Power Grid Corporation of India Limited (POWERGRID)
₹250.45 +0.24% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Power Grid's revenue was ₹11,497 Cr (+2.7% year on year, -1.5% on the previous quarter), and net profit ₹3,598 Cr (-0.9% year on year); the operating margin was 82.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹11,497 | +2.7% | -1.5% |
| Operating profit | ₹9,536 | +4.8% | +79.8% |
| Net profit | ₹3,598 | -0.9% | -20.8% |
| EPS (₹) | 3.87 | -0.8% | -20.9% |
| Operating margin | 82.9% | — | — |
POWERGRID delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 64.61% of the POWERGRID shares traded on NSE were taken to delivery, against the stock's own 20-session average of 65.31%. That is close to its usual level. In POWERGRID futures, open interest fell 1.61% while the futures price rose 0.44%: short covering (shorts closing out).
Delivery in the last 5 sessions: 61.5% · 70.9% · 67.0% · 70.4% · 64.6%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Power Grid Corporation of India Limited has received a Letter of Intent after being declared the successful bidder under Tariff Based Competitive Bidding (TBCB) for the 'Establishment of 765kV GIS Pune West' project in Maharashtra. The project will be developed on a Build, Own, Operate and Transfer (BOOT) basis at quoted Annual Transmission Charges (ATC) of Rs 199.55 crore. With this award, POWERGRID has secured 10 TBCB transmission projects in FY 2026-27 till date, representing cumulative ATC of Rs 7,863.63 crore. This win further strengthens the company's robust order pipeline in intra-state and inter-regional transmission.
- Declared successful bidder for 765kV GIS Pune West project on BOOT basis
- Quoted Annual Transmission Charges (ATC) stand at Rs 199.55 crore
- Received Letter of Intent (LoI) on October 16, 2026
- Cumulative TBCB wins in FY 2026-27 reach 10 projects with Rs 7,863.63 crore in annual charges
Power Grid Corporation of India Limited has acquired 100% equity in Lakadia C Power Transmission Limited for approximately ₹19.94 crore following its win under Tariff Based Competitive Bidding (TBCB). The project SPV was transferred by PFC Consulting Limited on a Build, Own, Operate, and Transfer (BOOT) basis. The project encompasses establishing a new 765/400/220 kV Alephata sub-station and associated 765 kV and 400 kV lines across Maharashtra. This network will evacuate power from renewable zones in Lakadia (7.5 GW), Jam Khambhaliya (5.5 GW), and Jamnagar (1 GW).
- 100% acquisition of Lakadia C Power Transmission Limited for an aggregate value of about ₹19.94 crore
- Acquisition includes 10,000 equity shares at par (₹10 each) plus existing assets and liabilities
- Builds infrastructure to evacuate power from Lakadia (Phase-II: 7.5 GW), Jam Khambhaliya (Phase-II: 5.5 GW), and Jamnagar (Phase-I: 1 GW)
- Scope includes establishing a new 765/400/220 kV Alephata Sub-station along with 765 kV and 400 kV lines in Maharashtra
Power Grid Corporation of India Limited has acquired 100% equity in Lakadia C Power Transmission Limited for approximately ₹19.94 crore following its win under Tariff Based Competitive Bidding (TBCB). The project SPV was transferred by PFC Consulting Limited on a Build, Own, Operate, and Transfer (BOOT) basis. The project encompasses establishing a new 765/400/220 kV Alephata sub-station and associated 765 kV and 400 kV lines across Maharashtra. This network will evacuate power from renewable zones in Lakadia (7.5 GW), Jam Khambhaliya (5.5 GW), and Jamnagar (1 GW).
