Torrent Power Limited
TPL is engaged in the power generation, transmission and distribution business. It is a distribution licensee in Ahmedabad, Gandhinagar, Surat, Dahej SEZ, Dholera SIR, and Dadra and Nagar Haveli and Daman and Diu; and the distribution franchisee for ...
Key Metrics
EPS
38.14
Current ratio
1.09
Debt/Equity
1.65
Debt/EBITDA
4.23
Interest coverage ratio
0.27
Operating Cashflow to total debt
0.28
Financials
Pros & Cons
Exclusive on TAP Bonds
Here's what we like about this company and potential risks we have identified.
Pros
Strong operating profile and regulated tariff framework
Robust market position of the power distribution business with diverse consumer base
Strong financial risk profile
Liquidity: Strong
Cons
Susceptibility to risk related to offtake for DGEN
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About Torrent Power Limited bond.
This comprehensive profile covers key factual information about Torrent Power Limited. TPL is engaged in the power generation, transmission and distribution business. It is a distribution licensee in Ahmedabad, Gandhinagar, Surat, Dahej SEZ, Dholera SIR, and Dadra and Nagar Haveli and Daman and Diu; and the distribution franchisee for Bhiwandi, Agra and SMK (Shil, Mumbra, Kalwa). Its power generation plants are in Sabarmati (AMGEN; a 362-MW coal-based station) in Ahmedabad, Surat (1,147.5 MW gas-based SUGEN plant with 382.5 MW expansion), and Dahej SEZ (1,200 MW gas-based combined cycle power plant). The renewable portfolio includes 49.6 MW wind power plant (WPP) in Lalpur, 51 MW solar power plant in Charanka, 252 MW Suzlon WPP in Kutch and Bhavnagar, 50.9 MW WPP in Mahidad, and 87 MW GENSU solar power plant in Surat (all in Gujarat). The company also has a 120 MW (60 MW X 2) WPP in Karnataka, 126 MW WPP in Maharashtra, 50 MW WPP at Kutch and 115 MW WPP at Devbhoomi Dwarka in Gujarat, through its wholly owned subsidiaries. Furthermore, TPL had added a renewable portfolio of 281 MW (156 MW wind + 125 MW solar) through acquisition of Surya Vidyut Ltd, Visual Percept Solar Projects Pvt Ltd, Torrent Saurya Urja 6 Pvt Ltd (earlier LREHL Renewables India SPV1 Pvt Ltd) and Sunshakti Solar Power Projects Pvt Ltd. TPL is also implementing wind and solar projects with capacity of 953 MW (including 191 MW of commercial and industrial projects, of which ~13 MW has been commissioned). EPS in Mar-2024 was 38.14. Current ratio in Mar-2024 was 1.09. Debt/Equity in Mar-2024 was 1.65. Debt/EBITDA in Mar-2024 was 4.23. Interest coverage ratio in Mar-2024 was 0.27. Operating Cashflow to total debt in Mar-2024 was 0.28. Total revenue for Mar-2025(E) was ₹31239.94. Net income for Mar-2025(E) stood at ₹2017.48. Total assets as of Mar-2024 were ₹33,326.10. Operating cash flow for Mar-2024 was ₹4,258.35. The company’s borrowing relationships include State Bank of India (₹N/A Cr), Bank of Baroda (₹N/A Cr), Punjab National Bank (₹N/A Cr), Axis Bank Limited (₹N/A Cr), ICICI Bank Limited (₹N/A Cr), State Bank of India (₹N/A Cr), Axis Bank Limited (₹N/A Cr), Punjab National Bank (₹N/A Cr), HDFC Bank Limited (₹N/A Cr), Bank of Baroda (₹N/A Cr), Not Applicable (₹N/A Cr), Not Applicable (₹N/A Cr), State Bank of India (₹N/A Cr), State Bank of India (₹N/A Cr), Punjab National Bank (₹N/A Cr), Bank of Baroda (₹N/A Cr), Bank of Baroda (₹N/A Cr), Bank of Baroda (₹N/A Cr), State Bank of India (₹N/A Cr), Bank of Baroda (₹N/A Cr), Canara Bank (₹N/A Cr), Bank of Baroda (₹N/A Cr), State Bank of India (₹N/A Cr), State Bank of India (₹N/A Cr), State Bank of India (₹N/A Cr), Punjab National Bank (₹N/A Cr), Bank of Baroda (₹N/A Cr). Peers and comparison entities consist of Torrent Power Limited, Power Grid Corporation of India Limited, Tata Power Company Limited, Powergrid Infrastructure Investment Trust. As of Dec 2024, promoters hold N/A% while others hold N/A% of equity. Key strengths include: Strong operating profile and regulated tariff framework; Robust market position of the power distribution business with diverse consumer base; Strong financial risk profile; Liquidity: Strong. Key risks include: Susceptibility to risk related to offtake for DGEN. Leadership team details include Apurva Diwanji (Independent Director), Jigish Mehta (Whole Time Director), Jinal Mehta (Vice Chairman & Managing Director), Ketan Dalal (Independent Director), Mamta Verma (Non Executive Director), Radhika Haribhakti (Independent Director), Rahul Shah (Company Secretary & Compliance Officer), Samir Mehta (Chairman), Saurabh Mashruwala (Chief Financial Officer), Sudhir Mehta (Chairman Emeritus), Sunil Mathur (Independent Director), Usha Sangwan (Independent Director), Varun Mehta (Non Executive Director). This detailed corporate overview is structured to provide a thorough understanding of all available data points, enhance search visibility, and support investor analysis.