Torrent Power Limited (TORNTPOWER) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Cofacto Research Published October 31, 2026 6 min read

Torrent Power is an integrated power utility with generation, transmission and distribution operations across Gujarat and other states, reporting into a quarter when all-India power demand ran about 11-13% higher year-on-year and Gujarat distribution demand was up roughly 12%. The print will speak to two things above all: the merchant/LNG earnings bridge flipping from a prior-year tailwind to a headwind at spot LNG above $20/MMBtu, and whether the company stays on its guided ~400 MW cumulative renewables commissioning checkpoint for Q2 FY27.

Quick Details
Results dateNovember 04, 2026
QuarterQ2 FY 2026-2027
Previous quarter revenueRs. 8,124.15 Cr
Previous quarter PATRs. 661.85 Cr
Previous quarter EBITDA margin19.93%
Market capRs. 59,102.85 Cr
CMPRs. 1,172.9

Torrent Power Limited Q2 Results Date and Time

A board meeting is scheduled on November 4, 2026, to approve the Q2 and H1 FY27 (unaudited) financial results, per the company's Regulation 29 SEBI LODR intimation signed by CS Rahul Shah.

The earnings call is scheduled for November 4, 2026, at 6:30 pm IST. Participants include Vikas Poddar (ED & CFO), Saurabh Mashruwala (ED) and Rishi Shah (VP).

What to expect from Torrent Power Limited's Q2 FY27 results

The quarter's central test is the merchant/LNG bridge: Q2 FY27 laps a Q2 FY26 base that carried about 650 MUs of merchant sales and +Rs. 304 crores of merchant/LNG gains, while spot LNG sat above $20/MMBtu through the quarter — GAIL paid more than $23/MMBtu for a September-delivery cargo — against management's stated view that gas prices should settle in the range of $6 to $8 per MMBtu.

The demand backdrop is the strongest element: all-India consumption rose 12.85% YoY in August 2026 to 169.01 BU with peak demand of 258.27 GW, and Gujarat September-October demand ran about 12% above prior years, a tailwind for Ahmedabad, Surat and DDDNH unit sales after Q1's mixed pockets.

Below EBITDA, finance costs are the clearest carry-over — up 38.12% YoY to Rs. 292.99 Cr in Q1 with debt/equity at 0.97 vs 0.44 a year ago — and the Nabha and renewables debt build lands in Q2, with rating agencies flagging net leverage of 2.0-2.1x at FY26 against the company-presented 1.41x for FY25.

On the guidance scorecard, the ~400 MW cumulative RE commissioning checkpoint for Q2 and the ~INR10,000 crores FY27 RE capex pace (Q1 ran INR1,550 crores) are the milestones to test, alongside Nabha Power's first full quarter against the ~INR1,000 crores steady-state EBITDA ambition and the domestic gas price stepping up from $9.00/MMBtu in September to $11.22/MMBtu notified for October. The call will also be new CFO Vikas Poddar's first results call since taking charge on August 21, 2026.

Key Things To Watch

1.2 GW FY27 RE commissioning and capex checkpoints: The guided phasing puts ~400 MW cumulative by Q2 FY27 and ~800 MW in H2.

  • Cumulative RE commissioning vs the ~400 MW Q2 checkpoint (phasing of ~70 MW in Q1, ~400 MW by Q2, ~800 MW in H2), with ROW/transmission the management-flagged execution risk
  • RE capex run-rate vs the ~INR10,000 crores FY27 target — Q1 ran INR1,550 crores, so H1 needs roughly a doubling to track the full-year goal
  • Management committed to quarterly stakeholder updates if transmission/ROW issues affect the 1.2 GW target

Merchant/LNG earnings vs a tough prior-year base: Q2 FY26 carried ~650 MUs of merchant sales and ~INR300 crores of YoY merchant contribution gains.

  • Merchant/LNG bridge against the +Rs. 304 crores / ~650 MU prior-year base, with Q1 FY27 merchant gains at -INR87 crores YoY on 445 MUs sold
  • High-DAM dispatch economics at spot LNG above $20/MMBtu (DGEN variable cost ~INR13/unit at $20 spot) and the cost of the 10 Brent-linked cargoes contracted for next year

Nabha Power first full quarter of consolidation: The 2x700 MW plant, acquired June 25, 2026 for Rs. 3,632.35 Cr, contributed only 5 days in Q1.

  • Progression from the 5-day INR15 crores PBT contribution toward the ~INR1,000 crores steady-state EBITDA guidance
  • Any disclosure of Nabha fixed-side tariff details, previously shared only 'offline' on the Q1 call

UNOSUGEN appeal and SECI wind PPA termination: Two regulatory/contract overhangs carry into the call.

  • Update on recovery of the INR171 crores UNOSUGEN provision, with management expecting a favorable appeal outcome citing a Q2 precedent where the regulator removed the cap and approved full power purchase cost
  • Impact of the Rs. 39.78 crore liquidated damages from the October 7, 2026 termination of the 300 MW SECI wind PPA, and any rebid/re-negotiation updates

Leverage, tax rate and management transition: Balance-sheet trajectory is under rating-agency scrutiny during the capex ramp.

  • Net leverage trajectory: 2.0-2.1x at FY26 per rating agencies vs 1.41x company-reported FY25, with CRISIL projecting above 3.5x in 2028 and above 4.0x peak in FY29-30; watch the proposed Rs. 2,500 Cr NCDs against the enhanced Rs. 35,000 Cr borrowing limit
  • Whether the 28% tax rate (up from 25%) persists after tax-holiday completion
  • First results call for CFO Vikas Poddar (effective Aug 21, 2026), with Saurabh Mashruwala continuing as Executive Director

Frequently Asked Questions

Is Torrent Power on track with its 1.2 GW renewables commissioning target for FY27?

Management confirmed on the Q1 FY27 call that the ~1.2 GW FY27 target is achievable after factoring right-of-way and transmission issues, with a stated phasing of ~70 MW in Q1, ~400 MW cumulative by Q2 and ~800 MW in H2. The company committed to quarterly updates if execution issues arise.

How did high LNG prices affect Torrent Power's merchant power earnings?

In Q1 FY27, merchant/LNG gains were down INR87 crores year-on-year on 445 MUs of merchant sales, as spot LNG around USD 20/MMBtu was described by management as unaffordable and margin-impacting. Management continues to target high-DAM slots where prices are not capped at INR10, using plant flexibilization for frequent starts and stops.

What is the status of the UNOSUGEN power purchase cost dispute?

Torrent Power took an INR171 crores provision in Q4 FY26 after the regulator capped power purchase cost for the UNOSUGEN plant, and management expects recovery via appeal. It cites a Q2 precedent in which the regulator removed a cap and approved the full power purchase cost.

How much capex is Torrent Power planning over the next five years?

Management has guided to ~INR80,000 crores of capex over the next five years, with annual capex of INR15,000-20,000 crores, including INR28,000 crores for renewables, INR23,000 crores for coal and INR14,000 crores for pumped storage hydro through FY31/FY32. FY27 capex is stated to be 'definitely much, much higher' than FY26's ~INR9,350 crores.

Why did Torrent Power's tax rate increase?

The tax expense ratio rose to 28% from 25% due to the completion of tax holiday periods for some units. Whether the 28% rate persists is one of the items to track in the upcoming results.

Disclaimer: This earnings preview is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.

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