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Torrent Power Appoints Vikas Poddar as CFO Following Retirement of Saurabh Mashruwala
Torrent Power announced the resignation of Chief Financial Officer Saurabh Mashruwala effective August 20, 2026, due to planned retirement. To ensure continuity, Mashruwala will continue as Executive Director during a transition phase. The company has appointed Vikas Poddar as the new CFO and Key Managerial Personnel effective August 21, 2026. Poddar brings over 27 years of finance experience, having previously served as CFO at Indus Towers and holding senior finance roles at Vodafone and ITC.
Confidence: HIGH
What changedSaurabh Mashruwala has retired as CFO and Vikas Poddar has been appointed as the new Chief Financial Officer of Torrent Power.
Why it mattersA planned CFO succession with an experienced leadership hire ensures continuity across capital allocation, debt management (Rs 8,311 Cr debt), and ongoing renewable capex execution.
Effective Date of New CFO Appointment: August 21, 2026Incoming CFO Experience: over 27 yearsPrior Employer Scale (Indus Towers Revenue): USD 3.5B+Cessation Date of Outgoing CFO: August 20, 2026
📅 Short termNeutral market impact expected as the succession is orderly, planned, and includes an interim transition support role.
📈 Long termPoddar's deep infrastructure finance background should support Torrent Power's planned 3 GW renewable and 3 GW pumped hydro storage expansion pipeline.
Key Highlights
Saurabh Mashruwala stepped down as CFO effective August 20, 2026, due to planned retirement
Mashruwala will continue with Torrent Power as Executive Director to ensure a smooth transition
Vikas Poddar appointed as CFO and Whole Time KMP effective August 21, 2026
Incoming CFO Vikas Poddar brings over 27 years of experience, including prior CFO role at Indus Towers (USD 3.5B+ revenue)
👀 What to Watch
Track subsequent quarterly earnings calls for commentary on capital allocation, balance sheet strategy, and updates under new financial leadership.
Torrent Power Appoints Vikas Poddar as CFO Succeeding Retiring Saurabh Mashruwala
Torrent Power has announced a planned leadership transition in its finance team, effective August 20-21, 2026. Saurabh Mashruwala has resigned as Chief Financial Officer and Key Managerial Personnel due to planned retirement, but will continue as Executive Director to ensure a smooth transition. Vikas Poddar, former CFO of Indus Towers with over 27 years of finance experience across Indus Towers, Vodafone, and ITC, has been appointed as the new CFO effective August 21, 2026. The transition is orderly and maintains financial leadership stability for the ₹63,728 Cr market cap utility player.
Confidence: HIGH
What changedSaurabh Mashruwala retired from the CFO position, and Vikas Poddar (ex-Indus Towers CFO) took charge as CFO & KMP effective August 21, 2026.
Why it mattersCFO transitions are critical for large capital-intensive utilities managing ₹8,311 Cr in debt and extensive capex pipelines, but the planned handover with the outgoing CFO staying on as ED mitigates disruption risk.
Incoming CFO Experience: over 27 yearsEffective Appointment Date: August 21, 2026Effective Resignation Date: August 20, 2026Company TTM Revenue Context: Rs 27285 Cr
📅 Short termNeutral market reaction expected as this is a planned retirement with an established successor taking over immediately.
📈 Long termThe onboarding of an experienced corporate finance veteran from large-scale infrastructure (Indus Towers) supports long-term balance sheet governance and funding execution for renewable capex.
Key Highlights
Saurabh Mashruwala resigned as CFO effective close of business hours on August 20, 2026, due to planned retirement
Mashruwala will continue with the company as Executive Director (ED) to facilitate a smooth leadership handover
Vikas Poddar appointed as Chief Financial Officer & KMP effective August 21, 2026
Incoming CFO brings over 27 years of experience, having previously served as CFO at Indus Towers (revenue over USD 3.5B)
👀 What to Watch
Track subsequent quarterly financial commentary and capital allocation strategy under the new CFO, particularly regarding execution on the 3 GW renewable and 3 GW pumped hydro pipeline.
Torrent Power Appoints Vikas Poddar as CFO Following Saurabh Mashruwala's Retirement
Torrent Power Limited announced the resignation of its Chief Financial Officer, Saurabh Mashruwala, effective close of business on August 20, 2026, due to planned retirement. To ensure continuity, Mashruwala will continue as Executive Director during the transition phase. The Board has appointed Vikas Poddar as the new CFO and Whole Time KMP effective August 21, 2026. Poddar brings over 27 years of experience and was formerly the CFO of Indus Towers (a company with over USD 3.5B revenue).
