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Revenue
₹12,436 Cr
verified against source
Revenue YoY
7%
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 a strong Q3 FY26 with standalone revenue of INR 12,436 crore (+7% YoY) and PAT of INR 4,160 crore (+7% YoY), driven by improved project execution and resolution of right-of-way issues. Management raised FY26 CapEx guidance to INR 32,000 crore and capitalization to INR 22,000 crore, with FY27 CapEx guided at INR 37,000 crore and FY28 at INR 45,000 crore. The order book stands at INR 1.95 lakh crore, with 80-90% from TBCB projects. Key growth drivers include renewable evacuation, HVDC projects, battery storage, and international expansion (e.g., Kenya). Risks include supply chain constraints for transformers and potential delays in HVDC project awards.
Colored figures show movement against the previous available record.
Guidance to track
- Management increased FY26 CapEx guidance from INR 28,000 crore to INR 32,000 crore, citing strong execution momentum.
- Capitalization guidance increased from INR 20,000 crore to INR 22,000 crore, with 9M already at INR 12,915 crore.
- Management provided multi-year CapEx guidance, reflecting strong pipeline of TBCB and HVDC projects.
- Capitalization trajectory aligns with project commissioning timelines, with HVDC spending peaking in FY27-28.
Risks flagged
- Domestic transformer capacity (228,000 MVA) is insufficient vs demand (421,000 MVA in FY27), potentially delaying projects unless Chinese component imports are allowed.
- While new guidelines have helped, ROW remains a challenge in some states; execution depends on timely adoption by local authorities.
- Two major HVDC projects (Barmer II-Srikakulam, Bikaner V-Begunia) may slip beyond FY27, impacting CapEx phasing.
- Intrastate projects (e.g., Maharashtra, Karnataka) involve higher execution risks; management will bid selectively based on risk assessment.
Key quotes
- We are poised to exceed our annual guidance, which we have been talking.
- Unless until the Chinese companies available in India, if relaxation by Government of India is given, then it is going to boost the transmission sector.
- We don't want that any power, RE power, green power, which is almost free, given by nature, so it should not be curtailed at any cost.
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