Any current/future new fundraising through debt or equity?

There is no explicit mention of any immediate or planned new fundraising through equity or debt in the provided excerpts. The company’s current Debt: Equity ratio is improving, standing at 58:42, indicative of active debt management but no new issuance stated. Equity infusion is primarily in transmission businesses and TBCB projects, with accumulated equity investment of about ₹4,100 crores in TBCB. No explicit discussion on issuing new equity or raising fresh debt was noted. CapEx targets for FY24 (~₹10,000 crores) and FY25 (~₹12,500 crores and higher if bigger projects are won) are funded pr

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

Current fiscal year CapEx target: ~10,000 crores (already 4,000 crores capitalized). FY25 CapEx projection: around 12,500 crores, potentially higher if big HVDC projects are won. Capitalization target: ~10,000 crores for current year; for FY25 projected around 17,000 crores. Cumulative CapEx for 11 TBCB projects: 8,500 to 9,000 crores; plus five more projects ~11,000 crores. Total CapEx under hand including TBCB and RTM projects: around 50,000 crores, excluding intra-state projects. CapEx outlook for next 9 years: estimated ~1,80,000 crores including RE related transmission. Additional investm

Future growth expectations in sales/revenue/volumes?

PowerGrid aims for strong future growth driven by increasing CapEx, with a target rising from ₹10,000 crores in current fiscal to around ₹12,500 crores in FY25, potentially higher if bigger projects like HVDC are won. Capitalization is expected to jump from around ₹10,000 crores this year (₹4,000 crores already done) to about ₹17,000 crores next year. Operational availability remains robust above 99.75%, supporting steady performance. Transmission bidding pipeline is active with ₹60,000 crores expected over 12-18 months, and execution timelines of 24-30 months. Significant opportunities arise

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

PowerGrid expects continued operational stability with availability above 99.75%, supporting consistent earnings. CapEx is projected to increase significantly, from about ₹10,000 crores in the current fiscal to over ₹15,000-17,000 crores next year, indicating growth opportunities. Capitalization targets are expected to rise, with ₹12,500 crores projected for FY25, potentially higher with HVDC project wins. The company’s regulated equity stands around ₹82,000 crores, supporting steady return on equity (~15.5%). Transmission and consultancy income are stable, with telecom income growing modestly

Current/ Expected Orderbook/ Pending Orders?

Current order book stands at approximately ₹2.57 lakh crores (standalone) and ₹2.73 lakh crores (consolidated). Capital Work-in-Progress is around ₹15,000 crores. Bidding pipeline includes: - Around ₹67,000 crores approved and pending for bidding. - Another ₹45,000 crores in initial planning stages. In calendar year 2023, approximately 25-26 projects have been bid out, with about 14 projects won so far. Typical bidding timelines range from 12 to 18 months. Execution timelines for awarded projects vary between 24 to 30 months, with some complex projects like HVDC taking longer. CapEx target

Power Grid CorpnQ2 FY24Power

Power Grid Corpn Q2 FY24 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

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

PowerGrid aims for strong future growth driven by increasing CapEx, with a target rising from ₹10,000 crores in current fiscal to around ₹12,500 crores in FY25, potentially higher if bigger projects like HVDC are won.
Capitalization is expected to jump from around ₹10,000 crores this year (₹4,000 crores already done) to about ₹17,000 crores next year.
Operational availability remains robust above 99.75%, supporting steady performance.
Transmission bidding pipeline is active with ₹60,000 crores expected over 12-18 months, and execution timelines of 24-30 months.
Significant opportunities arise from renewable energy (RE) related transmission assets and international projects targeting Africa and neighboring countries.
Data center business and smart metering infrastructure (₹15,000 crores over 10 years) represent additional growth avenues.
Overall outlook is bright with multiple large projects in the pipeline promising strong sales/revenue expansion.

Margin guidance

Category 3

PowerGrid expects continued operational stability with availability above 99.75%, supporting consistent earnings.
CapEx is projected to increase significantly, from about ₹10,000 crores in the current fiscal to over ₹15,000-17,000 crores next year, indicating growth opportunities.
Capitalization targets are expected to rise, with ₹12,500 crores projected for FY25, potentially higher with HVDC project wins.
The company’s regulated equity stands around ₹82,000 crores, supporting steady return on equity (~15.5%).
Transmission and consultancy income are stable, with telecom income growing modestly.
There is no explicit guidance on EPS, but stable PAT growth is indicated with 4-5% quarter-on-quarter growth recently.
The outlook is bright with multiple projects in the pipeline, supporting medium to long-term profit and earnings growth.

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

Fundraise plans

There is no explicit mention of any immediate or planned new fundraising through equity or debt in the provided excerpts.
The company’s current Debt: Equity ratio is improving, standing at 58:42, indicative of active debt management but no new issuance stated.
Equity infusion is primarily in transmission businesses and TBCB projects, with accumulated equity investment of about ₹4,100 crores in TBCB.
No explicit discussion on issuing new equity or raising fresh debt was noted.
CapEx targets for FY24 (~₹10,000 crores) and FY25 (~₹12,500 crores and higher if bigger projects are won) are funded presumably through existing financial resources.
Discussion on asset monetization via PowerGrid InvIT is ongoing but involves stake transfers rather than new fundraising.
Overall, focus appears on project bidding, asset capitalization, and monetization, rather than fresh fundraising.

Order book

Current order book stands at approximately ₹2.57 lakh crores (standalone) and ₹2.73 lakh crores (consolidated).
Capital Work-in-Progress is around ₹15,000 crores.
Bidding pipeline includes:
- Around ₹67,000 crores approved and pending for bidding.
- Another ₹45,000 crores in initial planning stages.
In calendar year 2023, approximately 25-26 projects have been bid out, with about 14 projects won so far.
Typical bidding timelines range from 12 to 18 months.
Execution timelines for awarded projects vary between 24 to 30 months, with some complex projects like HVDC taking longer.
CapEx target for FY24 is ₹10,000 crores, projected to increase to ₹12,500 crores in FY25, potentially higher with new projects.
Capitalization target is ₹10,000 crores for current year and around ₹17,000 crores for next year.

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

Capex plans

Yes

Current fiscal year CapEx target: ~10,000 crores (already 4,000 crores capitalized).
FY25 CapEx projection: around 12,500 crores, potentially higher if big HVDC projects are won.
Capitalization target: ~10,000 crores for current year; for FY25 projected around 17,000 crores.
Cumulative CapEx for 11 TBCB projects: 8,500 to 9,000 crores; plus five more projects ~11,000 crores.
Total CapEx under hand including TBCB and RTM projects: around 50,000 crores, excluding intra-state projects.
CapEx outlook for next 9 years: estimated ~1,80,000 crores including RE related transmission.
Additional investments planned in data centers through a PowerGrid subsidiary, starting with a hyperscale data center in Manesar.
Consideration of international projects including connectivity studies with Sri Lanka.
TBCB equity investment till date ~4,100 crores.
Focus remains on transmission businesses; limited equity in telecom and consultancy.

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Power Grid Corpn Q2 FY24 Earnings Call Analysis

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