capital efficiency 14.1/25 · ROCE 8.9% · Operating margin 29% · 76% evidence Valuation 11.8/20 · P/E 10.3× · PEG n/a · 50% evidence Relative strength 12.4/20 · Lead over its industry 2.7% · Lead over NIFTY 500 -5.5% · 1 year -6.1% · 100% evidence · 0 of 12 weeks ahead Exact sum: 16.7 + 14.1 + 11.8 + 12.4 = 55 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [SJVN Ltd](https://www.sectoralpha.in/stocks/sjvn-ltd) SJVN · quiet · Evidence leans up · 93% evidence 54.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.0/35 · Revenue 99% · Profit 77.6% · Operating margin change -12 points · 100% evidence Capital efficiency 11.5/25 · ROCE 5.7% · Operating margin 71% · 100% evidence Valuation 14.8/20 · P/E 21.2× · PEG 0.29 · 65% evidence Relative strength 3.3/20 · Lead over its industry -14% · Lead over NIFTY 500 -20.9% · 1 year -39.4% · 100% evidence · 0 of 12 weeks ahead Exact sum: 25 + 11.5 + 14.8 + 3.3 = 54.6 · What this means: Earnings are strong; relative strength in its sector is -14% and the one-year return is -39.4%. 8. [NTPC Green Energy Ltd](https://www.sectoralpha.in/stocks/ntpc-green-energy-ltd) NTPCGREEN · quiet · Evidence leans up · 83% evidence 52.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.7/35 · Revenue 49.3% · Profit 8.6% · Operating margin change 2 points · 100% evidence Capital efficiency 11.8/25 · ROCE 3.6% · Operating margin 88% · 100% evidence Valuation 8.8/20 · P/E 106× · PEG n/a · 15% evidence Relative strength 11.0/20 · Lead over its industry -0.7% · Lead over NIFTY 500 -8.7% · 1 year -20.1% · 100% evidence · 0 of 12 weeks ahead Exact sum: 20.7 + 11.8 + 8.8 + 11 = 52.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. [NHPC Ltd](https://www.sectoralpha.in/stocks/nhpc-ltd) NHPC · turning · Evidence leans up · 96% evidence 51.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.8/35 · Revenue 12% · Profit 24% · Operating margin change 6 points · 88% evidence Capital efficiency 9.1/25 · ROCE 5.8% · Operating margin 62% · 100% evidence Valuation 4.3/20 · P/E 20.6× · PEG 3.32 · 100% evidence Relative strength 17.7/20 · Lead over its industry 14.3% · Lead over NIFTY 500 5.4% · 1 year -8.4% · 100% evidence · 1 of 12 weeks ahead Exact sum: 20.8 + 9.1 + 4.3 + 17.7 = 51.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [KPI Green Energy Ltd](https://www.sectoralpha.in/stocks/kpi-green-energy-ltd) KPIGREEN · quiet · Evidence leans up · 78% evidence 51.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.9/35 · Revenue 40% · Profit 33.2% · Operating margin change 1 points · 83% evidence Capital efficiency 17.1/25 · ROCE 13.7% · Operating margin 35% · 76% evidence Valuation 13.4/20 · P/E 12× · PEG n/a · 50% evidence Relative strength 1.1/20 · Lead over its industry -19.1% · Lead over NIFTY 500 -25.7% · 1 year -48.2% · 100% evidence · 0 of 12 weeks ahead Exact sum: 19.9 + 17.1 + 13.4 + 1.1 = 51.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. [Jaiprakash Power Ventures Ltd](https://www.sectoralpha.in/stocks/jaiprakash-power-ventures-ltd) JPPOWER · quiet · Evidence leans down · 78% evidence 48.6 out of 100 Growth Capital Valuation Relative
12. [RattanIndia Power Ltd](https://www.sectoralpha.in/stocks/rattanindia-power-ltd) RTNPOWER · basing · Evidence leans down · 66% evidence 44.9 out of 100 Growth Capital Valuation Relative
13. [CESC Ltd](https://www.sectoralpha.in/stocks/cesc-ltd) CESC · quiet · Evidence leans down · 78% evidence 44.7 out of 100 Growth Capital Valuation Relative
14. [Orient Green Power Company Ltd](https://www.sectoralpha.in/stocks/orient-green-power-company-ltd) GREENPOWER · basing · Evidence leans down · 71% evidence 44.5 out of 100 Growth Capital Valuation Relative
15. [Tata Power Company Ltd](https://www.sectoralpha.in/stocks/tata-power-company-ltd) TATAPOWER · quiet · Evidence leans down · 96% evidence 43.9 out of 100 Growth Capital Valuation Relative
16. [NLC India Ltd](https://www.sectoralpha.in/stocks/nlc-india-ltd) NLCINDIA · quiet · Evidence leans down · 78% evidence 42.2 out of 100 Growth Capital Valuation Relative
17. Torrent Power Ltd this page TORNTPOWER · quiet · Evidence leans down · 78% evidence 39.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 11.5/35 · Revenue 4.1% · Profit -14.8% · Operating margin change 0 points · 83% evidence Capital efficiency 16.4/25 · ROCE 13.7% · Operating margin 19% · 76% evidence Valuation 6.7/20 · P/E 25.4× · PEG n/a · 50% evidence Relative strength 5.2/20 · Lead over its industry -2.9% · Lead over NIFTY 500 -10.7% · 1 year -10.9% · 100% evidence · 0 of 12 weeks ahead Exact sum: 11.5 + 16.4 + 6.7 + 5.2 = 39.8 · What this means: A strong business with a high valuation: it would need rising earnings, or a lower multiple, to score better on value. 18. [India Power Corporation Ltd](https://www.sectoralpha.in/stocks/india-power-corporation-ltd) DPSCLTD · quiet · Evidence leans down · 81% evidence 38.4 out of 100 Growth Capital Valuation Relative
19. [Reliance Power Ltd](https://www.sectoralpha.in/stocks/reliance-power-ltd) RPOWER · basing · Most evidence points down · 64% evidence 28.8 out of 100 Growth Capital Valuation Relative
20. [BF Utilities Ltd](https://www.sectoralpha.in/stocks/bf-utilities-ltd) BFUTILITIE · quiet · Too little evidence to rank firmly · 53% evidence 27.2 out of 100 Growth Capital Valuation Relative
21. [Mac Charles (India) Ltd](https://www.sectoralpha.in/stocks/mac-charles-indialtd) Too little evidence to rank firmly · 32% evidence 52.3 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Power - Generation/Distribution](https://www.sectoralpha.in/sectors/power-generation-distribution), all 21 compared on one page. ## Which companies are close to Torrent Power in size? Torrent Power is the 8th largest of 21 Power - Generation/Distribution companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: JSW Energy, NHPC and NTPC Green Energy. Just below it: NLC India, ACME Solar Holdings and SJVN. ### Power - Generation/Distribution companies close in size

