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s Investor Presentation Q1 FY 2026-27
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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 Torrent Gas 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
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6 Company Overview#2
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71. Market Capitalization as on 30th June 2026 2. Includes 1,400 MW for Nabha Power – acquired w.e.f 25.06.2026 All Capacities are as on 30.06.2026 One of the Leading Private Sector Integrated Power Utility Torrent Power Limited (Market Cap: c. ₹ 71,330Cr1) Promoter 51.09% 48.91% Thermal Generation Distribution Gas based plants: 2,730 MW – Operational Coal based plants: 1,762 MW – Operational2 1,600 MW – Under Development 952 ckm 400 kV 388 ckm 220 kV Operational ~40 kms 400 kV D/C 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 72 TPA pilot project for GH2 blending with natural gas in CGD network ~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: 1,092 MWp - Operational 1,945 MWp-Under Development Wind: 980 MW – Operational 2,236 MW- Under Development
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2,730 952 ckm 400kV & 388 ckm 220kV 8 Pan India Footprint with Presence in Key States Wind Solar Gas Coal Distribution Licensee Distribution Franchisee Transmission GUJARAT Wind (674 MW) Solar (583 MWp) AMGEN (362 MW) SUGEN & UNOSUGEN (1530 MW) DGEN (1200 MW) Transmission Line (952 ckm 400kV & 388 ckm 220kV) Ahmedabad and Gandhinagar Surat Dahej SEZ Dholera RAJASTHAN Wind (24 MW) KARNATAKA Wind (120 MW) MAHARASHTRA Wind (126 MW) Solar (377 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 1,092 (894 MW Contracted) 980 (920 MW Contracted) 1,762 Additionally, ~74 MWp C&I solar Project commissioned in the state of Haryana, Karnataka, Maharashtra, Tamil Nadu, Andhra Pradesh, Gujarat and Uttar Pradesh. Operational Capacity (MWp) All Capacities are as on 30.06.2026 [incl. 1,400 MW Nabha acquisition w.e.f. 25.06.2026] PUNJAB Coal (1,400 MW)
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Coal + RE PIPELINE Solar, 3,037 , (25%) Wind, 3,216 , (26%) Coal , 3,362 ,(27%) Gas 2,730 (22%) Notes: 1. Includes inter-segment revenue of INR 4,625 crores, 2. Includes unallocated EBITDA of INR 261 crores All capacities are as on 30.06.2026 [incl. 1,400 MW Nabha acquisition w.e.f. 25.06.2026] Operational Capacity is estimated to Grow from ~6.6 GWp to ~12.3 GWp Backed by Robust Renewable Capacity Addition Installed Capacity Installed Capacity (including Pipeline) Solar 1,092 17% Wind 980 15% Coal 1,762 27% Gas 2,730 41% 6,564 MWp Generation, 7,585 , 22% Transmission & Distribution, 24,764 , 74% Renewables, 1,241 , 4% Generation, 1,320 , 22% Transmission & Distribution, 3,793 , 62% Renewables, 1,012 , 16% Segmental EBITDA in FY26Segmental Revenue in FY26 INR 33,591 Cr1 INR 6,125 Cr2 9 12,345 MWp 5,782 MWp Wind (39%) Solar (34%) Coal (28%)
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#1: Snapshot of Operating Gas 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) 1. Central Electricity Regulatory Commission (CERC)
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#2: Snapshot of Operating and Under-Construction Coal Assets 11 Nabha Capacity (MW) Plant Type Location COD PPA PSPCL1-25 years; set up under Case II Competitive Bidding Guidelines Fuel Domestic & Imported Coal 2014Patiala, Punjab Supercritical Coal based 1,400 (2 x 700) Amgen Capacity (MW) Plant Type Location COD PPA -Embedded generation for licensed areas of Ahmedabad / Gandhinagar regulated by GERC4 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 SECL2 1. Punjab State Power Corporation Limited (PSPCL); 2. South Eastern Coalfields Limited (SECL); 3. Northern Coalfields Limited (NCL); 4. Gujarat Electricity Regulatory Commission (GERC); 5. Madhya Pradesh Power Management Company Limited (MPPMCL) FSA Long-term FSA with SECL2 and NCL3 Anuppur Capacity (MW) Plant Type Location Project Cost PPA - MPPMCL5-25 years at ₹5.829/kWh (Discovered via competitive bidding) ₹23,000 CroreAnuppur, Madhya Pradesh Ultra-Supercritical Coal Based (DBFOO) 1,600 (2 x 800) Coal Supply Arranged by MPPMCL5 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 ▪ Environment Clearance: Received
