POWER GRID CORP. LTD.

Operates India's largest electricity transmission network, running 1.84 lakh circuit kilometres of lines, 624 GVA of substation transformation capacity, and 101 GW of inter-regional HVDC capacity. Earns 92.6% of FY26 revenue from transmission, charging regulated tariffs for wheeling power across states under a cost-plus framework administered by the Central Electricity Regulatory Commission; this segment delivered EBIT of ₹26,353 crore on ₹44,083 crore of revenue. Won 9 of 28 projects floated under Tariff-Based Competitive Bidding (TBCB) in FY26 and holds a 44% market share in TBCB since inception, with ₹1.7 lakh crore of works-in-hand and ₹1.1 lakh crore still in the bidding pipeline. A Consultancy segment (4.9% of revenue) supplies advisory and project services to power-sector clients, while a Telecom segment (2.5% of revenue) leases fibre-optic capacity on transmission towers. CapEx ran at ₹40,000 crore in FY26 — 79.8% of revenue — guided to ₹37,000 crore in FY27 and ₹40,000-45,000 crore in FY28, and 22 HVDC projects totalling 127 GW are in planning or bidding. Cost structure carries no materials input; depreciation is the largest line at 27.9% of revenue, followed by other opex at 13% and employee costs at 5.7%. System availability stood at 99.84% in FY26, with the firm also entering battery energy storage via the Kalikiri TBCB project and winning its first international PPP, a $300 million transmission project in Kenya.