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s Investor Presentation Q3 FY 2025-26
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THIS PRESENTATION IS NOT AN OFFER TO SELL ANY SECURITIES OR A SOLICITATION TO BUY ANY SECURITIES OF TORRENT POWER LIMITED (THE “COMPANY or TPL”) OR ITS SUBSIDIARIES, ASSOCIATE, JOINT VENTURES TOGETHER WITH THE COMPANY, THE “GROUP” The material that follows is a presentation of general background information about the Company’s activities as at the date of the presentation or as otherwise indicated. It is information given in summary form and does not purport to be complete and it cannot be guaranteed that such information is true and accurate. This presentation has been prepared by and is the sole responsibility of the Company. This presentation is for general information purposes only and should not be considered as a recommendation that any investor should subscribe to or purchase the Company’s equity shares or other securities. This presentation includes statements that are, or may be deemed to be, “forward looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”,“ estimates”,“ anticipates”,“ projects”,“ expects”,“ intends”,“ may”,“ will”,“ or “ or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, aims, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this presentation and include statements regarding the Company’s intentions, beliefs or current expectations concerning, amongst other things, its results or operations, financial condition, liquidity, prospects, growth, strategies and the industry in which the Company operates. By their nature, forward looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward looking statements are not guarantees of future performance including those relating to general business plans and strategy of the Company, its future outlook and growth prospects, and future developments in its businesses and its competitive and regulatory environment. No representation, warranty or undertaking, express or implied, is made or assurance given that such statements, views, projections or forecasts, if any, are correct or that the objectives of the Company will be achieved. The Company, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein. . The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent development, information or events, or otherwise. Unless otherwise stated in this presentation, the information contained herein is based on management information and estimates. The information contained herein is subject to change without notice and past performance is not indicative of future results. The Company may alter, modify or otherwise change in any manner the content of this presentation without obligation to notify any person of such revision or changes. This document is just a presentation and is not intended to be and does not constitute a “prospectus” or “disclosure document” or “offer document” or a “private placement offer letter” or an “offering memorandum” or an or a solicitation of any offer to purchase or sell any securities. It is clarified that this presentation is not intended to be a document offering for subscription or sale of any securities or inviting offers from any person, including the Indian public (including any section thereof) or from persons residing in any other jurisdiction, including the United States, for the subscription to or sale of any securities, including the Company’s equity shares. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. This document has not been and will not be reviewed or approved by a regulatory authority in India or by any stock exchange in India. Disclaimer 2
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Presentation Outline Torrent Group Overview Company Overview Performance Overview Key Highlights 02 03 04 3 01
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Torrent Group Overview #1