Confidence: HIGH
What changedSaurabh Mashruwala stepped down as CFO on planned retirement; Vikas Poddar takes over as CFO effective August 21, 2026.
Why it mattersCFO leadership is central to managing Torrent Power's Rs 8,311 Cr debt book and funding large-scale capex commitments across renewables and storage.
Incoming CFO experience: over 27 yearsPrior employer revenue (Indus Towers): over USD 3.5BEffective date of appointment: August 21, 2026Effective date of cessation: August 20, 2026
📅 Short termSmooth handover is expected as the outgoing CFO remains as Executive Director during the transition period.
📈 Long termLimited operational disruption; the incoming CFO brings extensive infrastructure and FP&A leadership experience to steer balance sheet strategy.
Key Highlights
CFO Saurabh Mashruwala resigns effective close of business on August 20, 2026, due to planned retirement
Mashruwala to continue with the company as Executive Director to enable a smooth transition
Vikas Poddar appointed as CFO and Whole Time KMP effective August 21, 2026
Incoming CFO Vikas Poddar brings over 27 years of finance experience, including former CFO at Indus Towers (revenue > USD 3.5B)
👀 What to Watch
Track the upcoming quarterly earnings calls to assess leadership commentary on capital allocation for the 3 GW renewable and 3 GW pumped storage pipelines under the new CFO.
Torrent Power Appoints Vikas Poddar as CFO Succeeding Retiring Saurabh Mashruwala
Torrent Power has announced the appointment of Vikas Poddar as Chief Financial Officer (CFO) and Whole Time Key Managerial Personnel, effective August 21, 2026. He succeeds Saurabh Mashruwala, who resigned effective August 20, 2026, due to planned retirement but will continue as Executive Director to ensure a smooth transition. Vikas Poddar brings over 27 years of finance experience, having previously served as CFO at Indus Towers (revenue over USD 3.5B) alongside leadership roles at Vodafone and ITC. This planned leadership change comes as Torrent Power manages Rs 27,285 Cr in TTM revenue and a substantial renewable/pumped storage pipeline.
Confidence: HIGH
What changedVikas Poddar takes over as Chief Financial Officer and Key Managerial Personnel from Saurabh Mashruwala, who is retiring after a planned handover period.
Why it mattersA planned and structured CFO transition ensures continuity in managing Torrent Power's balance sheet (debt of Rs 8,311 Cr; D/E 0.44) and funding extensive clean energy capex.
Effective date of appointment: August 21, 2026Incoming CFO experience: over 27 yearsPrior firm revenue (Indus Towers): over USD 3.5BOutgoing CFO cessation date: August 20, 2026
📅 Short termNeutral market impact as this is an orderly, planned retirement succession with the outgoing CFO remaining as ED during the handover.
📈 Long termThe onboarding of an experienced large-cap infrastructure CFO supports capital structure management and governance as the firm expands its generation and distribution footprint.
Key Highlights
Vikas Poddar appointed as CFO and Whole Time KMP effective August 21, 2026
Incoming CFO brings over 27 years of corporate finance leadership experience
Poddar previously served as CFO of Indus Towers (revenue > USD 3.5B) with prior roles at Vodafone and ITC
Outgoing CFO Saurabh Mashruwala stepped down on August 20, 2026, due to planned retirement and will remain as ED during the transition
👀 What to Watch
Track upcoming quarterly investor calls for commentary from the incoming CFO regarding capital allocation for Torrent's 3 GW renewable and 3 GW pumped storage expansion pipelines.
Torrent Power Appoints Vikas Poddar as CFO Succeeding Retiring Saurabh Mashruwala
Torrent Power has announced a leadership transition in its finance division following a board meeting on August 20, 2026. Saurabh Mashruwala has resigned as Chief Financial Officer and Key Managerial Personnel due to planned retirement, effective close of business hours on August 20, 2026, though he will continue as Executive Director to support the transition. Vikas Poddar has been appointed as the new CFO and KMP effective August 21, 2026. Poddar brings over 27 years of experience, previously serving as CFO of Indus Towers and holding leadership roles at Vodafone and ITC.
Confidence: HIGH
What changedSaurabh Mashruwala has retired from the CFO position, and Vikas Poddar has taken charge as the new Chief Financial Officer of Torrent Power effective August 21, 2026.
Why it mattersCFO leadership is crucial as Torrent Power manages Rs 8,311 Cr in debt while executing massive capital expenditures in renewable energy and pumped storage projects.
