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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Transmission (93%), Consultancy (5%), Telecom (3%), Asset held for Sale (0%). Capital-intensive, regulated transmission utility with high depreciation and steady availability-linked incentives
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 41,616 | 45,581 | 45,843 | 45,792 | 46,733 |
| EBITDA (ex other income) | 39,887 | 39,478 | 39,903 | 39,065 | 37,979 |
| margin % | 95.8 | 86.6 | 87.0 | 85.3 | 81.3 |
| Owners' profit | 16,824 | 15,417 | 15,573 | 15,521 | 15,928 |
| EPS, as reported (₹) | 24.12 | 22.10 | 16.74 | 16.69 | 17.13 |
| ROE % · ROCE % | 22.1 · 13.0 | 18.6 · 12.2 | 17.9 · 12.9 | 16.8 · 12.3 | 15.8 · 10.6 |
| Debt / equity (x) | 1.77 | 1.52 | 1.42 | 1.41 | 1.47 |
| Cash from operations | 26,124 | 38,005 | 37,290 | 36,223 | 40,931 |
| Capex | (7,632) | (5,242) | (9,323) | (22,614) | (37,279) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11,278 | 11,233 | 12,275 | 11,196 | 11,476 | 12,395 | 11,666 | 11,497 |
| Profit before tax | 4,536 | 4,914 | 5,041 | 4,330 | 3,937 | 5,285 | 3,901 | 4,585 |
| Net profit | 3,793 | 3,862 | 4,143 | 3,631 | 3,566 | 4,185 | 4,546 | 3,598 |
| EPS (₹) | 4.08 | 4.15 | 4.46 | 3.90 | 3.84 | 4.50 | 4.89 | 3.87 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Transmission | 44,083 | 92.6 |
| Consultancy | 2,347 | 4.9 |
| Telecom | 1,195 | 2.5 |
| Total, before eliminations | 47,625 | 100.0 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 15.7 | 20.4 | 13 of 34 | 64% |
| P/B | 2.5 | 1.6 | 23 of 35 | 35% |
| ROCE | 7.2 | 3.1 | 9 of 38 | 78% |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Sept 2026 · C&AG appoints statutory auditors for Power Grid for FY 2026-27 | management changes | medium | — | — |
| 3 Sept 2026 · POWERGRID wins Lakadia REZ Phase-II transmission project | business updates | high | — | — |
| 2 Sept 2026 · POWERGRID wins Rs 3,244 Cr TBCB transmission bid for Rajasthan solar project | business updates | high | — | — |
| 31 Aug 2026 · Power Grid ED Vibhay Kumar retires on superannuation | management changes | high | — | — |
| 31 Aug 2026 · Power Grid ED Vibhay Kumar retires on superannuation | management changes | high | — | — |
| 28 Aug 2026 · POWERGRID acquires Fatehgarh II Transmission SPV for about Rs 19.11 Cr | strategic transactions | medium | — | — |
| 26 Aug 2026 · POWERGRID faces fines from BSE and NSE over board composition norms | compliance | minimal | — | — |
| 21 Aug 2026 · 37th AGM Voting Results: All 10 Resolutions Passed Including Borrowing Limit Hike | board shareholder meetings | low | — | — |
| 21 Aug 2026 · POWERGRID wins transmission project in Gujarat via TBCB | business updates | high | — | — |
| 20 Aug 2026 · POWERGRID 37th AGM: borrowing cap raised to Rs 2.2L cr, dividend, CMD appointment | board shareholder meetings | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| ROE | 15.8 | 8.8 | 5 of 36 | 89% |
| Debt / Equity | 1.5 | 0.8 | 26 of 36 | 29% |
| EBITDA margin | 84.7 | 41.1 | 7 of 33 | 81% |
| Revenue growth | 2.7 | 7.8 | 24 of 33 | 28% |
| Profit growth | (0.9) | 7.6 | 22 of 34 | 36% |
| Market cap | 250279 | 6460 | 3 of 38 | 95% |
| A state: the latest filed quarter and the measured reactions |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