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Torrent Group 5 ◼ Generics pharmaceutical major with strong global footprint ◼ One of the leading listed pharmaceutical company in India by market capitalization Torrent Pharmaceuticals Limited ◼ One of the leading private sector Integrated Power Utility with presence across generation, transmission and distribution ◼ One of the lowest distribution losses in the country ◼ Our Bhiwandi distribution franchisee model was first of its kind arrangement allowing private company to manage the area’s distribution business. ◼ Good operational track record with strong focus on customer service Torrent Power Limited ◼ Incorporated in FY19, City Gas Distribution (CGD) business now has 17 operating Geographical Areas (GAs) spread across 34 districts and 7 states and 1 Union Territory ◼ Steel pipeline network of > 17,270 inch-Km, MDPE pipeline of > 8,100 Km and > 500 CNG Stations ◼ More than 2.10 Lac PNG Domestic Connections Torrent Gas Limited
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6 Company Overview #2
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7 1. Market Capitalization as on 31.12.2025 All Capacities are as on 31.12.2025 One of the Leading Private Sector Integrated Power Utility Torrent Power Limited (Market Cap: c. ₹ 65,830 Cr1) Promoter 51.09% 48.91% Thermal Generation Distribution Gas based plants: 2,730 MW – Operational Coal based plants: 362 MW – Operational 1,600 MW – Under Development 355 kms 400 kV & 128 kms of 220 kV to evacuate power from gas-based power plants ~104 kms 400 kV Under pipeline Licensed (Ahmedabad, Surat, Dahej SEZ, Dholera SIR, Dadra & Nagar Haveli and Diu & Daman) Franchised (Agra, Bhiwandi and Shil, Mumbra & Kalwa) Renewable Generation PSP Awarded 18 KTPA capacity under PLI Scheme for Green Hydrogen production ~8.4 GW across Uttar Pradesh and Maharashtra under pipeline. Of which 3 GW is under construction with 2 GW tied up with Maharashtra Transmission Green hydrogen / Green Ammonia Public Solar: 1,026 MWp - Operational 1,841 MWp-Under Development Wind: 921 MW - Operational 2,163 MW- Under Development
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2,730 483 ckm 8 Pan India Footprint with Presence in Key States Wind Solar Gas Coal Distribution Licensee Distribution Franchisee Transmission GUJARAT Wind (615 MW) Solar (583 MWp) AMGEN (362 MW) SUGEN & UNOSUGEN (1530 MW) DGEN (1200 MW) Transmission Line (483 ckm) Ahmedabad and Gandhinagar Surat Dahej SEZ Dholera RAJASTHAN Wind (24 MW) KARNATAKA Wind (120 MW) MAHARASHTRA Wind (126 MW) Solar (321 MWp) Bhiwandi Shil, Mumbra and Kalwa TELANGANA Solar (58 MWp) MADHYA PRADESH Wind (36 MW) UTTAR PRADESH Agra DADRA & NAGAR HAVELI AND DAMAN & DIU Dadra & Nagar Haveli & Daman & Diu 1,026 (841 MW Contracted) 921 (920 MW Contracted) 362 Additionally, ~64 MWp C&I solar Project commissioned in the state of Haryana, Karnataka, Maharashtra, Tamil Nadu, Andhra Pradesh and Uttar Pradesh. Operational Capacity (MWp)
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Coal + RE PIPELINE Solar, 2,867 , (27%) Wind, 3,084 , (29%) Coal , 1,962 ,(18%) Gas 2,730 (26%) Notes: 1. Includes inter-segment revenue of INR 5,260 crores, 2. Includes unallocated EBITDA of INR 15 crores All capacities are as on 31.12.2025 Operational Capacity is estimated to Grow from ~5.0 GWp to ~10.6 GWp Backed by Robust Renewable Capacity Addition Installed Capacity Installed Capacity (including Pipeline) Solar 1,026 21% Wind 921 18% Coal 362 7% Gas 2,730 54% 5,039 MWp Generation, 8,181 , 24% Transmission & Distribution, 25,178 , 73% Renewables, 1,066 , 3% Generation, 1,563 , 27% Transmission & Distribution, 3,360 , 58% Renewables, 887 , 15% Segmental EBITDA in FY25Segmental Revenue in FY25 INR 34,425 Cr1 INR 5,810 Cr2 9 10,643 MWp 5,604 MWp Wind (39%) Solar (33%) Coal (28%)
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#1: Snapshot of Operating Thermal Assets 10 Contracted Storage-cum-Regasification capacity of 1 MTPA with Petronet LNG, Dahej Terminal for 20 years from April 2017 Sugen Capacity (MW) Plant Type Location COD PPA 835 MW for Distribution areas of Ahmedabad / Gandhinagar & Surat, and 50 MW with MPPTC are regulated by CERC1 which allows Cost + RoE under regulated tariff structure + Performance Incentives Fuel Domestic Gas & Imported LNG August 2009 Surat, Gujarat Gas-based CCPP 1,147.5 (3 x 382.5) Unosugen Capacity (MW) Plant Type Location COD PPA 278 MW for Distribution areas of Ahmedabad / Gandhinagar & Surat are regulated by CERC1 which allows Cost +RoE under regulated tariff structure + Performance Incentives Fuel Domestic Gas & R-LNG April 2013 Surat, Gujarat Gas-based CCPP 382.5 (1 x 382.5) Dgen Capacity (MW) Plant Type Location COD PPA No tie up Fuel Imported LNG November 2014 Bharuch, Gujarat Gas-based CCPP 1,200 (3 x 400) Amgen Capacity (MW) Plant Type Location COD PPA - Embedded generation for licensed areas of Ahmedabad / Gandhinagar regulated by GERC2 which allows Cost + RoE/ROCE + Performance Incentives Fuel Domestic & Imported Coal 1988Ahmedabad, Gujarat Coal Based 362 (1 x 120, 2 x 121) FSA Fuel Supply Agreement with South Eastern Coalfields Limited 1.Central Electricity Regulatory Commission (CERC) 2. Gujarat Electricity Regulatory Commission (GERC)
