Reduce Torrent Power: target of Rs 1165: ICICI Securities

ICICI Securities recommended reduce rating on Torrent Power with a target price of Rs 1165 in its research report dated February 05, 2025.

Broker Research

February 06, 2025 / 21:00 IST

Reduce

26 Aug, 2025 12:21

Volume

Todays L/H

ICICI Securities's research report on Torrent Power

Torrent Power reported subdued Q3FY25 result. Revenue was up 2% YoY to INR 65bn, EBITDA grew 6.5% YoY to INR 11bn and PAT grew 40% YoY. Rise in other income was primarily on account of sales of cable division. In Q3, it raised INR 35bn via QIP to reduce its debt. As a result, its net worth increased by 20% YoY, leading to improvement in its balance sheet. Thus, we believe its ability to pursue organic and inorganic growth for asset heavy renewables projects has improved considerably. It has already won ~5GW of renewable projects. However, we believe the current stock price factors in all the upside. Maintain REDUCE with an SoTP-based revised TP of INR 1,165 as we roll over to FY27 earnings.

Outlook

We maintain REDUCE rating on the stock with an SoTP-based revised target price of INR 1,165 as we roll over to FY27E earnings.

For all recommendations report, click here