Powergrid / Q1-FY25

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Positive2024-07-30Back to POWERGRID

Revenue

₹11,006 Cr

verified against source

Revenue YoY

—

reported change

EBITDA

Pending

latest reported figure

Source

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Actual signal trajectory

Where this quarter sits.

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EBITDA (₹ Cr)PositiveWatchNegative
4 actual records
Actual quarterly EBITDA (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q1 FY24: 255 · Positive source sentiment · 2023-08-01Q1 FY24Q4 FY24: 10,358 · Positive source sentiment · 2024-05-22Q4 FY24Q1 FY26: 9,527 · Positive source sentiment · 2025-08-01Q1 FY26Q2 FY26: 19,109 · Watch source sentiment · 2025-10-30Q2 FY2619,109255
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

PowerGrid reported a steady Q1 FY25 with consolidated PAT of INR 3,724 crore (+3.5% YoY) and total income of INR 11,280 crore. The company maintained transmission system availability at 99.80%, enabling maximum regulatory incentives. Key growth drivers include a strong order pipeline of INR 114,139 crore and winning 70% of TBCB projects by tariff in Q1 and July. Management raised FY25 CapEx guidance to INR 18,000 crore (from INR 15,000 crore) driven by new project wins. The outlook remains robust with a bidding pipeline exceeding INR 100,000 crore and plans to commission INR 70,000-80,000 crore of projects over the next 2-3 years. Risks include equipment supply constraints for transformers and GIS, and potential cost overruns on first-of-its-kind offshore wind and HVDC projects.

Colored figures show movement against the previous available record.

Guidance to track

  • Management increased CapEx guidance from INR 15,000 crore to INR 18,000 crore due to new project wins requiring spending this fiscal.
  • Target to commission projects worth INR 18,000 crore in FY25, with INR 25,000-30,000 crore expected in each of FY26 and FY27.
  • Over INR 100,000 crore of transmission projects are in the pipeline, with 70-80% expected to be awarded in FY25.
  • The 1,000-rack data center at Manesar is expected to be commercially available by Q4 FY25, with Phase II of INR 2,000 crore planned.

Risks flagged

  • Management acknowledged that transformers, reactors, and GIS are in tight supply, with costs rising 70-80% since 2017-18, potentially delaying projects.
  • The offshore wind evacuation projects (INR 13,100 crore total) are India's first, and management noted costs may be higher than routine projects, posing execution risk.
  • Analyst noted flattish standalone PAT due to lower dividends from SPVs; management confirmed this but said consolidated view is more relevant going forward.
  • Management could not confirm if the 125 GW RE requirement for green hydrogen is included in the National Electricity Plan, indicating potential policy uncertainty.

Key quotes

  • Our transmission system availability is best as compared to other utilities, whether it is SGCC, China, or it is AEP, USA, or Furnas, Brazil, or Eskom, South Africa, or NGC, U.K.
  • If IRR will be good, otherwise, I can win all 100%. So be sure that we have a certain hurdle rate within the board, and then we take a call cautiously.
  • We have about more than INR 100,000 crore power transmission projects in pipeline. Maybe more than that, but at least INR 100,000 crore projects are inside.

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