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#2: Snapshot of Under Development Thermal Assets 11 Strategic Expansion in Thermal Power Project Overview Capacity: 1,600 MW (2x800 MW) Location: Madhya Pradesh Technology: Ultra-Supercritical (high efficiency, lower emissions) Model: DBFOO – Design, Build, Finance, Own, Operate Project Highlights Project Cost: ₹22,000 Crore Tariff: ₹5.829/kWh (Discovered via competitive bidding) PPA: Signed with MP Power Management Company Ltd. (MPPMCL) Tenor: 25-years Coal Supply: Arranged by MPPMCL under the SHAKTI Policy of Ministry of Coal SCOD: Unit 1: 66 months & Unit 2: 72 Months from PPA Execution Status Land: Majority of required land for the project is in place Boiler, Turbine, Generator: Awarded Balance of Plant: Awarded
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#3: Snapshot of Licensed Distribution Assets 12 Note: Current License for Ahmedabad/Gandhinagar, Surat, Dahej, Dholera SIR and DNH DD is valid till 2025, 2028, 2034, 2044 & 2047 respectively which unless revoked will be automatically renewed fo r further 25 years Ahmedabad / Gandhinagar Highlights ✓ Distribution loss of 3.33% (FY25), is amongst the lowest in the country ✓ Power availability of 99.9%, which is among the highest in the country Licensed Area Customer Base (FY25) >21 lakh~ 356 sq. km. Dahej ✓ Second Licensee at Dahej SEZ ✓ 99.9% power reliability Dholera SIR ✓ Second Licensee at Dholera SIR ✓ Dholera SIR is part of Delhi-Mumbai Industrial Corridor(DMIC) being developed as industrial hub Licensed Area Peak Demand (FY25) 13 MW~ 920 sq. km. Dadra & Nagar Haveli & Daman & Diu ✓ Distribution loss <2% during FY25, amongst the lowest in the country Surat ✓ Distribution loss of 2.81% (FY25), is amongst the lowest in the country ✓ Power availability of 99.9%, which is among the highest in the country Licensed Area Peak Demand (FY25) 812 MW~ 52 sq. km. Highlights Highlights Highlights Highlights As per Electricity Amendment Rules, 2023 the Licenses are deemed to be renewed for further 25 years unless the same is revoked. Peak Demand (FY25) 2,117 MW Customer Base (FY25) >6 lakh ~ 17 sq. km. Licensed Area 144 Customer Base (FY25) 114 MW Peak Demand (FY25) ~ 600 sq. km. Licensed Area >1.7 lakh Customer Base (FY25) 1,406 MW Peak Demand (FY25)
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#4: Snapshot of Franchisee Distribution Assets 13 Shil, Mumbra, Kalwa (SMK) ✓ Reported AT&C losses of 48% at the time of takeover, reduced to ~29% in FY25 License validity 29th Feb 2040 Peak Demand (FY25) 167 MVA Licensed Area ~ 65 sq. km. Highlights Bhiwandi ✓ Country's first of its kind distribution franchisee agreement with MSEDCL ✓ Reduction in AT&C losses from 58% at the time of takeover to <10% in FY25 Highlights ~ 721 sq. km. Licensed Area 609 MVA Peak Demand (FY25) 25th Jan 2027 [The license validity for the Bhiwandi area can be extended by five years upon mutual agreement] License validity Agra ✓ Reduction in AT&C losses from 58.77% at the time of takeover to ~7% in FY 25 Highlights ~ 221 sq. km. Licensed Area 31st March 2030 License validity 572 MVA Peak Demand (FY25)
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14 #5: Transmission - Current Operations and Future Projects TPGL has been awarded a transmission project for evacuation of power from 4.5 GW RE Project in Khavda, Gujarat as per CERC Tariff Regulations (i.e. Post tax ROE of 15.0% + incentives) for 35 years. Scope: 400 kV D/C line of 60 km and bay upgradation from 2,000 Amp to 3,150 Amp Expected project cost ₹ 800 Crore Expected Implementation: FY26 Solapur Transmission project (in new SPV) for evacuation of 1,500 MW RE power was won by the Company, through Tariff Based Competitive Bidding (TBCB) process. Scope: 400 kV D/C transmission line spanning ~44 km, together with 2 line