Transcript of Analysts'' and Institutional Investors'' meet held on 18th May, 2026 in Mumbai.

Power Grid held its analyst meet for Q4 and FY26 results with full senior management present. The company reported FY26 total income of ₹47,684 crore and standalone PAT of ₹15,921 crore (4% YoY growth), with gross fixed assets crossing ₹3 lakh crore and net worth at ₹1,00,494 crore. CapEx for FY26 was delivered at ₹40,000 crore (exceeding ₹28,000 crore initial guidance), and FY27 capex guidance is set at ₹37,000 crore with capitalization guidance of ₹30,000 crore. The order pipeline stands strong at ₹1.7 lakh crore in works (TBCB ₹1.37 lakh crore + RTM ₹28,000 crore) plus ₹1.1 lakh crore under bidding. Management guided that FY27 earnings will benefit from the massive ₹40,000 crore capitalization done in late FY26. The long-term opportunity was highlighted at ₹15 lakh crore driven by 900+ GW generation target by 2036. Key project wins include Bhadla-Sikar, Ahmedabad-Lakadia, and first international PPP transmission project in Kenya via Africa50 partnership. New initiatives include India's first BESS project under bidding and world's first 765 kV digital substation. Management confirmed Q4 EBITDA decline was due to assets completing 12-year tariff cycle, and they are indifferent to project size in TBCB bidding.