Torrent Power Limited

What Torrent Power Limited does

Torrent Power Limited is one of the few fully integrated private-sector power utilities in India, operating across the entire value chain — generation, transmission, and distribution — with a 6,494 MW installed generation portfolio (4,492 MW thermal and 2,002 MW renewable) and distribution to over 4.31 million customers across 12 cities in Gujarat, Maharashtra, Uttar Pradesh, Punjab, and the Union Territory of Dadra & Nagar Haveli and Daman & Diu. The generation portfolio combines coal-based supercritical plants (Nabha Power 1,400 MW, AMGEN 362 MW), gas-based combined cycle facilities using Siemens F-class turbines (SUGEN 1,147.5 MW, DGEN 1,200 MW, UNOSUGEN 382.5 MW), and renewable assets (786.5 MW+ of solar and wind). On the distribution side, the company operates as a licensee in Gujarat urban centers and DNH & DD, and as a franchisee in Bhiwandi (Maharashtra) and Agra (UP) — a structure in which it was the first-mover in India (2006). T&D losses in license areas stand at 2.33%, among the lowest in the country.

The company monetizes through three primary streams: regulated distribution tariffs (approved by GERC for residential, commercial, and industrial consumers across licensed areas), long-term power purchase agreements with state distribution utilities (PSPCL for Nabha Power, Gujarat Discoms for SUGEN, PTC India for wind), and emerging LNG/RLNG trading via long-term supply partnerships with BP Singapore and JERA. Revenue from operations for FY26 was Rs 28,966 crore (~USD 3.4 billion) with EBITDA of Rs 5,864 crore. The company is publicly listed (NSE: TORNTPOWER, BSE: 532779) with a market capitalization of Rs 71,690 crore as of June 2026, and is part of the Rs 50,000 crore Torrent Group promoted by Torrent Investments Private Limited.

Torrent Power is currently mid-execution on a multi-year expansion program: the June 2026 acquisition of Nabha Power added 1,400 MW of operating capacity, the 3,000 MW Saidongar-1 Karjat pumped storage project in Maharashtra (India's largest such facility) is under construction targeting October 2028 commissioning, and the company has publicly stated a target of 12 GW installed capacity and 10 GW+ renewable capacity by FY2030. Adjacent initiatives include green hydrogen production (18,000 MT/annum under SIGHT Scheme), public EV charging infrastructure, smart meter rollout in Maharashtra, and a strategic B2C pivot signaled by an April 2026 brand refresh. The company is led by Vice-Chairman & Managing Director Jinal Mehta (elevated June 2024) with Samir Mehta as Chairman of the Torrent Group.

Name

Torrent Power Limited

Legal name

Torrent Power Limited

Website

https://torrentpower.com

Company type

Public

Founded year

2004

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Torrent Power Limited is an integrated Indian power utility operating generation (6,494 MW), transmission, and distribution across 12 cities, serving over 4.31 million customers and state discoms under long-term PPAs and regulated tariffs.

Ownership category

akta.pro rank

Product category

Integrated Power Utility (Generation, Transmission and Distribution)

NAICS

Electric Power Generation, Transmission and Distribution (2211), Wind Electric Power Generation (221115), Hydroelectric Power Generation (221111)

SIC

Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

HV Transmission Asset Owners (Transmission Companies/Transcos) (EUADAAAC)

akta.pro secondary industries

Contracted Wind Power Generation (PPA/CFD/FiT-backed) (EUACAFAJ), Pumped-Storage Hydroelectric Generation (EUACAEAC)

Keywords

• Power generation
• Electricity distribution
• Renewable energy
• Power transmission
• Integrated power utility

Headquarters

HQ city

Ahmedabad

HQ country

India

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Infrastructure, Supply Chain, Operations, Personnel, Technology or R&D

Revenue model

1. Power Distribution: Distribution of electricity to over 4.31 million customers across licensed areas (Ahmedabad, Surat, Gandhinagar, Dahej, DNH & DD) and franchisee areas (Bhiwandi, Agra). Revenue generated through regulated tariffs approved by GERC.
2. Power Generation: Generation of electricity from thermal (coal and gas) and renewable sources. Revenue from long-term PPAs with state discoms and merchant power sales.
3. LNG/Gas Trading: Torrent Power has entered into LNG supply agreements with BP and JERA, and provides LNG/RLNG supply to prospective consumers on flexible terms including short-term, mid-term, and long-term contracts.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Torrent Power is an integrated power utility that generates, transmits, and distributes electricity across the value chain. It operates 6,494 MW of generation capacity (4,492 MW thermal coal and gas, 2,002 MW renewable solar and wind) and distributes power to over 4.31 million customers across 12 cities under licensed and franchisee arrangements. The company also manufactures EHV, HT, MV, and LT power cables through subsidiary Torrent Electricals Limited.

Product overview

Torrent Power Limited is an integrated power utility offering end-to-end services across the power value chain: generation (thermal coal/gas and renewable solar/wind), transmission, distribution (as licensee and franchisee), and power cable manufacturing. The company operates major thermal plants including DGEN (1,200 MW gas), SUGEN (1,147.5 MW gas), UNOSUGEN (382.5 MW gas), and AMGEN (362 MW coal), plus renewable capacity of 786.5 MW. It distributes power to over 4.31 million customers across 12 cities in Gujarat, Maharashtra, Uttar Pradesh, and Union Territories. Emerging offerings include green hydrogen production, EV charging infrastructure, smart meters, and pumped storage hydro projects. The company also manufactures power cables through subsidiary Torrent Electricals Limited. The portfolio is coordinated through multiple subsidiaries including Torrent Green Energy Private Limited for renewables and Torrent Energy Storage Solutions Private Limited for pumped storage.

