Power Grid Corporation of India Ltd Q4 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Q4 FY26 earnings call analysis: revenue, margin, capex, fundraise and order book outlook from management commentary.

Published 14 Aug 2026 | Power | Market Cap: ₹2.5L Cr

Power Grid aims to execute approximately Rs. POWERGRID expects increasing profits aligned with rising capex and project execution.

From Power Grid Corporation of India Ltd's Q4 FY26 earnings-call transcript · updated 23 Aug 2026.

Price

₹272

Market Cap

₹2.5L Cr

P/E Ratio

15.6

How does Power Grid Corporation of India Ltd rank in Power?

Compare Power Grid Corporation of India Ltd against every Power company this quarter on revenue, margins and earnings-call signals.

View Power leaderboard →

Power Grid Corporation of India Ltd — Quarterly revenue & net profit

Revenue Net Profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹11.7K Cr, net profit ₹4.5K Cr.

Full financials →

📊 Revenue & Sales Performance

→Power Grid aims to execute approximately Rs. 6 lakh crore worth of transmission projects by 2035, averaging Rs. 60,000 crore per year.
→The revised transmission investment plan for FY27-36 is valued at around Rs. 7.9 trillion, with projects continuously being identified.
→For FY29 to FY36, average capex guidance is about Rs. 40,000 crores per year, with capitalization around Rs. 35,000 crores annually.
→Ongoing projects worth Rs. 1.48 lakh crore (including CWIP) are in progress, with potential for additional projects depending on new bidding opportunities.
→Bid pipeline visibility remains strong, with expectations of Rs. 70,000 crore worth of projects to be bid in near-term and Rs. 3.6 lakh crore over next 4 years.
→Power Grid expects increasing electricity demand driven by India's economic growth, renewable energy expansion, and energy transition needs through 2035 and beyond.

📈 Profitability & Margins

→POWERGRID expects increasing profits aligned with rising capex and project execution.
→Profit forecasts suggest growth to around Rs. 17,000-20,000 crore in the medium term to support Rs. 60,000-70,000 crore annual capex.
→Equity requirements expected at 18-20%, manageable within projected profit growth.
→Increased execution capacity from Rs. 8,000 crore (3-4 years ago) to Rs. 35,000 crore currently indicates strong growth potential.
→Bid pipeline remains robust with new projects from revised plans, supporting sustained earnings growth.
→No significant impact expected on returns from price escalation due to tariff pass-through mechanisms.
→Overall, POWERGRID is confident of delivering consistent earnings and maintaining profitability through project wins and scaling operations up to FY36.

See what Power Grid Corporation of India Ltd said on profitability & margins — free account, 30 seconds.

🏗️ Capital Expenditure Plans

→Current Capex: Power Grid expects average annual capex of around Rs. 37,000-40,000 crores for FY26-27 and FY27-28, with capitalization targets of Rs. 30,000-35,000 crores.
→Work-in-progress (CWIP) projects stand at Rs. 1.48 lakh crore including ongoing projects, excluding the uncertain Leh-Pang HVDC/AC project.
→Future Capex pipeline: The revised Rs. 7.9 trillion (Rs. 7.86 lakh crore) plan for FY27-36 aligns with India's target of 786 GW renewable energy by 2035.
→Bid pipeline visibility: Rs. 70,000 crores worth of projects in near-term bids with an estimated Rs. 3.6 lakh crore worth projects expected over the next 4 years, though subject to updates post new reports by CEA/CTUIL.
→Capex funding sourced through profits (~Rs. 15,000 crore+ expected profit), equity (around 20%), and dividend payouts.
→Capacity to undertake more projects is flexible pending wins and government projects, with no anticipated execution or funding challenges.
→Strategic mergers of SPVs are ongoing to improve governance with no direct capex impact.

💰 Fundraising & Capital Structure

- POWERGRID expects to require equity funding of around Rs. 12,000 to 14,000 crores annually to support its capex of Rs. 60,000 to 70,000 crores over the next 10 years. - The company's current profits (Rs. 15,000+ crores, expected to grow to Rs. 17,000-20,000 crores) and compulsory dividend payout (~Rs. 5,000 crores) indicate sufficient internal accruals to meet equity requirements without major external equity raises. - The equity portion can be flexibly reduced below 20% if needed (e.g., to 18-19%) to manage funding needs. - No explicit mention of immediate new equity or debt fundraising; focus is on using profits and managing equity cap. - POWERGRID has indicated no challenges in meeting capex requirements, implying current financing strategies, including debt, are adequate. - Any merger or restructuring of SPVs will require regulatory approvals but are primarily for governance, not fundraising. In summary, no announced immediate plans for external fundraising; internal accruals and manageable equity levels are expected to suffice.

See what Power Grid Corporation of India Ltd said on fundraising & capital structure — free account, 30 seconds.

📋 Order Book & Pipeline

→Current works in progress (orderbook) stand at approximately Rs. 1.48 lakh crore, which includes projects under construction (CWIP).
→The Leh-Pang Kaithal HVDC project, earlier considered part of the orderbook, has been excluded due to uncertainty and possible conversion to AC network.
→Practically, around Rs. 1 lakh crore of projects are considered for CapEx currently.
→Rs. 73 GW transmission system from Rajasthan has been tendered and is under execution; planning beyond this has faced delays but is now progressing.
→Bid pipeline (upcoming tenders) remains consistent with earlier guidance (~Rs. 70,000 crore worth of near-term projects and Rs. 3.6 lakh crore over 4 years) but awaiting updates post recent CEA plan revisions.
→POWERGRID maintains a >50% project win rate and expects to continue bidding actively on projects as they are announced.

Key Metrics

How does Power Grid Corporation of India Ltd rank vs peers in Power?

Pro feature

1Power Grid Corporation of India Ltd

See full Power sector rankings

What POWERGRID's management said in earlier quarters

Others in Power this season

Adani Energy Solutions Ltd (Q4 FY26)
Capitalization planned of around INR 22,000 crores in FY27 and about INR 23,000 crores (approximate) in FY28, indicating continued expansion. Key concall…
ACMESOLAR (Q4 FY26)
Revenue growth driven by capacity additions and higher CUF; FY26 revenue grew 59% YoY to INR 2,507 crores. Key concall takeaways from ACME Solar Hold.'s Q4…
Adani Power Ltd (Q4 FY26)
Power sales for FY26 were 99.1 billion units, growing 3.4% YoY, despite demand volatility. Key concall takeaways from Adani Power's Q4 FY26 earnings call — and…
Tata Power Company Ltd (Q4 FY26)
Overall power demand is rising (5-6% increase since April), supporting higher volumes and revenue growth. Key concall takeaways from Tata Power Co.'s Q4 FY26…

Compare:vs Adani Power Ltd vs NTPC vs Adani Green Energy Ltd

🔎 Who's planning the most growth?

Companies ranked by management's own guidance — revenue, margins, capex and order book, from every earnings call in India.

See rankings →

Frequently Asked Questions

What were Power Grid Corporation of India Ltd Q4 FY26 results?

Power Grid aims to execute approximately Rs. POWERGRID expects increasing profits aligned with rising capex and project execution.

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?

Current Capex: Power Grid expects average annual capex of around Rs.

Keep Power Grid Corporation of India Ltd on your radar — track it to get its next earnings analysis in your feed.

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.