✨ At a Glance
Torrent Power has quietly become a multi-bagger in the last 5 years, despite being in the unsexy power utility space. From generation to distribution, they do it all. The cash flows are hot, the dividends are steady, and the management runs it like a private FMCG — not a PSU. But is the current surge justified?
📊 Part 1: What Does Torrent Power Actually Do?
- Business Segments:
- Transmission & Distribution (T&D) — 89% of revenue
- Generation (Renewable + Thermal)
- Trading, EPC, Smart Metering (Emerging segments)
- Presence: Gujarat, Maharashtra, UP, Karnataka
- Capacity: ~4 GW across thermal, wind & solar
- Recent Deal: 300 MW wind project win in June 2025 (SECI)
Torrent has carved out a reputation of being more efficient than the average PSU discom — while retaining the margins of a private player.
Think of it as
the clean-shaven, suit-wearing cousin of BSES Rajdhani, who actually pays his bills.
📈 Part 2: 5-Year Financial Recap (FY20–FY25)
| Year | Revenue (₹ Cr) | Net Profit (₹ Cr) | EPS (₹) | OPM % | ROCE % |
|---|---|---|---|---|---|
| FY20 | 13,641 | 1,179 | 24.43 | 26% | 13% |
| FY21 | 12,173 | 1,296 | 26.86 | 29% | 13% |
| FY22 | 14,258 | 459 | 9.45 | 25% | 13% |
| FY23 | 25,694 | 2,165 | 44.06 | 19% | 18% |
| FY24 | 27,183 | 1,896 | 38.14 | 17% | 15% |
| FY25 | 29,165 | 3,059 | 59.31 | 18% | 17% |
- Revenue doubled in 5 years
- Net profit 2.6x, from ₹1,179 Cr to ₹3,059 Cr
- OPM dipped post COVID but stabilizing around 18%
- ROCE trending up — indicating capex is finally delivering
The FY22 profit dip? One-time impairment, not an existential crisis. Chill.
💥 Part 3: FY25 & Q4FY25 Results
FY25 (Full Year)
- Revenue: ₹29,165 Cr
- Net Profit: ₹3,059 Cr (up 61% YoY)
- EPS: ₹59.31
- OPM: 18%
Q4FY25 (Mar 2025)
- Sales: ₹6,456 Cr
- Net Profit
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