Torrent Power share price today: Torrent Power shares surged to a fresh 52-week high of ₹1,815.45 today, rising 7 per cent in trade on BSE amid heavy volumes on a healthy demand outlook. The stock has rallied 39 per cent so far in April. The stock had made an all-time high of ₹2,037.35, touched on October 22, 2024.
As of 10:30 AM, the stock was trading 6.6 per cent higher at ₹1,812, outperforming the BSE Sensex, which was up 0.62 per cent. Average trading volume jumped nearly fourfold, with a combined 1.11 million shares having changed hands on the NSE and BSE.
What’s driving the rally in Torrent Power?
Torrent Power is engaged in power generation, transmission and distribution businesses. It is a distribution licensee in Ahmedabad, Gandhinagar, Surat, Dahej SEZ, Dholera SIR, and Dadra and Nagar Haveli and Daman and Diu; and a distribution franchisee for Bhiwandi, Agra and Shil, Mumbra and Kalwa (SMK).
The renewable portfolio includes 49.6 MW wind power plant (WPP) in Lalpur, 51 MW solar power plant in Charanka, 252 MW Suzlon WPP in Kutch and Bhavnagar, 50.9 MW WPP in Mahidad, and 87 MW GENSU solar power plant in Surat (all in Gujarat).
On April 7, Torrent Power received approval from the Competition Commission of India (CCI) for the acquisition of Nabha Power Ltd (NPL). This approval comes after execution of Securities Purchase Agreement (SPA) on February 16, 2026, to acquire NPL — a wholly-owned thermal generation subsidiary operating a 1,400 MW (2×700 MW) power plant in Punjab — from L&T Power Development Ltd (LPDL) for an enterprise value of approximately ₹ 6,889 crore.
The transaction, subject to remaining approvals, will likely conclude by June 2026. The acquisition will expand Torrent Power’s operational capacity from about 5 GW to approximately 6.4 GW and mark its entry into the northern Indian power market, while adding a fully contracted, long-tenor power purchase agreement asset with established fuel supply arrangements.
According to Crisil Ratings, Torrent Power’s operating performance is likely to improve this fiscal year and the next with steady recovery in the franchise distribution business. Focus on the licence distribution business with an assured return on equity model, healthy power demand outlook for the country supporting improvement in plant load factor (PLF) of thermal capacities, and judicious expansion in the renewables business should lead to continued growth in Ebitda over the medium term.
India Ratings and Research (Ind-Ra) expects Torrent Power’s EBITDA to increase substantially over the medium term. The group is likely to commission around 4.3 GW of renewable capacity over the next 2-3 years, which will increase Ebitda once operational.
Furthermore, the increased capitalisation in the distribution licensee business of ₹1,800 crore-2,000 crore and continued efficiency gains on normative parameters are likely to improve the Ebitda levels of the core distribution licensee business. Furthermore, the upcoming semiconductor ecosystem in the Dholera Special Industrial Region, along with the company’s capex in the region, will contribute to an increase in the Ebitda, the rating agency said in its rationale.
Power sector overview, outlook
India’s electricity demand reached 425 BU in Q4FY26, up 1.9 per cent year-on-year (Y-o-Y) and 8 per cent quarter-on-quarter (Q-o-Q) as the transition to pre-summer heat drove peak demand to 245 GW in January. While IEX Day-Ahead Market (DAM) prices averaged ₹3.77/KWh—a 13 per cent decline from the previous year—they rose 13 per cent sequentially in anticipation of a further demand uptick in Q1FY27.
Analysts at Axis Securities anticipate a pickup in power demand in Q1FY27, led by a seasonal uptick. Peak power demand recovered sharply from 216 GW in November 2025 to 241 GW in December 2025, before reaching the 11MFY26 high of 245 GW in January 2026.
The Central Electricity Authority (CEA) forecasts a peak demand requirement of 366 GW by FY32, necessitating capacity enhancements across both thermal and renewable energy sources (RES). India aims to increase its installed capacity to 610 GW by FY27 and 900 GW by FY32. Total installed capacity stood at 529 GW as of February 2026, the brokerage firm said.