Torrent Power

Torrent Green Energy, Torrent Power’s wholly owned subsidiary, commissioned 322 MWp of ground-mounted solar projects across Nashik district in Maharashtra under the MSKVY 2.0 and PM-KUSUM schemes. The portfolio covered 50 locations in 14 talukas, with power supplied to MSEDCL under 25-year power purchase agreements. Torrent Power’s project profile listed 2.2 GWp of operational renewable capacity and a further 4.56 GWp under construction. The company had incurred ₹9,350 crore of capex in FY26 and described FY27 spending as much higher.

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Sept 8 (Reuters) - Torrent Gas has filed an updated draft red herring prospectus for its initial public offering, under which its parent will sell up to 335 million shares, the company said late Tuesday.

Here are some details:

• Torrent Gas is not selling any new shares in the IPO and will not receive any proceeds. Reuters earlier reported the IPO could raise up to 40 billion rupees ($418 million).

• Torrent Investments, the holding company of the Ahmedabad-based Torrent Group, which also controls listed Torrent Power TOPO.NS and Torrent Pharmaceuticals TORP.NS, is Torrent Gas' sole shareholder offloading shares in the IPO.

• India's markets regulator approved Torrent Gas' confidential IPO filing in June. The updated draft red herring prospectus filed Tuesday is the company's first public IPO document.

• Torrent Gas supplies piped natural gas (PNG) to households and industries across several states in India. Its listed peers include Adani Total Gas ADAG.NS, Indraprastha Gas IGAS.NS, Mahanagar Gas MGAS.NS and Gujarat Energy GJAA.NS.

• India has been pushing to boost adoption of piped cooking gas as the U.S.-Iran conflict disrupts fuel shipments and drives up import costs. Last month, the government announced incentives to gas distributors to boost domestic connections.

• Torrent Gas' profit jumped 108% to 2.81 billion rupees in the year ended March 31, while revenue climbed nearly 35% to 59.33 billion rupees.

• The IPO also comes as India's IPO market regains momentum after fundraising activity slowed earlier this year amid the U.S.-Iran war.

• Axis Capital, Citigroup and Kotak Mahindra Capital are managing the IPO.

(Reporting by Sathvi G Bhat in Bengaluru; Editing by Tasim Zahid)

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Torrent Power accepted Saurabh Mashruwala’s resignation as chief financial officer and whole-time key managerial personnel, effective at the close of business on 20 August 2026, citing his planned retirement. Vikas Poddar was appointed CFO and whole-time key managerial personnel from 21 August, with responsibility for regulatory materiality determinations and exchange disclosures. Poddar is a chartered accountant and MBA with more than 27 years of experience, including finance leadership roles at Indus Towers, Vodafone and ITC. Torrent Power reported FY26 consolidated revenue of ₹28,966 crore and FY26 capex of ₹9,350 crore.

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By Vivek Kumar M

Aug 18 (Reuters) - India's Torrent Gas aims to file updated draft papers for an initial public offering of up to 40 billion rupees ($418.09 million) as early as this week, two sources aware of the matter told Reuters.

The company, which supplies piped natural gas (PNG) to households and industries in eight states and one union territory in India, is part of Ahmedabad-based Torrent Group, whose other listed companies include Torrent Power TOPO.NS and Torrent Pharma TORP.NS.

Torrent Gas supplies PNG to over 200,000 households and more than 1,300 industries, while also operating about 500 compressed natural gas (CNG) stations, according to its website.

The company did not immediately respond to a Reuters request for comment on its IPO plans.

India's markets regulator had approved Torrent Gas' confidential IPO filing in June. The updated draft red herring prospectus, expected this week, will be the company's first public IPO document.

The filing comes at a time when India's primary market activity has picked up substantially after a muted first half of the year due to the Iran war-driven spike in crude oil prices. As many as 27 companies have either launched or announced their IPOs since July, nearly matching the 28 recorded in the first half of 2026.

A confidential filing allows companies to submit draft IPO papers ​to the markets regulator for review without making them public until they ‌decide ⁠to proceed with the offering.

