Torrent Power's Credit Rating Affirmed: CRISIL AA+/Stable on ₹4735 Cr NCDs
CRISIL Ratings assigned 'CRISIL AA+/Stable' to Torrent Power's ₹4000 Crore proposed NCDs and reaffirmed ratings on ₹4735 Crore existing NCDs and other debt facilities. The ratings reflect strong financials, operational performance, and strategic acquisitions like Nabha Power Ltd, expected by June 2026. Company's leverage and ESG commitments are key factors.
Credit ratings directly impact a company's ability to raise funds and its borrowing costs. A stable and positive rating is crucial for financial stability and future growth.
The credit rating agency has assigned a stable and positive rating to the company's debt instruments, indicating a favorable financial outlook.
CRISIL Ratings has assigned a long-term credit rating of CRISIL AA+/Stable to Torrent Power Limited's proposed non-convertible debentures (NCDs) amounting to ₹4000 Crore. The agency has also reaffirmed its 'CRISIL AA+/Stable' rating on the company's existing NCDs worth ₹4735 Crore. Furthermore, the short-term bank loan facilities and commercial paper have been re-affirmed at 'CRISIL A1+'.
These ratings reflect Torrent Power's strong operating profile, robust market position in power distribution, and a strong financial risk profile, evidenced by improved net gearing and a reduced net debt to EBITDA ratio. The company's significant capex pipeline, including renewable projects and a greenfield thermal project, is noted, alongside ongoing efforts to manage leverage within rating thresholds. The acquisition of Nabha Power Ltd (NPL) is expected to be concluded by June 2026, expanding Torrent Power's operational capacity and market reach.
CRISIL Ratings acknowledges the potential impact of global supply chain disruptions on gas prices but anticipates minimal impact on Torrent Power due to its cost-plus PPA structures for a significant portion of its gas-based capacity. The company's strong liquidity position and commitment to ESG principles further support its credit profile.
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Torrent Power Limited filed this with the NSE as a statutory disclosure, categorised under credit ratings. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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