bays and 1 substation AFC of Rs. 50 cores per annum for 35 years. Expected project cost ₹ 500 Crore Expected Implementation: FY26 Transmission Projects in Pipeline 400 kV Double-Circuit Transmission Lines: 355 km & 220 kV Double-Circuit Transmission Lines: 128 km Operations are conducted through Torrent Power Grid Limited (TPGL), a subsidiary wherein Torrent holds 90.25% & Power Grid Corporation of India Limited holds 9.75%. For Transmission of power generated at Company's gas-based power plants to various off-take centres. Operates as per CERC Tariff Regulations (i.e. Post tax ROE of 15.50% + incentives) Existing Transmission Portfolio Selective participation in tariff-based competitive bidding for inter-state and intra-state transmission projects Evaluating brownfield opportunities to strengthen presence Strategic Growth Path
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15 #6: Target to Increase Renewable Portfolio to ~5.95 GWp Project Technology Contracted Capacity (MW) Capacity Under Installation (MWp**) Tariff in Rs/Unit Off-taker Expected Project Cost (Rs in Cr) Remarks MSEDCL 306* 367* 3.10 MSEDCL 1,342 Part project commissioned; SCOD extensions applied SECI XII 300 300 2.94 SECI 2,500 Applied for SCOD extension. SECI XVI 100 122 3.60 SECI 925 SCOD by June 2026 SECI XVIII 300 300 3.97 SECI 2,360 SCOD by Nov’27 TPL-D 450 830 3.65 Own Discom 5,500 SCOD by September 2026 REMCL 100 401 4.25 REMCL 3,039 SCOD by December 2026 Merchant - 603 Merchant Merchant 4,664 To be commissioned progressively TPL-D (FDRE) 250 500 4.87 Own Discom 3,000 SCOD 24 months from PPA C&I Projects^ ~508 ~860 Multiple Multiple ~4,550 To be commissioned progressively Total ~2.3 GW ~4.3 GW ~27,880 Renewable Energy Projects in Pipeline *MSEDCL- 218 MW (261.6 MWp) solar project commissioned as on 31.12.2025; ^15 MWp commissioned as on 31.12.2025 **AC for Wind + DC for Solar Capacities are as on 31.12.2025
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#7: Pumped Storage Hydro Projects 16 ➢ Project Capacity: 3,000 MW ➢ Location: Raigad District, Maharashtra ➢ Project Cost: ~₹14,000 Crore ➢ Tied-up Capacity: 2,000 MW / 16,000 MWh for 40 years • Agreement: Executed Energy Storage Facility Agreement with MSEDCL • SCOD: Oct’28 • Annual Revenue: ₹ 1,680 Crores ➢ Project Progress: • Civil & Hydro Mechanical Package: LOA awarded • Electrical & Mechanical Package: LOA awarded • Environment Clearance: Received 3 GW Pumped Storage Hydro Project – Under Development ➢ Total Planned Capacity: 8.4 GW (including 3 GW under construction) ➢ States: Maharashtra & Uttar Pradesh ➢ Status: Sites under planning and feasibility assessment Pipeline
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1717 Performance Overview #3
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18 Overview of Operations – Q3/ FY 2025-26 Rs in Crore Q3 25-26 Q3 24-25 % Growth YTD 25-26 YTD 24-25 % Growth FY 24-25 Revenue from Operations 6,778 6,499 4% 22,560 22,709 (1%) 29,165 Power Purchase Cost 4,079 4,438 14,793 15,801 20,168 Material Cost & Change in Inventory 574 393 1,299 936 1,317 Contribution 2,125 1,668 27% 6,469 5,972 8% 7,680 Other Income 69 172 252 373 487 G & A Expenses 722 556 2,078 1,795 2,373 PBDIT 1,472 1,284 15% 4,644 4,550 2% 5,795 Finance Cost 255 276 683 808 1,045 Depreciation and Amortization Expense 413 378 1,192 1,108 1,497 Profit Before Tax 805 630 28% 2,769 2,633 5% 3,253 Tax Expense 150 141 632 652 194 Profit After Tax 655 489 34% 2,138 1,981 8% 3,059 Other Comprehensive Income/(Expense) (Net of Tax) (17) 1 (32) (7) 1 Total Comprehensive Income (TCI) 637 490 30% 2,106 1,974 7% 3,059
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19 Overview of Operations – Q3/ FY 2025-26 Total Comprehensive Income for Q3 FY 2025-26 stood at ₹ 637 Cr as compared to ₹ 490 Cr for Q3 FY 2024-25. Higher TCI of ₹ 147 Cr for the quarter on a year-on-year is primary attributable to following: Increase in contribution from gas-based power plants; Improved operational performance of licensed and franchised distribution businesses; Improved operational performance from Renewable Energy segment off set by higher interest and depreciation cost; Gain on sale of Non-Current Investments in Q3 2024-25. Dividend: The Board at its meeting of even date, has approved interim dividend of ₹ 15.00 per equity share.
