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Torrent Power

Torrent Power Limited is an integrated power utility company in , specializing in the , , and of , with a total operational installed capacity of 4,961 MW as of September 30, 2025. Part of the —a with a turnover of ₹39,893 and over 26,250 employees—the company was incorporated in and is headquartered in , . The company's generation portfolio includes 3,092 MW of thermal capacity (comprising 2,730 MW gas-based and 362 MW coal-based plants) and 1,869 MW of renewable sources ( and ), supported by advanced for efficiency. Torrent Power also manufactures and supplies power cables through its , Torrent Electricals Limited, following the merger of Torrent Cables Ltd. In , it serves more than 4.13 million customers across 12 cities and areas, including licensed operations in , , , Dahej SEZ, and Dholera SIR in , as well as franchisee models in (), (), and Dadra & Nagar Haveli, . Notable achievements include pioneering India's first franchisee agreement in in 2006, achieving low transmission and losses (e.g., 2.34% in licensed areas and under 10% in franchisee areas), and expanding renewables with a pipeline of nearly 8 GW under development. Financially robust, Torrent Power reported revenue of ₹29,165 , PBDIT of ₹5,795 , and of ₹3,059 for FY 2024-25, with a of ₹65,958 as of November 14, 2025, and promoter holding of 51.09%. Committed to , the company aims to scale its renewable capacity to 4.9 , including contracted and projects, while pursuing initiatives worth ₹1,270 for FY 2026. Its mission focuses on transforming lives through reliable power and healthcare services, underscoring its role as a key player in India's energy sector.

Company Overview

Founding and Ownership

The Torrent Group's entry into the power sector began in 1989-90 with the acquisition of management control of , marking the establishment of its power business. Torrent Power Limited was incorporated in 2004. The company's initial entry into the power business involved the acquisition of the , marking its focus on distribution in . To bolster its capabilities in power infrastructure, Torrent Group acquired Mahendra Electricals during the late and renamed it Torrent Cables Limited, a move that laid the groundwork for cable manufacturing integral to power operations; this entity was merged into Torrent Power effective April 1, 2014. Torrent Power is a publicly listed company on the National Stock Exchange (NSE: TORNTPOWER) and (BSE), with its shares actively traded. As of September 2025, promoters from the , led by Chairman Emeritus and his family, hold a majority stake of 51.09%, ensuring in the company's strategic direction. The company's market capitalization stood at approximately ₹64,560 as of November 2025, reflecting its significant scale in the Indian energy market. Within the Torrent Group, which encompasses pharmaceuticals, gas distribution, and other sectors, Torrent Power serves as the primary power utility, contributing to the group's overall operations. The Torrent Group's consolidated revenues reached ₹39,893 crore as of the fiscal year ending March 2025, underscoring its broad economic footprint.

Leadership and Governance

Torrent Power's leadership is headed by Samir Mehta as Executive Chairman, who oversees the strategic direction of the company as part of the broader Torrent Group. Sudhir Mehta serves as Chairman Emeritus, providing guidance based on his foundational role in the Torrent Group while having stepped back from active executive duties. Jinal Mehta acts as Vice Chairman and Managing Director, focusing on operational execution and growth initiatives. Jigish Mehta holds the position of Whole-Time Director, managing key aspects of power generation and distribution. Saurabh Mashruwala serves as Chief Financial Officer, handling financial strategy and compliance. The comprises a balanced mix of promoter family members and independent directors to ensure diverse perspectives and regulatory adherence. Promoter directors include , Jinal Mehta, Jigish Mehta, and non-executive director , reflecting the Mehta family's significant influence. Independent directors such as Ketan Dalal, Usha Sangwan, Radhika Haribhakti, Apurva Diwanji, and Sunil Mathur bring expertise in , , and , with the board totaling nine members as of 2025. This composition complies with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, mandating at least one-third independent directors for companies with non-executive chairman. Torrent Power's governance practices emphasize transparency, integrity, and accountability, guided by a comprehensive and adherence to SEBI regulations. The board has established key committees, including the chaired by Ketan Dalal for financial oversight, the Committee led by Ketan Dalal to address operational and strategic risks, and the Stakeholder Relationship Committee to handle investor concerns. Sustainability reporting follows (GRI) standards, with annual Business Responsibility and Sustainability Reports detailing (ESG) performance. These frameworks support robust internal controls and ethical decision-making, aligning with institutional expectations for high governance standards.

