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TOR GPW sWIG80 Periodic report · PAP Biznes

Torpol SA (TOR) · Q2 2026 results and valuation

Share price: 61.20 zł · 2026-11-10

Torpol SA designs and constructs railway and tram infrastructure, including track modernization, traction networks, and power grids. The group provides engineering services for the energy, gas, and chemical industries. It operates in the Polish market, serving clients in the transport and energy sectors. Sources: Half-year report (2026-09-04) · Wikipedia

Results Q2 2026 vs Q2 2025 · year over year · published 4 Sep 2026 and 5 Sep 2025

Net income up 15.2% year on year. The report's language is unchanged.

Only a basic analysis is available for this company at the moment.

1 · Numbers

+15.2%

Net income vs Q2 2025

Net income 23.5M vs 20.4M

Revenue +23.9%

2 · How the report reads

Unchanged

Language tone vs last period

Report language: upbeat for a company report — about as upbeat as in Q2 2025.

Weak signal: formal report language, not a call.

3 · What stood out

Torpol SA reported a consolidated gross profit of PLN 45.71 million, which was 18.6% higher than the PLN 38.53 million reported in the same period of 2025.

Valuation

Is Torpol SA undervalued?

Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

At 20.0% growth a year (3-year revenue growth), the model's fair value is 236.68 zł a share — the stock trades 74% below it. Today's price assumes −5.1% growth a year.

Current price

61.20 zł

close of 2026-11-10

Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.

-5.1% for 10 yrs

Fair value / share

236.68 zł

Buy below

177.51 zł

Price vs fair value

Undervalued 74%

Price vs buy-below price

Undervalued 66%

Official channels

The company's own website and social media accounts.

Read between the lines

  1. Fading

    Net profit was 30.5 million PLN in the first half of 2024, which is 20.1% lower than the 32.1 million PLN reported in the same period in 2025.

    Source quote
    “20.1% compared to the first half of 2024 (32.1 million PLN), while net profit was 30.5 million PLN (vs. Consolidated gross profit in the reporting period amounted to approx. 26 million PLN in the first...”

Tone

How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q2 2025.

Report language Upbeat (was upbeat)

Upbeat for a company report — about as upbeat as in Q2 2025. Periodic reports carry legally required risk wording, so their tone moves little and is a weak signal.

Sentences that drove the tone
“Further opportunities for growth and diversification are also provided by other construction markets in which the Issuer intends to expand its activities, particularly regarding the general and volumetric construction market and engineering facilities on infrastructure...”
“Consolidated gross profit in the reporting period amounted to PLN 45.71 million and was 18.6% higher than that reported in the same period of 2025 (PLN 38.53 million), while net profit...”
“Page 31 of 38 ▪ strengthening the role of rail transport in the country's integrated transport system through investments, technological changes, and organizational changes (Sustainable Development Strategy”

Full figures

PLN · PAP Biznes report (2026-09-04)

Metric Q2 2026 Q2 2025 Change
Revenue 579.5M 467.8M +23.9%
Gross profit 47.5M 33.2M +43.1%
Operating income 31.1M 23.6M +31.6%
Net income 23.5M 20.4M +15.2%
P/E today 20.2 20.6 15.0 +5.6

Topics

Topics are drawn from the full report text, not management commentary.

Most discussed now

  • The Group's primary areas of activity include primarily: a) design
  • Average gross profit margin on the owned order portfolio in the Group in the first half of 2026
  • TORPOL is one of the best-equipped contractors in the railway infrastructure market, with the appropriate human, technical, and financial…
  • The price of the offer submitted by the Issuer as part of the tender is PLN 3,635,619,576.23 gross (i.e., PLN 2,955,788,273.36 net)…
  • The Group sets the following goals to achieve greater

Faded since Q2 2025

  • Fading Page 27 of 38 net financial debt financial liabilities long-term and short-term – cash and cash equivalents (thousand
  • Fading The Group also continued to develop its service offering and competencies in the fields of tram infrastructure, cubic volume, and oil&gas.
  • Fading Pursuant to the annex to the Guarantee Limit Agreement, the availability period of the guarantee limit granted to the Company in the amount…
  • Fading In the first half of 2025, the Group generated higher levels of sales revenue (by 52.8%) and gross profit (by 19.2%) than those achieved in…

Latest announcements

Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.

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