Incoming CFO Experience: over 27 yearsEffective Date of Appointment: August 21, 2026Effective Date of Cessation: August 20, 2026Prior Employer Scale (Indus Towers Revenue): over USD 3.5B
📅 Short termNeutral; a planned retirement accompanied by the immediate induction of an experienced veteran ensures continuity without disruption.
📈 Long termPoddar's background in large-scale telecom infrastructure finance may strengthen financial management and debt structuring as Torrent Power expands into heavy-capex clean energy and storage assets.
Key Highlights
Saurabh Mashruwala steps down as CFO w.e.f. close of business on August 20, 2026, due to planned retirement
Vikas Poddar appointed as Chief Financial Officer and Key Managerial Personnel w.e.f. August 21, 2026
Incoming CFO Vikas Poddar possesses over 27 years of corporate finance experience and formerly served as CFO at Indus Towers (revenue > USD 3.5B)
Outgoing CFO will continue with the company as Executive Director (ED) to ensure a smooth transition
👀 What to Watch
Monitor upcoming quarterly earnings calls to assess the new CFO's capital allocation strategy, particularly regarding funding plans for the company's 3 GW renewable pipeline and 3 GW pumped hydro storage expansion.
₹35,000 Cr Borrowing Limit Approved at Torrent Power AGM; ₹20 Total Dividend Confirmed
Torrent Power's 22nd AGM concluded with shareholders approving a massive increase in borrowing limits to ₹35,000 Crore, providing the financial runway for its 6 GW renewable and storage pipeline. This new limit is significantly higher than the current debt of ₹8,311 Crore and represents approximately 183% of the company's current net worth of ₹19,068 Crore. Investors also received confirmation of a ₹5.00 per share final dividend, bringing the total FY26 payout to ₹20.00 per share. The re-appointment of key directors ensures management continuity as the company pivots toward regulated-return green energy assets.
Confidence: HIGH
What changedShareholders formally approved the expansion of borrowing capacity to ₹35,000 Crore and finalized the FY26 dividend payout and director re-appointments.
Why it mattersThe increased borrowing limit provides the financial flexibility required to execute the company's massive transition toward green energy and storage, which is central to its long-term growth strategy.
Borrowing Limit: ₹35,000 CroreBorrowing Limit vs Net Worth: ~183%Total Dividend (FY26): ₹20.00 per shareFinal Dividend: ₹5.00 per shareCurrent Debt: ₹8,311 Crore
📅 Short termThe confirmation of the final dividend and the clearing of administrative hurdles for funding should be viewed positively by the market in the coming weeks.
📈 Long termThe ₹35,000 Crore borrowing headroom is structurally significant as it enables the company to fund its 3 GW renewable and 3 GW pumped storage pipeline over the next few years.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Potential increase in leverage (D/E) as the company utilizes the ₹35,000 Cr limit
- Execution risk of large-scale pumped storage projects
Key Highlights
Approved borrowing limit enhanced to ₹35,000 Crore to fund capital-intensive expansion.
Total dividend of ₹20.00 per share confirmed for FY26, including a ₹5.00 final dividend.
New borrowing limit represents ~183% of the company's current Net Worth (₹19,068 Cr).
Re-appointment of 4 directors finalized, including 2 Independent Directors for board stability.
Borrowing limit of ₹35,000 Crore is ~1.28x the TTM Revenue of ₹27,285 Crore.
👀 What to Watch
Monitor the utilization of the new ₹35,000 Crore borrowing limit for specific project announcements in the 3 GW pumped storage and renewable pipeline. Watch for the impact of increased leverage on the current Debt-to-Equity ratio of 0.44.
₹35,000 Cr Borrowing Limit and ₹20 Total Dividend Approved at Torrent Power AGM
Torrent Power's 22nd AGM concluded with shareholders approving a total dividend of ₹20 per share for FY26 (₹15 interim and ₹5 final). A critical resolution was passed to enhance the company's borrowing limits to ₹35,000 Crore, providing significant headroom compared to the current debt of ₹8,311 Crore. This financial flexibility is intended to support the company's aggressive 3 GW renewable and 3 GW pumped storage pipeline. Additionally, the re-appointment of key directors and independent directors was confirmed to maintain leadership continuity.
Confidence: HIGH
What changedShareholders have officially ratified the FY26 dividend and granted the board legal authority to increase total borrowings to ₹35,000 Crore.
Why it mattersThe substantial increase in borrowing limits (from current debt of ₹8,311 Cr to ₹35,000 Cr) is the primary enabler for Torrent Power's transition strategy into green hydrogen and large-scale energy storage.
