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Revenue
₹11,476 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹19,109 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
PowerGrid reported H1 FY26 total income of INR 23,115 crore, EBITDA of INR 19,109 crore, and PAT of INR 7,197 crore. Revenue growth was muted due to the transition from RTM to TBCB projects, where tariff recognition differs, and the impact of aging assets where depreciation and interest costs decline. Management maintained its FY26 capitalization guidance of INR 20,000 crore, despite ROW challenges, and guided for CapEx of INR 28,000-30,000 crore in FY26, INR 35,000 crore in FY27, and INR 45,000 crore in FY28. The Leh-Ladakh project is being reconsidered as an AC line at an estimated cost of INR 30,000 crore. Key risks include persistent ROW delays and potential slowdown in TBCB awarding. The company remains confident in its execution capability and long-term demand drivers from renewable energy and grid modernization.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated its target to capitalize INR 20,000 crore worth of projects by March 2026, despite ROW challenges.
- CapEx for FY26 is expected to be between INR 28,000 crore and INR 30,000 crore, with H1 already at INR 15,385 crore.
- Management guided for CapEx of INR 35,000 crore in FY27 and INR 45,000 crore in FY28, driven by the strong pipeline.
- The Leh-Ladakh HVDC project is being reconsidered as an AC transmission line with an estimated cost of INR 30,000 crore, targeting commissioning by 2029.
Risks flagged
- ROW challenges from landowners have delayed project execution, though new government guidelines are expected to ease the process.
- TBCB tendering has slowed down due to approval processes, which could impact future order inflows.
- Shortage of transformers, GIS, and HVDC equipment with long lead times could affect project timelines.
- As assets complete 12 years, depreciation and interest costs decline, reducing revenue by ~9% of project cost, which may pressure reported growth.
Key quotes
- We are still targeting about INR 20,000 crore projects to be capitalized, about INR 20,000 crores by this financial year 2025, 2026.
- In the regulatory framework, EBITDA is not actually a right parameter to monitor... Your profit will remain same, because I have a return on equity constant for the entire period.
- We are facing, on daily basis, problems everywhere, wherever we are working.
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