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41% 27% 20% 30% 84% 36%31% 14% 14% 21% 80% 28% SUGEN UNOSUGEN DGEN GAS AMGEN THERMALYTD-25 YTD-26 #1: Overview of Operations – Thermal Power 20 Thermal PLF % 13% 14% 4% 9% 74% 17%17% 0% 0% 7% 61% 13% SUGEN UNOSUGEN DGEN GAS AMGEN THERMAL Q3-25 Q3-26
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#2: Overview of Operations – Renewable Power 21 Renewable Power PLF % 17.3% 15.3%18.6% 20.0% WIND 921 MW/ 921 MW SOLAR 741 MWp / 1,026 MWp Q3-25 Q3-26 25.9% 15.6% 26.7% 19.3% WIND 921 MW/ 921 MW SOLAR 741 MWp / 1,026 MWp YTD-25 YTD-26 PLF on contracted capacity
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#3: Overview of Operations – Power Distribution USO/Purchase (MUs) 2,012 946 2,698 212 994 502 211 1,873 911 2,714 183 1,020 466 205 Ahmedabad Surat DDDNH Dahej Bhiwandi Agra SMK Q3 FY25 Q3 FY26 2.27% 3.41% 1.43% 0.57% 2.48% 3.34% 1.55% 0.47% Ahmedabad Surat DDDNH Dahej T&D Loss – Licensed Distribution (%) YTD-FY25 YTD-FY26 10.45% 8.80% 27.45% 9.61% 8.80% 22.92% Bhiwandi Agra SMK T&D Loss – Franchised Distribution (%) YTD-FY25 YTD-FY26 23
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2323232323 Key Highlights #4
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Key Highlights #5 Proven experience in executing and operating large scale complex businesses such as Gas based power plants, Power distribution etc. Target of scaling up installed RE capacity Opportunity of flexible generation to sell pooled RTC power [Renewable + Gas] at a competitive cost Strong Group pedigree Robust Balance Sheet with good return ratios High Quality and Differentiated Portfolio Focus on More Complex/Hybrid Solutions to generate higher returns Operational Excellence Strong RE Growth Focus #4 Consistent improvement in ROE and ROCE profiles (ROE of 18.4% & ROCE of 12.7% for FY25) Net Debt to EBITDA of 1.41x; Net Debt to Equity of 0.4x for FY25 c.60% of EBITDA comes from integrated generation and distribution business segment in FY23 ~1.5 GW (c.50%) of gas-based capacity available to capitalise on short-term and merchant market opportunities One of the leading Indian conglomerate with significant experience in multiple businesses such as Pharma, Power and CGD Being a part of Torrent Group enables significant synergies, provides access to talent and competitive financing c.47.7% of operating thermal and c.46.8% of the operating renewable capacity tied to its own distribution business Focus on other green molecule technologies i.e Green Hydrogen and Pumped Storage Power (PSP) with an eventual target of establishing c. ~8.4 GW of capacity #2 #1 #3 One of the leading integrated power utility companies #6 Distribution loss of just 2.34% in FY25 for licensed power distribution areas with power availability of 99.9% Bhiwandi was first of its kind arrangement allowing private company to manage the area’s distribution business – reducing AT&C losses from 58% to <10% in FY25 Our Ahmedabad and Surat distribution received A+ grade, ranking 1st nation wide in the 14th Integrated ratings and rankings for FY25. Over 82% of generation capacity uses cleaner fuel, having low carbon footprint Quality equipment sourced from major OEMs for the projects Competitive advantage through direct LNG imports compared to other gas-based power projects O&M is carried out for improvement yields from the projects 24
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THANK YOU Contact details: Rishi Shah Torrent Power Limited “Samanvay”, 600 Tapovan, Ambawadi, Ahmedabad 380015 Ph. No. (079) 26628473 Email: IR@torrentpower.com 25