Differentiator

Problem solved

Functional benefit

Products and services

• Thermal Power Generation
• Renewable Energy Generation
• Power Transmission
• Power Distribution (Licensee)
• Power Distribution (Franchisee)
• Power Cables
• Public EV Charging Stations
• Green Hydrogen Production
• Smart Meter Deployment
• Pumped Storage Hydro

Quantifiable outcome

• T&D loss of 2.33% in license areas - among lowest in country
• +2 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Nabha Power Limited (Acquisition)coreOthers · 25 June 2026Acquisition of 100% equity stake in Nabha Power Limited from L&T Power Development Limited for Rs 3,632.35 crore. NPL operates 2x700 MW supercritical coal-based thermal plant at Rajpura, Punjab. Increases operational capacity from 5 GW to 6.4 GW.
• ANDRITZcoreTechnology or Integration · 17 April 2026Equipment supplier for 3,000 MW Saidongar-1 Karjat pumped storage project - India's largest pumped storage facility. Contract covers design, manufacturing, installation of 10 reversible pump turbine units.
• JERA Co., Inc.coreStrategic or Co-development Partner · 1 March 2026Long-term Sales and Purchase Agreement with JERA for 270,000 tonnes/year LNG supply for a decade starting 2027. JERA is Japan's largest power generator.
• BP Singapore Pte. LimitedcoreStrategic or Co-development Partner · 2 June 2025Long-term Sales and Purchase Agreement with BP Singapore for LNG supply. Partnership supports gas-based generation operations amid volatile energy markets.
• Power Grid Corporation of India LimitedcoreStrategic or Co-development PartnerJoint venture for transmission infrastructure. Torrent Power Grid Limited (74% owned) implements transmission lines associated with SUGEN project and RE evacuation at Khavda.
• Gujarat Power Corporation LimitedminorStrategic or Co-development PartnerJoint venture for coal-based power plant development at Pipavav (though currently intended for dissolution due to fuel linkage issues).
• Dadra and Nagar Haveli and Daman and Diu Power Distribution CorporationcoreStrategic or Co-development Partner51% stake acquisition giving Torrent Power distribution license for Union Territory. Formal takeover from April 1, 2022, expanding distribution network to 12 cities.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Adani Energy Solutions: Adani Energy Solutions operates India's largest private transmission network alongside Mumbai and Mundra distribution licenses and a renewable generation arm. Closely comparable to Torrent Power's transmission subsidiary, distribution franchisee presence, and integrated value-chain positioning.
• Tata Power Company: Tata Power is India's largest integrated private-sector power utility, spanning generation (thermal, hydro, solar, wind), transmission and distribution across multiple states — including the Delhi and Odisha distribution licensees. Directly comparable to Torrent Power's integrated G-T-D model and franchisee-style distribution ambitions.
• JSW Energy: JSW Energy operates ~7 GW of thermal and renewable capacity with plans to scale to 20 GW. It pursues a similar strategy to Torrent Power: capacity expansion through greenfield and acquisitions, fuel diversification (coal, hydro, wind, solar, storage), and PPA-backed revenue streams.
• Adani Power: Adani Power is India's largest private thermal power generator with 17+ GW of operating capacity across coal, gas and solar assets. Comparable to Torrent Power as a major private-sector power generator selling under long-term PPAs and pursuing renewable diversification.
• Reliance Power: Reliance Power operates large thermal (Sasan, Rosa) and renewable assets including the 750 MW solar park. Comparable to Torrent Power as a listed private-sector power generator in India with diversified fuel mix and ambitions in clean energy, though currently focused more on generation than distribution.
• CESC Limited: CESC is a vertically integrated private utility distributing power to 3+ million customers in Kolkata and Greater Noida with captive thermal generation. Comparable to Torrent Power on the urban distribution-licensee business model with regulated returns, though concentrated in a different geography.

Broad incumbents

• NTPC Limited: NTPC is India's largest power generator with ~73 GW of installed capacity across thermal, hydro, nuclear and renewables, supplying bulk power to state discoms under long-term PPAs. Functions as the broad incumbent comparable to Torrent Power's generation segment but at far greater scale and with state-owned status.
• NHPC Limited: NHPC is India's largest hydropower developer with ~7 GW of installed hydro capacity and growing pumped storage and solar portfolio. Relevant comparable for Torrent Power's pumped storage ambitions (3 GW Saidongar-1) given NHPC's hydro-EPC and storage development expertise.
• Power Grid Corporation of India: PowerGrid operates India's central transmission network of ~175,000 circuit km of EHV lines, and is Torrent Power Grid Limited's joint venture partner in transmission. Comparable as the broad incumbent in HV transmission infrastructure, though with a national monopoly-scale footprint versus Torrent's regional assets.

Emerging players

• SJVN Limited: SJVN operates hydro and solar assets across India with a target of 12 GW by 2026 and an active pumped storage project pipeline. Comparable as an emerging player in pumped storage hydro and renewable generation, intersecting with Torrent Power's growth strategy in those segments.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/torrent-power

Compliance25 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries10 records

Funding overview

Funding rounds5 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Torrent Power Limited