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Revenue
₹11,278 Cr
verified against source
Revenue YoY
2.74%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Power Grid reported consolidated Q2 FY25 revenue of INR 11,846 crore (+2.7% YoY) and PAT of INR 3,793 crore (+0.3% YoY), with muted growth due to a INR 300 crore O&M cost reduction under the new CERC tariff regulation and a INR 100 crore loss from associate EESL. Management highlighted a strong pipeline of INR 143,295 crore projects in hand and expects CapEx to rise to INR 25,000-30,000 crore in FY26, with capitalization reaching INR 35,000-40,000 crore in 2-3 years. Key growth drivers include the National Electricity Plan requiring INR 9.16 lakh crore transmission investment by 2032, with Power Grid targeting a 50% win rate. Risks include competitive pressure in TBCB projects and continued EESL losses.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects CapEx to be at least INR 18,000 crore this fiscal, with potential to exceed INR 20,000 crore.
- Next fiscal CapEx is guided to be between INR 25,000 and INR 30,000 crore.
- Capitalization is expected to ramp up to INR 35,000-40,000 crore per annum as projects are commissioned.
- Management expects to win about 50% of upcoming TBCB projects, translating to INR 192,000 crore additional orders by 2032.
Risks flagged
- EESL contributed a loss of INR 100 crore in H1 FY25 due to mounting receivables and interest costs, with no clear timeline for reversal.
- New CERC tariff regulation (2024-29) reduced O&M charges by INR 600 crore annually, impacting profitability by ~INR 300 crore in H1.
- Revenue from legacy RTM projects is declining due to lower depreciation and interest, partially offsetting growth from new TBCB projects.
- Analyst raised concern about potential ROE compression in TBCB projects due to competitive bidding, though management downplayed the risk.
Key quotes
- Our outlook will be at least INR 3 trillion rupees projects or CapEx by 2032.
- As per the new CERC regulation, our O&M charges have been reduced by almost INR 600 crores. So for half year, the effect is almost INR 300 crores.
- We have stopped putting equity. Last one year we are not putting equity.
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