Any current/future new fundraising through debt or equity?

The company has shareholder approval for debt up to ₹1.8 trillion but currently has only about ₹1.2 trillion debt. Debt has decreased recently due to lower capex in previous years. With capex expected to pick up (₹18,000 crore planned for FY25, increasing thereafter), debt-equity ratio is likely to increase again. Dividend payout is high (~67%), but the remaining profit (~₹5,000 crore) is sufficient to fund capex of around ₹18,000-20,000 crore. There is no explicit mention of immediate new equity fundraising. The company is managing funding primarily through internal accruals and debt within a

Any current/future capex/capital investment/strategic investment?

FY25 CapEx target: ₹18,000 crore, increased from earlier ₹15,000 crore due to more projects won, including six projects with 18-21 months completion schedule. FY26 & FY27 CapEx expected at ₹25,000+ crore and ₹30,000+ crore respectively, totaling ₹70,000 crore projects to commission over next 3 years. Advanced procurement strategies in place for critical equipment (transformers, reactors, GIS) to mitigate supply challenges. Bhadla and Leh-Ladakh HVDC projects: tenders out, awards expected by Jan-Feb next year; Bhadla ready for award anytime. Data centers: Phase one of 1000 rack center at Manesa

Future growth expectations in sales/revenue/volumes?

POWERGRID expects strong growth driven by commissioning of around ₹70,000 crore projects over the next 3 years with ₹18,000 crore targeted in FY25 and ₹25,000-30,000 crore in FY26 and FY27. Transmission projects valued at over ₹1 lakh crore are in the pipeline, with 70-80% expected to be cleared this fiscal year. The growth will be supported by increasing projects in both regulated and TBCB routes, including key HVDC projects like Leh-Kaithal and Fatehpur-Bhadla. Expansion into new business areas such as data centers is anticipated, with a 1000-rack data center being developed and plans

Future growth expectations in earnings/operating earnings/profits/EPS?

FY25 CapEx plan is around ₹18,000 crore, up from earlier ₹15,000 crore, indicating growth in project execution and commissioning. Targeting project capitalization of about ₹25,000+ crore in FY26 and ₹30,000+ crore in FY27, supporting revenue and profit growth. Commissioning of major HVDC projects like Leh-Kaithal (5 years) and Fatehpur-Bhadla (4.5 years) expected to drive future earnings. Increasing share of projects through TBCB route will add to consolidated earnings over standalone, suggesting rising dividends and profits in the medium term. Maintaining high transmission availability (~99.8

Current/ Expected Orderbook/ Pending Orders?

Current order book stands at over ₹1.14 lakh crore. Projects under bidding will further increase this amount. Major projects include HVDC Leh and Kaithal (~₹20,000 crore) and Fatehpur Bhadla (~₹12,000-13,000 crore). The balance to be completed in the next 24-30 months is around ₹70,000-80,000 crore. Expected commissioning targets: - FY25 around ₹18,000 crore - FY26 anticipated over ₹25,000 crore - FY27 expected around ₹30,000 crore More than 70-80% of the ₹1 lakh crore+ projects in the pipeline expected to clear in the current fiscal year. Advanced procurement underway for critical equip

Power Grid CorpnQ1 FY25Power

Power Grid Corpn Q1 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹262P/E: 15.8Market Cap: ₹2.5L CrSector: Power

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

POWERGRID expects strong growth driven by commissioning of around ₹70,000 crore projects over the next 3 years with ₹18,000 crore targeted in FY25 and ₹25,000-30,000 crore in FY26 and FY27.
Transmission projects valued at over ₹1 lakh crore are in the pipeline, with 70-80% expected to be cleared this fiscal year.
The growth will be supported by increasing projects in both regulated and TBCB routes, including key HVDC projects like Leh-Kaithal and Fatehpur-Bhadla.
Expansion into new business areas such as data centers is anticipated, with a 1000-rack data center being developed and plans for further capacity in major metro cities.
Transmission business is expected to contribute about ₹1,90,500 crore, with other businesses like smart metering and solar adding around ₹17,000 crore to future revenues.
Growth drivers include India’s rapid industrialization, renewable capacity addition (500 GW by 2030), green hydrogen hubs, energy storage, and international grid interconnections.