History

Early Acquisitions and Mergers

Torrent Group's expansion into the power sector began with the acquisition of management control of Electricity Company Limited (SEC) in 1996-97, marking its initial foray into electricity distribution in . This was followed in 1997 by the purchase of a 28.89% stake in Electricity Company Limited (AEC) from the government, which provided management control and led to the renaming of AEC as Torrent Power AEC Limited. These acquisitions established Torrent's foothold in urban power distribution, focusing on the cities of and , where it assumed responsibility for supply, billing, and customer service operations. In the mid-2000s, Torrent advanced toward by forming Torrent Power Generation Limited in 1994 to develop generation assets, including the SUGEN power project, though significant progress occurred during 2004-2006 with financial closure achieved in 2005. This period also saw the incorporation of Torrent Power Trading Private Limited in 2004, which later became the umbrella entity for consolidation. By 2006, under a scheme of amalgamation approved by the , Torrent Power AEC Limited, Torrent Power SEC Limited, and Torrent Power Generation Limited merged into a single entity renamed Torrent Power Limited, effective from 1, 2006. This merger created an integrated power utility with combined generation capacity of approximately 1,630 MW across gas-based plants in . The early operational setup emphasized distribution in Gujarat's key urban centers, with Torrent Power AEC and SEC handling over 1.5 million customers combined by the early . To support the shift to an integrated generation-distribution model post-merger, the company expanded its employee base from around 2,000 in the late 1990s to over 4,000 by 2006, incorporating specialized roles in power plant operations and network maintenance. This growth enabled efficient management of end-to-end chains, reducing losses and improving service reliability in and .

Expansion through Franchises

Torrent Power's expansion into power distribution franchises began in 2006 with its pioneering agreement as the first private distribution franchisee for in , secured through a competitive bidding process with the Maharashtra State Electricity Distribution Company Limited (MSEDCL). This 20-year franchise, covering approximately 721 square kilometers, marked a significant in privatizing distribution in , enabling Torrent Power to manage operations and reduce aggregate technical and commercial (AT&C) losses from 58% at takeover to 14.90% by fiscal year 2018-19. The initiative demonstrated the effectiveness of private sector involvement in improving efficiency and reliability in high-loss areas. Building on this success, Torrent Power secured additional franchises in subsequent years. In 2009, it won a 20-year distribution franchise for in through competitive bidding with the (UPPCL), covering about 221 square kilometers and focusing on loss reduction from initial levels of around 58.77%. In 2019, the company was awarded a 25-year distribution license for the (SIR) in , spanning roughly 920 square kilometers as part of the Delhi-Mumbai Industrial Corridor, positioning it to supply power to emerging industrial and residential developments. That same , Torrent Power obtained a 20-year for the Shil-Mumbra-Kalwa (SMK) area in via bidding with MSEDCL, covering 65 square kilometers with initial AT&C losses of 48%. Further, in 2021, it acquired a 51% stake in the Dadra & Nagar Haveli and Daman & Diu Power Distribution Corporation Limited (DNHDDPDCL) as the highest bidder in a process, enhancing its presence in union territories with low distribution losses under 2%. These franchise expansions, facilitated by the earlier merger of Torrent Group's power entities that strengthened its bidding capacity, allowed strategic entry into special economic zones such as Dahej SEZ in 2010, where Torrent Power commenced operations as a distribution licensee on April 4, providing reliable power to industrial consumers across 425 square kilometers. Overall, these initiatives drove substantial growth in Torrent Power's customer base, reaching 4.13 million by 2025 across its licensed and franchised areas in , , , and union territories. This expansion not only diversified geographic operations but also underscored the company's role in reducing losses and improving service quality in underserved regions.