- 100% acquisition of Lakadia C Power Transmission Limited for an aggregate value of about ₹19.94 crore
- Acquisition includes 10,000 equity shares at par (₹10 each) plus existing assets and liabilities
- Builds infrastructure to evacuate power from Lakadia (Phase-II: 7.5 GW), Jam Khambhaliya (Phase-II: 5.5 GW), and Jamnagar (Phase-I: 1 GW)
- Scope includes establishing a new 765/400/220 kV Alephata Sub-station along with 765 kV and 400 kV lines in Maharashtra
Power Grid Corporation of India has completed the 100% acquisition of project SPV Lakadia II Power Transmission Limited on 12.10.2026 for approximately ₹18.43 crore via the Tariff Based Competitive Bidding (TBCB) route. The SPV was set up by RECPDCL to execute an Inter-State Transmission project integrating 7,500 MW of power from the Lakadia Renewable Energy Zone in Gujarat on a BOOT basis. The scope includes establishing a new 765/400kV substation, 765kV transmission lines, and a synchronous condenser. Approvals for the transmission license and adoption of transmission charges are to be secured next from CERC.
- 100% equity stake in Lakadia II Power Transmission Limited acquired for ~₹18.43 crore (50,000 equity shares at ₹10 par plus net assets/liabilities).
- Project facilitates integration of 7,500 MW renewable power from Gujarat's Lakadia REZ Phase II.
- Scope comprises establishing a 765/400kV substation, 765kV lines, associated bays, and a synchronous condenser on BOOT basis.
- Regulatory filings pending with CERC for grant of transmission license and adoption of transmission charges.
Power Grid Corporation of India Limited has announced the complete commissioning of the transmission system for power evacuation from Renewable Energy Zones (REZ) in Rajasthan (20 GW) under Phase-III Part-C1. The project was commissioned with effect from September 22, 2026, with the Notification for Commercial Operation (DOCO) received on October 11, 2026. The asset was initially held under POWERGRID Ramgarh II Transmission Ltd, which merged into POWERGRID Vataman Transmission Ltd effective March 1, 2026. Commercial operation brings this asset into revenue generation, supporting POWERGRID's capitalization pipeline.
- Project completely commissioned with effect from 22nd September, 2026
- Evacuates renewable energy from Rajasthan REZ with a 20 GW capacity scope under Phase-III Part-C1
- Commercial Operation Date (DOCO) notification dated 07th October, 2026 received on 11th October, 2026
- Executed via subsidiary POWERGRID Ramgarh II Transmission, amalgamated into POWERGRID Vataman Transmission w.e.f. 01st March 2026
Power Grid Corporation of India Limited has announced the complete commissioning of its Tariff Based Competitive Bidding (TBCB) project for the Transmission Scheme for Solar Energy Zone in Bidar, Karnataka, supporting 2,500 MW capacity. Commercial operation (DOCO) took effect from October 5, 2026, with notification confirmed on October 8, 2026. The project was executed under POWERGRID Bidar Transmission Limited, which was amalgamated into POWERGRID Khavda II-C Transmission Limited effective March 1, 2026.
- Commissioned Transmission Scheme for Solar Energy Zone in Bidar with 2,500 MW capacity.
- Commercial operation date (DOCO) effective from October 5, 2026.
- Notification for Commercial Operation received on October 8, 2026.
- Executed by entity amalgamated with POWERGRID Khavda II-C Transmission Limited w.e.f. March 1, 2026.
Power Grid Corporation of India Limited has informed the exchanges that two Executive Directors, Shri Atul Kumar Bali and Shri Dilip Nagesh Rozekar (DIN: 09806223), have ceased to hold office effective 30th September, 2026. Their cessation is due to attaining the age of superannuation. Both officials belonged to the Senior Management Personnel category, positioned one level below the Board of Directors.
- Executive Directors Shri Atul Kumar Bali and Shri Dilip Nagesh Rozekar ceased office on 30th September, 2026
- Cessation is due to reaching the age of superannuation
- Roles were designated as Senior Management Personnel (one level below Board of Directors)
Power Grid Corporation of India Limited has appointed Shri Akhilesh Pathak as Additional Director and Director (Projects) effective September 30, 2026. His appointment, approved pursuant to a Ministry of Power order, is valid until his superannuation on May 31, 2028, or until further orders. He replaces CMD Shri Burra Vamsi Rama Mohan, who had been holding additional charge of the post. Pathak brings over 32 years of experience in power transmission project planning, execution, and management within POWERGRID.
