Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
Torrent Power Limited
Physical assets are 71.4% of total assets, a heavy footprint. Capex is 4.78x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by -0.66x, which is below 1.
Utilities often turn net PP&E at about 0.3x to 1.0x. This name is at 0.91x.
Physical asset ratio
71.4%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 317.48BpropertyPlantAndEquipmentNetInventoryINR 5.07BinventoryTotal assetsINR 451.93BtotalAssetsResult 71.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.91xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenueINR 289.66BtotalRevenueNet PP&EINR 317.48BpropertyPlantAndEquipmentNetResult 0.91x
Revenue per dollar of the physical asset base.
Capex / D&A
4.78xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapexINR 77.05BcapitalExpendituresD&AINR 16.13BdepreciationAndAmortizationResult 4.78x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
INR 374.66Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 451.93BtotalAssetsGoodwillINR 1.71BgoodWillIntangiblesINR 6.57BintangibleAssetsLiabilitiesINR 254.85BtotalLiabTangible bookINR 188.81BShares503,948,000commonStockSharesOutstandingResult INR 374.66
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
3.13xPrice / tangible bookPrice / tangible book per sharePriceINR 1.17KLatest quoteTangible book / shareINR 374.662026-03-31Result 3.13x
Price INR 1.17K.
Fixed-charge coverage
-0.66xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 58.64BebitdaCapexINR 77.05BcapitalExpendituresInterestINR 9.34BinterestExpenseShort-term debtINR 18.62BshortLongTermDebtEBITDA − capex-INR 18.41BPrincipal due is the current portion of debt.Result -0.66x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-5.3%Free cash flow yield · 2026-03-31Latest free cash flow / current market capFree cash flow-INR 31.66BfreeCashFlowMarket capINR 593.30BMarketCapitalizationResult -5.3%
Latest free cash flow divided by current market cap (INR 593.30B).
ROIC
9.5%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 39.29BoperatingIncomeTax expenseINR 8.47BincomeTaxExpensePretax incomeINR 33.17BincomeBeforeTaxTax rate25.5%EquityINR 190.75BtotalStockholderEquityDebtINR 139.71BshortLongTermDebtTotalCashINR 23.19BcashAndShortTermInvestmentsInvested capitalINR 307.26BResult 9.5%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.12x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 77.3%Physical asset ratio · 2019-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 183.56BpropertyPlantEquipmentInventoryINR 6.27BinventoryTotal assetsINR 245.54BtotalAssetsResult 77.3% | 0.71xFixed asset turnover · 2019-03-31Revenue / net PP&ERevenueINR 129.57BtotalRevenueNet PP&EINR 183.56BpropertyPlantEquipmentResult 0.71x | 1.62xCapex / D&A · 2019-03-31Capital expenditures / depreciation and amortizationCapexINR 19.89BcapitalExpendituresD&AINR 12.27BdepreciationAndAmortizationResult 1.62x | INR 187.06Tangible book / share · 2019-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 245.54BtotalAssetsGoodwillINR 0.00Not reported, treated as 0IntangiblesINR 173.10MintangibleAssetsLiabilitiesINR 155.46BtotalLiabTangible bookINR 89.90BShares480,617,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result INR 187.06 | 0.70xFixed-charge coverage · 2019-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 33.79BebitdaCapexINR 19.89BcapitalExpendituresInterestINR 8.37BinterestExpenseShort-term debtINR 11.39BshortTermDebtEBITDA − capexINR 13.91BPrincipal