Operations

Power Generation

Torrent Power's power generation portfolio encompasses a diversified mix of thermal and renewable sources, with a total installed capacity of 4,838 MW as of March 31, 2025. This includes 2,730 MW from gas-based plants located in (Sugen 1,147.5 MW near , UNOSUGEN 382.5 MW near , DGEN 1,200 MW near Dahej/, and Sabarmati 254.65 MW in ), 362 MW from a coal-based plant at AMGEN in , and 1,746 MW from renewable sources comprising 825 MWp and 921 MW assets spread across , , and . As of November 2025, renewable capacity has increased to approximately 1,870 MW (949 MWp and 921 MW ) following additional commissioning. The company's generation assets contribute significantly to India's needs, supplying power to the national grid and its distribution networks under long-term power purchase agreements (PPAs). Key generation facilities include the Sugen Combined Cycle (CCGT) plant with a capacity of 1,147.5 MW, situated near in , which operates as one of the largest private-sector gas-fired power projects in the country. Complementing this is the Sabarmati Gas plant, rated at 254.65 MW in , , forming the core of the company's gas-based operations. Additional gas facilities include UNOSUGEN (382.5 MW) adjacent to Sugen and DGEN (1,200 MW) near Dahej. The coal-based facility, with 362 MW capacity, supports baseload power requirements using imported and domestic fuel blends. On the renewable front, Torrent Power has expanded its capacity through installations, including recent additions in the (SIR) that enhance grid-connected photovoltaic output, alongside wind farms in districts such as and Surendranagar. The company's plants employ advanced technologies to optimize efficiency and reliability. Gas-based units at Sugen, UNOSUGEN, DGEN, and Sabarmati utilize state-of-the-art CCGT configurations, achieving high efficiencies through combined and cycles. The coal plant features supercritical , which enables lower emissions and improved fuel conversion rates compared to subcritical systems. Renewable installations incorporate modern tracking systems for and high-capacity turbines for to maximize output. Through PPAs with state utilities and central agencies like NTPC Vidyut Vyapar Nigam Limited, Torrent Power ensures stable evacuation of generated power to the national grid, with over 95% of renewable output contracted long-term.

Transmission

Torrent Power's transmission operations focus on high-voltage infrastructure to evacuate power from its gas-based generation plants in , such as SUGEN and DGEN, to key load centers and grid interconnections. The company maintains a 400 kV double-circuit spanning approximately 145 km from the SUGEN plant near to Power Grid Corporation of India's (PGCIL) Pirana substation in , enabling efficient bulk power transfer to urban areas. Complementing this, a 105 km 400 kV double-circuit line connects the DGEN plant near Dahej to , facilitating power delivery to southern regions. Additionally, three 220 kV dedicated lines extend from SUGEN to the distribution area and interconnect with Gujarat Energy Transmission Corporation Limited (GETCO), supporting regional grid stability and power supply requirements. The network includes several substations with a collective transformation capacity exceeding 1,000 MVA, providing essential voltage stepping for reliable power flow across . Torrent Power operates this infrastructure under an intra-state license granted by the Gujarat Electricity Regulatory Commission, ensuring compliance with regional grid codes and operational standards. The system comprises around 249 km of 400 kV lines in total, along with 220/132 kV facilities in , forming a robust backbone for intra-state power movement. A key aspect of Torrent Power's transmission strategy involves joint ventures for enhanced grid reliability. The company holds a 74% stake in Torrent Power Grid Limited (TPGL), a with PGCIL (26% stake), which developed and operates the 400 kV transmission system linked to the SUGEN project, including the Ahmedabad evacuation line, to strengthen urban grid infrastructure in . This partnership has been instrumental in phased implementation of the network since 2006, improving overall transmission efficiency and integration with the national grid.