($1 = 95.6725 Indian rupees)

(Reporting by Vivek Kumar M; Editing by Sonia Cheema)

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Aug 3 (Reuters) - Torrent Power Ltd TOPO.NS:

• Q1 CONSOL NET PROFIT 6.39 BILLION RUPEES

• Q1 CONSOL REVENUE FROM OPERATIONS 81.24 BILLION RUPEES

Source text: ID:nnAZN4TBGXX

Further company coverage: TOPO.NS

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MUMBAI, June 19 (Reuters) - India's Torrent Power TOPO.NS plans to raise 38 billion Indian rupees ($402.15 million) through sale of bonds maturing in three years, five years, seven years and 10 years, three merchant bankers said on Friday.

The power company will pay an annual coupon of between 8.10% and 8.20% on these tenors, and has invited commitment bids on Tuesday, they said.

In April, Reuters had reported that the company will launch its largest-ever corporate bond issue to fund the acquisition of Nabha Power, which was approved by India's competition regulator in April.

The company did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on June 19:

*Size includes base plus greenshoe for some issues

($1 = 94.4925 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra)

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May 12 (Reuters) - Torrent Power Ltd TOPO.NS:

• TORRENT POWER LTD MARCH-QUARTER CONSOL NET PROFIT 3.18 BILLION RUPEES

• TORRENT POWER LTD MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 64.06 BILLION RUPEES

• TORRENT POWER LTD - DIVIDEND OF 5 RUPEES PER SHARE

• TORRENT POWER LTD - TO RAISE UP TO 100 BLN RUPEES VIA NON-CONVERTIBLE DEBENTURES BY PRIVATE PLACEMENT

Source text: [ID:]

Further company coverage: TOPO.NS

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April 7 (Reuters) - Torrent Power Ltd TOPO.NS:

• INDIA COMPETITION REGULATOR: APPROVES ACQUISITION OF 100% SHARES, PREFERENCE SHARES IN NABHA POWER BY TORRENT POWER

Source text: [ID:]

Further company coverage: TOPO.NS

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March 9 (Reuters) - Torrent Power Ltd TOPO.NS:

• ISSUES 20 BILLION RUPEES SERIES 14 NCDS AT 7.97% COUPON ON PRIVATE PLACEMENT

Source text: ID:nBSE6bdsmF

Further company coverage: TOPO.NS

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MUMBAI, March 6 (Reuters) - India's Torrent Power TOPO.NS has accepted bids worth 20 billion rupees ($218.2 million) for bonds maturing in eight years, nine years and 10 years, three merchant bankers said on Friday.

The company will pay an annual coupon of 7.97% to the investors of all the tenors, and had invited bids for the same earlier in the day, the bankers said.

Torrent Power did not immediately respond to a Reuters email seeking comment.

Here is the list of deals reported so far on March 6:

*Size includes base plus greenshoe for some issues

($1 = 91.6750 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Mrigank Dhaniwala)

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MUMBAI, March 4 (Reuters) - India's Torrent Power TOPO.NS plans to raise 20 billion rupees ($217.30 million) through the sale of bonds maturing in eight years, nine years and 10 years, three merchant bankers said on Thursday.

The company will pay an annual coupon of 7.97% to the investors of all the tenors, and has invited bids for the same on Friday, the bankers said.

Torrent Power did not immediately respond to a Reuters email seeking comment.

Here is the list of deals reported so far on March 4:

*Size includes base plus greenshoe for some issues

($1 = 92.0400 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sumana Nandy)

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Feb 16 (Reuters) - India's Torrent Power Ltd TOPO.NS said on Monday it had entered into a deal with a unit of Larsen & Toubro LART.NS to acquire Nabha Power Ltd for an enterprise value of 68.89 billion rupees ($759.48 million).

($1 = 90.7070 Indian rupees)

(Reporting by Yagnoseni Das in Bengaluru; Editing by Rashmi Aich)

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By Khushi Malhotra

MUMBAI, Feb 12 (Reuters) - Torrent Power TOPO.NS is preparing to raise 20 billion rupees ($220.54 million) via bonds in its largest fundraise from the markets, three merchant bankers told Reuters on Friday.

The company plans to issue staggered redemption bonds this month, maturing in eight, nine and 10 years, at a coupon of around 7.96%, the bankers said, adding that the discussions will likely conclude over the next week.

