Whalesbook
Achanak gira profit, par plans bade hain!
Asal mein, company ne bataya ki gas-based power generation business mein kaafi problems aa rahi hain, jahan revenue 24% tak kam ho gaya. Overall revenue bhi 0.7% gir kar ₹6,406 Crore ho gaya. Lekin tension mat lo, transmission & distribution business mein 5% aur renewable energy business mein 8% ki tez aayi hai.
Pure FY26 ki baat karein toh revenue 0.6% kam hokar ₹28,966 Crore aur net profit 19% gir kar ₹2,416 Crore raha. Company ne kaha ki pichle saal ek special ₹637 Crore ka tax reversal tha, uske bina dekho toh profit thoda badha hai.
₹10,000 Crore ka Debt aur Bade Expansion Plans
Ab sabse badi baat - is sabke beech company ne board se ₹10,000 Crore tak ka debt (NCDs ke zariye) raise karne ki approval le li hai. Ye paisa lagaya jayega ₹30,000 Crore se zyada ke expansion plans mein, jismein new projects aur acquisitions honge. Company plans kar rahi hai 1,600 MW ka plant MP mein aur 1,400 MW ka Nabha Power plant acquire karne ki.
Stock gira, Investors worried!
Ye sab sunkar market thoda naraz ho gaya. Stock 4.84% gir kar ₹1,597.55 pe band hua. Investors ko shayad ye debt-funded growth thoda risky lag raha hai, jab gas business mein problem hai. Waise, company ne final dividend ₹5 per share propose kiya hai, yani FY26 ke liye total ₹20 per share.
Gas ki Volatility aur Future ke Challenges
Gas price volatility aur Middle East ke tensions gas business ko affect kar rahe hain. Company BP aur JERA jaise players se LNG deals kar rahi hai, par abhi pressures hain. Bade rivals jaise JSW Energy aur NHPC ke muqable Torrent Power ka valuation theek lag raha hai (P/E ratio 26.31-27.61 vs JSW Energy ka 41.81 aur NHPC ka 25.2). Lekin debt-to-equity ratio pe nazar rakhni hogi, kyunki ye 82.2% se 96.4% tak pahunch gaya tha. Analysts ki rai bhi mili-juli hai - kuch 'Buy' keh rahe hain, kuch 'Hold', kuch 'Sell'. Average price target bhi abhi ke rate se girne ka ishara de raha hai. India mein power ki demand badh rahi hai, jo achhi baat hai.
Outlook?
Overall, Torrent Power ka future execution par depend karta hai aur market factors par. Debt badha kar growth karna ek challenge hai, khas kar jab gas business unstable hai. Renewable energy ki taraf shift hona bhi long-term mein impact kar sakta hai. Investors abhi soch rahe hain ki ye ₹10,000 Crore ka debt kaise manage hoga aur profit recovery kab hogi.