Reported Earnings • May 13
Full year 2026 earnings: EPS and revenues miss analyst expectations Full year 2026 results: EPS: ₹47.95 (down from ₹61.23 in FY 2025). Revenue: ₹289.7b (flat on FY 2025). Net income: ₹24.2b (down 19% from FY 2025). Profit margin: 8.3% (down from 10% in FY 2025). Revenue missed analyst estimates by 6.1%. Earnings per share (EPS) also missed analyst estimates by 7.1%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Electric Utilities industry in India. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Annonce • May 06
Torrent Power Limited to Report Q4, 2026 Results on May 12, 2026 Torrent Power Limited announced that they will report Q4, 2026 results on May 12, 2026 Annonce • Feb 16
Torrent Power Limited (NSEI:TORNTPOWER) agreed to acquire Nabha Power Limited from L&T Power Development Limited for an enterprise value of INR 68.9 billion. Torrent Power Limited (NSEI:TORNTPOWER) agreed to acquire Nabha Power Limited from L&T Power Development Limited for an enterprise value of INR 68.9 billion on February 16, 2026. As part of consideration, INR 36.61 billion is paid towards common equity and convertible instruments. As per the transaction, Enterprise Value of Nabha Power Limited is INR 68.9 billion net of cash, comprising of INR 36.61 billion for equity and convertible instruments, repayment of promoter loan of INR 4.9 billion & net debt of INR 27.3 billion as on 31st March 2025 implying EV / EBITDA multiple of 5.97x.
The transaction is subject to approval by regulatory board / committee. The expected completion of the transaction is on of before June 30, 2026.
Dibyanshu Sinha, Raja Kishore, Sathyajith Nair, Prateek Bhandari, Divya Chaturvedi, Saransh Shaw, Pranjal Prateek and Soham Banerjee of Khaitan & Co. acted as legal advisor for Torrent Power Ltd. Avirup Nag and Ankit Sahoo of Saraf and Partners Law Offices acted as legal advisor for Larsen & Toubro. Declared Dividend • Feb 12
Dividend increased to ₹15.00 Dividend of ₹15.00 is 7.1% higher than last year. Ex-date: 16th February 2026 Payment date: 12th March 2026 Dividend yield will be 1.4%, which is lower than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (32% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 29% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 20% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 11
Third quarter 2026 earnings: EPS and revenues exceed analyst expectations Third quarter 2026 results: EPS: ₹12.76 (up from ₹9.76 in 3Q 2025). Revenue: ₹67.8b (up 4.3% from 3Q 2025). Net income: ₹6.43b (up 35% from 3Q 2025). Profit margin: 9.5% (up from 7.3% in 3Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates by 20%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Electric Utilities industry in India. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Feb 03
Torrent Power Limited to Report Q3, 2026 Results on Feb 10, 2026 Torrent Power Limited announced that they will report Q3, 2026 results on Feb 10, 2026 Reported Earnings • Nov 12
Second quarter 2026 earnings released: EPS: ₹14.36 (vs ₹10.01 in 2Q 2025) Second quarter 2026 results: EPS: ₹14.36 (up from ₹10.01 in 2Q 2025). Revenue: ₹78.8b (up 9.8% from 2Q 2025). Net income: ₹7.24b (up 51% from 2Q 2025). Profit margin: 9.2% (up from 6.7% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electric Utilities industry in India. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Nov 05
Torrent Power Limited to Report Q2, 2026 Results on Nov 11, 2025 Torrent Power Limited announced that they will report Q2, 2026 results at 12:08 PM, Indian Standard Time on Nov 11, 2025 Annonce • Sep 24
Torrent Power Limited (NSEI:TORNTPOWER) acquired 49% stake in Newzone India Private Limited from Sarawagi Family and related HUFs. Torrent Power Limited (NSEI:TORNTPOWER) acquired 49% stake in Newzone India Private Limited from Sarawagi Family and related HUFs on September 23, 2025. A cash consideration will be paid by Torrent Power Limited. In a related transaction, Torrent Power Limited also acquired 100% stake in Newzone Power Projects Private Limited and both transactions have a combined acquisition value of INR 2.1 billion.
