Torrent Power Limited has informed the Exchange about Investor Presentation
November 11, 2025
To,
Corporate Relationship Department BSE Limited, 14th Floor, P. J. Towers, Dalal Street, Fort, Mumbai-400001
To, Listing Department National Stock Exchange of India Limited “Exchange Plaza”, C – 1, Block G Bandra- Kurla Complex, Bandra (East), Mumbai-400051
SCRIP CODE: 532779
SCRIP SYMBOL: TORNTPOWER
Dear Sir / Madam,
Re: Investor Presentation
Investor Presentation on Unaudited Consolidated Financial Results for the quarter and half year ended September 30, 2025 is enclosed for your records.
Thanking you.
Yours faithfully, For Torrent Power Limited
Rahul Shah Company Secretary & Compliance Officer Encl.: As above
TORRENT POWER LIMITED Email: cs@torrentpower.com CIN: L31200GJ2004PLC044068 Regd. Office: ''Samanvay'', 600, Tapovan, Ambawadi, Ahmedabad 380015, Gujarat, India Phone: 079-26628300 www.torrentpower.com
s
Investor Presentation Q2 FY 2025-26
Disclaimer
THIS PRESENTATION IS NOT AN OFFER TO SELL ANY SECURITIES OR A SOLICITATION TO BUY ANY SECURITIES OF TORRENT POWER LIMITED (THE “COMPANY or TPL”) OR ITS SUBSIDIARIES, ASSOCIATE, JOINT VENTURES TOGETHER WITH THE COMPANY, THE “GROUP”
The material that follows is a presentation of general background information about the Company’s activities as at the date of the presentation or as otherwise indicated. It is information given in summary form and does not purport to be complete and it cannot be guaranteed that such information is true and accurate. This presentation has been prepared by and is the sole responsibility of the Company. This presentation is for general information purposes only and should not be considered as a recommendation that any investor should subscribe to or purchase the Company’s equity shares or other securities.
This presentation includes statements that are, or may be deemed to be, “forward looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”,“ estimates”,“ anticipates”,“ projects”,“ expects”,“ intends”,“ may”,“ will”,“ or “ or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, aims, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this presentation and include statements regarding the Company’s intentions, beliefs or current expectations concerning, amongst other things, its results or operations, financial condition, liquidity, prospects, growth, strategies and the industry in which the Company operates. By their nature, forward looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future.
Forward looking statements are not guarantees of future performance including those relating to general business plans and strategy of the Company, its future outlook and growth prospects, and future developments in its businesses and its competitive and regulatory environment. No representation, warranty or undertaking, express or implied, is made or assurance given that such statements, views, projections or forecasts, if any, are correct or that the objectives of the Company will be achieved. The Company, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein. . The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent development, information or events, or otherwise. Unless otherwise stated in this presentation, the information contained herein is based on management information and estimates. The information contained herein is subject to change without notice and past performance is not indicative of future results. The Company may alter, modify or otherwise change in any manner the content of this presentation without obligation to notify any person of such revision or changes.
This document is just a presentation and is not intended to be and does not constitute a “prospectus” or “disclosure document” or “offer document” or a “private placement offer letter” or an “offering memorandum” or an or a solicitation of any offer to purchase or sell any securities. It is clarified that this presentation is not intended to be a document offering for subscription or sale of any securities or inviting offers from any person, including the Indian public (including any section thereof) or from persons residing in any other jurisdiction, including the United States, for the subscription to or sale of any securities, including the Company’s equity shares. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities.
This document has not been and will not be reviewed or approved by a regulatory authority in India or by any stock exchange in India.
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Presentation Outline
01
Torrent Group Overview
02
Company Overview
03
Performance Overview
04
Key Highlights
3
#1
Torrent Group Overview
Torrent Group
Torrent Pharmaceuticals Limited
Torrent Power Limited
Torrent Gas Limited
◼ Generics pharmaceutical major with
strong global footprint
◼ One of the leading listed pharmaceutical
company in India by market capitalization
◼ One of the leading private sector
Integrated Power Utility with presence across generation, transmission and distribution
◼ One of the lowest distribution losses in
the country
◼ Our Bhiwandi distribution franchisee
model was first of its kind arrangement allowing private company to manage the area’s distribution business.
