Power Grid Corpn
Power Grid Corpn Q1 FY26 Results & Concall Highlights: Revenue ₹153 Cr
Q1 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Core growth driver is transmission business, with major focus on TBCB projects (~₹99,000 Crore in hand). POWERGRID has a strong project pipeline with about ₹1,48,000 Crore projects in hand and ₹67,000 Crore worth projects recently bid out or to be bid, supporting future growth.
From Power Grid Corpn's Q1 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Core growth driver is transmission business, with major focus on TBCB projects (~₹99,000 Crore in hand).
- Expansion in telecom and consultancy businesses, with telecom income increasing and new smart meter business contributing ₹153 Crore revenue for FY25-26.
- Venturing into solar power with 85MW commissioned, Green Hydrogen projects underway (Neemrana substation), and Battery Energy Storage Systems (BESS) participation planned (e.g., 2000 MW/4000 MWh tender in Rajasthan).
- Strong project pipeline: ₹1,48,000 Crore projects in hand, plus ₹67,000 Crore projects up for bidding, and ₹75,000 Crore newly approved projects queued.
- Capex plans to grow from ₹28,000 Crore (FY26) to ₹35,000 Crore (FY27) and ₹45,000 Crore (FY28).
- Anticipate ₹22,000-₹25,000 Crore capitalization annually over next years supporting revenue growth.
- Energy transition and clean energy commitments (600 GW non-fossil fuel, green hydrogen demand, energy storage) present significant long-term demand opportunities.
Profitability & Margins
See what Power Grid Corpn said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- Capex plan for FY26 is ₹28,000 Crore, including:
- - RTM: ₹3,500 Crore
- - TBCB: ₹19,000 Crore
- - Other projects: ₹5,300 Crore
- FY27 Capex expected to be around ₹35,000 Crore.
- FY28 Capex projected around ₹45,000 Crore.
- Commissioning target for FY26 is about ₹22,000-₹25,000 Crore.
- Advanced procurement of critical equipment like transformers is done to mitigate supply challenges.
- Strategic focus on BESS (Battery Energy Storage Systems) and Green Hydrogen:
- - Orders placed for Green Hydrogen at Neemrana substation.
- - Plans to participate in Rajasthan BESS tender (~2000 MW/4000 MWh).
- Exploring HVDC projects including Khavda KPS 3 to South Olpad and Barmer to South Kalamb.
- Considering international projects (e.g., Kenya transmission projects at 400kV and 220kV).
- Gradually increasing investments in telecom, solar (85 MW at Nagda), and sustainability initiatives.
Top-ranked in Power
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
See what Power Grid Corpn said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
- Current work in hand: Approximately ₹99,000 Crore.
- Total projects in hand (work in progress + new projects): Around ₹1,90,000 Crore (₹1,48,000 Crore worth projects + ₹41,000 Crore work in progress).
- New projects approved but yet to be floated: ₹29,000 Crore.
- Projects already bid out and due for bid submission: ₹39,000 Crore.
- Combined projects up for grab: About ₹67,000 Crore.
- Recent approvals in NCT for future bidding: ₹75,000 Crore.
- Total projects potentially available for bidding: ₹1,40,000 Crore.
- Expect to win around 50-60% of the ₹67,000 Crore worth bid-out projects.
Power Grid Corpn — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹11.7K Cr, net profit ₹4.5K Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Power Grid Corporation of India Ltd's management said in earlier quarters
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Frequently Asked Questions
What were Power Grid Corpn Q1 FY26 results?
Core growth driver is transmission business, with major focus on TBCB projects (~₹99,000 Crore in hand). POWERGRID has a strong project pipeline with about ₹1,48,000 Crore projects in hand and ₹67,000 Crore worth projects recently bid out or to be bid, supporting future growth.
What is Power Grid Corpn share price analysis?
Power Grid Corpn currently shows a neutral. The stock trades at a P/E of 15.9 with a market cap of ₹253,348 Cr. Investors should review the full earnings analysis for detailed insights.
Is Power Grid Corpn planning capital expenditure?
Capex plan for FY26 is ₹28,000 Crore, including: - RTM: ₹3,500 Crore - TBCB: ₹19,000 Crore - Other projects: ₹5,300 Crore - FY27 Capex expected to be around ₹35,000 Crore.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.