Axis Bank is the sole arranger for the issue, the bankers said, requesting anonymity because they are not authorised to speak to the media.

Torrent Power and Axis Bank did not immediately respond to emails seeking comments.

The bonds are rated AA+ by Crisil and India Ratings.

Torrent Power is returning to the bond market after a two-year gap. It last raised 7 billion rupees in February 2024 via bonds maturing in two, three, four and five years, each carrying an annual coupon of 8.40%.

Last month, another Torrent Group firm, Torrent Pharmaceuticals TORP.NS, raised 110 billion rupees ($1.21 billion) via multi-tranche bonds in the largest acquisition-funding deal of fiscal 2026.

Torrent Pharmaceuticals, whose issue is also rated AA+, raised 20 billion rupees via two-year bonds, 25 billion rupees via three-year bonds, 30 billion rupees via four-year notes and 35 billion rupees via five-year debt at a coupon of 7.45%.

(Reporting by Khushi Malhotra; Editing by Eileen Soreng)

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Jan 30 (Reuters) - National Power Thermal Corp (NTPC) NTPC.NS, India's top power producer, reported a rise in third-quarter profit on Friday, driven mainly by lower fuel costs.

The company's consolidated net profit rose 8.4% to 54.89 billion rupees ($596.97 million) in the quarter ended December 31.

Fuel costs, which account for roughly 60% of NTPC's overall operating expenses, fell 7.2% to 227.76 billion rupees. The company primarily purchases and uses coal for power generation.

However, the state-owned company's total expenses rose 2.7% to 395.33 billion rupees in the quarter.

Power generation in the third quarter remained nearly flat year-on-year as weak output in October and November was offset by a sharp rebound in December, driven by higher use of heating appliances amid colder-than-normal winter conditions, according to analysts at Elara Capital.

India's electricity generation declined 6.9% and 1.5% in October and November, respectively, before rising 5.6% in December.

Revenue from operations rose about 2% to 458.46 billion rupees.

Rivals Adani Power ADAN.NS and Torrent Power TOPO.NS are yet to report third-quarter results.

($1 = 91.9480 Indian rupees)

(Reporting by Anuran Sadhu and Komal Salecha in Bengaluru)

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NEW DELHI, Oct 10 (Reuters) - India plans to open up its electricity retail market for private companies, ending the dominance of state-run distributors in some states, according to draft regulations proposed by the federal power ministry.

The move will allow private companies such as Adani Power ADAN.NS, Tata Power TTPW.NS, Torrent Power TOPO.NS and CESC CESC.NS to strengthen their presence in the country.

(Reporting by Sethuraman NR and Sarita Singh; Editing by Sonia Cheema)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))

By Sethuraman N R and Sudarshan Varadhan

NEW DELHI/SINGAPORE, Oct 7 (Reuters) - Indian state electricity distributors are signing long-term contracts with coal-fired power generators to meet a projected surge in evening demand, despite the country's efforts to expand clean energy capacity.

Uttar Pradesh, India's most populous state, and eastern Assam state, which recently withdrew incentives for clean energy projects, are looking to sign purchase deals in the next two months for at least 7 gigawatts of coal-fired power, collectively, to be delivered in 2030, bid documents reviewed by Reuters show.

Those bids come after more than 17 GW of coal-fired capacity has come under various stages of contract in the 16 months through July, the largest such pipeline since the Covid pandemic, according to India Ratings & Research.

The procurement rush, fuelled by a projected rise in air-conditioning demand during non-solar hours and the slow build-out of battery storage, is driving new investment and is expected to slow decarbonisation efforts in the world's third-largest greenhouse gas emitter, analysts say.

Ashis Kumar Pradhan, senior analyst at consultancy Wood Mackenzie, said he expects the push will keep India hooked to coal for longer, despite targets to boost renewables.

India plans to increase its coal power capacity by 46% from 210 GW currently to 307 GW by 2035 and targets non-fossil fuel capacity of 500 GW by 2030, nearly double the 251.4 GW now.

"We have revised our projection for coal-fired power generation in India, with the expected peak now occurring in the early 2040s, compared to the late 2030s in our previous outlook," Pradhan said.