◼ Good operational track record with strong focus on customer service
◼ Incorporated in FY19, City Gas Distribution (CGD) business now has 17 operating Geographical Areas (GAs) spread across 34* districts and 7 states and 1 Union Territory
◼ Pipeline network of > 17,270 inch-Km,
MDPE pipeline of > 8,100 Km and > 500 CNG Stations
◼ More than 2.10 Lac PNG Domestic
Connections
*Includes EAAA (Except Areas Already allotted in a district)
5
Torrent Group …2
₹ 40,681 Cr
₹1,93,356 Cr
₹ 1,83,195 Cr
27,400+
Turnover
Enterprise Value
Spreading smiles Illuminating Lives
Market Cap
Employees
Generating Trust. Distributing Opportunities.
Not just healthcare… Lifecare
Building pan-India city gas distribution
Turnover ₹ 29,165 Cr
Turnover ₹ 11,516 Cr
Enterprise Value ₹ 69,698 Cr
Enterprise Value ₹ 1,23,657 Cr
Market Cap ₹ 61,333 Cr
Market Cap ₹ 1,21,862 Cr
Employees 8,400+
Employees 18,100+
networks in
17 operating geographical areas across
34* districts & 7 States and 1 Union
Territory
Employees 900+
Market Capitalization, Enterprise Value and Employee strength are as on 30.09.2025; Other figures as on 31.03.25, All figures are excluding Torrent gas except for Employees strength Turnover- Revenue from operations; Market Capitalization – No. of shares x closing share price on BSE.; ^Enterprise Value = market capitalization + O/s debt - cash & cash equivalents *Includes EAAA (Except Areas Already allotted in a district)
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#2
Company Overview
7
One of the Leading Private Sector Integrated Power Utility
Promoter
51.09%
48.91%
Public
Torrent Power Limited (Market Cap: c. ₹ 61,333 Cr1)
Thermal Generation
Renewable Generation
Distribution
PSP
Transmission
Gas based plants: 2,730 MW – Operational
Coal based plants: 362 MW – Operational 1,600 MW – Under Development
Solar: 949 MWp - Operational 1,721 MWp-Under Development
Wind: 921 MW - Operational 1,849 MW- Under Development
Licensed (Ahmedabad, Surat, Dahej SEZ, Dholera SIR, Dadra & Nagar Haveli and Diu & Daman)
Franchised (Agra, Bhiwandi and Shil, Mumbra & Kalwa)
~8.4 GW across Uttar Pradesh and
Maharashtra under pipeline. Of
which 3 GW is under construction
with 2 GW tied up with
Maharashtra
355 kms 400 kV & 128 kms of 220 kV to evacuate power from gas-based power plants
~104 kms 400 kV Under pipeline
Green hydrogen / Green Ammonia
Awarded 18 KTPA capacity under
PLI Scheme for Green Hydrogen
production
1. Market Capitalization as on 30.09.2025 All Capacities are as on 30.09.2025
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Pan India Footprint with Presence in Key States
GUJARAT
Wind (615 MW)
Solar (583 MWp)
AMGEN (362 MW)
SUGEN & UNOSUGEN (1530 MW)
DGEN (1200 MW)
Transmission Line (483 ckm)
Ahmedabad and Gandhinagar
Surat
Dahej SEZ
Dholera
DADRA & NAGAR HAVELI AND DAMAN & DIU
Dadra & Nagar Haveli & Daman & Diu
MAHARASHTRA
Wind (126 MW)
Solar (268 MWp)
Bhiwandi
Shil, Mumbra and Kalwa
RAJASTHAN
Wind (24 MW)
UTTAR PRADESH
Agra
Wind
Solar
Gas
Coal
Transmission
Distribution Licensee
Distribution Franchisee
Operational Capacity (MWp)
949 (777 MW Contracted)
921 (920 MW Contracted)
MADHYA PRADESH
Wind (36 MW)
2,730
483 ckm
TELANGANA
Solar (58 MWp)
KARNATAKA
Wind (120 MW)
362
Additionally, ~41 MWp C&I solar Project commissioned in the state of Haryana, Karnataka, Maharashtra, Tamil Nadu, Andhra Pradesh and Uttar Pradesh.