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#3: Snapshot of Licensed Distribution Assets 12 Ahmedabad / Gandhinagar Highlights ✓ Distribution loss of 3.35% (FY26), is amongst the lowest in the country ✓ Power availability of 99.9%, which is among the highest in the country Licensed Area Customer Base (FY26) >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 (FY26) 18 MW~ 920 sq. km. Dadra & Nagar Haveli & Daman & Diu ✓ Distribution loss <2% during FY26, amongst the lowest in the country Surat ✓ Distribution loss of 2.77% (FY26), is amongst the lowest in the country ✓ Power availability of 99.9%, which is among the highest in the country Licensed Area Peak Demand (FY26) 764 MW~ 52 sq. km. Highlights Highlights Highlights Highlights Peak Demand (FY26) 1,967 MW Customer Base (FY26) >6 lakh ~ 17 sq. km. Licensed Area 146 Customer Base (FY26) 117 MW Peak Demand (FY26) ~ 603 sq. km. Licensed Area >1.7 lakh Customer Base (FY26) 1,437 MW Peak Demand (FY26)
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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 ~23.1% in FY26 Peak Demand (FY26) 165 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 ~9.1% in FY26 Highlights ~ 721 sq. km. Licensed Area 634 MVA Peak Demand (FY26) Agra ✓ Reduction in AT&C losses from 58.77% at the time of takeover to ~5.4% in FY26 Highlights ~ 221 sq. km. Licensed Area 588 MVA Peak Demand (FY26)
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14 #5: Target to Increase Renewable Portfolio to ~6.25 GWp Project Technology Contracted Capacity (MW) Capacity Under Installation (MWp**) Tariff in Rs/Unit Off-taker Expected Project Cost (Rs in Cr) Expected Commissioning MSEDCL 306* 367* 3.10 MSEDCL 1,342 Part project commissioned; SCOD extensions applied SECI XII 300 300 2.94 SECI 2,500 Partly in FY27 & balance in FY28 SECI XVI 100 122 3.60 SECI 925 Partly in FY27 & balance in FY28 SECI XVIII 300 300 3.97 SECI 2,360 In FY28 TPL-D 450 830 3.65 Own Discom 5,500 Progressively from FY27 to FY29 REMCL 100 401 4.25 REMCL 3,039 Partly in FY27 & balance in FY28 Merchant - 603# Merchant Merchant 4,664 Progressively from FY27 to FY28 TPL-D (FDRE) 250 500 4.87 Own Discom 3,000 SCOD 24 months from PPA C&I Projects ~776 ~1,161^ Multiple Multiple ~6,308 To be commissioned progressively Total ~2.6 GW ~4.6 GW ~29,638 Renewable Energy Projects in Pipeline *MSEDCL- 264 MW (316.8 MWp) solar project commissioned; ^25.4 MWp commissioned; #59.4 MW capacity commissioned as on 30.06.2026 **AC for Wind + DC for Solar ; Capacities are as on 30.06.2026
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#6: Pumped Storage Hydro Projects 15 ➢ 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 & Forest 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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16 Performance Overview#3
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17 Overview of Operations – Q1/ FY 2026-27 Rs in Crore Q1 26-27 Q1 25-26 % Growth FY 25-26 Revenue from Operations 8,124 7,906 3% 28,966 Power Purchase Cost 5,818 5,472 18,998 Material Cost & Change in Inventory - 261 1,594 Contribution 2,306 2,173 6% 8,374 Other Income 81 105 323 G & A Expenses 769 690 2,833 PBDIT 1,618 1,588 2% 5,864 Finance Cost 293 213 934 Depreciation and Amortization Expense 400 390 1,613 Profit Before Tax 925 985 (6%) 3,317 Tax Expense 263 244 847 Profit After Tax 662 742 (11%) 2,469 Other Comprehensive Income/(Expense) (Net of Tax) (23) (3) 45 Total Comprehensive Income (TCI) 639 739 (14%) 2,514