due is short-term debt.Result 0.70x | INR 4.36BFree cash flow · 2019-03-31Reported free cash flowOperating cash flowINR 24.25BtotalCashFromOperatingActivitiesCapexINR 19.89BcapitalExpendituresFree cash flowINR 4.36BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 4.36B | 8.0%ROIC · 2019-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 19.93BoperatingIncomeTax expenseINR 3.60BincomeTaxExpensePretax incomeINR 12.64BincomeBeforeTaxTax rate28.5%EquityINR 89.70BtotalStockholderEquityDebtINR 97.15BshortLongTermDebtTotalCashINR 9.47BcashAndShortTermInvestmentsInvested capitalINR 177.38BResult 8.0% | 0.11xEBIT / PP&E · 2019-03-31Operating income / net PP&EOperating incomeINR 19.93BoperatingIncomeNet PP&EINR 183.56BpropertyPlantEquipmentResult 0.11x |
| 2020 | 79.2%Physical asset ratio · 2020-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 181.22BpropertyPlantEquipmentInventoryINR 5.98BinventoryTotal assetsINR 236.23BtotalAssetsResult 79.2% | 0.74xFixed asset turnover · 2020-03-31Revenue / net PP&ERevenueINR 134.74BtotalRevenueNet PP&EINR 181.22BpropertyPlantEquipmentResult 0.74x | 1.03xCapex / D&A · 2020-03-31Capital expenditures / depreciation and amortizationCapexINR 13.47BcapitalExpendituresD&AINR 13.04BdepreciationAndAmortizationResult 1.03x | INR 190.88Tangible book / share · 2020-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 236.23BtotalAssetsGoodwillINR 0.00Not reported, treated as 0IntangiblesINR 151.70MintangibleAssetsLiabilitiesINR 144.34BtotalLiabTangible bookINR 91.74BShares480,617,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result INR 190.88 | 0.70xFixed-charge coverage · 2020-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 27.17BebitdaCapexINR 13.47BcapitalExpendituresInterestINR 8.74BinterestExpenseShort-term debtINR 10.89BshortLongTermDebtEBITDA − capexINR 13.70BPrincipal due is the current portion of debt.Result 0.70x | INR 22.88BFree cash flow · 2020-03-31Reported free cash flowOperating cash flowINR 36.35BtotalCashFromOperatingActivitiesCapexINR 13.47BcapitalExpendituresFree cash flowINR 22.88BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 22.88B | 13.2%ROIC · 2020-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 22.84BoperatingIncomeTax expense-INR 7.04BincomeTaxExpensePretax incomeINR 4.75BincomeBeforeTaxTax rate0.0%EquityINR 91.54BtotalStockholderEquityDebtINR 89.08BshortLongTermDebtTotalCashINR 7.77BcashAndShortTermInvestmentsInvested capitalINR 172.84BResult 13.2% | 0.13xEBIT / PP&E · 2020-03-31Operating income / net PP&EOperating incomeINR 22.84BoperatingIncomeNet PP&EINR 181.22BpropertyPlantEquipmentResult 0.13x |
| 2021 | 79.2%Physical asset ratio · 2021-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 181.45BpropertyPlantEquipmentInventoryINR 4.93BinventoryTotal assetsINR 235.39BtotalAssetsResult 79.2% | 0.66xFixed asset turnover · 2021-03-31Revenue / net PP&ERevenueINR 120.17BtotalRevenueNet PP&EINR 181.45BpropertyPlantEquipmentResult 0.66x | 1.01xCapex / D&A · 2021-03-31Capital expenditures / depreciation and amortizationCapexINR 12.96BcapitalExpendituresD&AINR 12.82BdepreciationAndAmortizationResult 1.01x | INR 212.27Tangible book / share · 2021-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 235.39BtotalAssetsGoodwillINR 0.00Not reported, treated as 0IntangiblesINR 184.40MintangibleAssetsLiabilitiesINR 133.18BtotalLiabTangible bookINR 102.02BShares480,617,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result INR 212.27 | 1.22xFixed-charge coverage · 