Distribution

Torrent Power operates extensive retail electricity distribution networks across multiple regions in India, focusing on reliable last-mile delivery to diverse customer segments. In Gujarat, the company holds licenses for supplying power in the urban centers of Ahmedabad and Gandhinagar, as well as Surat, the Dahej Special Economic Zone (SEZ), and the Dholera Special Investment Region (SIR). In Maharashtra, it manages distribution franchises in the Bhiwandi area and the Shil-Mumbra-Kalwa (SMK) region. The company's presence extends to Uttar Pradesh through a franchise in Agra. Additionally, via its wholly-owned subsidiary Dadra and Nagar Haveli and Daman and Diu Power Distribution Corporation Limited (DNHDDPDCL), Torrent Power handles distribution in the Union Territories of Dadra & Nagar Haveli and Daman & Diu. The business serves a substantial base of over 4.13 million connections as of FY25, encompassing residential, , and users, with annual reaching nearly 31 billion units (31,000 MU). This scale underscores Torrent Power's role in powering urban and growth, particularly in high-demand areas like Gujarat's licensed circles, where exceeded 1,600 MW in FY25. The company's networks emphasize -centric services, including 24/7 supply reliability and digital billing portals to support efficient consumption management. Efficiency improvements form a core aspect of Torrent Power's distribution strategy, with notable reductions in losses across its operations. In Gujarat's licensed areas, distribution losses stood at an industry-leading 2.34% in FY25, reflecting advanced and robust prevention measures. In franchise regions, the company has driven transformative declines in Aggregate Technical and Commercial (AT&C) losses: Bhiwandi's losses dropped from 58% at the 2007 takeover to under 10% in FY25, while Agra's fell from 58.77% upon acquisition in 2009 to a record low of 6.94% in FY25. These achievements stem from investments in network upgrades, feeder segregation, and enhanced billing enforcement. To further bolster efficiency, Torrent Power has initiated smart metering programs, including pilots for phased installations in licensed areas during FY25, targeting over 1 million customers to enable monitoring, reduce non-technical losses, and improve revenue collection.

Cable Manufacturing

Torrent Power's involvement in cable manufacturing began with the 1989 acquisition of the struggling Electricals by the , which was subsequently renamed Torrent Cables Ltd. and revitalized as a key component of the group's diversification into the power sector. This move marked an early entry into production, leveraging the acquired entity's existing infrastructure to build a robust base. In 2014, Torrent Cables was fully amalgamated with Torrent Power Limited, integrating it as the Torrent Cables division to streamline operations and enhance synergies within the company's power ecosystem. The division's product portfolio encompassed a wide array of electrical cables designed for and distribution applications, including low-voltage, medium-voltage, and high-voltage (XLPE) insulated cables rated up to 132 kV, as well as control cables and bare conductors. These products catered to diverse industrial needs, emphasizing durability, safety, and compliance with standards, with Torrent Cables being the first in the industry to achieve ISO 9001:2000 certification. The manufacturing process utilized advanced and testing technologies to ensure high-quality output suitable for both domestic and markets. Positioned as one of the leading players in India's high-tension (HT) power cable segment, the division supplied cables to Torrent Power's internal networks while also serving external clients in sectors such as , fertilizers, and , with a portion of production directed toward exports. Its facilities, including an integrated plant in and operations in , , supported efficient production and distribution. However, in October 2024, Torrent Power divested its cable manufacturing business by selling Torrent Electricals Limited—a 100% encompassing the division—to Torrent Investments Private Limited for ₹85 , marking the end of direct involvement in this segment.

