Torrent Power Ltd's Q2 FY27 numbers came in mixed, with revenue of Rs. 9,801.58 Cr (+24.40% YoY) and PAT growth of +13.30% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 04, 2026 |
|---|---|
| Revenue (Q2) | Rs. 9,801.58 Cr (+24.40% YoY) |
| PAT (Q2) | Rs. 820.19 Cr (+13.30% YoY) |
| EBITDA margin | 20.28% (+17 bps YoY) |
| EPS (Q2) | Rs. 16.28 (+13.40% YoY) |
Consolidated revenue grew 24.4% YoY to Rs.9,801.58 Cr and EBITDA 25.5% to Rs.1,987.59 Cr, but growth was overwhelmingly acquisition-aided — Nabha contributed ~59% of the YoY revenue increase — while standalone PAT fell 9.42%. Underlying Reg-52 operating margin compressed 138 bps YoY to 17.74% as fuel costs nearly doubled, and leverage doubled (D/E 0.97 vs 0.51) with DSCR at 1.65x vs 4.46x. No management guidance numbers were beaten or missed in the filing; the key forward tests are the ~Rs.10,000 Cr FY27 RE capex target (H2-weighted, currently a stretch) and Nabha's path to ~Rs.1,000 Cr steady-state EBITDA.
| Driver | What happened | Verdict |
|---|---|---|
| "distribution strength likely does not fully offset the tougher merchant volume comp" | Revenue +24.4% YoY; T&D +14.0%; Generation +37.5% (Nabha-aided); merchant MUs not disclosed | Partially |
| Margins "likely compressing on the merchant/LNG bridge" | Op margin ex-OI 17.74% vs 19.12% YoY (−138 bps); EBITDA incl OI Rs.1,987.59 Cr, +25.5% (consolidation-aided) | Partially |
| "finance costs are the clearest negative carry-over" | Finance costs +103.5% YoY (Rs.439.19 Cr); standalone +65.7% | Played out |
| Carrying-cost orders as partial offset ("Rs.41 Cr recognized in Q1") | No new orders disclosed in the filing | Not observable |
| "~400 MW cumulative RE commissioning checkpoint for Q2" | Filing silent on MW — open for the call | Not observable |
| "Nabha's first full quarter against the ~Rs.1,000 Cr steady-state EBITDA ambition" | Q2 revenue Rs.1,145.02 Cr, profit Rs.122.99 Cr; entity EBITDA not disclosed — Too Early | Partially |
| "the gas 'settle at $6–8' framing clearly did not hold" | Filing silent; external prints (pre-call note, web-sourced) contradict the framing | Not observable in filing |
| Tax rate persistence at ~28% | H1 ETR 27.05% vs 24.50% | Played out |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| ~Rs.10,000 Cr RE capex in FY27 | Q1 FY27 earnings call | H1 total capex payments Rs.4,964.12 Cr (no RE split disclosed) | Too Early |
| Nabha steady-state EBITDA ~Rs.1,000 Cr | Q1 FY27 earnings call ("steady-state basis") | First full quarter: revenue Rs.1,145.02 Cr, profit Rs.122.99 Cr; entity EBITDA not disclosed | Too Early |
| Tax rate ~28% (vs 25%) on tax-holiday completion | Management commentary, prior-quarter calls | Q2 ETR 25.89%; H1 27.05% vs 24.50% | On Track |
| UNOSUGEN Rs.171 Cr recovery via appeal | Q4 FY26 earnings call (May 13, 2026) | No update in filing | Too Early |
| Solapur transmission commissioning FY27 | Q1 FY27 earnings call | Not addressed in filing | Too Early |
| "Strong, under-leveraged balance sheet" supporting the capex plan | Q1 FY27 call framing (prior-quarter notes) | Debt-equity 0.97 vs 0.51 YoY; net debt ~3.39× TTM EBITDA (derived); ISCR 3.92× vs 7.25× | Contradicted directionally |
| Distribution profitability is capitalization/ROE-driven, not volume-driven | Prior-quarter calls | T&D result +7.6% YoY on +14.0% revenue; margin 13.30% vs 14.08% | Partially confirmed |
| Gas prices "should settle somewhere in the range of $6 to $8 per MMBtu" | Q1 FY27 call | Filing silent; per pre-call note (web-sourced, dated): domestic gas US$9.00/MMBtu Sep → US$11.22 notified Oct; spot cargo paid >$23 — external context, not filing data — external prints contradict the framing | Not observable in filing |
| Tax rate 28% vs 25% | Prior-quarter calls | H1 ETR 27.05% vs 24.50% | Confirmed |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.