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📋 Filing Types Available on ForgeUp Filings Sourced from BSE corporate announcements (equity segment). Companies covered are BSE-listed and most are also listed on NSE. We show only material filings.
Financial Results Orders Dividend Buyback Merger / Acquisition Board Meeting Outcome Fundraise (QIP / Rights / FPO) Regulatory / Court Order Credit Rating Change Promoter Pledge Update Management Change Joint Venture / MOU Delisting Bonus Shares Stock Split
Data sourced from BSE India corporate announcements. More categories will be added over time.
Torrent Power Ltd

Torrent Power: Ratings affirmed on ₹37700 Crore debt; new ₹2500 Crore NCDs rated

RATING ▲ Positive Development LOW RISK
📅 Filed on BSE: 23 Oct 2026, 06:39 PM IST  ·  BSE ID: 29e267bb-4520-4df7-8769-06cf7c4a230a
View Original BSE Filing (PDF)
💡
In Simple Terms
Credit rating agencies affirmed Torrent Power's stable outlook on existing debt and rated new debt for its financing needs.
🤖 AI Summary
  • India Ratings affirmed 'IND AA+/Stable' on ₹7,700 Crore NCDs and rated new ₹2,500 Crore NCDs.
  • CRISIL Ratings affirmed 'CRISIL AA+/Stable' on ₹8,735 Crore bank facilities and NCDs.
  • CRISIL also rated proposed NCDs of ₹2,500 Crore as 'CRISIL AA+/Stable'.
  • Short-term commercial paper ratings affirmed at 'IND A1+' and 'CRISIL A1+' respectively.
🔢 Key Numbers — exact figures from BSE filing, not rounded
Proposed NCDs (India Ratings)
₹ 2500 Crore
Existing NCDs (India Ratings)
₹ 7700 Crore
Commercial Paper (India Ratings)
10
Proposed NCDs (CRISIL)
₹ 2500 Crore
Bank Loan facilities and NCDs (CRISIL)
₹ 8735 Crore
🏢 How This Affects the Company
📈
Business Impact
The affirmations and new ratings provide continued market confidence in Torrent Power's creditworthiness, facilitating future fundraising for its expansion plans.
💰
Financial Impact
Stable credit ratings are crucial for managing borrowing costs and access to capital markets for the company's significant under-construction project pipeline.
⚠️
Risk Impact
Maintaining stable ratings from multiple agencies mitigates refinancing risk associated with the company's debt obligations and large capital expenditure program.
👥 What This Means For Shareholders
✅
Action Required
No action is required by shareholders based on this credit rating update.
👤
Who Is Affected
All shareholders are indirectly affected as stable credit ratings support the company's financial health and growth prospects.
🔍
Management Signal
Management is proactively securing favorable credit ratings for its financing activities, indicating a focus on capital access and financial stability.

For information only. Not investment advice. ForgeUp is not SEBI-registered.

👁 Watch List — track these upcoming events
Monitoring leverage post-Nabha acquisition completion.
Progress on under-construction renewable projects.
Future credit rating reviews by agencies.
LOW RISK Credit rating affirmations from major agencies signal strong credit quality.
💡 Investor Takeaway
Torrent Power's debt instruments totaling ₹7,700 Crore (NCDs) and ₹8,735 Crore (bank facilities/NCDs) received rating affirmations of 'IND AA+/Stable' and 'CRISIL AA+/Stable' respectively, with new NCDs of ₹2,500 Crore also rated similarly.
⚖️ Strengths & Concerns

✅ Positives

  • EBITDA supported by regulated nature of operations and healthy distribution business performance.
  • Healthy credit metrics with net leverage at 2.1x in FY26, despite acquisition-related debt increase.

⚠️ Concerns

  • Large capex plan and high gestation periods expose Torrent Power to execution risks.
  • Low plant load factor of gas-based plants is a noted operational concern.
📅 Company Track Record
Previously, in April 2026, CRISIL assigned 'AA+/Stable' to ₹4,000 Crore NCDs and India Ratings affirmed 'AA+/Stable' on ₹4,000 Crore NCDs, both related to the Nabha acquisition.

Based on publicly available historical data. For context only.

❓ Frequently Asked Questions
What did India Ratings & Research assign to Torrent Power's proposed non-convertible debentures?
India Ratings assigned the long term credit rating of 'IND AA+/Stable' to proposed non-convertible debentures of amounting to ₹ 2500 Crore.
What rating did CRISIL Ratings assign to Torrent Power's proposed non-convertible debentures?
CRISIL Ratings assigned the long term credit rating of 'CRISIL AA+/Stable' to proposed non-convertible debentures of amounting to ₹ 2500 Crore.
What was Torrent Power's net leverage reported by India Ratings?
India Ratings reported Torrent Power's net leverage at 2.1x for FY26.
What is Torrent Power's commercial paper rating reaffirmed by India Ratings?
India Ratings reaffirmed its rating on the short-term commercial paper as 'IND A1+'.
What is Torrent Power's short-term bank loan and commercial paper rating by CRISIL?
CRISIL Ratings reaffirmed short-term Bank Loan facilities and commercial paper as 'CRISIL A1+'.

Questions based on this BSE filing only. For information purposes.

⚠️ For Information Only — Not Investment Advice
ForgeUp Filings provides AI-generated summaries of public BSE exchange announcements (equity segment) for informational purposes only. Nothing here constitutes investment advice or a recommendation to buy, sell, or hold any security. ForgeUp is not a SEBI-registered investment advisor. All financial numbers are sourced directly from BSE filings and shown as-is. Past data is historical only. Please consult a qualified financial advisor before making investment decisions. Data sourced from BSE India public disclosures.
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