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Revenue
₹11,550 Cr
verified against source
Revenue YoY
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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.
PowerGrid reported consolidated Q3 FY24 revenue of INR 11,820 crore and PAT of INR 4,028 crore, with EBITDA margins maintained above 80%. The company has a strong order book of INR 77,770 crore, including recent TBCB wins worth INR 26,000 crore in 9M FY24, reflecting a 67% win rate. Management guided for CAPEX of INR 15,000 crore+ in FY25 and INR 20,000 crore+ in FY26, driven by the large ISTS pipeline under the National Electricity Plan. Key risks include potential supply chain constraints for transformers and GIS equipment, and the impact of CERC's draft regulations on O&M norms and ROE, though management expects minimal net impact. The Leh-Ladakh HVDC project is progressing with a likely commissioning by FY2030.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided for CAPEX exceeding INR 15,000 crore in FY25, driven by execution of existing order book.
- CAPEX expected to rise further to over INR 20,000 crore in FY26, supported by large project pipeline.
- Capitalization is expected to be around INR 16,000-17,000 crore in FY25, up from ~INR 8,500 crore in FY24.
- Management confirmed no reduction in dividend payout, with asset monetization through securitization to fund equity requirements.
Risks flagged
- Draft regulations propose changes to O&M norms and reduce ROE to 15% for new assets. Management expects minimal impact but discussions ongoing.
- Management acknowledged potential challenges in transformer and GIS supply, but noted government actions to develop more vendors.
- Analyst flagged that the INR 310,000 crore ISTS target over FY22-27 appears aggressive given the need for rapid awarding and execution.
- The project has a long gestation of ~5 years from order placement, with commissioning expected only by FY2030, posing execution risk.
Key quotes
- We are more aggressive because we have to compete if we have to survive, if we have to take care of the interest of our investors.
- Net impact is almost zero, or we are going to get the same O&M charges which we were getting earlier.
- We can very well execute projects worth INR 25,000-INR 30,000 crore projects each year. So there will not be any problem in CAPEX for Power Grid.
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