Torrent Power Limited — Q1FY27 earnings call summary

Filed 03 August 2026 · Company audio recording

1.2 GW renewable capacity targeted for FY27 commissioning; 400 MW expected in H1, 800 MW in H2.
70 MW renewable capacity commissioned in Q1; 4.6 GW renewable projects under implementation.
FY27 renewable capex guidance at ~₹10,000 cr; Q1 incurred ₹1,550 cr in renewables, total ₹2,300 cr including thermal, transmission, distribution.
No current plans to tie gas plants to CNI or data center PPAs due to price hedging risks and preference for renewables in these segments.
Merchant gas EBITDA steady-state target ~₹1,000 cr annually; gas prices expected to normalize to $6-8/MMBTU, supporting competitiveness vs battery storage.
NABHA power plant (Navapower) consolidated for 5 days in Q1, EBITDA contribution ₹15 cr; steady-state EBITDA expected ₹250 cr per quarter.
Anupur thermal (1.6 GW) and Palm Storage Hydro (3 GW) projects progressing; commissioning expected in 6-7 and 3-4 years respectively.
Thermal margins resilient despite elevated gas prices; merchant power and LNG trading EBITDA down ₹87 cr QoQ due to high gas costs.