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Operational Capacity is estimated to Grow from ~5.0 GW to ~10.1 GW Backed by Robust Renewable Capacity Addition
Installed Capacity
Solar 949 19%
Gas 2,730 55%
4,961 MWp
Wind 921 19%
Coal 362 7%
Segmental Revenue in FY25
Renewables, 1,066 , 3%
Generation, 8,181 , 24%
Coal + RE PIPELINE
Coal (31%)
Wind (36%)
Solar (33%)
5,170 MWp
Installed Capacity (including Pipeline)
Gas 2,730 (27%)
Coal , 1,962 ,(20%)
10,131 MWp
Solar, 2,670 , (26%)
Wind, 2,770 , (27%)
Segmental EBITDA in FY25
Renewables, 887 , 15%
Generation, 1,563 , 27%
INR 34,425 Cr1
INR 5,810 Cr2
Transmission & Distribution, 25,178 , 73%
Transmission & Distribution, 3,360 , 58%
Notes: 1. Includes inter-segment revenue of INR 5,260 crores, 2. Includes unallocated EBITDA of INR 15 crores All capacities are as on 30.09.2025
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#1: Snapshot of Operating Thermal Assets
Sugen
Unosugen
Capacity (MW)
1,147.5 (3 x 382.5)
Plant Type
Location
COD
Fuel
Gas-based CCPP
Surat, Gujarat
August 2009
Domestic Gas & Imported LNG
Capacity (MW)
382.5 (1 x 382.5)
Plant Type
Location
COD
Fuel
Gas-based CCPP
Surat, Gujarat
April 2013
Domestic Gas & R-LNG
PPA
PPA
835 MW for Distribution areas of Ahmedabad / Gandhinagar & Surat, and 50 MW with MPPTC are regulated by CERC1 which allows Cost + RoE under regulated tariff structure + Performance Incentives
278 MW for Distribution areas of Ahmedabad / Gandhinagar & Surat are regulated by CERC1 which allows Cost +RoE under regulated tariff structure + Performance Incentives
Dgen
Amgen
Capacity (MW)
1,200 (3 x 400)
Plant Type
Location
COD
Fuel
Gas-based CCPP
Bharuch, Gujarat
November 2014
Imported LNG
PPA
No tie up
Capacity (MW)
Plant Type
Location
COD
Fuel
362 (1 x 120, 2 x 121)
Coal Based
Ahmedabad, Gujarat
1988
Domestic & Imported Coal
PPA
FSA
Embedded generation for licensed areas of Ahmedabad / Gandhinagar regulated by GERC2 which allows Cost + RoE/ROCE + Performance Incentives
-
Fuel Supply Agreement with South Eastern Coalfields Limited
Contracted Storage-cum-Regasification capacity of 1 MTPA with Petronet LNG, Dahej Terminal for 20 years from April 2017
1.Central Electricity Regulatory Commission (CERC) 2. Gujarat Electricity Regulatory Commission (GERC)
11
#2: Snapshot of Under Development Thermal Assets
Strategic Expansion in Thermal Power
Project Overview
Capacity: 1,600 MW (2x800 MW) Location: Madhya Pradesh Technology: Ultra-Supercritical (high efficiency, lower emissions) Model: DBFOO – Design, Build, Finance, Own, Operate
Project Highlights
Project Cost: ₹22,000 Crore Tariff: ₹5.829/kWh (Discovered via competitive bidding) Letter of Award : Received from MP Power Management Company Ltd. (MPPMCL) Tenor: 25-years Coal Supply: Arranged by MPPMCL under the SHAKTI Policy of Ministry of Coal SCOD: Unit 1: 66 months & Unit 2: 72 Months from PPA Execution
Status
Land: Majority of required land for the project is in place Boiler, Turbine, Generator: Awarded Balance of Plant: In advanced stage of placing order
12
#3: Snapshot of Licensed Distribution Assets
Ahmedabad / Gandhinagar
Licensed Area
Customer Base (FY25)
Peak Demand (FY25)
~ 356 sq. km.
