Stock TORNTPOWER TORRENT POWER LIMITED
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Financials Torrent Power Limited

Equities

TORNTPOWER

INE813H01021

Electric Utilities

Market Closed - NSE India S.E.
Other stock markets
 07:40:49 2024-04-29 am EDT 		5-day change 1st Jan Change
1,535 INR +3.03% Intraday chart for Torrent Power Limited +3.95% +64.36%
Apr. 19 Torrent Power to Acquire 100% Stake in Solar Power SPV MT
Apr. 01 Torrent Power Limited Announces Board Changes CI

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 123,759 134,116 203,685 236,391 245,307 716,023 - -
Enterprise Value (EV) 1 186,181 183,980 244,691 321,744 340,508 828,015 847,574 865,706
P/E ratio 13.8 x 11.4 x 15.8 x 52 x 11.6 x 35.7 x 28.4 x 26.5 x
Yield 1.94% 4.73% 2.6% 1.83% 5.09% 1.15% 1.28% 1.45%
Capitalization / Revenue 0.94 x 0.98 x 1.67 x 1.66 x 0.95 x 2.54 x 2.4 x 2.24 x
EV / Revenue 1.42 x 1.35 x 2.01 x 2.26 x 1.33 x 2.94 x 2.84 x 2.7 x
EV / EBITDA 5.82 x 5.17 x 7.06 x 8.96 x 7.16 x 17.4 x 15.1 x 14.2 x
EV / FCF 42.7 x 7.99 x 14.5 x 23.7 x 48.2 x 19.8 x 42.4 x 31.1 x
FCF Yield 2.34% 12.5% 6.91% 4.22% 2.07% 5.04% 2.36% 3.21%
Price to Book 1.38 x 1.46 x 2 x 2.38 x 2.23 x 5.59 x 4.85 x 4.25 x
Nbr of stocks (in thousands) 480,617 480,617 480,617 480,617 480,617 480,617 - -
Reference price 2 257.5 279.0 423.8 491.8 510.4 1,490 1,490 1,490
Announcement Date 5/15/19 5/18/20 5/20/21 5/10/22 5/29/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 131,510 136,406 121,727 142,576 256,941 281,586 298,457 320,329
EBITDA 1 31,995 35,561 34,652 35,910 47,587 47,534 56,055 61,055
EBIT 1 19,730 22,518 21,857 22,571 34,777 33,437 40,508 47,636
Operating Margin 15% 16.51% 17.96% 15.83% 13.54% 11.87% 13.57% 14.87%
Earnings before Tax (EBT) 1 12,636 4,748 15,518 5,640 30,414 27,139 34,259 36,625
Net income 1 8,989 11,742 12,909 4,540 21,174 20,074 25,173 26,718
Net margin 6.84% 8.61% 10.61% 3.18% 8.24% 7.13% 8.43% 8.34%
EPS 2 18.70 24.43 26.86 9.450 44.06 41.79 52.37 56.21
Free Cash Flow 1 4,359 23,017 16,916 13,580 7,060 41,716 19,970 27,826
FCF margin 3.31% 16.87% 13.9% 9.53% 2.75% 14.81% 6.69% 8.69%
FCF Conversion (EBITDA) 13.63% 64.73% 48.82% 37.82% 14.84% 87.76% 35.63% 45.58%
FCF Conversion (Net income) 48.49% 196.03% 131.04% 299.14% 33.34% 207.81% 79.33% 104.15%
Dividend per Share 2 5.000 13.20 11.00 9.000 26.00 17.14 19.00 21.63
Announcement Date 5/15/19 5/18/20 5/20/21 5/10/22 5/29/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 Q4
Net sales 1 29,528 30,841 30,989 36,476 67,465 37,674 37,436 65,103 67,032 132,135 64,428 60,379 73,276 72,434 142,885 69,701 68,749
EBITDA 1 8,703 9,144 7,281 9,383 16,664 9,340 9,906 10,604 11,642 22,246 14,437 10,904 11,848 12,120 24,062 13,304 12,382
EBIT - - - - - - - - - - - - - - - - -
Operating Margin - - - - - - - - - - - - - - - - -
Earnings before Tax (EBT) 1 3,987 4,553 2,729 4,852 - 5,091 -7,033 6,711 7,246 - - - 7,113 7,904 - 8,710 7,348
Net income 1 3,205 3,969 2,066 3,674 5,739 3,681 -4,880 5,021 4,816 9,838 6,846 4,491 5,173 5,199 10,432 5,912 5,258
Net margin 10.85% 12.87% 6.67% 10.07% 8.51% 9.77% -13.04% 7.71% 7.19% 7.45% 10.63% 7.44% 7.06% 7.18% 7.3% 8.48% 7.65%
EPS 2 - - - - - - - - - - - 9.340 10.76 11.35 - 14.90 10.41
Dividend per Share - - - - - - - - - - - - - - - - -
Announcement Date 2/9/21 5/20/21 8/6/21 10/27/21 10/27/21 2/3/22 5/10/22 8/8/22 11/10/22 11/10/22 2/14/23 5/29/23 8/10/23 - 11/9/23 - -
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 62,423 49,864 41,005 85,353 95,201 111,992 131,551 149,683
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.951 x 1.402 x 1.183 x 2.377 x 2.001 x 2.356 x 2.347 x 2.452 x
Free Cash Flow 1 4,359 23,017 16,916 13,580 7,060 41,716 19,971 27,826
ROE (net income / shareholders' equity) 10.8% 13% 13.4% 15% 20.2% 16.7% 17.8% 17%
ROA (Net income/ Total Assets) - - - - - - - -
Assets 1 - - - - - - - -
Book Value Per Share 2 187.0 191.0 212.0 207.0 229.0 266.0 307.0 350.0
Cash Flow per Share - - - - - - - -
Capex 1 19,887 13,337 12,960 18,091 28,156 36,613 42,257 44,234
Capex / Sales 15.12% 9.78% 10.65% 12.69% 10.96% 13% 14.16% 13.81%
Announcement Date 5/15/19 5/18/20 5/20/21 5/10/22 5/29/23 - - -
1INR in Million2INR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Torrent Power Limited

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
SELL
Number of Analysts
9
Last Close Price
1,490 INR
Average target price
996.2 INR
Spread / Average Target
-33.13%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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