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Revenue
₹11,196 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹9,527 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
PowerGrid reported Q1 FY26 consolidated total income of INR 11,444 crore, EBITDA of INR 9,527 crore, and PAT of INR 3,631 crore. PAT declined ~2% YoY due to higher CSR spend (INR 70 crore) and JV losses. Standalone PAT grew 7% YoY to INR 3,653 crore. Capex in Q1 was INR 6,981 crore, up 51% YoY, with a full-year target of INR 28,000 crore. The company has a strong order book of INR 148,000 crore (NCT cost) and expects INR 22,000 crore capitalization in FY26. Management highlighted robust demand from India's 500 GW renewable target, with INR 5.5-6 lakh crore of transmission projects yet to be awarded. Key risks include right-of-way challenges and supply chain inflation for transformers and GIS equipment.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated the full-year capex plan of INR 28,000 crore, with Q1 already achieving INR 6,981 crore.
- The company expects to commission projects worth INR 22,000 crore in FY26, with quarterly targets of INR 3,000 cr (Q2), INR 7,000 cr (Q3), and INR 8,000 cr (Q4).
- Management provided a multi-year capex outlook, indicating a ramp-up in spending as the project pipeline materializes.
- PowerGrid targets to source half of its electricity needs from renewable sources by end of 2025.
Risks flagged
- ROW issues remain a significant bottleneck for transmission line commissioning, especially in Delhi and Haryana, despite new compensation guidelines.
- Transformer costs have doubled in seven years, and GIS bay costs have risen from INR 6 crore to INR 14-15 crore, impacting project costs.
- The Leh HVDC project faces delays due to technology challenges at high altitude; an alternative AC solution may be costlier and unproven in India.
- Consolidated PAT fell ~2% YoY partly due to INR 70 crore loss from joint venture ESL, which management did not elaborate on further.
Key quotes
- We are driving energy transition as per the mission of Government of India. We have used mission for redevelopment in India, which requires huge transmission system, and POWERGRID is one of the largest transmission system developers in India.
- ROW is a very big problem in India. Making a transmission line is very, very challenging.
- Supply cost is increasing now because demand is more if you consider transformer, if you consider GIS, if you consider breaker, if you consider maybe insulator or even tower parts also.
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