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Power Grid Corporation of India Q2 FY27 results: net profit up 8.4% to ₹3,866 crore, revenue up 3.0%
Power Grid Corporation of India Limited reported Q2 FY27 consolidated revenue of ₹11,816 crore and a net profit of ₹3,866 crore for the quarter ended 30 September 2026. Revenue rose 3.0% from the year-ago quarter, while net profit increased 8.4%; basic EPS was ₹4.16.
Key points
- Revenue was ₹11,816 crore, up 3.0% from ₹11,476 crore in Q2 FY26 and 2.8% from ₹11,497 crore in Q1 FY27.
- EBITDA was ₹9,720 crore, up 6.7% year on year, with an EBITDA margin of 82.3% against 79.4%.
- Net profit was ₹3,866 crore, up 8.4% from ₹3,566 crore a year earlier and 7.4% from ₹3,598 crore in the previous quarter.
- Basic EPS was ₹4.16, against ₹3.84 in Q2 FY26 and ₹3.87 in Q1 FY27.
- For H1 FY27, revenue was ₹23,312.94 crore and net profit was ₹7,464.58 crore; the board approved an interim dividend of ₹3.00 per equity share.
How did Power Grid Corporation of India perform in Q2 FY27?
Power Grid Corporation of India reported consolidated revenue of ₹11,816 crore in Q2 FY27, up 3.0% from ₹11,476 crore in Q2 FY26 and 2.8% from ₹11,497 crore in Q1 FY27. Total income was ₹12,055.11 crore, compared with ₹11,670.24 crore a year earlier and ₹11,696.72 crore in the previous quarter. The results are consolidated; standalone revenue was ₹10,048.43 crore.
EBITDA was ₹9,720 crore, up 6.7% from ₹9,114 crore in Q2 FY26 and 1.9% from ₹9,536 crore in Q1 FY27. The EBITDA margin was 82.3%, compared with 79.4% a year earlier and 82.9% in the previous quarter. Profit before tax was ₹4,572 crore, while net profit was ₹3,866 crore, up 8.4% year on year and 7.4% sequentially. Basic EPS was ₹4.16, against ₹3.84 in Q2 FY26 and ₹3.87 in Q1 FY27.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 11,816 | 11,497 | 11,476 | +3.0% | +2.8% |
| Other income | 238.89 | 200 | 194.29 | +23.0% | +19.4% |
| Total expenses | 7,483 | 7,112 | 7,733 | −3.2% | +5.2% |
| EBITDA | 9,720 | 9,536 | 9,114 | +6.7% | +1.9% |
| EBITDA margin | 82.3% | 82.9% | 79.4% | +2.9 pp | −0.6 pp |
| Profit before tax | 4,572 | 4,585 | 3,937 | +16.1% | −0.3% |
| Tax | 796.42 | 882.74 | 829.36 | −4.0% | −9.8% |
| Net profit | 3,866 | 3,598 | 3,566 | +8.4% | +7.4% |
| EPS (₹) | 4.16 | 3.87 | 3.84 | +8.3% | +7.5% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Power Grid Corporation of India's costs and profit?
Total expenses were ₹7,483 crore in Q2 FY27, down ₹250.31 crore or 3.2% from ₹7,733 crore in Q2 FY26. Other expenses fell ₹301.84 crore or 17.8% to ₹1,392 crore, while depreciation declined ₹27.59 crore or 0.9% to ₹3,196 crore. Employee cost rose ₹35.85 crore or 5.4% to ₹703.89 crore, and finance costs increased ₹43.27 crore or 2.0% to ₹2,191 crore; no exceptional item was reported.
Other income was ₹238.89 crore, up ₹44.60 crore or 23.0% from ₹194.29 crore in Q2 FY26. Tax expense fell ₹32.94 crore or 4.0% to ₹796.42 crore. The filing reported no exceptional item for the quarter. Against Q1 FY27, total expenses were higher by ₹371.43 crore, including finance costs that rose ₹168.40 crore and other expenses that rose ₹105.81 crore, while tax was lower by ₹86.32 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 703.89 | 668.04 | +35.85 | +5.4% |
| Finance costs | 2,191 | 2,148 | +43.27 | +2.0% |
| Depreciation | 3,196 | 3,223 | −27.59 | −0.9% |
| Other expenses | 1,392 | 1,694 | −301.84 | −17.8% |
| Total expenses | 7,483 | 7,733 | −250.31 | −3.2% |
| Other income | 238.89 | 194.29 | +44.60 | +23.0% |
| Tax | 796.42 | 829.36 | −32.94 | −4.0% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, Power Grid reported consolidated revenue of ₹23,312.94 crore, up ₹640.77 crore or 2.8% from ₹22,672.17 crore in H1 FY26. Total income was ₹23,751.83 crore, up ₹637.17 crore or 2.8%. Profit before tax increased 10.8% to ₹9,157.08 crore from ₹8,267.03 crore.
H1 FY27 net profit was ₹7,464.58 crore, compared with ₹7,196.66 crore in H1 FY26, an increase of ₹267.92 crore or 3.7%. Basic EPS was ₹8.03 against ₹7.74. Standalone revenue was ₹10,048.43 crore for the quarter, while standalone profit before tax was ₹3,819.08 crore.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 23,313 | 22,672 | +2.8% |
| Profit before tax | 9,157 | 8,267 | +10.8% |
| Net profit | 7,465 | 7,197 | +3.7% |
| EPS (₹) | 8.03 | 7.74 | +3.7% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹301,345.51 crore, compared with ₹294,727.25 crore at 31 March 2026. Total equity was ₹106,748.38 crore against ₹100,494.02 crore, borrowings were ₹151,207.0 crore against ₹148,009.01 crore, and cash was ₹2,520.91 crore against ₹5,280.62 crore. Trade receivables were ₹7,781.42 crore, lower than ₹11,672.59 crore at the previous balance sheet date.