Financial Performance

Revenue and Profit Trends

Torrent Power's revenue from operations has shown steady growth over the decade, expanding from approximately ₹10,396 in FY2015 to ₹29,165 in FY2025, reflecting a of about 10.8% driven by capacity additions and market expansion. In FY2025, increased 7.3% year-over-year from ₹27,183 in FY2024, with segmental contributions highlighting the dominance of at 73% (₹25,178 ), followed by at 24% (₹8,181 ), and renewables at 3% (₹1,066 ). This breakdown underscores the company's integrated model, where remains the primary driver amid rising power in urban centers like and . Profitability has accelerated more sharply in recent years, with consolidated net profit reaching ₹3,059 in FY2025, a 61% increase from ₹1,896 in FY2024. EBITDA rose 18% to ₹5,795 , achieving margins of approximately 20%, supported by optimizations and higher contributions from efficient segments. Segment-wise, EBITDA was led by and at 58% (₹3,360 ), with at 27% (₹1,563 ) and renewables at 15% (₹887 ), indicating improved operational across the portfolio. Key drivers of these trends include tariff revisions approved by the Electricity Regulatory Commission, which enhanced regulated returns in the distribution business, and the addition of renewable capacity to 1,746 MW operational by FY2025, boosting non-fuel-based revenue streams. Lower fuel costs in gas-based and franchise efficiencies in () further contributed to margin expansion, while brief references to historical operational expansions, such as franchise acquisitions, have underpinned long-term scaling without altering core financial dynamics. In Q2 FY2026, grew 9.8% YoY to ₹7,876 , with PAT up 49.6% to ₹742 , continuing the growth trajectory.

Key Financial Metrics

As of March 31, 2025, Torrent Power's consolidated reflected total assets of ₹36,573 crore, underscoring the company's robust infrastructure in power generation, , and . The debt-equity ratio stood at 0.49:1, a significant improvement from 0.97:1 in fiscal year 2020, reflecting prudent capital management and reduced amid expansion. In FY2025, the company allocated approximately ₹2,500 in specifically toward projects, supporting its transition to sustainable power sources. Key profitability and liquidity ratios highlighted Torrent Power's financial health in FY2025. The return on equity (ROE) reached 18.4%, driven by efficient operations and higher contributions from distribution segments. The current ratio was 1.14, indicating adequate short-term liquidity to cover obligations. Profit after tax (PAT) margin stood at 10.49%, bolstered by cost optimizations and regulatory incentives. The company maintained a dividend payout ratio of 31.48%, distributing ₹19 per share (including ₹14 interim and ₹5 final) to shareholders. In terms of stock performance and creditworthiness as of mid-2025, Torrent Power's shares traded around ₹1,500, with a price-to-earnings (P/E) of approximately 23x, reflecting investor confidence in its growth trajectory. The company received strong credit ratings, including A1+ for short-term facilities and AA+/Stable for long-term, affirmed by CRISIL Ratings, with equivalent A1+ from ICRA.

