Integrated power utility Torrent Power reported revenue from operations of ₹98.02 billion (~$1.04 billion) in the second quarter (Q2) of the financial year (FY) 2027, an increase of 24.4% year-over-year (YoY) from ₹78.76 billion (~$837.60 million).

The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 25.5% YoY to ₹19.88 billion (~$211.42 million) from ₹15.84 billion (~$168.46 million).

Profit after tax rose 13% YoY to ₹8.38 billion (~$89.12 million) from ₹7.42 billion (~$78.91 million).

Torrent Power attributed its improved performance to higher contributions from its distribution and renewable energy businesses and the consolidation of its acquisition of Nabha Power.

The renewable energy portfolio benefited from higher plant load factors (PLFs) and contributions from newly commissioned projects. Improved operational performance across the distribution businesses and the Nabha acquisition also contributed to earnings growth.

Torrent Power’s consolidated diluted earnings per share (EPS) increased 13.4% YoY to ₹16.28 (~$0.173) from ₹14.36 (~$0.153).

1H FY 2027

Torrent Power’s revenue from operations increased 13.6% YoY to ₹179.26 billion (~$1.90 billion) in the first half (1H) of FY 2027 from ₹157.82 billion (~$1.68 billion).

EBITDA increased 13.7% YoY to ₹36.06 billion (~$383.49 million) from ₹31.71 billion (~$337.23 million).

Profit after tax rose 1.1% YoY to ₹15 billion (~$159.52 million) from ₹14.83 billion (~$157.72 million).

During the first half, the company’s wind portfolio recorded a PLF of 36.2%, compared to 30.8% in the corresponding period last year. Solar PLF increased to 21.4% from 18.9%, while the hybrid portfolio recorded a PLF of 38.5%.

The company’s consolidated diluted EPS marginally increased 0.2% YoY to ₹28.95 (~$0.308) from ₹28.88 (~$0.307).

Operational Performance

Torrent Power’s wind portfolio recorded a PLF of 39.2% during the quarter, compared to 30.1% in the corresponding quarter last year.

The PLF of its solar portfolio increased to 17.1% from 16%, while its operational hybrid portfolio recorded a PLF of 38.5%.

The company’s operational solar capacity increased to 1,137 MWp from 949 MWp in the corresponding quarter last year. Its operational wind capacity stood at 921 MW, while hybrid capacity stood at 254 MWp.

In its distribution business, electricity supplied or purchased in Ahmedabad increased to 2,591 million units from 2,508 million units in the corresponding quarter last year.

Surat recorded 1,112 million units, compared to 1,102 million units, while electricity supplied or purchased in Dadra and Nagar Haveli and Daman and Diu marginally declined to 2,824 million units from 2,830 million units.

Renewable Energy and Storage Pipeline

As of September 30, 2026, Torrent Power had an operational generation capacity of approximately 6.8 GWp, comprising 2.73 GW of gas-based capacity, 1.76 GW of coal-based capacity, and 2.31 GWp of renewable energy capacity.

Its renewable energy portfolio comprised 1,137 MWp of solar, 921 MW of wind, and 254 MWp of hybrid capacity.

The company has approximately 4.3 GWp of renewable energy projects under development, comprising 382 MWp of solar, 1,329 MW of wind, and 2,567 MWp of hybrid projects.

Torrent Power aims to increase its renewable energy portfolio to approximately 6.59 GWp, with an estimated investment of ₹306.38 billion in its renewable project pipeline.

The pipeline includes 450 MW of contracted hybrid capacity for its own distribution business, involving 830 MWp of installed capacity, and another 250 MW of firm and dispatchable renewable energy capacity involving 500 MWp of hybrid installations.

The company also has approximately 1,183 MWp of commercial and industrial solar and hybrid projects in its development pipeline, with contracted capacity of approximately 767 MW.

In the energy storage segment, Torrent Power is developing a 3 GW pumped storage hydropower project in Maharashtra’s Raigad district at an estimated cost of ₹140 billion.

Of this capacity, the company has executed an energy storage facility agreement with Maharashtra State Electricity Distribution Company for 2,000 MW/16,000 MWh for 40 years, with scheduled commissioning in March 2030.

It has also received a letter of award from the Solar Energy Corporation of India for 300 MW/2,400 MWh of pumped storage capacity for 40 years.

Torrent Power’s broader pumped storage pipeline stands at approximately 8.4 GW across Maharashtra and Uttar Pradesh, including the 3 GW project under construction.

Including projects under development, Torrent Power’s total generation capacity is expected to increase to approximately 12.7 GWp, alongside its pumped storage portfolio.

Torrent Power posted revenue of ₹81.24 billion (~$852.21 million) in the previous quarter, an increase of 3% YoY from ₹79.06 billion (~$829.34 million).