Torrent Power Limited (NSEI:TORNTPOWER) completed the acquisition of 49% stake in Newzone India Private Limited from Sarawagi Family and related HUFs on September 23, 2025. Annonce • Sep 18
JSW Neo Reportedly Frontrunner to Acquire Statkraft's HP Hydro Power Unit JSW Neo Energy Limited has emerged the frontrunner to buy Statkraft's Himachal Pradesh hydro power unit that houses a project on the Tidong tributary of the Sutlej River, said sources familiar with the matter. Its offer pegs the enterprise value of the unit at INR 12,000 million-14,000 million, they said. A deal could be signed within days. KKR-backed Serentica Renewables India Private Limited and Torrent Power Limited (NSEI:TORNTPOWER) had also made offers for the hydro power unit, as per the sources. Statkraft is said to have already incurred the majority of the project capital expenditure of around INR 20,000 million. The project is being set up with a capacity to generate 150 MW of power though it is not yet operational. The physical attributes of the project include an 8 km-long head race tunnel built through mountainous terrain that will convey water to the power station, a 110 metre high surge shaft, a 1,200 metre long pressure shaft and a surface power house. Norway government-owned Statkraft is exiting India and has put all its assets on the block. Annonce • Aug 08
JSW Neo Energy, Blackstone and Serentica Renewables Reportedly Submit Binding Financial Bids for Statkraft's Wind and Solar Energy Assets in India JSW Neo Energy Limited, Blackstone Inc. (NYSE:BX) and KKR-backed Serentica Renewables India Private Limited have submitted binding financial bids for Statkraft's wind and solar energy assets in India on August 6, 2025, when the deadline for bids expired, according to sources aware of the matter. The bids were submitted after a three-month due diligence process. Norwegian government-owned Statkraft is exiting India and selling its assets in two lots. The first lot consists of the wind and solar assets. Bids for the second lot comprising hydro power assets are due on August 16. Adani Green Energy Limited (NSEI:ADANIGREEN) and Torrent Power Limited (NSEI:TORNTPOWER) are likely to bid for those, according to people cited earlier. Statkraft has put a $1.5 billion enterprise value tag on the entire India portfolio. JSW Neo Energy, Blackstone and KKR declined to comment. Adani Green Energy and Torrent Power had not responded to ET's queries until press time. "We were among the selected bidders for the Statkraft portfolio in April, post which we conducted our diligence. We are submitting our binding offers for Statkraft's wind and solar portfolio and are confident of closing this transaction," said a Serentica spokesperson. Statkraft-Europe's largest renewable power company-announced its intention on October 23 last year to exit the Indian business. In a statement from its global chief executive officer Birgitte Ringstad Vartdal, the company said it was prioritising investments in Norway, Europe and South America. Annonce • Jul 30
Torrent Power Limited to Report Q1, 2026 Results on Aug 05, 2025 Torrent Power Limited announced that they will report Q1, 2026 results on Aug 05, 2025 Annonce • Jul 25
Torrent Reportedly in Talks to Buy L&T’s Power Unit for $1 Billion Torrent Power Limited (NSEI:TORNTPOWER) is in talks to buy the thermal business unit of Larsen & Toubro Limited (BSE:500510) for about $1 billion including debt, according to people with knowledge of the matter. Both companies are working with advisers on the potential transaction, the people said, asking not to be identified because the deliberations are private. A disposal would help L&T raise cash to reduce its debt, the people said. Reported Earnings • Jul 12
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: ₹61.23 (up from ₹38.14 in FY 2024). Revenue: ₹291.7b (up 7.3% from FY 2024). Net income: ₹29.9b (up 63% from FY 2024). Profit margin: 10% (up from 6.7% in FY 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) exceeded analyst estimates by 24%. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Electric Utilities industry in India. Over the last 3 years on average, earnings per share has increased by 38% per year whereas the company’s share price has increased by 41% per year. Annonce • Jul 10
Torrent Power Limited, Annual General Meeting, Aug 05, 2025 Torrent Power Limited, Annual General Meeting, Aug 05, 2025, at 09:30 Indian Standard Time. Declared Dividend • Jun 04
Final dividend of ₹5.00 announced Shareholders will receive a dividend of ₹5.00. Ex-date: 6th June 2025 Payment date: 4th September 2025 Dividend yield will be 1.3%, which is lower than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (31% earnings payout ratio) but not covered by cash flows (202% cash payout ratio). The dividend has increased by an average of 29% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 14% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 15
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: ₹61.23 (up from ₹38.14 in FY 2024). Revenue: ₹291.7b (up 7.3% from FY 2024). Net income: ₹29.9b (up 63% from FY 2024). Profit margin: 10% (up from 6.7% in FY 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) exceeded analyst estimates by 24%. Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Electric Utilities industry in India. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has increased by 51% per year, which means it is tracking significantly ahead of earnings growth. Annonce • May 10
