Power Grid of India (POWERGRID) Q1 25/26 earnings summary

Executive summary

• Operates 84% of India's inter-regional power transmission network with 99.84% system availability as of Q1 FY26, supported by a 51% government stake and robust asset base.

• Q1 FY26 featured significant project execution, including record commissioning times, early completion of key lines, and adoption of mechanization and digitalization for operational efficiency.

• Expanding into solar, green hydrogen, and battery energy storage systems, with a target to become a major player in these areas within three years.

• Recognized for sustainability and ESG initiatives, including all-women substations, green gas adoption, and a net zero commitment by 2047.

• Board approved unaudited Q1 FY26 results, new JV participations, and restructuring actions including mergers and stake sales.

Financial highlights

• Q1 FY26 consolidated total income: ₹11,444 crore; EBITDA: ₹9,527 crore; PAT: ₹3,631 crore; standalone PAT: ₹3,653 crore.

• Earnings per share: ₹3.90 (consolidated); book value per share: ₹103.74; net worth: ₹96,482 crore.

• Telecom income: ₹289 crore; consultancy income: ₹329 crore; smart meter business contributed ₹153 crore.

• Billing: ₹8,434 crore; realization: ₹8,671 crore; outstanding reduced to ₹3,151 crore year-on-year.

• Standalone operating margin: 97%; net profit margin: 37%; consolidated operating margin: 85%; net profit margin: 32%.

Outlook and guidance

• CapEx target for FY26: ₹28,000 crore; commissioning target: ₹22,000 crore; pipeline: ₹35,000 crore for FY27 and ₹45,000 crore for FY28.

• Projects in hand: ₹1,48,644 crore; ₹67,000 crore worth of projects expected to be bid out within FY26.

• Enhanced borrowing limit to ₹25,000 crore for FY26 and approval to raise up to ₹30,000 crore in FY27.

• Long-term opportunity: ₹9 lakh crore transmission system by 2032, with ₹5.5–6 lakh crore yet to be awarded over the next five years.