Torrent Power Q1 FY27 Results (NSE: TORNTPOWER)
Signal: Growth reaccelerated
The read
The operating trajectory is stable rather than accelerating: revenue grew 2.8% YoY to ₹8124.15 crore and EBITDA grew 2% to ₹1618.59 crore, but PAT fell approximately 13.9% to ₹638.85 crore because financing costs for the expanding under-construction portfolio are currently offsetting distribution and renewable gains.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹8,124.15 Cr | +2.8% | +26.8% |
| EBIT | ₹1,218.18 Cr | N/A | |
| Net profit | ₹638.85 Cr | -13.9% | |
| EPS | ₹12.68 | -12.7% | |
| EBIT margin | 19.9% |
P&L walk
Consolidated revenue increased to ₹8124.15 crore, +2.8% YoY, and EBITDA rose to ₹1618.59 crore, +2%, supported by distribution and renewable businesses, but PAT declined to ₹638.85 crore, approximately -13.9% YoY, as higher finance costs from strategic investments absorbed operating gains.
Segments
Distribution and renewable businesses were the disclosed operating drivers, with EBITDA growth of 10% and 6% respectively, while LNG supply disruptions pressured thermal generation; no segment revenue or PBIT table was provided.
Key positives
- Distribution EBITDA grew 10% YoY, providing the strongest disclosed operating contribution despite geopolitical and LNG-related thermal disruption.
- Renewable EBITDA grew 6% YoY, driven by higher plant load factors and projects commissioned during the previous year.
- The platform is expanding beyond its existing 6.6 GWp installed generation base, with approximately 4.2 GWp of renewable projects and 3 GW of pumped-storage capacity under development.
- Nabha Power was acquired for ₹3632.35 crore and adds a wholly owned 2x700 MW coal-based plant backed by long-term PPAs.
Key concerns
- PAT fell approximately 13.9% YoY to ₹638.85 crore despite 2% EBITDA growth, as higher finance costs from increased borrowings absorbed operating improvement.
- Thermal plant performance was affected by geopolitical disruptions to LNG supplies, leaving the generation portfolio exposed to fuel availability.
- The June 2026 ₹3800 crore secured NCD issuance and Nabha Power acquisition increase financing and integration demands while the under-construction portfolio is still being developed.
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