2021-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 35.99BebitdaCapexINR 12.96BcapitalExpendituresInterestINR 7.72BinterestExpenseShort-term debtINR 11.13BshortTermDebtEBITDA − capexINR 23.03BPrincipal due is short-term debt.Result 1.22x | INR 16.92BFree cash flow · 2021-03-31Reported free cash flowOperating cash flowINR 29.88BtotalCashFromOperatingActivitiesCapexINR 12.96BcapitalExpendituresFree cash flowINR 16.92BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 16.92B | 10.8%ROIC · 2021-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 22.63BoperatingIncomeTax expenseINR 2.56BincomeTaxExpensePretax incomeINR 15.52BincomeBeforeTaxTax rate16.5%EquityINR 101.84BtotalStockholderEquityDebtINR 78.17BshortLongTermDebtTotalCashINR 5.34BcashAndShortTermInvestmentsInvested capitalINR 174.67BResult 10.8% | 0.12xEBIT / PP&E · 2021-03-31Operating income / net PP&EOperating incomeINR 22.63BoperatingIncomeNet PP&EINR 181.45BpropertyPlantEquipmentResult 0.12x |
| 2022 | 75.5%Physical asset ratio · 2022-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 182.71BpropertyPlantEquipmentInventoryINR 6.31BinventoryTotal assetsINR 250.23BtotalAssetsResult 75.5% | 0.77xFixed asset turnover · 2022-03-31Revenue / net PP&ERevenueINR 140.55BtotalRevenueNet PP&EINR 182.71BpropertyPlantEquipmentResult 0.77x | 1.35xCapex / D&A · 2022-03-31Capital expenditures / depreciation and amortizationCapexINR 18.09BcapitalExpendituresD&AINR 13.37BdepreciationAndAmortizationResult 1.35x | INR 205.07Tangible book / share · 2022-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 250.23BtotalAssetsGoodwillINR 0.00goodWillIntangiblesINR 1.23BintangibleAssetsLiabilitiesINR 150.44BtotalLiabTangible bookINR 98.56BShares480,617,000commonStockSharesOutstandingResult INR 205.07 | 0.27xFixed-charge coverage · 2022-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 25.15BebitdaCapexINR 18.09BcapitalExpendituresInterestINR 6.28BinterestExpenseShort-term debtINR 19.99BshortLongTermDebtEBITDA − capexINR 7.05BPrincipal due is the current portion of debt.Result 0.27x | INR 13.58BFree cash flow · 2022-03-31Reported free cash flowOperating cash flowINR 31.67BtotalCashFromOperatingActivitiesCapexINR 18.09BcapitalExpendituresFree cash flowINR 13.58BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 13.58B | 10.3%ROIC · 2022-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 23.28BoperatingIncomeTax expenseINR 1.05BincomeTaxExpensePretax incomeINR 5.64BincomeBeforeTaxTax rate18.7%EquityINR 99.43BtotalStockholderEquityDebtINR 91.43BshortLongTermDebtTotalCashINR 6.82BcashAndShortTermInvestmentsInvested capitalINR 184.04BResult 10.3% | 0.13xEBIT / PP&E · 2022-03-31Operating income / net PP&EOperating incomeINR 23.28BoperatingIncomeNet PP&EINR 182.71BpropertyPlantEquipmentResult 0.13x |
| 2023 | 73.1%Physical asset ratio · 2023-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 209.57BpropertyPlantEquipmentInventoryINR 9.04BinventoryTotal assetsINR 299.10BtotalAssetsResult 73.1% | 1.21xFixed asset turnover · 2023-03-31Revenue / net PP&ERevenueINR 254.03BtotalRevenueNet PP&EINR 209.57BpropertyPlantEquipmentResult 1.21x | 2.19xCapex / D&A · 2023-03-31Capital expenditures / depreciation and amortizationCapexINR 28.16BcapitalExpendituresD&AINR 12.84BdepreciationAndAmortizationResult 2.19x | INR 219.70Tangible book / share · 2023-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 299.10BtotalAssetsGoodwillINR 1.71BgoodWillIntangiblesINR 7.56BintangibleAssetsLiabilitiesINR 