Final Dividend: ₹5.00 per shareTotal FY26 Dividend: ₹20.00 per shareNew Borrowing Limit: ₹35,000 CroreLimit vs Net Worth: ~183.5%Limit vs TTM Revenue: ~128.3%
📅 Short termThe confirmation of the final dividend and the enabling of higher borrowing limits are likely to be viewed positively by the market as it clears the path for growth funding.
📈 Long termThe ₹35,000 Cr borrowing headroom is structurally significant, allowing the company to fund its multi-year transition toward a greener energy mix without frequent shareholder approvals.
⚠ Risk flags
- Execution risk on large-scale pumped storage projects
- Potential increase in Debt-to-Equity ratio as the new limit is utilized
Key Highlights
Total dividend of ₹20.00 per share approved for FY26, including a ₹5.00 final dividend.
Borrowing limit enhanced to ₹35,000 Crore, which is approximately 1.8x the company's current Net Worth of ₹19,068 Crore.
The new borrowing limit represents ~128% of TTM Revenue, signaling massive capacity for future capex.
Re-appointment of Radhika Haribhakti and Ketan Dalal as Independent Directors approved.
Adoption of FY26 Standalone and Consolidated Financial Statements confirmed by members.
👀 What to Watch
Investors should monitor the pace of debt drawdown against the execution milestones of the 3 GW renewable and 3 GW pumped storage projects to ensure ROE remains within the regulated 14-15.5% range.
Torrent Power targets 12.3 GWp capacity; Nabha Power acquisition adds 1,400 MW
Torrent Power is executing a massive expansion strategy, aiming to nearly double its operational capacity from 6,564 MWp to 12,345 MWp. The company successfully integrated the 1,400 MW Nabha Power acquisition as of June 25, 2026, which significantly bolsters its thermal portfolio. With a 5,782 MWp pipeline primarily in renewables (Solar and Wind), the company is pivoting toward green energy while maintaining a robust balance sheet with a Net Debt/EBITDA of 2.06x. Additionally, a long-term target of 8.4 GW in Pumped Storage Power (PSP) highlights a strategic move into energy storage.
Confidence: HIGH
What changedThe company has formally integrated the 1,400 MW Nabha Power asset and detailed a roadmap to reach 12.3 GWp total capacity.
Why it mattersThe planned 88% capacity expansion significantly increases the company's scale and shifts its generation mix toward renewables, potentially leading to a valuation re-rating as green energy contributions grow.
Operational Capacity: 6,564 MWpPipeline Capacity: 5,782 MWpNabha Power Acquisition: 1,400 MWNet Debt/EBITDA (FY26): 2.06xPumped Storage Target: 8.4 GWPipeline vs Operational Ratio: 88.1%
📅 Short termThe integration of Nabha Power and the clear growth roadmap are likely to be viewed favorably by the market in the coming weeks as it provides visibility on revenue growth.
📈 Long termThe transition to a renewable-heavy utility with significant storage (PSP) and green hydrogen capabilities positions the company for structural growth in India's energy transition.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Execution risk in the 5.8 GW pipeline
- High T&D losses in franchised areas (SMK at 24.6%)
- Fuel supply and price volatility for gas-based plants
Key Highlights
Operational capacity reached 6,564 MWp as of June 30, 2026, including the 1,400 MW Nabha acquisition.
Total capacity pipeline stands at 5,782 MWp, representing an 88% increase over current operational levels.
Renewable pipeline includes 1,945 MWp of Solar and 2,236 MW of Wind under development.
Distribution efficiency remains a core strength with licensed area T&D losses as low as 2.8% in Surat.
Net Debt to Equity ratio is maintained at a comfortable 0.56x for FY26 despite aggressive growth plans.
👀 What to Watch
Investors should track the commissioning timeline of the 3 GW renewable projects currently under construction and the progress of the 8.4 GW Pumped Storage Power pipeline in Maharashtra and Uttar Pradesh.
₹3,632 Cr Nabha Power acquisition completed; Q1 FY27 Revenue up 3% to ₹8,124 Cr
Torrent Power reported a steady Q1 FY27 with revenue growing 3% YoY to ₹8,124 Cr and EBITDA rising 2% to ₹1,619 Cr. However, Total Comprehensive Income (TCI) declined 13.5% to ₹639 Cr, primarily due to higher finance costs from borrowings used to fund its massive expansion pipeline. A major milestone was the completion of the ₹3,632.35 Cr acquisition of Nabha Power Limited (1,400 MW coal plant) on June 25, 2026. While thermal performance was hindered by LNG supply issues, the distribution and renewable segments grew EBITDA by 10% and 6% respectively.
