Torrent Power Limited

“Torrent Power holds a structurally unassailable distribution monopoly in India's best urban license territories, backed by promoter-aligned governance, best-in-class operational metrics, and a disciplined renewables buildout — but at 27.5x trailing P/E and 4.65x book, the market has already priced in the quality. Expected returns of 10-12% annualised offer insufficient compensation for regulatory tail risk and capex cycle uncertainty. The business deserves to be owned; it does not deserve to be bought at today's price.”