Torrent Power Limited — PPTs, 16-02-2026: Investor Presentation

Torrent Power is acquiring Nabha Power Ltd (NPL), a 1,400 MW supercritical coal-based plant, for an Enterprise Value of ~Rs. 6,889 Cr, including ~Rs. 3,661 Cr for equity. NPL operates efficiently with historical Plant Availability Factor consistently above 85% and Plant Load Factor over 80%. In FY25, NPL reported adjusted revenue of ~Rs. 4,866 Cr and EBITDA of ~Rs. 1,153 Cr, driven by stable, fully tied-up capacity. This acquisition is expected to be EPS accretive from day one, strengthening Torrent's thermal portfolio and expanding its presence in North India. The deal's valuation of 5.97x EV/EBITDA is considered below sector averages, indicating strategic value. NPL's location also offers revenue from fly ash monetization and potential for 800 MW brownfield expansion.