Torrent Power Limited to Report Q4, 2025 Results on May 14, 2025 Torrent Power Limited announced that they will report Q4, 2025 results on May 14, 2025 Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹1,499, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 26x in the Electric Utilities industry in India. Total returns to shareholders of 232% over the past three years. Annonce • Mar 19
Top Business Groups Reportedly Line Up for JAL JSW Steel Limited (BSE:500228), Dalmia Bharat Limited (NSEI:DALBHARAT), Jindal Power Limited, Vedanta Limited (NSEI:VEDL, GMR Energy Limited, Welspun Corp. Limited (BSE:532144) and Torrent Power Limited(NSEI:TORNTPOWER) are among the top business groups that have submitted expressions of interest (EoIs) for Jaiprakash Associates Limited (BSE:532532) (JAL), which will go under the hammer in a court-monitored insolvency proceeding, according to people aware of the matter. The Adani Group (Adani Enterprises Limited (BSE:512599)) is also expected to submit an EoI before the final deadline of March 25 as is another large Delhi-based industrial house, they said. Kotak Alternate Asset Managers Limited is also in the fray. The assets may be worth over $2 billion or INR 173.00 billion as per sources familiar with preliminary discussions on their valuation. The EoIs are the first stage in the bidding process as lenders look to find a new owner for JAL. Participants at the EoI stage may not necessarily submit bids, said the people cited. A National Company Law Tribunal (NCLT) bench last week instructed Bhuvan Madan, the company’s Deloitte-backed resolution professional, to invite resolution plans that would take into account all of JAL’s assets and not parts of the portfolio separately. The earlier plan had been to market the company in a piecemeal manner to potential buyers and invite interest for individual assets that were partitioned into separate clusters. That plan was struck down by NCLT. Dalmia Bharat, Jindal Power, Welspun, Torrent, Adani, GMR and Kotak Alternate Assets did not respond to ET’s queries. JSW, Vedanta and JAL’s resolution professional declined to comment. Price Target Changed • Feb 11
Price target decreased by 8.3% to ₹1,377 Down from ₹1,501, the current price target is an average from 9 analysts. New target price is 7.4% above last closing price of ₹1,282. Stock is up 15% over the past year. The company is forecast to post earnings per share of ₹51.31 for next year compared to ₹38.14 last year. Declared Dividend • Feb 06
Dividend increased to ₹14.00 Dividend of ₹14.00 is 17% higher than last year. Ex-date: 12th February 2025 Payment date: 6th March 2025 Dividend yield will be 1.3%, which is lower than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (37% earnings payout ratio) but not covered by cash flows (270% cash payout ratio). The dividend has increased by an average of 41% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 25% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 05
Third quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2025 results: EPS: ₹9.76 (up from ₹7.49 in 3Q 2024). Revenue: ₹65.0b (up 2.1% from 3Q 2024). Net income: ₹4.76b (up 32% from 3Q 2024). Profit margin: 7.3% (up from 5.7% in 3Q 2024). Revenue missed analyst estimates by 2.0%. Earnings per share (EPS) exceeded analyst estimates by 7.3%. Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Electric Utilities industry in India. Over the last 3 years on average, earnings per share has increased by 34% per year whereas the company’s share price has increased by 38% per year. Annonce • Feb 04
Torrent Power Limited Approves Interim Dividend for Fiscal Year 2024-2025, Payable on or Before March 6, 2025 Torrent Power Limited announced that at its board meeting held on February 4, 2025, approved the interim dividend for fiscal year 2024-2025 of INR 14 per equity share on 503,903,543 equity shares of INR 10 each. The dividend will be remitted on or before March 6, 2025 to the equity shareholders of the company, whose names appear on the register of members of the company and register of Beneficial Owners maintained by the Depositories as on the Record Date that is February 12, 2025 fixed for the purpose. Annonce • Jan 29
Torrent Power Limited to Report Q3, 2025 Results on Feb 04, 2025 Torrent Power Limited announced that they will report Q3, 2025 results on Feb 04, 2025 New Risk • Dec 11
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.8% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks High level of debt (74% net debt to equity). Dividend is not well covered by cash flows (270% cash payout ratio). Shareholders have been diluted in the past year (4.8% increase in shares outstanding). Annonce • Dec 06
Torrent Power Limited has completed a Follow-on Equity Offering in the amount of INR 34.999999 billion. Torrent Power Limited has completed a Follow-on Equity Offering in the amount of INR 34.999999 billion.
Security Name: Equity Shares
Security Type: Common Stock
Securities Offered: 23,286,759
Price\Range: INR 1503
Transaction Features: Regulation S; Subsequent Direct Listing Annonce • Dec 04
Torrent Power Limited has filed a Follow-on Equity Offering. Torrent Power Limited has filed a Follow-on Equity Offering.