Confidence: HIGH
What changedTorrent Power has officially integrated Nabha Power into its portfolio and is transitioning into a high-capex phase, evidenced by rising finance costs and a massive 8.8 GWp development pipeline.
Why it mattersThe Nabha Power acquisition adds significant scale to the generation business (representing ~13% of TTM revenue in deal value), while the growth in distribution EBITDA highlights the stability of its regulated business model despite macro headwinds.
Q1 FY27 Revenue: ₹8,124 CrAcquisition Value (Nabha Power): ₹3,632.35 CrAcquisition vs TTM Revenue: ~13.3%EBITDA Growth: 2%Total Pipeline Capacity: 8.8 GWpTCI (Net Profit equivalent) YoY Change: -13.5%
📅 Short termThe stock may see some pressure due to the decline in net profit (TCI) and higher interest costs, though the operational growth in distribution is a positive buffer.
📈 Long termThe company is aggressively expanding its capacity from 6.6 GWp to over 15 GWp (including pipeline). Successful execution of the pumped storage and renewable projects could significantly re-rate the business.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Rising finance costs due to debt-funded expansion
- Geopolitical disruptions affecting LNG supply and thermal plant PLFs
- Integration risk of the newly acquired 1,400 MW coal asset
Key Highlights
Completed the 100% acquisition of Nabha Power Limited for ₹3,632.35 Cr, adding 1,400 MW of supercritical coal capacity.
Revenue from operations grew to ₹8,124 Cr in Q1 FY27 compared to ₹7,906 Cr in Q1 FY26.
Total Comprehensive Income (TCI) dropped to ₹639 Cr from ₹739 Cr YoY due to increased interest expenses.
Distribution business showed strong resilience with a 10% EBITDA growth during the quarter.
Total generation and storage pipeline stands at 8.8 GWp, including 4.2 GWp of renewables and 3 GW of pumped storage.
👀 What to Watch
Monitor the contribution of Nabha Power to the bottom line in Q2 FY27 and the progress of the 4.2 GWp renewable pipeline. Investors should also watch for any stabilization in LNG supply costs which impacted thermal plant performance this quarter.
Q1 PAT falls 11% to ₹661.85 Cr; ₹3,800 Cr NCD issuance raises Debt-Equity to 0.97
Torrent Power reported a consolidated PAT of ₹661.85 Cr for Q1 FY27, a 10.7% decline from ₹741.58 Cr in Q1 FY26. Standalone revenue from operations saw a marginal dip of 1.9% YoY to ₹6,048.71 Cr. A significant development was the full utilization of ₹3,800 Cr raised via Series-15 Non-Convertible Debentures (NCDs) in June 2026. This fundraise has notably increased the consolidated debt-equity ratio to 0.97, compared to 0.44 in the same period last year.
Confidence: HIGH
What changedThe company reported a double-digit decline in quarterly profit and a substantial increase in its debt profile following a ₹3,800 Cr NCD issuance.
Why it mattersThe sharp rise in the debt-equity ratio (0.97) indicates aggressive capital deployment or refinancing, which increases the company's financial risk profile while it pursues its renewable energy transition.
Consolidated PAT (Q1 FY27): ₹661.85 CrNCD Fundraise (Series-15): ₹3,800 CrDebt-Equity Ratio: 0.97NCD vs Net Worth: ~19.9%Consolidated Operating Margin: 18.93%
📅 Short termThe stock may face pressure in the short term due to the year-on-year decline in profitability and the significant increase in leverage.
📈 Long termThe long-term outlook depends on the company's ability to operationalize its 3 GW renewable pipeline and manage the higher interest burden from its expanded debt base.
⚠ Risk flags
- Significant increase in leverage (D/E 0.97)
- Declining YoY profitability
- Rising finance costs
Key Highlights
Consolidated PAT declined 10.7% YoY to ₹661.85 Cr for the quarter ended June 30, 2026
Raised ₹3,800 Cr through private placement of NCDs on June 24, 2026, which were fully utilized
Consolidated Debt-Equity ratio surged to 0.97 from 0.44 in the previous year's quarter
Standalone revenue from operations decreased to ₹6,048.71 Cr from ₹6,167.04 Cr YoY
Consolidated operating margin remained relatively stable at 18.93% vs 18.76% YoY
👀 What to Watch
Investors should monitor the impact of increased finance costs on future earnings following the ₹3,800 Cr debt addition. Watch for the execution timeline of the 3 GW renewable and 3 GW pumped storage pipeline to see if the higher leverage translates into revenue growth.
