Power Grid Corporation of India Ltd(POWERGRID)

NSE: POWERGRIDBSE: 532898

₹ 246.1-0.44%refreshed 26 Oct, 01:30 pm ISTMarket cap: ₹ 2.29 L crWebsite: www.powergrid.inUpdated: 24 Oct 2026

About

Power Grid Corporation of India Limited is the state-owned central transmission utility that owns and operates India's national high-voltage AC and HVDC transmission grid, carrying electricity from generators to state distribution companies. Beyond transmission, it operates a pan-India telecom fibre network and a consultancy and smart-metering business. It reported FY26 revenue of Rs 46,732.87 crore, of which transmission made up 92.6%.^[1][2][3]

Business segments

Transmission brought in ₹44,082.74 crore, or 92.6% of FY26 segment revenue, with a 59.8% EBIT margin. Its share was 3.8 points lower than in FY2020.^[3][1]
Consultancy brought in ₹2,347.36 crore, or 4.9% of FY26 segment revenue, up from ₹1,137.28 crore the year before. Its share was 3.3 points higher than in FY2020.^[3][1]
Telecom contributed 2.5% of FY26 segment revenue (₹1,195 crore) at a 47.4% EBIT margin, up 5.9% YoY despite competition, with India's first 400G interface commissioned.^[3]

Network and infrastructure

Transmission network stood at approximately 1,86,000 ckm of lines and 6,34,516 MVA of transformation capacity as of Q1 FY27.^[4]
POWERGRID operates 765 kV and 400 kV EHVAC substations, LCC and VSC-based HVDC links, and reactive power management systems including SVCs and STATCOMs.^[1]
Cross-border interconnections enable a combined power transfer of about 10,323 MW with Bhutan, Nepal, Bangladesh and Myanmar.^[1]
PowerTel, a wholly owned subsidiary, operates a pan-India OPGW network spanning over 100,000 km with points of presence at more than 4,000 locations and 100% backbone availability.^[1]

Key operating metrics

Billing realisation was 104% in Q1 FY27 (₹11,404 crore collected against ₹10,963 crore billed); receivable days fell from 19.41 to 12 days quarter-over-quarter.^[4]
Outstanding dues fell to ₹2,905 crore in FY26 from ₹4,795 crore in FY24; full-year FY26 billing realisation was 101.2%.^[5]

Order book and TBCB wins

Total works-in-hand stood at ₹1.75 lakh crore as of Q1 FY27: TBCB ₹1.46 lakh crore, RTM ₹25,000 crore, and other businesses (smart metering, data centre, BESS) ₹4,200 crore.^[4]
CWIP was ₹50,419 crore and gross fixed assets ₹3,25,671 crore as of Q1 FY27.^[4]
Near-term bidding pipeline stands at ₹1.19 lakh crore (₹73,875 crore under bidding + ₹45,000 crore to be floated); long-term sector opportunity cited at over ₹15 lakh crore.^[4]
By 16 October 2026 POWERGRID had secured 10 transmission projects in FY 2026-27, with cumulative annual transmission charges of ₹7,863.63 crore.^[6]
POWERGRID held a 47% cumulative ISTS tariff market share under TBCB as of July 2026.^[4]
In FY26, POWERGRID won 9 TBCB projects out of 28 floated and secured its first intrastate TBCB project (Pune East, Maharashtra, ₹368 crore annual tariff).^[5]

Capex and capitalisation

FY26 consolidated capex was ₹39,967 crore against ₹35,000 crore guidance; FY26 capitalisation was ₹28,206 crore, adding 4,765 ckm of lines, 72,055 MVA and 9 new substations.^[5]
Q1 FY27 capitalisation was ₹5,277 crore, compared with ₹1,683 crore in Q1 FY26; 1,635 ckm of lines and 10,500 MVA were commissioned in the quarter.^[4]
FY27 capex is targeted at about ₹37,000 crore and capitalisation at about ₹30,000 crore.^[1][4]
Capex of about ₹40,000 crore to ₹45,000 crore is expected for each year from FY 2026-27 to 2028-29; the borrowing limit was raised to ₹2,20,000 crore.^[1]
POWERGRID raised ₹3,704 crore by monetising 8 TBCB SPVs through securitisation, against a ₹3,500 crore target (FY26 annual report).^[1]

Customers and new businesses

The consultancy business serves more than 150 domestic clients, including state-owned and private utilities, CPSUs and Government departments, and has a footprint in 25 countries.^[1]
PESL is deploying 69.4 lakh smart meters in two DISCOMs of Gujarat and implementing a 150 MW/300 MWh BESS project in Andhra Pradesh.^[1]
The data centre business, run through PowerTel, is expected to begin commercial operations in FY 2026-27.^[1]
The board gave in-principle approval to sell POWERGRID's entire stake in CTUIL to GRID-INDIA, and its stakes in the Torrent Power Grid, Sikkim Power and Parbati Koldam JVs.^[1]

Recent developments

On 23 October 2026, POWERGRID commissioned the transmission scheme to integrate the Koppal-II (Phase-A & B) and Gadag-II (Phase-A) Renewable Energy Zones (Phase-II) in Karnataka.^[7]
On 16 October 2026, POWERGRID received a Letter of Intent as successful TBCB bidder for a 765kV GIS Pune West transmission project with annual transmission charges of Rs. 199.55 crore.^[6]
On 12 October 2026, POWERGRID acquired 100% of Jam Khambhaliya REZ Transmission Limited for Rs. 19.22 crore and of Lakadia C Power Transmission Limited for Rs. 19.94 crore.^[8][9]
On 12 October 2026, POWERGRID acquired 100% of Lakadia II Power Transmission Limited, which is set up for a 765/400kV transmission system in Gujarat, for Rs. 18.43 crore.^[10]
A 20 GW transmission system to evacuate power from Rajasthan's REZ (Phase-III Part-C1) was commissioned with effect from 22 September 2026; its commercial operation date (DOCO) was 7 October 2026.^[11]
On 5 October 2026, POWERGRID commissioned the Transmission Scheme for Solar Energy Zone in Bidar, Karnataka (2,500 MW, TBCB).^[12]
On 23 September 2026, POWERGRID acquired 100% of Barmer HVDC Power Transmission Limited (an SPV for a 6,000 MW HVDC project) for ₹18.98 crore.^[13]
POWERGRID incorporated a Kenya transmission PPP SPV with Africa50, holding 40% equity against Africa50's 60%.^[1][5]

Market Cap

₹2,28,888 Cr

High / Low

₹325 / 242

Stock P/E

14.5

Price / Book

2.3

Book Value

₹108

EPS

₹17.1

No. of Shares

930.06 Cr

ROCE

10.8%

ROE

16.5%

OPM

54.3%

Debt / Equity

1.47

Sales

₹46,733 Cr

Net Profit

₹15,928 Cr

Promoter holding

51.3%

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Power Grid Corporation of India Ltd(POWERGRID)

About

Business segments

Network and infrastructure

Key operating metrics

Order book and TBCB wins

Capex and capitalisation

Customers and new businesses

Recent developments

Signal history

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