- Appointment of Shri Akhilesh Pathak as Director (Projects) effective September 30, 2026
- Tenure extends until superannuation date of May 31, 2028, or until further orders
- CMD Shri Burra Vamsi Rama Mohan relinquished the additional charge of Director (Projects)
- Pathak holds over 32 years of industry experience, having joined POWERGRID's first Executive Trainee batch in 1993
Power Grid Corporation of India Limited has appointed Shri Akhilesh Pathak as Additional Director and Director (Projects) effective September 30, 2026. His appointment, approved pursuant to a Ministry of Power order, is valid until his superannuation on May 31, 2028, or until further orders. He replaces CMD Shri Burra Vamsi Rama Mohan, who had been holding additional charge of the post. Pathak brings over 32 years of experience in power transmission project planning, execution, and management within POWERGRID.
- Appointment of Shri Akhilesh Pathak as Director (Projects) effective September 30, 2026
- Tenure extends until superannuation date of May 31, 2028, or until further orders
- CMD Shri Burra Vamsi Rama Mohan relinquished the additional charge of Director (Projects)
- Pathak holds over 32 years of industry experience, having joined POWERGRID's first Executive Trainee batch in 1993
Power Grid Corporation of India Limited has approved raising funds of up to Rs 10,000 Crore through an Unsecured Rupee Term Loan or Line of Credit from the State Bank of India. The facility represents approximately 22.6% of POWERGRID's TTM revenue of Rs 44,168 Cr and roughly 6.8% of its existing debt load of Rs 1,48,051 Cr. This unsecured borrowing is set to support ongoing capital expenditure and working capital requirements for its large transmission pipeline.
- Board approved Unsecured Rupee Term Loan/Line of Credit facility of up to Rs 10,000 Crore.
- Lender for the facility is State Bank of India (SBI).
- Facility represents ~22.6% of TTM revenue (Rs 44,168 Cr) and ~6.8% of existing debt (Rs 1,48,051 Cr).
- Board meeting commenced at 12:15 P.M. and concluded at 1:30 P.M. on September 26, 2026.
Power Grid Corporation of India Limited (POWERGRID) has been declared the successful bidder under Tariff Based Competitive Bidding (TBCB) for establishing an Inter-State Transmission System on a BOOT basis. The project features quoted Annual Transmission Charges of ₹430.67 crore (representing ~1.0% of TTM revenue) and involves setting up a new 765/400/220 kV Alephata Sub-station and associated lines in Maharashtra. The Letter of Intent was received on September 25, 2026. This marks POWERGRID's 9th TBCB transmission win in FY2026-27, taking cumulative annual transmission charges won in the year to ₹7,664.08 crore (~17.4% of TTM revenue).
- Declared successful bidder for evacuation transmission system with quoted Annual Transmission Charges of ₹430.67 crore.
- Project includes a new 765/400/220 kV Alephata Sub-station and 765 kV/400 kV transmission lines in Maharashtra.
- Cumulative TBCB projects secured in FY 2026-27 reaches 9 projects with total Annual Transmission Charges of ₹7,664.08 crore.
- Letter of Intent (LoI) received on September 25, 2026, executed on a Build, Own, Operate and Transfer (BOOT) basis.
Power Grid Corporation of India has acquired 100% equity in Barmer HVDC Power Transmission Limited for ₹18.98 crore under the tariff-based competitive bidding (TBCB) route. The project SPV will establish a transmission system to evacuate 6 GW of solar power from Rajasthan REZ Phase-IV to South Kalamb, Maharashtra. Scope includes 6,000 MW, ±800 kV HVDC terminals, an approximately 1,000 km HVDC bipole line, 400 kV lines, and two SynCon units on a BOOT basis. Approvals for transmission license and tariff adoption from CERC will follow post-acquisition.