Torrent Power Completes Acquisition of Nabha Power for ₹3,632.35 Crore
Torrent Power Limited has successfully completed the acquisition of a 100% equity stake and convertible instruments in Nabha Power Limited (NPL) from L&T Power Development Limited. The final transaction value is settled at ₹3,632.35 Crore following closing adjustments. With the completion of this deal, NPL has officially become a wholly-owned subsidiary of Torrent Power effective June 25, 2026. This follows the initial Securities Purchase Agreement signed in February 2026 and subsequent CCI approval in April 2026.
Key Highlights
Acquired 100% equity and convertible instruments of Nabha Power Limited from L&T.
Total consideration for the acquisition finalized at ₹3,632.35 Crore.
Nabha Power Limited has become a wholly-owned subsidiary of Torrent Power.
The transaction was completed following the receipt of Competition Commission of India (CCI) approval.
👀 What to Watch
Investors should monitor the integration of Nabha Power's assets and its contribution to Torrent Power's consolidated earnings in the coming quarters. The acquisition marks a significant expansion of the company's power portfolio and should be viewed as a long-term growth driver.
Torrent Power Allots NCDs Worth ₹3,800 Crore Across Four Tranches
Torrent Power has successfully allotted 3,80,000 secured, rated, and listed Non-Convertible Debentures (NCDs) totaling ₹3,800 crore on a private placement basis. The issuance is structured into four tranches with tenures of 3, 5, 7, and 10 years, carrying competitive coupon rates between 8.10% and 8.20% per annum. These funds are expected to bolster the company's long-term capital structure and support ongoing projects. The NCDs are secured by a first pari passu charge on the company's movable and immovable assets, excluding specific renewable energy projects.
Key Highlights
Total fundraise of ₹3,800 crore through 3,80,000 NCDs with a face value of ₹1 lakh each.
Tranche A (₹750 Cr) at 8.10%, Tranche B (₹1,000 Cr) at 8.15%, and Tranches C & D (₹2,050 Cr total) at 8.20% interest.
Tenures range from 3 years (maturing June 2029) to 10 years (maturing June 2036).
Includes a coupon step-up clause of 0.25% per notch for credit rating downgrades.
Accelerated redemption right for holders if the company's credit rating falls to BBB+ or below.
👀 What to Watch
Investors should view this as a routine but significant capital raising exercise that secures long-term funding at stable rates. Monitor the company's leverage ratios and the deployment of these funds into growth-oriented power projects.
Torrent Power Sets June 19 as Record Date for ₹5 Final Dividend
Torrent Power Limited has officially fixed Friday, June 19, 2026, as the record date for its final dividend distribution. The company has proposed a dividend of ₹5 per equity share for the financial year ended March 31, 2026. This payout is subject to shareholder approval at the upcoming Annual General Meeting. Shareholders appearing on the register of members as of the record date will be eligible for the payment.
Key Highlights
Final dividend of ₹5 per equity share announced for the financial year 2025-26.
Record date for determining shareholder eligibility is fixed as June 19, 2026.
The dividend applies to equity shares with a face value of ₹10 each.
Payment is subject to declaration by members at the ensuing Annual General Meeting.
👀 What to Watch
Investors interested in receiving the ₹5 dividend should ensure they hold the shares before the ex-dividend date, which is typically one business day prior to the June 19 record date.
Torrent Power FY26 Revenue at ₹33,591 Cr; Plans to Double Capacity to 10.6 GWp
Torrent Power reported a consolidated revenue of ₹33,591 crore and EBITDA of ₹6,125 crore for the fiscal year ended March 31, 2026. The company is on a high-growth trajectory, aiming to increase its operational capacity from 5.1 GWp to 10.6 GWp through a mix of renewables and thermal projects. Key growth drivers include a ₹23,000 crore investment in a 1,600 MW thermal project in Madhya Pradesh and the acquisition of the 1,400 MW Nabha Power plant. Distribution efficiency remains a core strength, with losses in major licensed areas like Ahmedabad and Surat staying below 3.5%.
Key Highlights
FY26 Consolidated Revenue stood at ₹33,591 crore with an EBITDA of ₹6,125 crore.
Total operational capacity is projected to grow from 5.1 GWp to 10.6 GWp, including the 1,400 MW Nabha acquisition.
