Torrent Power shares tank 9% as earnings fail to impress; here’s what investors should know from Q4 results

Torrent Power shares declined nearly 9% to touch an intraday low of ₹1,461.50 apiece on Wednesday, May 13, as the company’s consolidated net profit slumped 70% for the quarter ended March 31, 2026 (Q4 FY26) at ₹318 crore.

Its net profit in the same period of the last fiscal year was at ₹1,059.5 crore. For the full FY26, the net profit stood at ₹2,469.36 crore as against ₹3,058.61 crore recorded in the preceding year.

The company’s revenue from operations stood at ₹6,406 crore year-on-year (YoY) for the quarter under review as compared to ₹6,456 crore, marking a decrease of 0.77%. Torrent Power's expenses were at ₹5,929.59 crore in Q4 FY26 from ₹5,951.34 crore in the same period a year ago.

Its operating profit, or earnings before interest, taxes, depreciation, and amortisation (EBITDA), advanced 2% to ₹1,150 crore as against ₹1,130 crore YoY.

In Q4 FY26, the firm’s margin was almost flat at 17.94% in contrast to the 17.5% reported in the same quarter last fiscal year.

In a separate statement, the company said the preceding fiscal year's figure came after “adjusting for one-time, non-cash reversal of deferred tax liabilities of ₹637 crore in FY25”.

The board of directors, at its meeting held on Tuesday, recommended the final dividend of ₹5 per equity share.

The company has an aggregate installed generation capacity of 5,094 MWp, comprising 2,730 MW of gas-based capacity, 2,002 MWp of renewable capacity and 362 MW of coal-based capacity.

Torrent Power further said it is in the process of acquiring the 1.40 GW coal-based Nabha Power Project.

The company distributes nearly 31 billion units of power to around 4.29 million customers across Ahmedabad, Gandhinagar, Surat, Dahej SEZ and Dholera SIR in Gujarat; the Union Territory of Dadra and Nagar Haveli and Daman and Diu (DNH & DD); Bhiwandi, Shil, Mumbra and Kalwa in Maharashtra; and Agra in Uttar Pradesh.

Here’s what management said

Jinal Mehta, Vice Chairman and Managing Director, Torrent Power, said: “FY26 marks a milestone in our journey, as we prepare ourselves for the next phase of sustainable growth. Guided by our long-term vision, we committed significant capital to accelerate the growth of our renewables, thermal and storage solutions businesses.

In the thermal business, we committed over Rs 30,000 crore towards enhancing our thermal capacity by 3 GW, which includes initiating construction of a new 1,600 MW power project in MP and the strategic acquisition of 1,400 MW Nabha Power, which further reinforces our position in the thermal generation segment."

Torrent Power share price

At 12:19 PM, Torrent Power shares were trading at ₹1,486.70 apiece on the National Stock Exchange, declining 6.94%.

In the last five days, shares of the firm have tanked 15%, while for six months’ time, they have surged 15%. From the beginning of the year, Torrent Power shares have jumped 12%.

The company has a market capitalisation of ₹74,875.03 crore.

Shares of the company had touched their one-year high of ₹1,824.10 apiece on April 27, 2026, while their 52-week low of ₹1,188 was hit on October 6, 2025.