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Power Grid of India (POWERGRID) investor relations material
Power Grid of India Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary4 Nov, 2025
Executive summary
India's flagship power transmission utility, 51.34% government-owned with 74 subsidiaries, reported strong operational and financial performance for Q2 and H1 FY2026, maintaining high system availability and executing major projects ahead of schedule.
Recognized for innovation, including the world's largest 765 kV network, insulated cross-arms, and mobile GIS solutions, and for asset management and engineering leadership.
Maintains AAA domestic ratings, stable international credit ratings, and a legacy of strong governance.
Unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2025 were approved, showing stable revenue and profitability compared to the previous year.
Interim dividend of ₹4.50 per share declared for FY 2025-26, with a record date of 10 November 2025.
Financial highlights
H1 FY26 consolidated total income at ₹23,115 crore, EBITDA at ₹19,109 crore, and PAT at ₹7,197 crore; standalone H1 FY26 PAT at ₹7,208 crore.
Gross fixed assets at ₹2,95,148 crore, net worth at ₹98,932 crore, and debt to equity ratio at 58:42.
Q2 FY26 consolidated income declined 1% YoY; EBITDA and PAT down 5% and 4% YoY respectively.
Earnings per share (consolidated) at ₹7.74; book value per share at ₹106.37; return on net worth at 7.27%.
Outstanding dues at end-Q2FY26: ₹2,899 crore (>45 days) and ₹1,387 crore (<45 days); realization rate at 102.7%.
Outlook and guidance
CapEx guidance for FY2026 is ₹28,000 crore, with expectations to exceed this, possibly reaching ₹30,000 crore.
Capitalization target for FY2026 is ₹20,000 crore, with guidance for ₹25,000–26,000 crore in FY2027 and ₹28,000 crore in FY2028.
CapEx for FY2027 and FY2028 projected at ₹35,000 crore and ₹45,000 crore, respectively.
Large project pipeline includes ₹1,52,287 crore in hand as of Sep 2025, with significant opportunities in the Brahmaputra basin and upcoming HVDC corridors.
Strategic focus on green energy, energy storage, and global grid integration.
Why consolidated H1 profit declined YoY?
What is the strategy behind JV stake sales?
How will the new SBI loan be utilized?
ROW valuation process impact on timelines
Leh-Ladakh project: AC conversion implications
EBITDA trend: Explain underlying factors
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Next Power Grid of India earnings date
Q3 25/264 Feb, 2026
Next Power Grid of India earnings date
Q3 25/264 Feb, 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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