NSE: POWERGRID · BSE: 532898
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. 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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Segment revenue, FY26
| 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 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.7 | 19.4 | 13 of 31 | 60% |
| P/B | 2.3 | 1.4 | 24 of 35 | 32% |
| ROCE | 7.2 | 3.1 | 9 of 38 | 78% |
| ROE | 15.8 | 8.7 | 5 of 35 | 88% |
| Debt / Equity | 1.5 | 0.8 | 25 of 35 | 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 | 234143 | 6339 | 3 of 38 | 95% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Karnataka renewable transmission project fully commissioned | capex operations | high | — | — |
| 16 Oct 2026 · POWERGRID wins 765kV Pune West TBCB transmission project | business updates | low | — | — |
| 12 Oct 2026 · POWERGRID acquires Jam Khambhaliya REZ Transmission SPV for about Rs 19.22 Crore | strategic transactions | high | — | — |
| 12 Oct 2026 · PowerGrid acquires Lakadia C Power Transmission SPV under TBCB | strategic transactions | medium | — | — |
| 12 Oct 2026 · Routine compliance filing on demat and remat of shares for Jul-Sep 2026 | compliance | minimal | — | — |
| 12 Oct 2026 · POWERGRID acquires Lakadia II Power Transmission SPV for Rs 18.43 Cr | strategic transactions | high | — | — |
| 11 Oct 2026 · Power Grid commissions Rajasthan REZ transmission system phase-III Part-C1 | capex operations | high | — | — |
| 8 Oct 2026 · Power Grid commissions 2500 MW Solar Transmission Project in Karnataka | business updates | medium | — | — |
| 30 Sept 2026 · Two Executive Directors retire on superannuation | management changes | high | — | — |
| 30 Sept 2026 · Akhilesh Pathak appointed as Director (Projects) at Power Grid | management changes | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | 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 |
Sources, method and disclosures
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.