Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹11,233 Cr
verified against source
Revenue YoY
—
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 FY25 total income of INR 11,743 crore and PAT of INR 3,862 crore. Revenue growth was muted due to the regulated tariff structure where interest income declines as assets depreciate, though PAT remains stable due to return on equity. The company has a strong order book of INR 1.47 lakh crore and guided for FY25 CapEx of INR 23,000 crore and capitalization of INR 18,000 crore. Management expects CapEx to rise to INR 28,000-30,000 crore in FY26 and INR 35,000 crore in FY27, driven by HVDC projects like Khavda-Nagpur and Pang-Leh. The company won INR 19,828 crore of projects in Q3 and INR 63,909 crore in 9M FY25, maintaining a 50% market share in TBCB tariff-based projects. Risks include execution delays due to land acquisition and equipment supply constraints, and the impact of CERC tariff true-up (INR 140 crore in Q3) on profitability.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated the FY25 CapEx plan of INR 23,000 crore, with INR 19,480 crore already spent by January 31, 2025.
- Capitalization target for FY25 is INR 18,000 crore, with INR 7,906 crore achieved by January 31, 2025. Management expects to commission ~INR 10,000 crore in the remaining 45-50 days.
- For FY26, CapEx is expected to be in the range of INR 28,000-30,000 crore, driven by the strong project pipeline.
- For FY27, CapEx is expected to be around INR 35,000 crore, with potential upside from additional HVDC projects.
Risks flagged
- Management acknowledged challenges in land acquisition (ROW issues) and supply of high-voltage transformers and GIS equipment, which could delay project commissioning beyond the typical two-year timeline.
- The CERC tariff true-up impacted Q3 PAT by INR 140 crore, and the nine-month impact is ~INR 440 crore. This regulatory adjustment could continue to weigh on earnings.
- PowerGrid's 39% stake in EESL resulted in a loss of INR 140 crore in 9M FY25, contributing to the decline in consolidated PAT. Management has stopped further equity infusion.
- Management reduced the interim dividend per share (from INR 4.5 to INR 3.25) to conserve equity for the growing CapEx pipeline. Further reductions are possible if CapEx continues to rise.
Key quotes
- Our Power Grid outlook is very bright. And we have many projects in hand, and our projects capitalization and CapEx is going to increase. So that will lead to increase in revenue and profit. So our Power Grid future is bright. So rest assured, you are in safe hands.
- The structure of the regulated tariff income is that it will decrease every year because of the interest on loan, which will be reducing based on the depreciation recovery. ... But the fact remains that the PAT will remain the same because that is based on the return on equity.
- We are targeting in the same range, about that INR 18,000 crores, that range we are targeting.
Research modules