Gujarat-based Torrent Power‘s revenue from operations increased 4% year-over-year (YoY) to ₹67.78 billion (~$747.72 million) in the third quarter (Q3) of the financial year (FY) 2026 from ₹64.99 billion (~$717 million).

Profit after tax (PAT) came in at ₹6.55 billion (~$72.25 million), a 34% YoY increase from ₹4.89 billion (~$54 million).

The company attributed its performance to improved operational performance in the renewable energy segment, increased contributions from gas-based power plants, better operational performance of licensed and franchised distribution businesses, and gains from the sale of non-current investments in Q3 2024-25.

Torrent Power‘s revenue from operations increased 10% YoY to ₹78.76 billion (~$888.76 million) in Q2 of FY 2026.

9M FY 2026

Torrent’s revenue for the first nine months (9M) of FY 2026 stood at ₹225.6 billion, a slight decrease from ₹227.09 billion (~$2.5 billion).

PAT came in at ₹21.38 billion (~$235.85 million), rising 8% from ₹19.81 billion (~$218.53 million) in the same period of the previous year.

Operational Highlights

Torrent has approximately 2.3 GW of contracted renewable energy capacity and about 4.3 GW under installation. It has 1,026 MW of operational and 1,841 MW of under-development solar capacity. Its operational wind capacity is 921 MW, and its under-development capacity is 2,163 MW.

In an earnings call, Saurabh Mashruwala, Executive Director and Chief Financial Officer at Torrent Power, said the company expects to commission approximately 1.2 GW to 1.5 GW of renewable energy projects next year. He said this pace of commissioning is likely to continue in the following years as well. Torrent, however, expects subdued growth in renewables in FY 2026.

The company is also facing right-of-way issues in implementing some projects but does not expect these challenges to affect its project commissioning timelines.

Discussing the current slowdown in power demand, Mashruwala stated that demand this financial year was impacted by extended monsoon season and the unusually high base in the previous year. He said these conditions are unlikely to persist and the current demand slowdown was not a reflection of long-term demand trends.

The company has approximately 8.4 GW of pumped storage projects in its pipeline across Uttar Pradesh and Maharashtra. Of this capacity, 3 GW is under construction, with 2 GW tied up in Maharashtra.

Torrent was awarded 18 KTPA of green hydrogen capacity under the government’s Production Linked Incentive program.

Mashruwala said Torrent is actively participating in most renewable energy, and commercial and industrial tenders. In the long-term, it aims to reach 10 GW of renewable energy capacity. He said renewable energy growth had been slow over the last one and a half years, but Torrent was able to add 3 GW of capacity after market opportunities improved.

Last August, Torrent issued a request for selection to procure 200 MW of firm and dispatchable renewable energy, along with an energy storage system, and a greenshoe option of 100 MW.