Security Name: Equity Shares
Security Type: Common Stock
Price(minimum): INR 1555.75
Transaction Features: Regulation S; Subsequent Direct Listing Reported Earnings • Nov 14
Second quarter 2025 earnings: EPS misses analyst expectations Second quarter 2025 results: EPS: ₹10.01 (down from ₹10.94 in 2Q 2024). Revenue: ₹71.8b (up 3.1% from 2Q 2024). Net income: ₹4.81b (down 8.5% from 2Q 2024). Profit margin: 6.7% (down from 7.6% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 16%. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Electric Utilities industry in India. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Nov 09
Torrent Power Limited to Report Q2, 2025 Results on Nov 13, 2024 Torrent Power Limited announced that they will report Q2, 2025 results on Nov 13, 2024 Price Target Changed • Sep 26
Price target increased by 9.9% to ₹1,548 Up from ₹1,408, the current price target is an average from 11 analysts. New target price is 18% below last closing price of ₹1,889. Stock is up 157% over the past year. The company is forecast to post earnings per share of ₹54.93 for next year compared to ₹38.14 last year. Price Target Changed • Aug 02
Price target increased by 9.2% to ₹1,330 Up from ₹1,218, the current price target is an average from 11 analysts. New target price is 28% below last closing price of ₹1,851. Stock is up 178% over the past year. The company is forecast to post earnings per share of ₹57.00 for next year compared to ₹38.14 last year. Price Target Changed • Jul 31
Price target increased by 8.0% to ₹1,301 Up from ₹1,205, the current price target is an average from 11 analysts. New target price is 30% below last closing price of ₹1,866. Stock is up 181% over the past year. The company is forecast to post earnings per share of ₹54.51 for next year compared to ₹38.14 last year. Annonce • Jul 24
Torrent Power Limited to Report Q1, 2025 Results on Jul 30, 2024 Torrent Power Limited announced that they will report Q1, 2025 results on Jul 30, 2024 Reported Earnings • Jul 07
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: ₹38.14 (down from ₹44.06 in FY 2023). Revenue: ₹271.8b (up 5.8% from FY 2023). Net income: ₹18.3b (down 13% from FY 2023). Profit margin: 6.7% (down from 8.2% in FY 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 3.5%. Earnings per share (EPS) also missed analyst estimates by 8.7%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Electric Utilities industry in India. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Jul 04
Torrent Power Limited, Annual General Meeting, Jul 30, 2024 Torrent Power Limited, Annual General Meeting, Jul 30, 2024, at 09:30 Indian Standard Time. Annonce • Jun 10
JSW, Torrent, Masdar Among Suitors for Enel's India Assets About half a dozen investors, including Abu Dhabi Future Energy Company PJSC - Masdar of the UAE, Singapore's Sembcorp Industries Ltd. (SGX:U96), JSW Energy Limited (BSE:533148), Torrent Power Limited (NSEI:TORNTPOWER), Sekura Energy Limited and Oil and Natural Gas Corporation Limited (NSEI:ONGC), have submitted non-binding bids to acquire 760 MW of operational assets in India that have been put on the block by Italy's Enel Group, said people aware of the development. HSBC is advising Enel on the sale. The proposed deal may have an enterprise value of $500 million (INR 41.00 billion), the sources said. The portfolio of Enel Green Power India Private Limited comprises 760 megawatts (MW) of operational wind and solar power assets and a development pipeline of 2 gigawatts (GW). Of the operational capacity, solar power projects comprise 420 MW, with the balance 340 MW coming from wind power. Last year, Norwegian Climate Investment Fund, managed by Norfund, and KLP, Norway's largest pension company, had together committed $100 million of equity and guarantees for a 168 MW wind power plant developed by Enel Green Power in India. In 2020, Norfund and Enel Green Power (EGP) entered into a joint investment agreement for renewable energy projects in India. Their first project together, the 420 MW Thar solar plant, was announced in 2022. Enel Green Power, founded in 2008 within the Enel Group to develop and manage renewable power projects globally, operates over 63 GW of installed renewable capacity at 1,300 plants in Asia, Europe, Africa and America. EGP had strengthened its position in India through an acquisition of a majority stake in renewable energy company BLP Energy for INR 30 million (INR 2.20 billion) in 2015.Enel, ONGC, Masdar and Sekura Energy spokespersons declined to comment. JSW, Sembcorp and Torrent didn't respond to queries. Energy producers such as Sekura Energy, Sembcorp and Masdar Energy are already in the race for several Indian renewable assets that are on the block. These three were among the contenders for the 2 GW renewable portfolio of Brookfield in India that's up for sale at an estimated enterprise value of $800 million - 1 billion (INR 66.00 billion - INR 83.00 billion). JSW Neo Energy and Sekura Energy are among the bidders that have made non-binding offers to acquire a controlling stake in Ayana Renewable Power, majority owned by National Investment and Infrastructure Fund (NIIF), at a valuation of about $2 billion, ET had reported. ONGC is another contender for several assets in the clean energy space as part of decarbonising its operations. ONGC plans to have a renewable energy capacity of 10 GW by 2030 at an investment of INR 1 lakh crore. The outlook for the renewable energy (RE) sector remains stable, led by strong policy support from the government, superior tariff competitiveness and sustainability initiatives by large commercial and industrial (C&I) customers. Declared Dividend • Jun 03