HIGHER COSTS

In August, Adani Power ADAN.NS announced investments of about $5 billion in two coal-powered plants.

Torrent Power TOPO.NS, which announced a $2.5 billion coal power project this year, is evaluating plans to build 5–7 GW of capacity over the next decade, said company whole-time director Jigish Mehta.

While the plans may boost coal's share in the power mix above previous projections, solar power is still expected to be preferred during daytime as it is cheaper, analysts say.

"State distribution companies are facing grid instability due to renewable variability and lack of scalable storage," Mehta said.

However, building renewables with storage capacity is cheaper than new coal-fired capacity in India, said Alexander Hogveen Rutter, an India-based independent energy expert.

"New coal power is getting more expensive and the gap will only continue to grow as batteries scale up," he said.

India has auctioned approximately 12.8 GW hours of battery energy storage for development, but only 219 MW hours are operational, according to an August report by the Institute for Energy Economics and Financial Analysis.

States including Madhya Pradesh, Tamil Nadu and Bihar have cited delays in renewable projects while opting for new coal power projects this year, filings show.

"Renewables alone cannot fill the base load gap," said Narendra Bhooshan, a senior official at the Uttar Pradesh Energy Department, told Reuters.

($1 = 88.7250 Indian rupees)

(Reporting by Sethuraman NR;
Additional reporting by Sudarshan Varadhan; Editing by Kim Coghill)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))

Sept 23 (Reuters) - Torrent Power Ltd TOPO.NS:

• BUYS EQUITY SHARES OF NEWZONE INDIA AND NEWZONE POWER PROJECTS

• ACQUISITION FOR 2.11 BILLION RUPEES

Source text: ID:nBSE2CQy1D

Further company coverage: TOPO.NS

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May 9 (Reuters) - Torrent Power Ltd TOPO.NS:

• TO CONSIDER RAISING OF FUNDS

Source text: ID:nBSEVQ391

Further company coverage: TOPO.NS

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April 10 (Reuters) - Torrent Power Ltd TOPO.NS:

• TORRENT POWER LTD - UNIT INCORPORATES TORRENT URJA PROJECTS

Source text: ID:nBSE40dd3R

Further company coverage: TOPO.NS

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March 26 (Reuters) - Torrent Power Ltd TOPO.NS:

• RECEIVES PENALTY ORDER FROM INCOME TAX DEPARTMENT FOR 23.2 MILLION RUPEES

Source text: ID:nBSE5w73tz

Further company coverage: TOPO.NS

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March 21 (Reuters) - Torrent Power Ltd TOPO.NS:

• TORRENT POWER LTD - ANNOUNCES SALE OF SUBSIDIARY EQUITY SHARES

• TORRENT POWER LTD - RECEIVES 4.24 BILLION RUPEES FROM SALE OF SUBSIDIARIES

Source text: ID:nBSE1XSjJm

Further company coverage: TOPO.NS

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Feb 4 (Reuters) - Torrent Power Ltd TOPO.NS:

• Q3 CONSOL NET PROFIT 4.76 BILLION RUPEES

• Q3 CONSOL REVENUE FROM OPERATIONS 64.99 BILLION RUPEES

• DIVIDEND 14 RUPEES PER SHARE

Further company coverage: TOPO.NS

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Jan 30 (Reuters) - Torrent Power Ltd TOPO.NS:

• TORRENT POWER- UNIT GETS FROM GUJARAT ENERGY DEVELOPMENT AGENCY CERTIFYING COMMISSIONING OF FULL CAPACITY OF 300 MW

Source text: [ID:]

Further company coverage: TOPO.NS

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Dec 9 (Reuters) - Torrent Power Ltd TOPO.NS:

• COMPLETES 35 BILLION RUPEES QIP

• QIP OVERSUBSCRIBED 4X

Source text: ID:nBSE4KjNyg

Further company coverage: TOPO.NS

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** Shares of Torrent Power TOPO.NS rise 4.8% to 1,663 rupees, their highest since Nov. 13

** Power generation co on Monday opened its qualified institutional placement (QIP) of shares; sets floor price of 1,555.75 rupees per share, a ~2% discount to its closing price on the day