- Acquisition of 100% equity in Project SPV completed on 23.09.2026 for ~₹18.98 crore
- Establishes 6,000 MW, ±800 kV HVDC terminals at Barmer-II (Rajasthan) and South Kalamb (Maharashtra)
- Involves construction of a ~1,000 km ±800 kV HVDC bipole line traversing Rajasthan, Gujarat, and Maharashtra
- Scope includes two SynCon units at Barmer-II and associated 400 kV lines on a BOOT basis
Power Grid Corporation of India has approved the issuance of unsecured, non-convertible, taxable bonds (Issue LXXXIV) to raise up to Rs 5,000 crore via private placement. The issue consists of a base size of Rs 1,000 crore with a green shoe option of Rs 4,000 crore. The bonds carry a 10-year tenure with annual redemptions starting from the end of the 4th year. The total issue amount represents approximately 3.4% of the company's existing debt of Rs 1,48,051 crore and will support ongoing transmission capex.
- Approved raising up to Rs 5,000 crore via 84th Bond Issue on private placement
- Base issue size set at Rs 1,000 crore with a green shoe option of Rs 4,000 crore
- Tenure of 10 years with annual redemption starting from the end of the 4th year
- Coupon/interest rate to be determined post-bidding on the Electronic Book Provider platform
- Bonds will be unsecured and listed on both BSE and NSE
The Comptroller & Auditor General of India (C&AG) has appointed joint statutory auditors for Power Grid Corporation of India Limited for the financial year 2026-27. The appointed firms include A S A & Associates LLP, B N C A & Co., Jain Paras Bilala & Co., and K C Mehta & Co. LLP. The appointments are made in accordance with Section 139 of the Companies Act, 2013, governing PSU audits. This is a routine regulatory appointment with no impact on the company's financial or operational performance.
- C&AG letter dated September 07, 2026 appoints statutory auditors for FY 2026-27
- Four CA firms appointed: A S A & Associates LLP, B N C A & Co., Jain Paras Bilala & Co., and K C Mehta & Co. LLP
- Auditors will also audit the Consolidated Financial Statements under Section 139 read with Section 129(4) of the Companies Act, 2013
- Memorandum of Fee to be finalized and submitted within 30 days of the appointment letter
POWERGRID has been declared the successful bidder under Tariff Based Competitive Bidding (TBCB) for an Inter-State Transmission System project in Gujarat on a BOOT basis. The project, aimed at integrating 7,500 MW of renewable energy from the Lakadia REZ Phase II, carries quoted Annual Transmission Charges of Rs 1,152.49 Crore (representing ~2.6% of TTM revenue of Rs 44,168 Cr per annum once operational). The Letter of Intent was received on September 3, 2026, and includes setting up a new 765/400kV substation, 765kV lines, and a Synchronous condenser.
- Declared successful bidder for Gujarat Lakadia REZ Phase II (7,500 MW) transmission system on BOOT basis
- Quoted Annual Transmission Charges stand at Rs 1,152.49 Crore (~2.6% of TTM revenue annually upon commissioning)
- Letter of Intent (LoI) received on September 3, 2026
- Project scope includes new 765/400kV Lakadia-II Sub-station, 765kV transmission lines, and a Synchronous condenser
Financial Performance
Revenue Growth by Segment
H1 revenue was flat to slightly down. New project commissions of INR 9,500 Cr last year are expected to contribute an incremental INR 900 Cr to revenue. Smart metering is a newly added segment contributing to other expenses and revenue growth.
Geographic Revenue Split
100% India-focused, managing 84% of the country's total inter-regional power transfer capacity through 1,81,054 ckm of transmission lines.
Profitability Margins
H1 PAT showed a minor decline of approximately INR 300 Cr, primarily due to a one-time INR 209 Cr penalty waiver benefit in the previous year and a INR 100 Cr increase in CSR spending in the current period.
EBITDA Margin
EBITDA margins range from 89% for newly commissioned projects to 74% for projects reaching the end of their 35-year useful life. EBITDA is not considered the primary monitoring parameter due to the fixed RoE model.
Capital Expenditure
Capex for the current period reached INR 15,385 Cr, a 53.8% increase from INR 10,002 Cr in the previous financial year. Planned capex is INR 30,000-35,000 Cr over the next two fiscals.
