Powergrid Infrastructure Investment Trust Q4 FY26 Share Price & Earnings Call Analysis
- Market cap
- ₹9,434 Cr
- P/E
- 10.41
- ROE
- 11.94%
- PEG
- 0.12
- Price to sales
- 7.51
- Debt to equity
- 0.14
- 52W high / low
- ₹104 / ₹87.7
- EBITDA margin
- 102.74%
- Net profit margin
- 72.41%
- Sales (last year)
- ₹1,256 Cr
Powergrid InvIT (Infrastructure Investment Trust) owns, constructs, operates, maintains, and invests in power transmission assets in India. Powergrid InvIT registered with SEBI as an InvIT on January 7, 2021.[1]
Guidance scorecard · Q4 FY26 call
What Powergrid Infrastructure Investment Trust's management guided
and where it ranks in Power
Power
RevenueQ4 FY26 call
10–20%- The sector outlook is very encouraging with a transmission plan by CEA estimating ₹7.93 lakh crores investment by 2035-36 for integrating 900 GW of non-fossil fuel capacity.
- Additional ₹1.91 lakh crores investment expected up to 2035 for hydroelectric projects in the Brahmaputra basin.
- 84 ISTS projects (including 41 by private players) are under implementation, expected to provide a steady pipeline of acquisition opportunities.
- Growth through acquisition of operational assets and participation in tariff-based competitive bidding (TBCB) projects is a key strategy.
- Monetization of state-level transmission assets presents another growth avenue with ongoing dialogue with state authorities.
2 more points from Powergrid Infrastructure Investment Trust's call on revenue
Create a free account to keep reading this call
MarginsQ4 FY26 call
See what Powergrid Infrastructure Investment Trust said on margins — free account, 30 seconds.
CapexQ4 FY26 call
Planned- PGInvIT is focused on acquiring operational power transmission assets aligned with InvIT regulations and unitholder interests; however, currently, the availability of such operational assets is limited.
- A transmission plan by CEA forecasts investment of ₹7.93 lakh crores up to 2035-36 for integrating about 900 GW non-fossil fuel capacity.
- The Brahmaputra basin hydroelectric evacuation plan requires an additional ₹1.91 lakh crores investment up to 2035.
- Tariff-based competitive bidding (TBCB) projects are increasing, with 84 ISTS projects under implementation, including 41 by private players, providing a pipeline for future acquisitions.
- PGInvIT has received in-principle approval from the POWERGRID Board for a consortium with project cost around ₹500 crores, with ministry approval in advanced stages.
2 more points from Powergrid Infrastructure Investment Trust's call on capex
Create a free account to keep reading this call
FundraisingQ4 FY26 call
PlannedSee what Powergrid Infrastructure Investment Trust said on fundraising — free account, 30 seconds.
Order bookQ4 FY26 call
- The Central Electricity Authority (CEA) has published a transmission plan to integrate about 900 GW of non-fossil fuel capacity by 2035-36, requiring an additional investment of ₹7.93 lakh crores over 10 years.
- The Brahmaputra basin hydroelectric evacuation master plan calls for an investment of ₹1.91 lakh crores up to 2035 and ₹4.52 lakh crores beyond 2035.
- Currently, 84 ISTS (Inter-State Transmission System) projects are under implementation, including 41 by private players, representing a growing acquisition pipeline.
2 more points from Powergrid Infrastructure Investment Trust's call on the order book
Create a free account to keep reading this call
Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Power
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
Portfolio builder
Build your portfolio
from the top-ranked stocks
- 1. Pick 3–15 stocks
- 2. Choose large, mid or small cap and your sectors
- 3. Get a portfolio built from the rankings
Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Power companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹1,624 Cr | 8.3 | |
| 2 | 40%+ | Flat | ₹28,982 Cr | 48.7 | |
| 3 | 40%+ | Flat | ₹15,130 Cr | 573.5 | |
| 4 | 40%+ | Flat | ₹15,007 Cr | 95.7 | |
| 5 | 20–40% | Flat | ₹3.78L Cr | 26.5 | |
| 6 | 20–40% | Flat | ₹1.95L Cr | 100.7 |
Sign up free to see every company in the sector ranking and track Powergrid Infrastructure Investment Trust.