>21 lakh
2,117 MW
Surat
Licensed Area
Customer Base (FY25)
Peak Demand (FY25)
~ 52 sq. km.
>6 lakh
812 MW
Highlights
Highlights
✓ Distribution loss of 3.33% (FY25), is amongst the lowest in the country
✓ Power availability of 99.9%, which is among the highest in the country
✓ Distribution loss of 2.81% (FY25), is amongst the lowest in the country
✓ Power availability of 99.9%, which is among the highest in the country
Dahej
Dholera SIR
Dadra & Nagar Haveli & Daman & Diu
Licensed Area
Customer Base (FY25)
Peak Demand (FY25)
Licensed Area
Peak Demand (FY25)
Licensed Area
Customer Base (FY25)
Peak Demand (FY25)
~ 17 sq. km.
144
114 MW
~ 920 sq. km.
13 MW
~ 600 sq. km.
>1.7 lakh
1,406 MW
Highlights
Highlights
Highlights
✓ Second Licensee at Dahej SEZ
✓ 99.9% power reliability
✓ Second Licensee at Dholera SIR
✓ Distribution loss <2% during FY25, amongst the lowest in
✓ Dholera SIR is part of Delhi-Mumbai Industrial
Corridor(DMIC) being developed as industrial hub
the country
As per Electricity Amendment Rules, 2023 the Licenses are deemed to be renewed for further 25 years unless the same is revoked.
Note: Current License for Ahmedabad/Gandhinagar, Surat, Dahej, Dholera SIR and DNH DD is valid till 2025, 2028, 2034, 2044 & 2047 respectively which unless revoked will be automatically renewed for further 25 years
13
#4: Snapshot of Franchisee Distribution Assets
Bhiwandi
Agra
Licensed Area
Peak Demand (FY25)
License validity
Licensed Area
Peak Demand (FY25)
License validity
~ 721 sq. km.
609 MVA
Highlights
25th Jan 2027 [The license validity for the Bhiwandi area can be extended by five years upon mutual agreement]
~ 221 sq. km.
572 MVA
Highlights
31st March 2030
✓ Country's first of its kind distribution franchisee agreement with MSEDCL ✓ Reduction in AT&C losses from 58% at the time of takeover to <10% in FY25
✓ Reduction in AT&C losses from 58.77% at the time of takeover to ~7%
in FY 25
Shil, Mumbra, Kalwa (SMK)
Licensed Area
Peak Demand (FY25)
License validity
~ 65 sq. km.
167 MVA
Highlights
29th Feb 2040
✓ Reported AT&C losses of 48% at the time of takeover, reduced to ~29% in
FY25
14
#5: Transmission - Current Operations and Future Projects
Existing Transmission Portfolio
400 kV Double-Circuit Transmission Lines: 355 km & 220 kV Double-Circuit Transmission Lines: 128 km
Operations are conducted through Torrent Power Grid Limited (TPGL), a subsidiary wherein Torrent holds 90.25% & Power Grid Corporation of India Limited holds 9.75%.
For Transmission of power generated at Company's gas-based power plants to various off-take centres.
Operates as per CERC Tariff Regulations (i.e. Post tax ROE of 15.50% + incentives)
Transmission Projects in Pipeline
TPGL has been awarded a transmission project for evacuation of power from 4.5 GW RE Project in Khavda, Gujarat as per CERC Tariff Regulations (i.e. Post tax ROE of 15.0% +
incentives) for 35 years.
Scope: 400 kV D/C line of 60 km and bay upgradation from 2,000 Amp to 3,150 Amp Expected project cost ₹ 800 Crore Expected Implementation: FY26
Solapur Transmission project (in new SPV) for evacuation of 1,500 MW RE power was won by the Company, through Tariff Based Competitive Bidding (TBCB) process.