Investing ₹23,000 crore in a new 1,600 MW Ultra-Supercritical thermal project with a 25-year PPA signed.
Renewable energy pipeline includes 3 GW under construction and a further 8.4 GW under development in UP and Maharashtra.
Maintained industry-leading distribution efficiency with losses as low as 2.77% in Surat and 3.35% in Ahmedabad.
👀 What to Watch
Investors should monitor the execution of the ₹23,000 crore thermal expansion and the integration of the Nabha Power acquisition. The company's aggressive shift toward a 10.6 GWp portfolio and entry into Green Hydrogen (18 KTPA) offers significant long-term value in the utility sector.
Torrent Power Recommends ₹5 Final Dividend and Plans ₹10,000 Cr Fundraise via NCDs
Torrent Power has recommended a final dividend of ₹5 per share for FY 2025-26, bringing the total annual dividend to ₹20 per share including the previous interim payment. The board approved a significant fundraise of up to ₹10,000 crore through the issuance of Non-Convertible Debentures (NCDs) in one or more tranches. Additionally, the company confirmed the re-appointment of two key independent directors for a second five-year term. The audited financial results for the year ended March 31, 2026, were approved with an unmodified auditor's opinion.
Key Highlights
Recommended a final dividend of ₹5 per equity share, resulting in a total FY26 dividend of ₹20 per share.
Approved raising up to ₹10,000 crore through Non-Convertible Debentures (NCDs) via private placement.
Confirmed zero deviation in the utilization of ₹2,000 crore previously raised through Series-14 NCDs.
Re-appointed Radhika Haribhakti and Ketan Dalal as Independent Directors for a second 5-year term.
The board meeting concluded with the approval of audited standalone and consolidated financial results for FY 2025-26.
👀 What to Watch
The massive ₹10,000 crore fundraise authorization suggests aggressive expansion or refinancing plans which investors should monitor closely. The steady dividend payout of ₹20 for the year reinforces the company's position as a stable cash-flow generator.
Torrent Power to Raise ‣10,000 Crore via NCDs and Declares ‣5 Final Dividend
Torrent Power's Board has approved a significant fundraise of up to ‣10,000 Crore through the issuance of Non-Convertible Debentures (NCDs) in one or more tranches. The company also recommended a final dividend of ‣5 per share for FY 2025-26, which follows an interim dividend of ‣15 already paid, totaling ‣20 for the year. Additionally, the Board approved the re-appointment of two Independent Directors for second five-year terms and confirmed the full utilization of ‣2,000 Crore previously raised via NCDs.
Key Highlights
Approved raising up to ‣10,000 Crore through Non-Convertible Debentures via private placement.
Recommended a final dividend of ‣5 per equity share, bringing the total FY26 dividend to ‣20 per share.
Re-appointed Radhika Haribhakti and Ketan Dalal as Independent Directors for 5-year terms.
Confirmed zero deviation in the utilization of ‣2,000 Crore raised through Series-14 NCDs in March 2026.
Audited financial results for FY 2025-26 approved with an unmodified auditor's opinion.
👀 What to Watch
The massive ‣10,000 Crore fundraise indicates potential for significant capital expenditure or strategic growth initiatives. Investors should monitor the deployment of these funds and enjoy the healthy total dividend yield of ‣20 per share.
Torrent Power Recommends ₹5 Final Dividend; Approves ₹10,000 Crore Fundraise via NCDs
Torrent Power's Board has recommended a final dividend of ₹5 per share for FY 2025-26, which, combined with the ₹15 interim dividend already paid, brings the total annual payout to ₹20 per share. A major highlight is the approval to raise up to ₹10,000 Crore through Non-Convertible Debentures (NCDs) to bolster its capital position. The company also confirmed the re-appointment of two key Independent Directors for second five-year terms. These announcements reflect a strong commitment to shareholder returns alongside preparation for significant capital expenditure or refinancing.
Key Highlights
Recommended a final dividend of ₹5 per equity share, totaling ₹20 per share for FY 2025-26 including interim payments.
Approved a massive fundraising plan of up to ₹10,000 Crore through the issuance of NCDs in one or more tranches.
Re-appointed Radhika Haribhakti and Ketan Dalal as Independent Directors for 5-year terms starting 2026 and 2027 respectively.
Confirmed the successful 100% utilization of ₹2,000 Crore raised via Series 14 NCDs in March 2026.
Final dividend payment is scheduled to be completed on or before September 02, 2026, subject to AGM approval.
