Any current/future new fundraising through debt or equity?

No explicit mention of any current or future fundraising through debt or equity in the transcript provided. Discussion mainly revolves around capex, capitalization, project execution, and equipment procurement. Financing details focus on loan interest rates and regulatory frameworks but no new debt or equity raising plans were disclosed. Existing challenges in project execution and regulatory approvals were discussed, but no reference to raising capital via markets. The company is focusing on managing projects, RoW issues, and equipment supply, implying current funding is through ongoing opera

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

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 estimat

Future growth expectations in sales/revenue/volumes?

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-

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

FY '28 CAPEX is planned at Rs. 45,000 crores (up from Rs. 35,000 crores in FY '27), indicating growth in asset base and future revenues. Despite some EBITDA softness due to smart metering business inclusion (lower margin) and project life cycle effects, PAT and profit guidance remain stable due to regulated RoE. Capitalization is increasing with expected project commissioning around Rs. 20,000 crores in FY '26, rising to Rs. 25,000-28,000 crores in FY '27 and FY '28, supporting revenue growth. RoW (Right of Way) challenges and government approvals are main execution risks; resolutions in progr

Current/ Expected Orderbook/ Pending Orders?

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 Ongoing international projects: 14 Total bid pipeline for balance fiscal (transmission): Around Rs. 45,000 crore (may be higher including HVDC projects)

Power Grid CorpnQ3 FY26Power

Power Grid Corpn Q3 FY26 Earnings Call Analysis

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

Price: ₹266.6P/E: 15.6Market Cap: ₹2.5L CrSector: Power

Management growth scorecard

Revenue

Category 4

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 4

→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.
→Large opportunities exist in the Brahmaputra basin and green energy transmission projects, signaling long-term volume and revenue growth potential.
→Despite EBITDA variations, profit margins remain stable due to fixed return on equity.

Margin guidance

Category 3

→FY '28 CAPEX is planned at Rs. 45,000 crores (up from Rs. 35,000 crores in FY '27), indicating growth in asset base and future revenues.
→Despite some EBITDA softness due to smart metering business inclusion (lower margin) and project life cycle effects, PAT and profit guidance remain stable due to regulated RoE.
→Capitalization is increasing with expected project commissioning around Rs. 20,000 crores in FY '26, rising to Rs. 25,000-28,000 crores in FY '27 and FY '28, supporting revenue growth.
→RoW (Right of Way) challenges and government approvals are main execution risks; resolutions in progress.
→Earnings growth moderated by depreciation and interest reduction in older assets offset by new asset commissioning.
→Consolidated PAT shows growth excluding other income variability.
→EPS expected to grow aligned with profit growth; current EPS around Rs. 7.74 per share with improving capitalization trajectory.
→Overall, strong long-term growth driven by increased CAPEX, stable regulated returns, and expanding project execution.

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Fundraise plans

→No explicit mention of any current or future fundraising through debt or equity in the transcript provided.
→Discussion mainly revolves around capex, capitalization, project execution, and equipment procurement.
→Financing details focus on loan interest rates and regulatory frameworks but no new debt or equity raising plans were disclosed.
→Existing challenges in project execution and regulatory approvals were discussed, but no reference to raising capital via markets.
→The company is focusing on managing projects, RoW issues, and equipment supply, implying current funding is through ongoing operations and planned capex budgets.

Order book

→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
→Ongoing international projects: 14
→Total bid pipeline for balance fiscal (transmission): Around Rs. 45,000 crore (may be higher including HVDC projects)

Capex plans

Yes

→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
→Rs. 3.5 lakh crores of transmission tendering pending over next three years under ISTS, some projects expected to be awarded in this fiscal
→Equipment challenges (transformers, GIS, HVDC) addressed by early procurement and local manufacturing initiatives

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