Torrent Power outlines Rs 30,000 crore expansion plan in FY2025-26
Torrent Power Limited reported its financial results for the quarter and year ended March 31, 2026, while outlining major investments across thermal power, renewable energy and energy storage projects aimed at expanding its long-term generation portfolio.
On a consolidated basis, revenue from operations for FY2025-26 stood at Rs 28,966 crore, marginally lower than Rs 29,165 crore reported in the previous fiscal year. Total Comprehensive Income (TCI) for the year stood at Rs 2,514 crore, compared to Rs 3,059 crore in FY2024-25. The company noted that the previous year’s TCI included a one-time non-cash reversal of deferred tax liabilities amounting to Rs 637 crore. Excluding this impact, adjusted TCI improved by Rs 92 crore year-on-year.
Torrent Power said the improvement was supported by stronger operational performance in its licensed and franchised distribution businesses and the renewable energy segment, though partly offset by higher interest and depreciation expenses linked to ongoing capacity expansion projects. The company added that its gas-based generation business delivered positive performance despite volatility in global gas markets and fluctuations in power demand. For the fourth quarter of FY2025-26, consolidated revenue from operations stood at Rs 6,406 crore, while TCI was reported at Rs 408 crore.
The company also announced plans to invest more than Rs 30,000 crore to expand its thermal generation capacity by nearly 3 GW. As part of this expansion, Torrent Power has started construction of a 1,600 MW ultra-supercritical thermal power project in Madhya Pradesh comprising two 800 MW units. The project is being developed under the Design, Build, Finance, Own and Operate (DBFOO) model at an estimated cost of Rs 23,000 crore. The company has signed a 25-year Power Purchase Agreement (PPA) for the project with MP Power Management Company Ltd.
Further strengthening its thermal portfolio, Torrent Power entered into a Share Purchase Agreement on February 16, 2026, to acquire 100% stake in Nabha Power Limited for Rs 3,660.87 crore. Nabha Power operates a 2×700 MW coal-based supercritical thermal power plant in Punjab and has long-term PPAs with Punjab State Power Corporation Limited. Including projects under development and planned acquisitions, the company said its total generation and pumped storage capacity is expected to reach nearly 12.05 GWp and 3 GW, respectively.
In the renewable energy segment, Torrent Power aims to expand its portfolio to around 5.95 GWp. The company is also developing a 3 GW pumped storage hydro project in Maharashtra and has signed a 2,000 MW Energy Storage Facility Agreement with Maharashtra State Electricity Distribution Company Limited. The project is expected to generate annual revenue of Rs 1,680 crore after commissioning targeted for October 2028.
Torrent Power reported distribution losses of 2.33% in its licensed distribution business, which it said remain the lowest in the country. The company also stated that it secured the top position in national rankings among 65 distribution companies (DISCOMs).
The Board of Directors recommended a final dividend of Rs 5 per equity share. Together with the interim dividend of Rs 15 per share already paid, the total dividend for FY2025-26 stands at Rs 20 per equity share. The board also approved a proposal to raise up to Rs 10,000 crore through issuance of Non-Convertible Debentures (NCDs) on a private placement basis.
