Torrent Power Q2 FY26 Results: Profit Surges on Strong Generation, Margins Expand

Key Highlights: Net Profit: ₹724 crore, up 50% YoY, supported by higher merchant power sales and lower finance costs. Revenue: ₹7,876 crore, up 9.7% YoY, led by improved demand and capacity utilization. EBITDA: ₹1,584 crore, up 19% YoY, with margins improving to 20.1% (vs 18.6% last year). Growth driven by better performance of gas-based plants and strong merchant power realizations. Company expanding its footprint with a new 1,600 MW coal-based project and a green hydrogen plant in Gorakhpur. Insights: Torrent Power continues to deliver solid operational performance with consistent revenue growth and margin expansion. The rising share of merchant power and efficient cost control are improving profitability. The company’s diversification into renewable and hydrogen energy underlines its long-term sustainability focus. What to Watch: Execution and commissioning of new generation projects. Progress in renewable and green hydrogen ventures. Tariff revisions, fuel cost trends, and regulatory updates. Balance sheet strength amid ongoing capex. Investor Takeaway: Torrent Power’s Q2 results show robust profit growth, stable cash flows, and expanding margins, making it a dependable play in India’s evolving power sector. While growth remains steady rather than explosive, its diversification into clean energy positions it well for the future.