Torrent Power Limited · NSE:TORNTPOWER
Torrent Power — Merger or Acquisition (February 2026)
8 slides from Torrent Power's merger presentation, Feb 16, 2026
Slide 1: Cover letter to stock exchanges: Investor Presentation
February 16, 2026 To, To, Corporate Relationship Department Listing Department BSE Limited, National Stock Exchange of India Limited th 14 Floor, P. J. Towers, “Exchange Plaza”, C – 1, Block G Dalal Street, Fort, Bandra- Kurla Complex, Bandra (East), Mumbai-400001 Mumbai-400051 SCRIP CODE: 532779 SC
Slide 2: Acquisition of Nabha Power Ltd ("NPL")
Acquisition of Nabha Power Ltd (“NPL”) A strategic move to strengthen Torrent’s thermal portfolio and secure long-term value creation February 2026
Slide 3: Disclaimer
Disclaimer This presentation is made for information purposes only, and may not be copied, distributed, reproduced, published or redistributed in whole or in part, to any other person, for any purpose. The statements made herein may contain certain forward-looking statements in the current scenario,
Slide 4: Strategic Expansion
Strategic Expansion Transaction Update ▪ Torrent Power Limited has executed Securities Purchase Agreement on 16th February 2026 to acquire 1,400 MW Supercritical coal-based power plant of Nabha Power Limited (NPL) from L&T Power Development Company Ltd. ▪ Transaction is on lock box of 31st March 202
Slide 5: NPL – Historical Performance
NPL – Historical Performance ✓ Historical PAF has consistently exceeded the normative 85%, 100% 99% 99% 94% ensuring full recovery of capacity charges and unlocking 95% 91% significant PPA-linked incentives. 90% PAF & PLF 85% 85% 84% 84% ✓ PLF has been higher than 80% throughout because of noteworth
Slide 6: Acquisition Rationale
Acquisition Rationale ✓ Strategic Fit: Aligns with management’s vision of reliable, sustainable, and profitable growth in energy segment ✓ Sustaining Growth: NPL is a high-quality asset and coupled with MP greenfield project (expected to be Aligned with Growth commissioned in 5 to 6 years), sustains
Slide 7: Transaction Consideration – Valuation
Transaction Consideration – Valuation Particulars INR Cr Equity Value including Promoter loan (A) 4,156 Add: Net Debt (B) 2,733 Enterprise Value (C) = (A)-(B) 6,889 FY25 Adjusted EBITDA (D) 1,153* Trailing EV/EBITDA (C/D) 5.97x * Figures have been restated and normalized to reflect underlying perfor
Slide 8: Thank You
POWER Thank You
Torrent Power — Merger or Acquisition (February 2026) on 6ix