For H1 FY27, operating cash flow was ₹18,668.09 crore, compared with ₹14,831.94 crore in H1 FY26. Investing cash flow was ₹17,601.87 crore, compared with ₹13,091.98 crore, while financing cash flow was ₹3,608.09 crore against ₹2,213.23 crore. Capital expenditure was ₹18,868.9 crore, compared with ₹12,667.14 crore in the year-earlier period.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 3,01,346 | 2,94,727 |
| Total equity | 1,06,748 | 1,00,494 |
| Borrowings | 1,51,207 | 1,48,009 |
| Cash and equivalents | 2,521 | 5,281 |
| Inventories | 2,416 | 2,126 |
| Trade receivables | 7,781 | 11,673 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 18,668 | 14,832 |
| Cash from investing | −17,602 | −13,092 |
| Cash from financing | −3,608 | −2,213 |
| Capital expenditure | 18,869 | 12,667 |
Source: Company's results filing (XBRL).
How has Power Grid Corporation of India done over the last 8 quarters?
Revenue in the reported trend reached ₹12,395.09 crore in Q3 FY26 and was ₹11,816.22 crore in Q2 FY27. It has risen year on year in each of the last two quarters. The latest figure was above ₹11,496.72 crore in Q1 FY27 but below the Q3 FY26 peak shown in the trend data.
Net profit reached ₹4,546.33 crore in Q4 FY26 and was ₹3,866.16 crore in Q2 FY27, following ₹3,598.42 crore in Q1 FY27. EBITDA margin was 82.3% in Q2 FY27, below the 85.9% peak in Q3 FY26 and above the 77.7% low in Q4 FY26.
Which businesses drove the quarter?
Transmission was the largest reported business segment, with revenue of ₹11,206.75 crore, up 4.5% from ₹10,721.76 crore in Q2 FY26. Segment EBIT was ₹6,737.83 crore, compared with ₹6,399.21 crore, and the reported EBIT margin was 60.1%.
Consultancy revenue fell 15.3% to ₹520.46 crore from ₹614.4 crore in the year-ago quarter, while EBIT declined to ₹35.98 crore from ₹44.9 crore. Telecom revenue was ₹283.33 crore, down 2.7% from ₹291.06 crore, and EBIT was ₹118.92 crore against ₹137.79 crore. Other unallocated income was ₹162.66 crore.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Transmission | 11,207 | +4.5% | 6,738 | 60.1% |
| Consultancy | 520.46 | −15.3% | 35.98 | 6.9% |
| Telecom | 283.33 | −2.7% | 118.92 | 42.0% |
| Assets Classified as Held for Sale | 0 | 0 | ||
| Other Unallocated Income | 162.66 | 0 | 0.0% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, together with the auditors’ limited review report. It also approved the first interim dividend for FY 2026-27 of ₹3.00 per equity share of ₹10 each, equal to 30% of paid-up equity share capital. The record date was 6 November 2026, and payment was scheduled for 30 November 2026. The same-day filings did not report a fund raise or an appointment.
How did Power Grid Corporation of India shares react?
Power Grid’s shares were up 1.1% five minutes, 15 minutes and 30 minutes after the filing appeared. From the previous close of ₹265.00, the stock was up 1.0% at the first trading session close and down 2.5% by the next day’s close. The Power industry median was up 2.0% on the reaction day and up 1.9% by the next day’s close, leaving Power Grid 1.0 percentage point below the sector on the reaction day and 4.4 percentage points below it by the next day’s close.
Earlier results-day reactions included gains of 0.7% on 29 July 2026 and 0.3% on 3 February 2025. The stock fell 2.8% on 15 May 2026, 3.2% on 3 November 2025, 1.2% on 30 July 2025, 2.0% on 19 May 2025, 1.8% on 6 November 2024 and 0.5% on 26 July 2024.
| After the filing | Stock | Power median |
|---|---|---|
| 5 minutes | +1.1% | |
| 15 minutes | +1.1% | |
| 30 minutes | +1.1% | |
| Reaction day | +1.0% | +2.0% |
| Next day | −2.5% | +1.9% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 29 July 2026 | +0.7% |
| 15 May 2026 | −2.8% |
| 3 November 2025 | −3.2% |
| 30 July 2025 | −1.2% |
| 19 May 2025 | −2.0% |
| 3 February 2025 | +0.3% |
| 6 November 2024 | −1.8% |
| 26 July 2024 | −0.5% |
Source: MarketPing price-reaction measurement.
Quick answers
What was Power Grid Corporation of India's revenue in Q2 FY27?
Revenue from operations was ₹11,816 crore, up 3.0% from ₹11,476 crore in Q2 FY26 (consolidated).
Did Power Grid Corporation of India make a profit in Q2 FY27?
Yes. Net profit was ₹3,866 crore, against a net profit of ₹3,566 crore in Q2 FY26.
What was Power Grid Corporation of India's EPS in Q2 FY27?
Basic earnings per share were ₹4.16, against ₹3.84 in Q2 FY26.
How did Power Grid Corporation of India shares react to the Q2 FY27 results?
On the reaction day the stock moved +1.0% from the previous close; the median Power stock moved +2.0%.
When did Power Grid Corporation of India announce its Q2 FY27 results?
On 1 November 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Meeting Of Board Of Directors Of POWERGRID. (BSE, 28 October 2026) · PDF
- Outcome of Board Meeting (NSE, 1 November 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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