TORNTPOWER · Power
Torrent Power Ltd. reported revenue of ₹7,876 cr for July to September 2025, +9.8% on the year and −0.4% on the quarter. Over the last four quarters revenue comes to ₹28,737 cr, −1.3% on the four before.
Operating profit (EBITDA) was ₹1,506 cr, a margin of 19.1%, +230 bps on the year and +36 bps on the quarter. Over the last 8 quarters the margin has ranged from 16.4% to 20.6%, averaging 17.9%. Operating costs grew +6.7% against revenue growth of +9.8%, so more of each rupee of sales reached operating profit.
Net profit was ₹742 cr, +49.5% on the year and −0.1% on the quarter, with earnings per share of ₹14.36. Profit before other income, one-offs and tax grew faster, at +59.8%; other income, one-offs or tax held the headline back. The tax rate of 24% is in line with its recent average. Profit over the last four quarters totals ₹3,050 cr, +31.8% on the four before.
Most power earnings are regulated returns on equity, with fuel costs passed through, so revenue can swing with fuel prices while profit moves far less. The quarterly statements do not carry plant load factor, capacity added and regulated equity; those come with the filing read.
On earnings per share of ₹59.35 over the last four quarters, the stock at ₹1,236.00 trades at 20.8 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Metric | Q2 FY26 |
|---|---|
| Debtors Turnover Ratio (6M) (x) | 5.44 |
| Inventory Turnover Ratio (6M) (x) | 21.97 |
| Operating Margin | 19.12% |
| Net Profit Margin | 9.42% |
Read using the Power and utilities framework (named in the filing read). Primary valuation lens: P/B against allowed RoE.
Read more closely in this sector: Regulatory receivables and late payment surcharge · Capacity announced against commissioned.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹6,366 cr | ₹6,529 cr | ₹9,034 cr | ₹7,176 cr | ₹6,499 cr | ₹6,456 cr | ₹7,906 cr | ₹7,876 cr | ₹6,778 cr | ₹6,406 cr | ₹8,124 cr | ₹9,802 cr |
| YoY | — | — | +23% | +3% | +2% | −1% | −12% | +10% | +4% | −1% | +3% | +24% |
| EBITDA margin | 16.4% | 17.0% | 20.6% | 16.8% | 17.1% | 17.5% | 18.8% | 19.1% | 20.7% | 17.9% | 18.9% | 17.7% |
| Other income, % of PBT | 11% | 16% | 6% | 18% | 27% | 18% | 11% | 8% | 9% | 13% | 9% | 22% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 27% | 28% | 24% | 28% | 22% | — | 25% | 24% | 19% | 39% | 28% | 26% |
| Net profit | ₹374 cr | ₹447 cr | ₹996 cr | ₹496 cr | ₹489 cr | ₹1,077 cr | ₹742 cr | ₹742 cr | ₹655 cr | ₹331 cr | ₹662 cr | ₹838 cr |
| YoY | — | — | +87% | −9% | +31% | +141% | −26% | +50% | +34% | −69% | −11% | +13% |
| Core profit YoY | — | — | +98% | −11% | −0% | −3% | −29% | +60% | +61% | −6% | −4% | −2% |
| EPS | ₹7.49 | ₹8.95 | ₹20.23 | ₹10.01 | ₹9.44 | ₹21.03 | ₹14.52 | ₹14.36 | ₹12.76 | ₹6.31 | ₹12.68 | ₹16.28 |
| Flags | · | · | ✓ | ✓ | 1 | 2 | ✓ | ✓ | ✓ | ✓ | ✓ | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Torrent Power Ltd. reported revenue of ₹7,876 cr (+9.8% on the year) and net profit of ₹742 cr (+49.5% on the year) for July to September 2025.
Profit before other income, exceptional items and tax moved +59.8% on the year, against +49.5% for reported profit.
None of the 7 checks that could run raised a question.
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