Scope: 400 kV D/C transmission line spanning ~44 km, together with 2 line bays and 1 substation AFC of Rs. 50 cores per annum for 35 years. Expected project cost ₹ 500 Crore Expected Implementation: FY26
Strategic Growth Path
Selective participation in tariff-based competitive bidding for inter-state and intra-state transmission projects
Evaluating brownfield opportunities to strengthen presence
15
#6: Target to Increase Renewable Portfolio to ~5.4 GW
Renewable Energy Projects in Pipeline
Project
Technology
Contracted Capacity (MW)
Capacity Under Installation (MWp**)
Tariff in Rs/Unit
Off-taker
Expected Project Cost (Rs in Cr)
Remarks
MSEDCL
SECI XII
SECI XVI
SECI XVIII
TPL-D
REMCL
Merchant
TPL-D (FDRE)
C&I Projects
Total
306*
367*
3.10
2.94
3.60
3.97
3.65
4.25
MSEDCL
1,342
Part project commissioned; SCOD extensions applied
SECI
SECI
SECI
2,500
SCOD by January 2026
925
SCOD by June 2026
2,910
SCOD 24 months from PPA
Own Discom
REMCL
5,500
3,039
SCOD by September 2026
SCOD by December 2026
300
122
300
825
405
131.8
Merchant
Merchant
774
To be commissioned progressively by July 2027
500
828
4.87
Own Discom
3,000
SCOD 24 months from PPA
Multiple
Multiple
~4,400
To be commissioned progressively
~2.3 GW
~3.8 GW
~24,390
300
100
300
450
100
-
250
511
*MSEDCL- 173 MW (207.6 MWp) solar project commissioned as on 30.09.2025. **AC for Wind + DC for Solar Capacities are as on 30.09.2025
16
#7: Pumped Storage Hydro Projects
3 GW Pumped Storage Hydro Project – Under Development
➢ Project Capacity: 3,000 MW ➢ Location: Raigad District, Maharashtra ➢ Project Cost: ~₹14,000 Crore ➢ Tied-up Capacity: 2,000 MW / 16,000 MWh for 40 years
• • •
Agreement: Executed Energy Storage Facility Agreement with MSEDCL SCOD: Oct’28 Annual Revenue: ₹ 1,680 Crores
➢ Project Progress:
• • •
Civil & Hydro Mechanical Package: LOA awarded Electrical & Mechanical Package: LOA awarded Environment Clearance: Received
Pipeline
➢ Total Planned Capacity: 8.4 GW (including 3 GW under construction)
➢ States: Maharashtra & Uttar Pradesh
➢ Status: Sites under planning and feasibility assessment
17
#3
Performance Overview
1818
Overview of Operations – Q2/ FY 2025-26
Rs in Crore
Revenue from Operations
Power Purchase Cost
Material Cost & Change in Inventory
Contribution
Other Income
G & A Expenses
PBDIT
Finance Cost
Depreciation and Amortization Expense
Profit Before Tax
Tax Expense
Profit After Tax
Other Comprehensive Income/(Expense) (Net of Tax)
Total Comprehensive Income (TCI)
Q2 25-26 Q2 24-25 % Growth H1 25-26
H1 24-25 % Growth
FY 24-25
10%
20%
7,876
5,242
464
2,170
78
665
7,176
5,113
255
1,809
125
601
1,583
1,332
19%
215
389
979
237
742
(11)
730
272
371
689
193
496
(4)
492
42%
50%
48%
15,782
10,714
16,210
11,363
725
4,344
183
1,355
3,172
428
779
1,964
481
1,483
(14)
1,469
543
4,304
201
1,239
3,266
532
730
2,003
511
1,492
(8)
1,484
(3%)
1%
(3%)
(2%)
(1%)
29,165
20,168
1,317
7,680
487
2,373
5,795
1,045
1,497
3,253
194
3,059
1
(1%)
3,059
19
Overview of Operations – Q2/ FY 2025-26
Total Comprehensive Income for Q2 FY 2025-26 stood at ₹ 730 Cr as compared to ₹ 492 Cr for Q2 FY 2024-25.
The strong operational performance contributing to higher TCI of ₹ 238 Crs for the quarter on a year-on-year is primary attributable to:
Increase in contribution from merchant power sales, including LNG sales, from gas-based
power plants; and
Reduction in finance cost, partially offset by increase in depreciation costs due to capex
& commissioning of additional renewable generation capacity.