Final dividend of ₹4.00 announced Shareholders will receive a dividend of ₹4.00. Ex-date: 14th June 2024 Payment date: 29th August 2024 Dividend yield will be 1.1%, which is lower than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (42% earnings payout ratio) but not covered by cash flows (104% cash payout ratio). The dividend has increased by an average of 21% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 61% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • May 25
Price target increased by 12% to ₹1,119 Up from ₹996, the current price target is an average from 10 analysts. New target price is 20% below last closing price of ₹1,401. Stock is up 154% over the past year. The company is forecast to post earnings per share of ₹50.56 for next year compared to ₹38.14 last year. Reported Earnings • May 23
Full year 2024 earnings released: EPS: ₹38.14 (vs ₹44.06 in FY 2023) Full year 2024 results: EPS: ₹38.14 (down from ₹44.06 in FY 2023). Revenue: ₹275.3b (up 7.1% from FY 2023). Net income: ₹18.3b (down 13% from FY 2023). Profit margin: 6.7% (down from 8.2% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electric Utilities industry in India. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Annonce • May 18
Torrent Power Limited to Report Q4, 2024 Results on May 22, 2024 Torrent Power Limited announced that they will report Q4, 2024 results on May 22, 2024 Buy Or Sell Opportunity • Apr 02
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 55% to ₹1,465. The fair value is estimated to be ₹1,187, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Earnings per share has grown by 31%. Revenue is forecast to grow by 21% in 2 years. Earnings are forecast to grow by 47% in the next 2 years. Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹1,420, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 25x in the Electric Utilities industry in India. Total returns to shareholders of 266% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹1,187 per share. Major Estimate Revision • Feb 15
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ₹47.36 to ₹42.10 per share. Revenue forecast steady at ₹280.7b. Net income forecast to grow 30% next year vs 14% growth forecast for Electric Utilities industry in India. Consensus price target up from ₹829 to ₹966. Share price was steady at ₹1,208 over the past week. Price Target Changed • Feb 12
Price target increased by 7.5% to ₹891 Up from ₹829, the current price target is an average from 10 analysts. New target price is 21% below last closing price of ₹1,131. Stock is up 147% over the past year. The company is forecast to post earnings per share of ₹42.69 for next year compared to ₹44.06 last year. Reported Earnings • Feb 10
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: ₹7.49 (down from ₹14.24 in 3Q 2023). Revenue: ₹64.2b (flat on 3Q 2023). Net income: ₹3.60b (down 47% from 3Q 2023). Profit margin: 5.6% (down from 11% in 3Q 2023). Revenue missed analyst estimates by 8.7%. Earnings per share (EPS) also missed analyst estimates by 50%. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Electric Utilities industry in India. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 53% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Feb 09
Upcoming dividend of ₹10.00 per share at 1.1% yield Eligible shareholders must have bought the stock before 16 February 2024. Payment date: 09 March 2024. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 1.1%. Within top quartile of Indian dividend payers (1.1%). Lower than average of industry peers (2.6%). Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹1,165, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 22x in the Electric Utilities industry in India. Total returns to shareholders of 293% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹664 per share. Declared Dividend • Feb 03
First half dividend of ₹10.00 announced Shareholders will receive a dividend of ₹10.00. Ex-date: 16th February 2024 Payment date: 9th March 2024 Dividend yield will be 1.3%, which is lower than the industry average of 2.7%. Sustainability & Growth Dividend is well covered by both earnings (30% earnings payout ratio) and cash flows (29% cash payout ratio). The dividend has increased by an average of 21% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 37% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Dec 18
Price target increased by 9.2% to ₹756 Up from ₹693, the current price target is an average from 9 analysts. New target price is 19% below last closing price of ₹931. Stock is up 81% over the past year. The company is forecast to post earnings per share of ₹45.50 for next year compared to ₹44.06 last year. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹941, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 19x in the Electric Utilities industry in India. Total returns to shareholders of 229% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹754 per share.