Credit Rating & Borrowing
Domestic rating of AAA (Stable) and International ratings of BBB- (Stable) and Baa3 (Stable). Borrowing costs are at par with Sovereign rates due to the 51.34% Government of India ownership.
Operational Drivers
Raw Materials
Transmission towers (steel), conductors (aluminum/copper), and HVDC semiconductors. Specific cost percentages for each are not disclosed.
Import Sources
Focusing on developing an indigenous supply chain within India for HVDC technology and semiconductors to reduce import dependency.
Key Suppliers
Not disclosed in available documents, though management noted potential equipment shortages in the transmission and HVDC sectors for the next 2-3 years.
Capacity Expansion
Current capacity includes 1,81,054 ckm of lines and 5,82,516 MVA transformation capacity. Target capitalization of INR 20,000 Cr in new projects by March 2026.
Raw Material Costs
Other expenses, including O&M, increased by 77% YoY, driven by FERV (pass-through) and the expansion into smart metering services.
Manufacturing Efficiency
System availability of 99.83% ensures full recovery of fixed costs under the CERC regulatory framework.
Strategic Growth
Expected Growth Rate
15-18%
Growth Strategy
Execution of a massive INR 155,000 Cr orderbook (up from INR 80,000 Cr YoY). Strategy includes aggressive bidding in TBCB projects, upgrading Sasaram HVDC (INR 3,440 Cr), and diversifying into smart metering.
Products & Services
High-voltage power transmission services, Smart Metering solutions, and consultancy for power utilities.
Brand Portfolio
POWERGRID
New Products/Services
Smart metering and VSC-based HVDC technology using indigenous semiconductors.
Market Expansion
Expanding inter-regional transfer capacity to meet a target of ~101 GW and integrating renewable energy into the national grid.
Market Share & Ranking
Dominant market leader with 84% share of India's inter-regional power transfer capacity.
Strategic Alliances
Operates through 74 subsidiaries and 13 joint ventures.
External Factors
Industry Trends
The industry is shifting toward Tariff Based Competitive Bidding (TBCB) and the integration of large-scale renewable energy requiring high-capacity HVDC corridors.
Competitive Landscape
Primary competition comes from private players in TBCB bidding, though POWERGRID remains the flagship utility for the Ministry of Power.
Competitive Moat
Natural monopoly in inter-regional transmission with 84% market share. The moat is sustained by the massive capital intensity of the grid and the regulated cost-plus model for RTM assets.
Macro Economic Sensitivity
Credit ratings are at par with the Sovereign; S&P upgraded POWERGRID's rating following the Sovereign upgrade in August 2025.
Consumer Behavior
Increasing national demand for power and smart metering is driving the need for grid strengthening and digitalization.
Geopolitical Risks
Focus on indigenous technology for HVDC to mitigate global supply chain disruptions and trade barriers.
Regulatory & Governance
Industry Regulations
Operations are strictly governed by CERC (Central Electricity Regulatory Commission) norms, which link revenue to 98% network availability.
Environmental Compliance
CSR spending increased by INR 100 Cr in H1 FY26 to normalize over the full year.
Legal Contingencies
Imposition of a fine of INR 5,42,800 each by BSE and NSE in November 2025 for non-compliance with Regulation 17(1) regarding Board composition.
Risk Analysis
Key Uncertainties
Adverse changes in the CERC regulatory environment or a drop in network availability below 98% could significantly impact cash flows.
Geographic Concentration Risk
100% of revenue is derived from the Indian market.
Third Party Dependencies
Dependency on specialized equipment manufacturers for HVDC and smart meters; management is addressing this through indigenous supply chain initiatives.
Technology Obsolescence Risk
Sasaram HVDC project is being upgraded at a cost of INR 3,440 Cr as it approaches the end of its useful life, transitioning from LCC to VSC technology.
Credit & Counterparty Risk
Exposure to weak credit profiles of state DISCOMs; a reduction in collection efficiency below 90% is a key rating sensitivity factor.