20
#1: Overview of Operations – Thermal Power
Thermal PLF %
51.0%
33.9%
7.9%
11.0%
21.4%
6.6%
25.5%
25.2%
82.9%
88.5%
32.2%
32.6%
SUGEN
UNOSUGEN
DGEN
GAS
AMGEN
THERMAL
Q2-25
Q2-26
55.3%
38.6%
33.2%
21.4%
28.5%
21.0%
40.5%
28.4%
89.6%
89.8%
46.2%
35.6%
SUGEN
UNOSUGEN
DGEN
GAS
AMGEN
THERMAL
H1-25
H1-26
21
#2: Overview of Operations – Renewable Power
Renewable Power PLF %
Q2-25
Q2-26
32.3%
30.1%
13.4%
16.0%
WIND 921 MW/ 921 MW
SOLAR 567 MWp / 949 MWp
H1-25
H1-26
30.4%
30.8%
15.9%
18.9%
WIND 921 MW/ 921 MW
SOLAR 567 MWp / 949 MWp
PLF on contracted capacity
22
#3: Overview of Operations – Power Distribution
2,453
2,508
2,693
2,830
USO/Purchase (MUs)
Q2 FY25 Q2 FY26
1,068
1,102
1,063
1,008
763
797
212
205
223
225
Ahmedabad
Surat
DDDNH
Dahej
Bhiwandi
Agra
SMK
T&D Loss – Licensed Distribution (%)
T&D Loss – Franchised Distribution (%)
5.0%
4.5%
3.6%
3.3%
H1 FY25 H1 FY26
H1 FY25 H1 FY26
28.4%
24.0%
1.6%
1.7%
0.6%
0.4%
10.9%
10.3%
10.7%
11.4%
Ahmedabad
Surat
DDDNH
Dahej
Bhiwandi
Agra
SMK
23
#4
Key Highlights
2424242424
Key Highlights
One of the leading Indian conglomerate with significant
experience in multiple businesses such as Pharma, Power and CGD
#1
Being a part of Torrent Group enables significant synergies,
provides access to talent and competitive financing
c.47.7% of operating thermal and c.48.7% of the operating renewable capacity tied to its own distribution business
Strong Group pedigree
Quality equipment sourced from major OEMs for the projects Competitive advantage through direct LNG imports compared
to other gas-based power projects
#4
O&M is carried out for improvement yields from the projects
High Quality and Differentiated Portfolio
#2
Proven experience in executing and operating large scale complex businesses such as Gas based power plants, Power distribution etc.
Target of scaling up installed RE capacity Opportunity of flexible generation to sell pooled
RTC power [Renewable + Gas] at a competitive cost
Strong RE Growth Focus
One of the leading integrated power utility companies
Robust Balance Sheet with good return ratios
Consistent improvement in ROE and ROCE profiles
(ROE of 18.4% & ROCE of 12.7% for FY25)
Net Debt to EBITDA of 1.41x; Net Debt to Equity of 0.4x
for FY25
c.60% of EBITDA comes from integrated generation
and distribution business segment in FY23
~1.5 GW (c.50%) of gas-based capacity available to capitalise on short-term and merchant market opportunities
Distribution loss of just 2.34% in FY25 for licensed power
distribution areas with power availability of 99.9%
Operational Excellence
#3
Bhiwandi was first of its kind arrangement allowing private company to manage the area’s distribution business – reducing AT&C losses from 58% to <10% in FY25
Over 81% of generation capacity uses cleaner fuel, having
low carbon footprint
Focus on More Complex/Hybrid Solutions to generate higher returns
Focus on other green molecule technologies
i.e Green Hydrogen and Pumped Storage Power (PSP) with an eventual target of establishing c. ~8.4 GW of capacity
#5
#6
25
THANK YOU
Contact details: Rishi Shah Torrent Power Limited “Samanvay”, 600 Tapovan, Ambawadi, Ahmedabad 380015 Ph. No. (079) 26628473 Email: IR@torrentpower.com
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