1. [JSW Energy Ltd](https://www.sectoralpha.in/stocks/jsw-energy-ltd) ₹91,738 crore
2. [NHPC Ltd](https://www.sectoralpha.in/stocks/nhpc-ltd) ₹78,090 crore
3. [NTPC Green Energy Ltd](https://www.sectoralpha.in/stocks/ntpc-green-energy-ltd) ₹69,467 crore
4. Torrent Power Ltd ₹59,103 crore
5. [NLC India Ltd](https://www.sectoralpha.in/stocks/nlc-india-ltd) ₹31,608 crore
6. [ACME Solar Holdings Ltd](https://www.sectoralpha.in/stocks/acme-solar-holdings-ltd) ₹28,614 crore
7. [SJVN Ltd](https://www.sectoralpha.in/stocks/sjvn-ltd) ₹20,981 crore

[All 21 Power - Generation/Distribution companies, largest first](https://www.sectoralpha.in/sectors/power-generation-distribution#all-companies)

### Companies close in size in other industries

1. [Aster DM Quality Care Ltd](https://www.sectoralpha.in/stocks/aster-dm-quality-care-ltd) ₹59,374 crore · Hospitals
2. [NMDC Ltd](https://www.sectoralpha.in/stocks/nmdc-ltd) ₹59,204 crore · Mining/Minerals - Iron Ore
3. Torrent Power Ltd ₹59,103 crore
4. [Adani Total Gas Ltd](https://www.sectoralpha.in/stocks/adani-total-gas-ltd) ₹58,779 crore · Gas Distribution
5. [Fortis Healthcare Ltd](https://www.sectoralpha.in/stocks/fortis-healthcare-ltd) ₹57,992 crore · Hospitals

## What else do people ask about Torrent Power? ### What is Torrent Power's share price today? Torrent Power Ltd's share price is ₹1,203.30, −8.6% over the past year. The whole company is worth ₹60,630 Cr on the market. In the last 52 weeks it traded between ₹1,169 to ₹1,736; today it is 6% of the way up from the low, 10.6% below its 200-day average (as of 3 November 2026). ### What were Torrent Power's latest quarterly results? Torrent Power Ltd reported revenue of ₹8,124 Cr and net profit of ₹662 Cr for the Jun 2026 quarter. Revenue rose 2.8% and profit fell 10.8% compared with a year earlier. Earnings per share were ₹12.68. The operating margin was 19.0%, 0.0 percentage points higher than a year earlier (as of 3 November 2026). ### What is Torrent Power's market cap? Torrent Power Ltd's market capitalisation is ₹60,630 Cr at a share price of ₹1,203.30. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Torrent Power performing? Torrent Power Ltd's share price has been falling for 13 weeks. In its latest quarter, revenue rose 2.8% and profit fell 10.8% compared with a year earlier. Over the past 13 weeks it has done worse than the NIFTY 500, for 23 weeks running (as of 3 November 2026). ### Will Torrent Power's share price go up? This page does not forecast Torrent Power Ltd's share price. What it shows instead: the share price is ₹1,203.30, and it has been falling for 13 weeks. Its P/E of 26.1× is higher than 80% of its own last 11 years (as of 3 November 2026). ### Where is Torrent Power in its business cycle? Torrent Power Ltd's FY26 operating margin was 19.0%, against a 13-year range of 15.0% to 29.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 19.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Torrent Power story? The main question: results are strong, and the P/E is higher than 80% of its own history. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Torrent Power a stock worth studying right now? What the numbers show: Torrent Power Ltd's results are improving, and its P/E is near the top of its own history, higher than 80% of past readings. The main open question: whether earnings grow enough to match the multiple. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Torrent Power share price forecast for 2026? What management itself guided: Renewable commissioning: about 1.2 GW in FY27, about 400 MW by Q2, 1.4-1.6 GW in FY28 and balance in FY29. ### Where does this page get Torrent Power's management information? From Torrent Power's results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. ## Lists

- 52 week high & low: https://www.sectoralpha.in/52-week-high-stocks-india
- Dividend stocks: https://www.sectoralpha.in/dividend-stocks-india
- Small & mid cap stocks: https://www.sectoralpha.in/small-cap-stocks-india
- Power & green energy stocks: https://www.sectoralpha.in/sectors/power-stocks-india

This is research, not advice. We’re not SEBI-registered.