184.24BtotalLiabTangible bookINR 105.59BShares480,617,000commonStockSharesOutstandingResult INR 219.70 | 0.99xFixed-charge coverage · 2023-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 51.29BebitdaCapexINR 28.16BcapitalExpendituresInterestINR 7.39BinterestExpenseShort-term debtINR 15.94BshortLongTermDebtEBITDA − capexINR 23.13BPrincipal due is the current portion of debt.Result 0.99x | INR 6.40BFree cash flow · 2023-03-31Reported free cash flowOperating cash flowINR 34.56BtotalCashFromOperatingActivitiesCapexINR 28.16BcapitalExpendituresFree cash flowINR 6.40BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 6.40B | 12.2%ROIC · 2023-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 35.18BoperatingIncomeTax expenseINR 8.77BincomeTaxExpensePretax incomeINR 30.41BincomeBeforeTaxTax rate28.8%EquityINR 110.10BtotalStockholderEquityDebtINR 105.41BshortLongTermDebtTotalCashINR 10.89BcashAndShortTermInvestmentsInvested capitalINR 204.63BResult 12.2% | 0.17xEBIT / PP&E · 2023-03-31Operating income / net PP&EOperating incomeINR 35.18BoperatingIncomeNet PP&EINR 209.57BpropertyPlantEquipmentResult 0.17x |
| 2024 | 73.5%Physical asset ratio · 2024-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 236.38BpropertyPlantAndEquipmentNetInventoryINR 9.00BinventoryTotal assetsINR 333.92BtotalAssetsResult 73.5% | 1.14xFixed asset turnover · 2024-03-31Revenue / net PP&ERevenueINR 268.94BtotalRevenueNet PP&EINR 236.38BpropertyPlantAndEquipmentNetResult 1.14x | 2.65xCapex / D&A · 2024-03-31Capital expenditures / depreciation and amortizationCapexINR 36.56BcapitalExpendituresD&AINR 13.78BdepreciationAndAmortizationResult 2.65x | INR 243.60Tangible book / share · 2024-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 333.92BtotalAssetsGoodwillINR 1.71BgoodWillIntangiblesINR 7.18BintangibleAssetsLiabilitiesINR 207.95BtotalLiabTangible bookINR 117.08BShares480,617,000commonStockSharesOutstandingResult INR 243.60 | 0.49xFixed-charge coverage · 2024-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 48.78BebitdaCapexINR 36.56BcapitalExpendituresInterestINR 8.24BinterestExpenseShort-term debtINR 16.69BshortLongTermDebtEBITDA − capexINR 12.21BPrincipal due is the current portion of debt.Result 0.49x | INR 6.02BFree cash flow · 2024-03-31Reported free cash flowOperating cash flowINR 42.58BtotalCashFromOperatingActivitiesCapexINR 36.56BcapitalExpendituresFree cash flowINR 6.02BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 6.02B | 10.6%ROIC · 2024-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 32.35BoperatingIncomeTax expenseINR 6.87BincomeTaxExpensePretax incomeINR 25.83BincomeBeforeTaxTax rate26.6%EquityINR 120.62BtotalStockholderEquityDebtINR 116.32BshortLongTermDebtTotalCashINR 12.91BcashAndShortTermInvestmentsInvested capitalINR 224.02BResult 10.6% | 0.14xEBIT / PP&E · 2024-03-31Operating income / net PP&EOperating incomeINR 32.35BoperatingIncomeNet PP&EINR 236.38BpropertyPlantAndEquipmentNetResult 0.14x |
| 2025 | 72.0%Physical asset ratio · 2025-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 256.77BpropertyPlantEquipmentInventoryINR 6.58BinventoryTotal assetsINR 365.73BtotalAssetsResult 72.0% | 1.12xFixed asset turnover · 2025-03-31Revenue / net PP&ERevenueINR 288.41BtotalRevenueNet PP&EINR 256.77BpropertyPlantEquipmentResult 1.12x | 2.89xCapex / D&A · 2025-03-31Capital expenditures / depreciation and amortizationCapexINR 43.30BcapitalExpendituresD&AINR 14.97BdepreciationAndAmortizationResult 2.89x | INR 356.15Tangible book / share · 2025-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 365.73BtotalAssetsGoodwillINR 1.71BgoodWillIntangiblesINR 6.87BintangibleAssetsLiabilitiesINR 183.58BtotalLiabTangible bookINR 173.57BShares487,357,000commonStockSharesOutstandingResult INR 356.15 | 0.62xFixed-charge coverage · 2025-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 57.66BebitdaCapexINR 43.30BcapitalExpendituresInterestINR 9.06BinterestExpenseShort-term debtINR 14.26BshortLongTermDebtEBITDA − capexINR 14.36BPrincipal due is the current portion of debt.Result 0.62x | INR 4.75BFree cash flow · 2025-03-31Reported free cash flowOperating cash flowINR 48.05BtotalCashFromOperatingActivitiesCapexINR 43.30BcapitalExpendituresFree cash flowINR 4.75BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 4.75B | 14.4%ROIC · 2025-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 38.48BoperatingIncomeTax expenseINR 1.94BincomeTaxExpensePretax incomeINR 32.53BincomeBeforeTaxTax rate6.0%EquityINR 176.15BtotalStockholderEquityDebtINR 88.40BshortLongTermDebtTotalCashINR 12.53BcashAndShortTermInvestmentsInvested capitalINR 252.02BResult 14.4% | 0.15xEBIT / PP&E · 2025-03-31Operating income / net PP&EOperating incomeINR 38.48BoperatingIncomeNet PP&EINR 256.77BpropertyPlantEquipmentResult 0.15x |
| 2026 | 71.4%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 317.48BpropertyPlantAndEquipmentNetInventoryINR 5.07BinventoryTotal assetsINR 451.93BtotalAssetsResult 71.4% | 0.91xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenueINR 289.66BtotalRevenueNet PP&EINR 317.48BpropertyPlantAndEquipmentNetResult 0.91x | 4.78xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapexINR 77.05BcapitalExpendituresD&AINR 16.13BdepreciationAndAmortizationResult 4.78x | INR 374.66Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 451.93BtotalAssetsGoodwillINR 1.71BgoodWillIntangiblesINR 6.57BintangibleAssetsLiabilitiesINR 254.85BtotalLiabTangible bookINR 188.81BShares503,948,000commonStockSharesOutstandingResult INR 374.66 | -0.66xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 58.64BebitdaCapexINR 77.05BcapitalExpendituresInterestINR 9.34BinterestExpenseShort-term debtINR 18.62BshortLongTermDebtEBITDA − capex-INR 18.41BPrincipal due is the current portion of debt.Result -0.66x | -INR 31.66BFree cash flow · 2026-03-31Reported free cash flowOperating cash flowINR 45.39BtotalCashFromOperatingActivitiesCapexINR 77.05BcapitalExpendituresFree cash flow-INR 31.66BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -INR 31.66B | 9.5%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 39.29BoperatingIncomeTax expenseINR 8.47BincomeTaxExpensePretax incomeINR 33.17BincomeBeforeTaxTax rate25.5%EquityINR 190.75BtotalStockholderEquityDebtINR 139.71BshortLongTermDebtTotalCashINR 23.19BcashAndShortTermInvestmentsInvested capitalINR 307.26BResult 9.5% | 0.12xEBIT / PP&E · 2026-03-31Operating income / net PP&EOperating incomeINR 39.29BoperatingIncomeNet PP&EINR 317.48BpropertyPlantAndEquipmentNetResult 0.12x |
- Principal due is the current portion of debt.
Latest year inputs (2026)
Net PP&E: INR 317.48B
Inventory: INR 5.07B
Total assets: INR 451.93B
Goodwill: INR 1.71B
Intangibles: INR 6.57B
Liabilities: INR 254.85B
Tangible book: INR 188.81B
Shares: 503,948,000
Revenue: INR 289.66B
Capex: INR 77.05B
D&A: INR 16.13B
EBITDA: INR 58.64B
Interest: INR 9.34B
Short-term debt: INR 18.62B
Free cash flow: -INR 31.66B
Operating income: INR 39.29B
Invested capital: INR 307.26B
Tax rate: 25.5%