Power Grid of India
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Power Grid of India (POWERGRID) investor relations material

Power Grid of India Q3 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 25/26 earnings summary2 Feb, 2026

Executive summary

  • Gross fixed assets surpassed INR 3 trillion, reinforcing the position as a leading global and national transmission utility.

  • Project execution and performance improved year-over-year, overcoming prior commissioning challenges and supporting growth visibility.

  • Major focus on renewable integration, grid automation, and international expansion, including a PPP project in Kenya with Africa50.

  • Strategic entry into Battery Energy Storage Systems with a 150 MW/300 MWh project win.

  • Achieved 50% renewable power consumption target ahead of 2025, supporting ESG commitments.

Financial highlights

  • Consolidated total income for nine months reached INR 35,714 crore, up 2% year-over-year; EBITDA at INR 29,846 crore; PAT at INR 11,382 crore.

  • Q3 FY26 consolidated income was INR 12,599 crore; net profit after tax was INR 4,185 crore.

  • Debt-equity ratio maintained at 59:41; net worth at INR 98,906 crore as of Dec 31, 2025.

  • Billing realization rate at 103% of billing; trade receivable days at a record low of 24.65.

  • CapEx for nine months at INR 26,761 crore, surpassing annual target; capitalization at INR 12,915 crore.

Outlook and guidance

  • FY26 CapEx guidance raised to INR 32,000 crore; FY27 and FY28 CapEx projected at INR 37,000 crore and INR 45,000 crore.

  • Capitalization guidance: INR 22,000 crore for FY26, INR 30,000 crore for FY27, INR 35,000 crore for FY28.

  • Pipeline includes INR 1,95,000 crore worth of projects to be commissioned in next 3-4 years; works in hand at INR 1,45,513 crore as of Jan 30, 2026.

  • Aggressive participation in battery energy storage and international projects, especially in Africa.

  • Positioned to benefit from India's energy transition, with demand drivers including EVs, green hydrogen, and data centers.

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Q4 25/2621 May, 2026
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Frequently asked questions

Power Grid Corporation of India Limited is a state-owned electric utility company engaged in power transmission across India. The company operates a vast network of transmission lines and substations and provides consultancy services in power system engineering. It plays a central role in India’s national grid operations. Power Grid Corporation of India Limited is headquartered in Gurugram, India, and its shares are listed on the NSE.

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