Power Grid Corporation of India Ltd

Q4 FY26Power

Power Grid Corporation of India Q4 FY26 earnings call: Revenue & Margins

Q4 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹272

Market cap₹2.5L Cr

P/E15.6

Updated23 Aug 2026

Read4 min read

The short version

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.

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.

2 more points management made on revenue & sales performance

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.

2 more points management made on profitability & margins

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.

2 more points management made on capital expenditure plans

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Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

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.

2 more points management made on fundraising & capital structure

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.

2 more points management made on order book & pipeline

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. Revenue and profit are scaled separately — hover a quarter for exact figures.

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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.

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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.

Revenue & Sales Performance

Profitability & Margins

Capital Expenditure Plans

Top-ranked in Power

Fundraising & Capital Structure

Order Book & Pipeline

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

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What Power Grid Corpn's management said in earlier quarters

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Frequently Asked Questions