👀 What to Watch
Investors should monitor the specific utilization of the ₹10,000 Crore fundraise as it likely signals upcoming large-scale expansion projects. The consistent dividend payout makes the stock attractive for income-seeking portfolios.
Torrent Power Q4 FY26: EBITDA at ₹1,220 Cr; Declares Total FY26 Dividend of ₹20 Per Share
Torrent Power reported a steady performance for FY26 with EBITDA rising to ₹5,864 Crs despite a marginal decline in annual revenue to ₹28,966 Crs. The company announced a final dividend of ₹5 per share, bringing the total payout for the year to ₹20 per share (200% of face value). A massive ₹30,000 crore investment has been committed to expand thermal capacity by 3 GW, including the acquisition of Nabha Power. The company maintains a strong balance sheet with a Net Debt to Equity ratio of 0.67 and industry-leading distribution losses of just 2.33%.
Key Highlights
FY26 EBITDA grew to ₹5,864 Crs compared to ₹5,795 Crs in the previous year.
Total dividend for FY26 declared at ₹20 per share, including a ₹5 final dividend recommendation.
Committed ₹30,000 Crs for 3 GW thermal expansion, including a new 1,600 MW project and 1,400 MW Nabha acquisition.
Maintained a healthy Net Debt to Equity ratio of 0.67 and Net Debt to EBITDA of 2.06.
Achieved record low distribution losses of 2.33% in licensee businesses, ranking #1 among 65 DISCOMS.
👀 What to Watch
Investors should focus on the company's aggressive ₹30,000 Cr expansion strategy and its transition into a diversified energy platform. The high dividend payout and superior operational efficiency in distribution make it a strong long-term hold in the utility sector.
Torrent Power Approves ₹10,000 Crore Fundraise and ₹5 Final Dividend for FY26
Torrent Power has announced its FY26 results along with a final dividend of ₹5 per share, bringing the total dividend for the fiscal year to ₹20 per share. The board has approved a significant fundraise of up to ₹10,000 Crore through Non-Convertible Debentures (NCDs) to potentially fuel future expansion or debt management. The company also confirmed the full utilization of ₹2,000 Crore raised in March 2026 with no deviations from stated objectives. Additionally, two veteran Independent Directors have been re-appointed for five-year terms, ensuring leadership stability.
Key Highlights
Recommended a final dividend of ₹5 per share, totaling ₹20 for FY26 including the ₹15 interim dividend.
Approved raising up to ₹10,000 Crore via Non-Convertible Debentures in one or more tranches.
Confirmed 100% utilization of ₹2,000 Crore raised through Series-14 NCDs in March 2026.
Re-appointed Radhika Haribhakti and Ketan Dalal as Independent Directors for second 5-year terms.
Statutory auditors issued an unmodified opinion on the audited financial results for the year ended March 31, 2026.
👀 What to Watch
The massive ₹10,000 Crore fundraise authorization suggests a strong pipeline for capital expenditure or acquisitions; investors should monitor upcoming project announcements. The total dividend payout of ₹20 per share reflects a healthy cash flow and commitment to shareholder returns.
Torrent Power Gets 'CRISIL AA+/Stable' Rating for ₹4,000 Cr NCDs; Nabha Power Acquisition Update
CRISIL has assigned a 'AA+/Stable' rating to Torrent Power's proposed ₹4,000 crore NCDs and reaffirmed its existing high-grade ratings. The company has secured CCI approval for the ₹6,889 crore acquisition of Nabha Power, which will expand its capacity to 6.4 GW. Financial health is robust, with net debt to EBITDA improving to 1.4x in FY25 from 2.2x in FY24, supported by a ₹3,500 crore QIP. However, a massive ₹65,000 crore capex plan through 2032 is expected to increase leverage to over 4.0x by FY30.
Key Highlights
CRISIL assigned 'AA+/Stable' rating to proposed ₹4,000 crore NCDs and reaffirmed 'A1+' for short-term facilities.
CCI approved the acquisition of Nabha Power Ltd (1,400 MW) for an enterprise value of ₹6,889 crore.
Net debt to EBITDA ratio improved significantly to 1.4x as of March 31, 2025, down from 2.2x in FY24.
Company plans a capital expenditure of ₹65,000 crore between FY26 and FY32, focused on renewables and pumped storage.
Operational capacity will increase from 5 GW to 6.4 GW upon completion of the Nabha Power acquisition by June 2026.
👀 What to Watch
Investors should take confidence in the stable credit rating and the successful deleveraging following the recent QIP. Monitor the integration of Nabha Power and the execution of the long-term capex plan, as leverage is expected to peak around FY2030.