Sustainability and CSR

Environmental Initiatives

Torrent Power has prioritized the expansion of its renewable energy portfolio as a core environmental strategy, with an operational capacity of approximately 1.75 GW as of 2025, including 921 MW of wind power and 825 MWp of solar power, constituting approximately 36% of its total generation mix. This includes projects such as wind farms in Gujarat and Rajasthan, and solar installations under subsidiaries like Torrent Solargen Limited. The company has set an ambitious target of 10 GW renewable capacity by 2030, supported by investments exceeding ₹50,000 crore, focusing on solar, wind, and hybrid projects to contribute to India's 500 GW non-fossil fuel goal. To reduce emissions, Torrent Power leverages efficient technologies across its facilities, including F-class gas turbines in its 2,730 MW gas-based plants that minimize CO₂ and outputs, resulting in annual savings of approximately 8.5 million tonnes of CO₂ through Clean Development Mechanism-registered projects. Its limited 362 MW coal-based capacity incorporates measures like 100% fly ash utilization and adherence to Perform, Achieve, and Trade (PAT) scheme targets for . Water management initiatives feature systems at thermal plants, enabling 90% of for cooling and in gas facilities, alongside rainwater harvesting structures capturing over 3 cubic meters annually. These efforts have contributed to a 17% reduction in GHG in FY24, with historical cumulative CO₂ savings exceeding 26 million tonnes. In terms of compliance and certifications, Torrent Power maintains ISO 14001:2015 certification for environmental management systems at key sites including SUGEN and DGEN , ensuring systematic of environmental impacts. The company aligns its strategies with India's Nationally Determined Contributions under the by accelerating renewable adoption and emission controls. It publishes annual ESG disclosures via its Business Responsibility and Sustainability Report, detailing Scope 1, 2, and 3 emissions—such as 5.25 million tCO₂e for Scope 1 and 1.52 million tCO₂e for Scope 2 in FY24—along with progress on sustainability metrics, verified by independent auditors.

Community Engagement

Torrent Power Limited engages with communities primarily through its Corporate Social Responsibility (CSR) framework, which emphasizes uplifting underserved populations in its operational areas, particularly in . The company's initiatives are guided by three core thrust areas: community healthcare, , and ; and knowledge enhancement; and social care with environmental concerns. These programs target rural and marginalized groups, aiming to foster and socio-economic development. In community healthcare, Torrent Power's flagship REACH (Rural and Adolescent Child Healthcare) program addresses pediatric health needs across over 1,900 villages in , including regions like Sugen, Dahej, Indrad, and Dang. The initiative includes the establishment of three Primary Paediatric Health Centers, satellite sub-centers, and a 150-bed NABH- and NABL-certified UNM Children at Sugen, which provided over 63,273 outpatient services in FY 2024-25 and has cumulatively served nearly 700,000 patients since inception. Allied activities focus on menstrual hygiene and counseling for adolescent girls, distributing over 29,935 biodegradable sanitary pads and benefiting more than 100,000 girls to date. Screening efforts identified and treated anaemia and in over 174,000 children, with 59% of malnourished and 90% of anaemic children showing improvement. Surgical camps in tribal areas assisted 526 to 736 patients annually. These efforts are supported by contributions to the UNM and medical equipment investments totaling ₹2.97 . Education and knowledge enhancement programs under Shiksha Setu (Phase III) reach over 29,000 students across 117 schools in areas such as Sabarmati, , Kamrej, Vadgam, and Kadi. The initiative comprises a Learning Enhancement Programme that improved in 60% of participants, enabling them to become active readers; a Second Chance Programme aiding 153 school dropouts; and vocational skills for 224 women, generating ₹5.86 in for participants. Additional efforts include Urja Vidyalaya for economically children in Sabarmati and on electrical and in communities like Dahej. These programs enhance and access to quality education for and rural youth. Social care initiatives promote community well-being through environmental and recreational projects, such as the Pratiti public park development, which revamped nine parks covering 98,000 square meters in and , including Victoria Park and Lake View Park. The company maintains eight parks in and supports ecological upgrades in Hills. Waste management under Project Sankalp collected 4,265 kg of plastic in , while tree-planting drives added 170,000 trees in FY 2024-25, contributing to a cumulative total exceeding 860,000. Sports promotion via the Dham Equestrian Center in provides training in horse riding, dressage, and show jumping to young students from underprivileged backgrounds. Safety campaigns like "VIJ SALAMATI" during monsoons and kite-flying seasons educate communities on electrical hazards. Overall, Torrent Power's community engagement in FY 2024-25 involved an expenditure of approximately ₹51.04 crore, exceeding the required ₹45.55 crore under regulatory mandates, with unspent amounts transferred to dedicated accounts for future use. These initiatives have expanded to over 300 new villages, demonstrating a commitment to long-term societal impact through partnerships with local stakeholders and the .

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