Torrent Power is expected to deliver a revenue CAGR of 10.6% during FY2628E, driven by the gradual commissioning of its renewable energy pipeline and the consolidation of Nabha Power from Q1FY27. The new tariff framework could support a 100 bps improvement in ROE on the distribution assets, subject to performance milestones. Timely execution of renewable projects remains the key monitorable while higher commissioning and leverage could pressure bottom- line performance. However, any weakness in the stock price thereof presents an opportunity for...