Power Grid Corporation of India Ltd
Power Grid Corporation of India Q2 FY26 earnings call: Revenue & Margins
Q2 FY26 earnings call: what management said on revenue, margins and capex.
Guidance rank: #16 of 24 in Power
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The short version
Growth in revenue and sales is influenced by shifting project types from RTM to TBCB, affecting financial modeling and revenue recognition. - Revenue may see a net minor decline or flat trend due to reduced depreciation and interest on loans from matured projects, offset partially by new project commissions. - CAPEX commitments are robust, with Rs. FY '28 CAPEX is planned at Rs.
From Power Grid Corporation of India Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Growth in revenue and sales is influenced by shifting project types from RTM to TBCB, affecting financial modeling and revenue recognition.
- Revenue may see a net minor decline or flat trend due to reduced depreciation and interest on loans from matured projects, offset partially by new project commissions.
- CAPEX commitments are robust, with Rs. 28,000 crore planned for FY2025-26 and an anticipated increase to Rs. 35,000 crore by FY2027-28, indicating potential revenue growth with project capitalization.
- The company expects Rs. 20,000 crore capitalization in FY2025-26, increasing to Rs. 25,000-28,000 crore in the subsequent years, driven by project commissioning.
- Smart metering and data center segments are emerging business areas but currently have low EBITDA margins (10-15%), slightly impacting consolidated EBITDA.
2 more points from Power Grid Corporation of India Ltd's call on revenue
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Profitability & Margins
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Capital Expenditure Plans
- FY '27 Capex: Rs. 35,000 crore
- FY '28 Capex: Rs. 45,000 crore (estimate)
- Current FY Capex expected to exceed Rs. 28,000 crore, possibly up to Rs. 30,000 crore
- Strategic investment in smart metering business included in consol; EBITDA lower due to this (10-15% margin)
- Participation in battery energy storage projects ongoing, with some tender losses but continued bidding
- Andaman HVDC undersea project: Still under government discussion, no clear approval yet
- Leh-Ladakh HVDC project: Tender called, received one bid rejected; likely to be replaced by AC project with revised cost estimates around Rs. 30,000 crore
- Data center business delayed, expected commissioning by Q4 with 1,000 racks capacity
2 more points from Power Grid Corporation of India Ltd's call on capex
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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 Corporation of India Ltd said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
- Works in hand: Approximately Rs. 1,52,000 crore
- Out of which Rs. 1,03,000 crore are from Transparency in Bidding (TBCB) projects
- Rs. 37,100 crore under Regulated Tariff Mechanism (RTM) new orders
- Rs. 9,542 crore ongoing RTM projects
- Rs. 2,653 crore from other segments like data centers, cross-border projects, smart metering
- New orders received domestically: 15
- Ongoing domestic orders: 81
- International orders received: 3
2 more points from Power Grid Corporation of India Ltd's call on order book
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Power Grid Corporation of India Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q4 FY26): 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 Corpn's management said in earlier quarters
- Q3 FY26 earnings call analysis →
- Q1 FY27 earnings call analysis →
- Q1 FY26 earnings call analysis →
- Q4 FY26 earnings call analysis →
- Q4 FY26 earnings call →
- Q4 FY25 earnings call →
- Q3 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
Others in Power this season
- Reliance Infrastructure Ltd (Q2 FY26)
Revenue: ₹12,345 Crore . Key investor presentation takeaways from Reliance Infrastructure Ltd's Q2 FY26 investor presentation — and how it ranks against sector
- Reliance Power (Q2 FY26)
Revenue for H1 FY26: ₹8,257 crore . Key investor presentation takeaways from Reliance Power Ltd's Q2 FY26 investor presentation — and how it ranks against secto
- GMR Urban (Q2 FY26)
Consolidated Total Income: INR 19.2bn, up 28% YoY and 9% QoQ (Page 10). Key investor presentation takeaways from GMR Power & Urban Infra Ltd's Q2 FY26 investor
- Adani Energy Solutions Ltd (Q2 FY26)
Distribution business capex around INR 1,500-1,600 crores, translating to INR 250-275 crores EBITDA. Key concall takeaways from Adani Energy Solutions Ltd's Q2…
Potential multibaggers · Q2 FY27
Potential multibaggers in Power
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
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Frequently Asked Questions
What were Power Grid Corporation of India Ltd Q2 FY26 results?
Growth in revenue and sales is influenced by shifting project types from RTM to TBCB, affecting financial modeling and revenue recognition. - Revenue may see a net minor decline or flat trend due to reduced depreciation and interest on loans from matured projects, offset partially by new project commissions. - CAPEX commitments are robust, with Rs. FY '28 CAPEX is planned at Rs.
What is Power Grid Corporation of India Ltd share price analysis?
Power Grid Corporation of India Ltd currently shows a neutral. The stock trades at a P/E of 15.6 with a market cap of ₹247,443 Cr. Investors should review the full earnings analysis for detailed insights.
Is Power Grid Corporation of India Ltd planning capital expenditure?
FY '27 Capex: Rs.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.