Margin guidance

Category 3

FY25 CapEx plan is around ₹18,000 crore, up from earlier ₹15,000 crore, indicating growth in project execution and commissioning.
Targeting project capitalization of about ₹25,000+ crore in FY26 and ₹30,000+ crore in FY27, supporting revenue and profit growth.
Commissioning of major HVDC projects like Leh-Kaithal (5 years) and Fatehpur-Bhadla (4.5 years) expected to drive future earnings.
Increasing share of projects through TBCB route will add to consolidated earnings over standalone, suggesting rising dividends and profits in the medium term.
Maintaining high transmission availability (~99.80%) with low failure rates supports operational efficiency and stable profitability.
Dividend payout remains high (~67%), but adequate internal accruals and debt capacity allow for sustained CapEx and earnings growth.
Caution on flat standalone bottom-line in Q1 FY25 due to timing of dividends and one-time impacts; consolidated view is more reflective of growth.

See what Power Grid Corpn management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

The company has shareholder approval for debt up to ₹1.8 trillion but currently has only about ₹1.2 trillion debt.
Debt has decreased recently due to lower capex in previous years.
With capex expected to pick up (₹18,000 crore planned for FY25, increasing thereafter), debt-equity ratio is likely to increase again.
Dividend payout is high (~67%), but the remaining profit (~₹5,000 crore) is sufficient to fund capex of around ₹18,000-20,000 crore.
There is no explicit mention of immediate new equity fundraising.
The company is managing funding primarily through internal accruals and debt within approved limits.
Advanced procurement and pipeline projects may lead to future need for more funds, possibly increasing debt but no clear indication of equity fundraising as of now.

Order book

Current order book stands at over ₹1.14 lakh crore.
Projects under bidding will further increase this amount.
Major projects include HVDC Leh and Kaithal (~₹20,000 crore) and Fatehpur Bhadla (~₹12,000-13,000 crore).
The balance to be completed in the next 24-30 months is around ₹70,000-80,000 crore.
Expected commissioning targets:
- FY25 around ₹18,000 crore
- FY26 anticipated over ₹25,000 crore
- FY27 expected around ₹30,000 crore
More than 70-80% of the ₹1 lakh crore+ projects in the pipeline expected to clear in the current fiscal year.
Advanced procurement underway for critical equipment like transformers, reactors, and GIS due to supply constraints.
Equipment orders for ongoing projects like Leh and Kaithal tendered in July; awards expected by Jan-Feb next year. Fatehpur Bhadla award is imminent.

See what Power Grid Corpn management said on order book — free account, 30 seconds.

Capex plans

Yes

FY25 CapEx target: ₹18,000 crore, increased from earlier ₹15,000 crore due to more projects won, including six projects with 18-21 months completion schedule.
FY26 & FY27 CapEx expected at ₹25,000+ crore and ₹30,000+ crore respectively, totaling ₹70,000 crore projects to commission over next 3 years.
Advanced procurement strategies in place for critical equipment (transformers, reactors, GIS) to mitigate supply challenges.
Bhadla and Leh-Ladakh HVDC projects: tenders out, awards expected by Jan-Feb next year; Bhadla ready for award anytime.
Data centers: Phase one of 1000 rack center at Manesar underway (cost ₹700+ crore), phase two ₹2,000 crore; exploring other metro cities.
Offshore wind evacuation project (~₹13,000 crore) to be the first of its kind.
Commitment to sustainability: net-zero by 2047, replacing harmful SF6 gas with greener alternatives.
Green hydrogen hubs developing in Odisha, Gujarat, Tamil Nadu, Andhra Pradesh with corresponding transmission needs.

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Power Grid Corpn Q1 FY25 Earnings Call Analysis

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