** Co, at its discretion, may also offer up to a 5% discount on the floor price

** More than 2 mln shares traded, 2.7x the 30-day avg

** Analysts' avg rating on stock is "hold," same as on peer Tata Power Co TTPW.NS - LSEG

** Their median PT on TOPO is 1,412 rupees - LSEG

** Stock up 78% YTD vs 28% gain in TTPW

(Reporting by Aleef Jahan in Bengaluru)

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Dec 2 (Reuters) - Torrent Power Ltd TOPO.NS:

• TORRENT POWER - APPROVED OPENING OF QIP ISSUE ON DEC 2

• TORRENT POWER - QIP FLOOR PRICE FOR ISSUE AT 1555.75 RUPEES/SHARE

Further company coverage: TOPO.NS

(([email protected];))

** Shares of Torrent Power TOPO.NS shed 2.7% to 1,600.70 rupees

** Power producer's Q2 consol net profit fell 8.5% Y/Y, hurt by lower electricity demand due to extended monsoon compared with year-ago qtr

** Stock on track for sixth straight session of losses

** Rivals NTPC NTPC.NS and Tata Power TTPW.NS also reported weak Q2 results due to tepid power demand

** Avg rating on TOPO, TTPW at "Hold", while NTPC, rated "Buy" - LSEG data

** TOPO up 71% YTD, while TTPW and NTPC gain 22% and 20%, respectively

(Reporting by Kashish Tandon in Bengaluru)

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Nov 13 (Reuters) - Torrent Power Ltd TOPO.NS:

• SEPT-QUARTER CONSOL NET PROFIT 4.81 BILLION RUPEES

• SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 71.76 BILLION RUPEES

Source text: ID:nBSE4R0PHr

Further company coverage: TOPO.NS

(([email protected];;))

Oct 24 (Reuters) - Top Indian power producer NTPC NTPC.NS reported a decline in its second-quarter adjusted profit on Thursday, hurt by lower electricity generation in its core thermal energy segment.

The company's consolidated profit before tax and other items fell 29.4% to 43.21 billion rupees (about $514 million) for the three months to Sept. 30.

India's electricity demand for the July-September period was down as above-normal rainfall resulted in lower temperatures. Consumption grew a mere 1.1% from a year ago, compared with 9.7% for the first-half of the year.

This helped reduce the country's dependence on coal, which India is still heavily reliant on to meet its energy requirements.

Generation from thermal power, which is derived from burning fuels such as coal, declined 1.2% in the September quarter from a year ago, while renewable energy generation rose 7%, Elara Capital had said in a note.

NTPC's gross power generation fell 2% to 88.46 billion units during the second quarter.

Its thermal power segment's plant load factor, which is a percentage of energy utilised by the power plant corresponding to installed capacity, fell to 72.3% from 75.8% in the July-September period.

The company added 2,619 megawatts (MW) of installed capacity in fiscal year 2025, taking its total installed capacity to 76,443 MW, with major focus on expanding its renewable energy capacity.

NTPC's quarterly revenue from operations fell nearly 1% to 446.96 billion rupees.

Peers Adani Power and Torrent Power are yet to report their second-quarter results.

($1 = 84.0490 Indian rupees)

(Reporting by Anuran Sadhu and Kashish Tandon in Bengaluru; Editing by Shreya Biswas)

(([email protected]; +91 8697274436;))

** Shares of Torrent Power TOPO.NS rise 7.6% to 1,954 rupees, set for best day in three weeks

** Power utility co wins order from Maharashtra State Electricity Distribution Co for supply of 2,000 MW energy storage capacity

** Order has a term of 40 years and will co annual rev of 16.80 billion rupees ($200.2 mln), it says

** Separately, TOPO executes agreement with Lakshmi Mills LKML.BO and Torrent Urja 17 for supply of power from renewable energy

** Avg rating of analysts on TOPO is a "hold", same as Tata Power TTPW.NS and Power Grid Corp PGRD.NS - LSEG

** TOPO's median PT is at 1,412.50 rupees

** Stock up ~110% so far this year vs a ~38% rise in both TTPW and PGRD

($1 = 83.9300 Indian rupees)

(Reporting by Dimpal Gulwani in Bengaluru)

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