Pro shows every company guiding 40%+ revenue growth →Full Power rankingFinancials of Powergrid Infrastructure Investment Trust
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Powergrid Infrastructure Investment Trust
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 317 | 314 | 318 | 319 | 314 | 316 | 320 | 320 | 311 | 313 | 317 | 317 | 311 |
| Expenses + | 231 | 29 | -133 | 20 | -70 | 22 | 188 | 20 | -649 | 21 | -93 | 19 | 17 |
| Operating Profit | 86 | 285 | 451 | 299 | 385 | 293 | 132 | 300 | 960 | 292 | 409 | 297 | 294 |
| OPM % | 27% | 91% | 142% | 94% | 122% | 93% | 41% | 94% | 309% | 93% | 129% | 94% | 94% |
| Other Income + | 6 | 7 | 7 | 10 | 12 | 11 | 9 | 10 | 9 | 12 | 10 | 8 | 9 |
| Interest | 11 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 21 | 20 | 18 | 18 | 18 |
| Depreciation | 78 | 78 | 79 | 79 | 79 | 79 | 80 | 80 | 78 | 79 | 80 | 80 | 78 |
| Profit before tax | 2 | 202 | 368 | 218 | 307 | 214 | 50 | 218 | 870 | 205 | 321 | 207 | 207 |
| Tax % | -1,693% | 6% | 14% | 5% | 12% | 6% | -60% | 6% | 21% | 7% | 13% | 5% | -18% |
| Net Profit + | 43 | 191 | 316 | 207 | 269 | 201 | 80 | 204 | 687 | 191 | 279 | 198 | 244 |
| EPS in Rs | 0.85 | 2.05 | 3.18 | 2.18 | 2.77 | 2.12 | 1.10 | 2.15 | 7.55 | 2.10 | 3.07 | 2.17 | 2.68 |
Financials of Powergrid Infrastructure Investment Trust
Profit & Loss
Annual income statement trend
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Sales + | 1,217 | 1,286 | 1,265 | 1,266 | 1,258 |
| Expenses + | 446 | 1,599 | -161 | -419 | -35 |
| Operating Profit | 771 | -313 | 1,427 | 1,686 | 1,293 |
| OPM % | 63% | -24% | 113% | 133% | 103% |
| Other Income + | 26 | 30 | 31 | 39 | 39 |
| Interest | 0 | 41 | 47 | 56 | 74 |
| Depreciation | 270 | 315 | 315 | 317 | 317 |
| Profit before tax | 528 | -640 | 1,095 | 1,352 | 940 |
| Tax % | 12% | -30% | 10% | 13% | 3% |
| Net Profit + | 463 | -446 | 982 | 1,172 | 912 |
| EPS in Rs | 5.57 | -2.14 | 10.18 | 12.92 | 10.02 |
| Dividend Payout % | 189% | -700% | 118% | 93% | 120% |
Financials of Powergrid Infrastructure Investment Trust
Balance Sheet
Capital structure and asset base
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Equity Capital | 9,100 | 9,100 | 9,100 | 9,100 | 9,100 |
| Reserves | -106 | -1,394 | -1,559 | -1,379 | -1,559 |
| Borrowings + | 575 | 572 | 569 | 1,072 | 1,064 |
| Other Liabilities + | 2,286 | 1,765 | 1,872 | 1,394 | 1,403 |
| Total Liabilities | 11,854 | 10,043 | 9,983 | 10,187 | 10,008 |
| Fixed Assets + | 10,892 | 9,074 | 9,042 | 9,235 | 9,047 |
| CWIP | 4 | 15 | 7 | 10 | 16 |
| Investments | 0 | 0 | 0 | 0 | 0 |
| Other Assets + | 958 | 955 | 933 | 942 | 944 |
| Total Assets | 11,854 | 10,043 | 9,983 | 10,187 | 10,008 |
Financials of Powergrid Infrastructure Investment Trust
Cash Flows
Operating, investing and financing cash movement
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Cash from Operating Activity + | 1,164 | 1,181 | 1,230 | 1,215 | 1,176 |
| Cash from Investing Activity + | -629 | -154 | 10 | -531 | 13 |
| Cash from Financing Activity + | -224 | -1,195 | -1,182 | -674 | -1,174 |
| Net Cash Flow | 311 | -168 | 58 | 9 | 15 |
| Free Cash Flow | 855 | 1,163 | 1,206 | 1,211 | 1,162 |
| CFO/OP | 152% | -389% | 86% | 72% | 93% |
Financials of Powergrid Infrastructure Investment Trust
Ratios
Working capital efficiency and return ratios
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Debtor Days | 100 | 93 | 78 | 64 | 54 |
| Inventory Days | |||||
| Days Payable | |||||
| Cash Conversion Cycle | 100 | 93 | 78 | 64 | 54 |
| Working Capital Days | 107 | 99 | 85 | 72 | 61 |
| ROCE % | -6% | 13% | 16% | 12% |
Guidance history
How Powergrid Infrastructure Investment Trust's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q4 FY26 call → | 10–20% | — | Planned | Planned | — |
| Q3 FY26 call → | Decline | Flat | Planned | Planned | — |
| Q2 FY26 call → | 0–10% | Flat | Planned | Planned | Rising |
| Q1 FY26 call → | 0–10% | Flat | Planned | Planned | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
33 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +7.1% | 66% |
| Last 6 months | +11.0% | 68% |
| Last 3 months | +2.0% | 67% |
The price is 26.1% below its all-time high of ₹140.02 (14 Oct 2022). Stocks more than 20% below their peak have their score halved, so 67 became 33.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Powergrid Infrastructure Investment Trust: 0.4 × 66 + 0.4 × 68 + 0.2 × 67 = 67, halved to 33 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Powergrid Infrastructure Investment Trust's management said in earlier quarters
Others in Power this season
- Vedanta Power (Q2 FY27)
Quarterly Revenue:** ₹2,908 crore, up 38% YoY (Page 22, 27, 9, 26) . Key investor presentation takeaways from Vedanta Power Ltd's Q2 FY27 investor presentation
- ACME Solar Holdings Ltd (Q2 FY27)
Q2 FY27 Revenue from operations (Standalone): INR 887 Cr vs. Key investor presentation takeaways from ACME Solar Holdings Ltd's Q2 FY27 investor presentation —
- Sustainable Energy Infra Trust (Q2 FY27)
EBITDA Margin for Q2 FY2027 is strong at 82.6%, indicating operational efficiency (Page 49). Key investor presentation takeaways from Sustainable Energy Infra T
- JSW Energy Ltd (Q2 FY27)
Total Revenue for Q2 FY27: ₹6,658 Cr, up 24% YoY from ₹5,361 Cr in Q2 FY26 (Page 12). Key investor presentation takeaways from JSW Energy Ltd's Q2 FY27 investor