Power Grid of India (POWERGRID) Q1 26/27 earnings summary

Executive summary

• Gross fixed assets exceeded ₹3.25 lakh crore, with 186,000 circuit kilometers of transmission lines, 634,516 MVA transformation capacity, and 99.8% system availability as of June 30, 2026.

• Government of India holds 51.34% stake; market cap is ₹2.66 lakh crore; FII and DII shareholding at 24.33% and 20.70% respectively.

• Major commissioning in Q1 FY27 included 1,635 circuit kilometers and 10,500 MVA transformation capacity, with key projects in Andhra Pradesh, Rajasthan, and Karnataka.

• Maintains highest domestic credit ratings (AAA) and strong international ratings (BBB/Baa3).

• Board approved major mergers of subsidiaries and in-principle divestment of CTUIL and certain JV stakes.

Financial highlights

• Consolidated Q1 FY27 total income rose to ₹11,697 crore from ₹11,444 crore year-over-year; PAT at ₹3,598 crore, slightly down from ₹3,631 crore.

• EBITDA margin remains robust; consolidated EBITDA at ₹9,581 crore for Q1 FY27.

• Receivable days improved to 12.11, with billing at ₹11,404 crore and realization at 104%.

• Gross fixed assets (consolidated) at ₹3,25,671 crore; capital work in progress at ₹50,419 crore as of June 30, 2026.

• Net worth improved to ₹1,04,028 crore.

Outlook and guidance

• FY27 capex guidance at ₹37,000 crore, with over 10% achieved in Q1; capitalization target at ₹30,000 crore.

• Works in hand total ₹1.75 lakh crore, with a bidding pipeline exceeding ₹1.19 lakh crore and long-term sector opportunity over ₹15 lakh crore.

• Sector CapEx of ₹7.9 lakh crore for non-fossil fuel transmission by 2036 is expected to be bid out over the next 3-4 years.

• Transmission income recognized as per new CERC Tariff Regulations, 2024, with ongoing transition to new tax regime expected to impact deferred tax balances.