Power Grid Corporation of India Limited has informed the Exchange about Transcript
POWERGRID · price
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Awaiting price reaction for this filing.
Power Grid reported Q1 FY26 total income of ₹11,444 Crore, EBITDA of about ₹9,500 Crore, and standalone profit after tax of ₹3,653 Crore (up ~7% YoY), while consolidated PAT dipped ~2% YoY due to a higher CSR spend (₹70 Cr more) and a loss from its EESL joint venture (₹70 Cr). Q1 capex rose sharply to ₹6,981 Crore (vs ₹4,615 Crore last year), with a full-year capex target of ₹28,000 Crore and capitalization of ₹22,000 Crore (split ~85% TBCB, 15% RTM). The company has ₹1,48,000 Crore of projects in hand, ₹41,000 Crore in work-in-progress, and an additional ₹67,000 Crore in active bids plus ₹75,000 Crore recently approved by NCT, giving multi-year visibility. Management flagged that equipment cost inflation is a major challenge — transformer costs have more than doubled in 7 years (₹14 Cr to ₹30 Cr) and GIS bays from ₹6 Cr to ₹14–15 Cr, with annual supply cost inflation running 5–8% and 10–20% on transformers. Growth catalysts include BESS (bidding for 2,000 MW/4,000 MWh in Rajasthan), Green Hydrogen pilot at Neemrana, and a Kenya transmission project likely to be signed this month. Leh project faces HVDC technology challenges at 4,500–5,000m altitude; AC alternative being explored.
The order pipeline and multi-year capex visibility (₹28K Cr in FY26, ₹35K Cr in FY27, ₹45K Cr in FY28) are positives for long-term revenue growth, but the steep equipment cost inflation and RTM-tariff depreciation are near-term headwinds that could keep transmission revenue and margins roughly flat. Investors should watch equipment cost trends, TBCB project awards, and progress on BESS and Green Hydrogen ventures as the next re-rating triggers.