Torrent Power Q2 Results: How Is the Company Planning to Nearly Double Its Power Generation Capacity?
The share of the company, which is a leading integrated power utility company in India with a presence across generation, transmission, and distribution of power, gained focus after posting Q2 numbers
With a market capitalization of Rs 63,595 crore, Torrent Power Ltd’s share on Thursday made a day high of Rs 1,269.55 per share, up by 2.88 percent from its previous close of Rs 1,233.90 per share. The stock of the company gave no return over the last year.
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Q2 Result Overview
QoQ Performance : Revenue increased to Rs 9,802 crore in Q2 FY27 from Rs 8,124 crore in Q1 FY27, registering a 21 percent growth QoQ. EBITDA rose to Rs 1,738 crore in Q2 FY27 from Rs 1,538 crore in Q1 FY27, up 13 percent QoQ. Net profit increased to Rs 838 crore in Q2 FY27 from Rs 662 crore in Q1 FY27, up 27 percent QoQ. EPS increased to Rs 16.28 in Q2 FY27 from Rs 12.68 in Q1 FY27, up 28 percent QoQ.
YoY Performance : Revenue from operations increased to Rs 9,802 crore in Q2 FY27 from Rs 7,876 crore in Q2 FY26, registering a growth of 24 percent YoY. EBITDA increased to Rs 1,988 crore in Q2 FY27 from Rs 1,584 crore in Q2 FY26, up 26 percent YoY. Net profit rose to Rs 838 crore from Rs 742 crore, registering a growth of 13 percent YoY.
Key Highlights and Operational Performance
Torrent Power delivered strong operational performance during Q2 FY27, with growth across its distribution and renewable energy businesses, along with the consolidation of the Nabha acquisition. The company reported an incremental TCI of Rs 105 crore during the quarter. However, higher borrowings resulted in increased finance costs, which rose to Rs 439 crore from Rs 216 crore in Q2 FY26.
Thermal Power Generation: The company operates gas-based power plants with a combined capacity of 2,730 MW and coal-based plants with an operational capacity of 1,762 MW. The Nabha acquisition, which became effective on June 25, 2026, added a 1,400 MW coal-based power plant to its portfolio. The company is also developing another 1,600 MW coal-based project in Madhya Pradesh.
Renewable Energy Generation: Torrent Power has an operational renewable energy capacity of approximately 2.3 GWp, comprising solar, wind and hybrid projects. During Q2 FY27, improved plant load factors and contributions from commissioned projects supported the company's overall performance. Its renewable portfolio includes 1,137 MWp of solar, 921 MW of wind and 254 MWp of hybrid capacity.
Power Distribution: The distribution business serves approximately 4.29 million customers across Gujarat, Maharashtra, Uttar Pradesh and Dadra and Nagar Haveli and Daman and Diu. The company distributes nearly 31 billion units of electricity annually. Its licensed distribution areas recorded low distribution losses, including 3.35 percent in Ahmedabad and 2.77 percent in Surat during FY26.
How Is the Company Preparing to Nearly Double Its Power Generation Capacity?
Installed Capacity Expansion : Torrent Power currently has an operational generation capacity of approximately 6.8 GWp, which it aims to increase to nearly 12.7 GWp through its upcoming projects. This expansion will be supported by additions of renewable and coal-based capacity, strengthening its presence in India's power generation sector.
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Renewable Energy Expansion : The company is targeting a renewable energy portfolio of approximately 6.59 GWp, backed by projects with an estimated investment of Rs 30,638 crore. Its renewable project pipeline includes wind, solar and hybrid projects, with commissioning planned progressively between FY27 and FY29. These additions are expected to strengthen its clean energy portfolio.
Coal-Based Capacity Addition : Torrent Power is developing a 1,600 MW coal-based power project in Anuppur, Madhya Pradesh, with an estimated project cost of Rs 23,000 crore. The project will comprise two 800 MW units. The company has received environmental clearance and signed contracts for major equipment and project packages.
Pumped Storage Hydro Project : The company is developing a 3,000 MW pumped storage hydro project in Raigad district, Maharashtra, with an estimated investment of Rs 14,000 crore. It has tied up 2,000 MW of capacity with MSEDCL and 300 MW with SECI. The project is expected to support its long-term energy storage and power supply plans.
Strong Financial Performance Supports Expansion: The company's Q2 FY27 performance provides a strong operational base for its expansion plans. Revenue increased 24 percent YoY to Rs 9,802 crore, while EBITDA grew 25 percent to Rs 1,988 crore. Net profit also increased 13 percent to Rs 838 crore, supported by improved distribution operations, renewable energy performance and the Nabha acquisition.
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Conclusion
Torrent Power is expanding its generation portfolio through renewable energy, coal-based projects and pumped storage capacity. With an operational capacity of approximately 6.8 GWp and a target of nearly 12.7 GWp, the company is positioning itself for long-term growth. Investors will watch how efficiently it executes its large project pipeline while managing the higher borrowing costs associated with expansion.