Torrent Power announced its Unaudited Consolidated Financial Results for the quarter and nine months ended December 31, 2025. The company reported a strong Profit After Tax (PAT) growth of 34% year-on-year for Q3 FY26, reaching ₹655 Crore. Total Comprehensive Income (TCI) grew by 30% to ₹637 Crore. The Board also approved an interim dividend of ₹15.00 per equity share. The growth was driven by increased contribution from gas-based power plants and improved distribution performance.
Q3 FY 2025-26 Operational Performance Summary
Torrent Power reported robust operational results for the third quarter of the financial year 2025-26 (Q3 FY26), ending December 31, 2025. The company’s financial strength is underpinned by strategic capacity expansion across thermal, renewable, and distribution segments.
Key Financial Highlights (Q3 FY26 vs Q3 FY25)
The financial performance showed significant upward momentum:
- Revenue from Operations increased by 4% to ₹6,778 Crore (from ₹6,499 Crore).
- Contribution (Revenue less Power Purchase Cost and Material Cost) grew substantially by 27% to ₹2,125 Crore.
- PBDIT increased by 15% to ₹1,472 Crore (from ₹1,284 Crore).
- Profit Before Tax (PBT) saw a major surge of 28%, reaching ₹805 Crore.
- Profit After Tax (PAT) soared by 34% to ₹655 Crore (from ₹489 Crore).
- Total Comprehensive Income (TCI) stood at ₹637 Crore, marking a 30% year-on-year growth.
Year-to-Date (YTD) Performance
For the nine months ended December 31, 2025, TCI grew by 7% to ₹2,106 Crore, driven by an 8% increase in PAT to ₹2,138 Crore.
Dividend Declaration
The Board of Directors announced an interim dividend of ₹15.00 per equity share for the period.
Drivers of Q3 Performance Improvement
The higher TCI in Q3 FY26 compared to Q3 FY25 was primarily attributed to:
- Increase in contribution from gas-based power plants.
- Improved operational performance across licensed and franchised distribution businesses.
- Enhanced operational performance from the Renewable Energy segment, partially offset by higher interest and depreciation costs.
- A favorable comparison against Q3 FY25, which included a gain on sale of Non-Current Investments.
Operational Updates: Thermal Power
Key observations from thermal operations show mixed Plant Load Factor (PLF) trends:
- The thermal PLF for Q3 FY26 stood at 13%, down from 17% in Q3 FY25.
- AMGEN maintained high PLF at 61% (down from 74% in Q3 FY25), while DGEN PLF dropped to 0%.
- YTD PLF for the thermal portfolio was 28%.
Operational Updates: Renewable Power
Renewable energy utilization saw an increase:
- Wind Power PLF on contracted capacity improved to 18.6% (from 17.3% in Q3 FY25).
- Solar Power PLF improved to 20.0% (from 15.3% in Q3 FY25).
Operational Updates: Power Distribution
Distribution efficiency remained a strong focus:
- Licensed Distribution T&D Loss: Ahmedabad maintained excellent performance at 2.48% (YTD FY26), with Surat seeing an increase to 3.41%.
- Franchised Distribution T&D Loss: Agra maintained a loss rate of 8.80%, while SMK showed significant improvement, reducing losses to 22.92% (from 27.45% YTD FY25).
- USO/Purchase volumes generally decreased across most locations, indicating better internal optimization or lower demand.
Capacity Expansion and Future Focus
Torrent Power continues to focus on large-scale strategic growth:
- Installed Capacity is projected to grow from approximately 5.0 GWp to around 10.6 GWp including pipeline projects.
- The company is undertaking a 1,600 MW Ultra-Supercritical thermal expansion in Madhya Pradesh (Project Cost: ₹22,000 Crore).
- The Renewable Energy pipeline targets an increase to approximately 5.95 GWp, with over ~4.3 GWp currently under installation.
- Future focus includes the development of 3 GW Pumped Storage Hydro projects in Maharashtra, with an 8.4 GW total planned capacity for green molecule technologies.
Source: BSE