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31.6% 22.0% 33.3% 25.9% WIND 921 MW/ 980 MW SOLAR 868 MWp / 1092 MWp Q1-26 Q1-27 #1: Overview of Operations – Generation 18 Thermal Power PLF % 43.4% 31.9% 20.6% 31.7% 91.1% 38.7% 27.0% 14.0% 13.6% 19.3% 78.9% 26.3% SUGEN UNOSUGEN DGEN GAS AMGEN THERMAL* Q1-26 Q1-27 * Excluding Nabha **PLF is on contracted capacity Renewable Power PLF %**
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#2: Overview of Operations – Power Distribution USO/Purchase (MUs) 2,780 1,084 2,767 219 1,009 788 255 3,049 1,132 2,662 222 1,043 805 292 Ahmedabad Surat DDDNH Dahej Bhiwandi Agra SMK Q1 FY26 Q1 FY27 7.9% 3.1% 1.7% 0.4% 10.8% 4.1% 1.6% 0.6% Ahmedabad Surat DDDNH Dahej T&D Loss – Licensed Distribution (%) Q1 26 Q1 27 10.1% 14.4% 25.9% 10.2% 15.2% 24.6% Bhiwandi Agra SMK T&D Loss – Franchised Distribution (%) Q1 26 Q1 27 19
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Note: (i) Daman and Diu & Dadra Nagar Haveli distribution area takeover from 1st April, 2022 has not been included #3: 5 YEAR TREND - OPERATIONAL STATISTICS 17% 19% 18% 16% 24% 27% 24% 27% 24% 20% 21-22 22-23 23-24 24-25 25-26 RENEWABLE PLF (%) SOLAR WIND 77% 88% 91% 81% 78% 44% 15% 37% 34% 27%41% 2% 40% 20% 11% 0% 0% 9% 15% 11% 31% 16% 33% 31% 25% 21-22 22-23 23-24 24-25 25-26 THERMAL PLF (%)* AMGEN SUGEN UNOSUGEN DGEN THERMAL 11.6% 10.0% 9.6% 10.0% 9.1% 12.1% 9.5% 9.2% 8.6% 8.4% 40.5% 33.5% 30.0% 28.0% 23.7% 21-22 22-23 23-24 24-25 25-26 T&D loss (%) Franchised Distribution Bhiwandi Agra SMK 4.2% 3.7% 4.2% 3.3% 3.4% 3.4% 3.2% 2.8% 2.8% 2.8% 0.5% 0.5% 0.4% 0.5% 0.5% 21-22 22-23 23-24 24-25 25-26 T&D loss (%) Licensed Distribution A'bad Surat Dahej 23
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Significant Ramp Up in Operations Over Last 5 years Notes: *Without Minority Interest, #TCI of FY22 is lower due to impairment provision of Rs. 928 Crore (net of deferred tax reversal); CAGR adjusted accordingly ^Net worth includes DTL. Revenues from Operations (₹ Crore) EBIDTA (₹ Crore) TCI* (₹ Crore) Net Worth^ (₹ Crore) 14,257 25,694 27,183 29,165 28,966 2021-22 2022-23 2023-24 2024-25 2025-26 3,826 5,141 4,903 5,795 5,864 2021-22 2022-23 2023-24 2024-25 2025-26 454 2,117 1,833 2,989 2,416 2021-22 2022-23 2023-24 2024-25 2025-26 10,289 11,979 13,295 18,968 20,704 2021-22 2022-23 2023-24 2024-25 2025-26 24
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Comfortable Leverage Provides Headroom to Capitalise on Emerging Opportunities Net Debt / EBITDA Net Debt Equity Ratio Return on Capital Employed Return on Networth 2.24 1.97 2.25 1.41 2.06 21-22 22-23 23-24 24-25 25-26 0.80 0.82 0.80 0.40 0.56 21-22 22-23 23-24 24-25 25-26 10.3% 14.0% 11.6% 12.7% 10.3% 21-22 22-23 23-24 24-25 25-26 14.2% 19.1% 14.5% 18.4% 12.2% 21-22 22-23 23-24 24-25 25-26 25
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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 High Quality and Differentiated Portfolio Focus on More Complex/Hybrid Solutions to generate higher returns Operational Excellence Strong RE Growth Focus #4 Net Debt to EBITDA of 2.06x; Net Debt to Equity of 0.56x for FY26 More than c.70% of EBITDA comes from integrated generation and distribution business segment in FY26 ~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.32.8% of operating thermal and c.44.0% 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 2.33% in FY26 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 ~9.1% in FY26 Our Ahmedabad and Surat distribution received A+ grade, ranking 1st nation wide in the 14th Integrated ratings and rankings for FY25. ~73% 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 28