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Informist, Tuesday, Nov. 11, 2025

--Torrent Power: Capex realisation in H1 at INR 37 billion 

--CONTEXT: Comments by Torrent Power's mgmt in post-earnings analyst concall 

By Pallavi Singhal and Avishek Rakshit

NEW DELHI/KOLKATA – Torrent Power Ltd. has incurred capital expenditure of INR 37 billion in the first half of 2025–26 (Apr–Mar), mainly toward renewable energy and transmission projects, the company's executives said in a post-earnings analyst conference call. The company reiterated its annual capex target of INR 70 billion–INR 80 billion for FY26. The company realised INR 8.5 billion in total capital expenditure in the June quarter, including INR 3.5 billion on renewables.

The management said it is targeting renewable capacity addition of 500–600 megawatt in FY26, of which 360 megawatt has already been commissioned. The company also said it has secured a letter of award from MP Power Management Co. Ltd. for a 1,600 megawatt coal-based thermal project in Madhya Pradesh at a tariff of INR 5.829 per kilowatt hour, with a 25-year power supply period.

Additionally, Torrent Power commissioned its first green hydrogen plant in Gorakhpur, developed jointly with Torrent Gas, with an annual production capacity of 72 tonnes. The project has been described by the company as India's largest hydrogen–natural gas blending initiative in the city gas distribution segment.

The company's presentation also noted that its installed generation capacity has reached around 5 gigawatts, comprising 2.7 gigawatts of gas-based, 1.9 gigawatts of renewable, and 360 megawatts of coal-based capacity. The capacity is estiamted to reach over 10 gigawatts, with a project pipeline of 3.6 gigawatts in renewables, three gigawatts in pumped storage, and 1.3 gigawatts in coal.

Earlier in the day, the company reported sharp growth in revenue for the September quarter, helped by a strong performance in its gas-based generation business and higher merchant power sales. The company's consolidated net profit for the quarter stood at INR 7.24 billion, up over 50% on year. Its revenue from operations came in at INR 78.76 billion, up 10% on year.

Torrent Power's revenue from the generation business surged over 32% on year to INR 24.21 billion. Transmission and distribution revenue fell 3.5% to INR 63.68 billion from INR 65.97 billion a year earlier, while renewables revenue rose 12% to INR 3.27 billion, though it declined sequentially due to seasonal variations.

For Apr–Sept, the company's consolidated net profit stood at INR 14.55 billion, nearly unchanged from INR 14.53 billion a year ago. Revenue for the same period declined 2.7% on year to INR 157.8 billion due to a softer first quarter amid lower power demand.

The company detailed its results after market hours on Tuesday. Its shares closed 1.9% higher at INR 1,336.80 on the National Stock Exchange.  End

Edited by Avishek Dutta

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