What the board approved
At its meeting on August 3, 2026, Torrent Power's board approved unaudited standalone and consolidated results for the quarter ended June 30, 2026, reviewed by the statutory auditor, Price Waterhouse Chartered Accountants LLP. The board also took on record the utilisation statement for a Series-15 non-convertible debenture issue raised during the quarter, with the filing recording no deviation in how those proceeds were used.
The quarter's defining event, disclosed in the notes, was the completion of the Nabha Power acquisition. Torrent Power had signed a Securities Purchase Agreement in February 2026 to buy 100% of Nabha Power Limited from L&T Power Development, and the transaction closed on June 25, 2026, making Nabha a wholly owned subsidiary from that date.
The Nabha addition
Nabha Power operates a 2×700 MW coal-based supercritical thermal plant in Punjab, with 25-year power purchase agreements effective from 2014 with Punjab State Power Corporation Limited. Because the acquisition closed only five days before quarter-end, Nabha contributed to consolidated results for just that short window, and the purchase price allocation under Ind AS 103 remains provisional.
The scale of the addition shows up on the balance sheet more than in the quarter's earnings: consolidated segment assets in Generation rose sharply against the prior quarter, reflecting the newly consolidated plant.
How the quarter compared
On a consolidated basis, revenue was broadly in line with the year-earlier period, while profit for the period was lower year-on-year. The standalone entity, which does not yet reflect Nabha, showed a similar softening in profit. Segment disclosures indicate Generation carried lower results than a year earlier, while Transmission and Distribution and Renewables held up.
Leverage moved up over the quarter: the consolidated debt-equity ratio rose from its March-end level, consistent with the debt raised and the assets and liabilities newly brought onto the consolidated books.