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Revenue
₹12,275 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
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Actual signal trajectory
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Quarter read
What the record says.
Power Grid reported a strong Q4 FY25 with consolidated revenue of INR 12,591 crore and PAT of INR 4,143 crore. For FY25, consolidated revenue was INR 47,459 crore (flat YoY) and PAT was INR 15,521 crore. The company achieved a record INR 26,255 crore CapEx and won INR 92,000 crore in TBCB projects, capturing ~57% market share. Operational excellence continued with system availability at 99.82% and telecom revenue crossing INR 1,000 crore for the first time. Management guided CapEx of INR 28,000 crore for FY26, INR 35,000 crore for FY27, and INR 45,000 crore for FY28, supported by a strong pipeline of INR 1.54 lakh crore works-in-hand. Key risks include ROW-related delays and potential slowdown in RE-driven transmission demand.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided CapEx of INR 28,000 crore for FY26, with potential to increase to INR 30,000 crore based on project wins.
- Management provided CapEx targets of INR 35,000 crore for FY27 and INR 45,000 crore for FY28.
- Management expects capitalization of INR 23,000-25,000 crore in FY26, up from INR 9,014 crore in FY25.
- Management indicated dividend per share could reduce from INR 9 in FY25 due to higher CapEx requirements.
Risks flagged
- ROW compensation policy changes and state-level adoption delays caused commissioning slippages in FY25; may persist.
- Current TBCB pipeline is only INR 45,000-46,000 crore, significantly lower than INR 92,000 crore won in FY25, which could slow order book growth.
- ROE dipped ~100bps YoY as net worth grew faster than profits; further dilution possible if CapEx ramp-up requires equity.
- Weak power demand and delayed PPAs for RE projects could reduce urgency for new transmission lines, affecting long-term pipeline.
Key quotes
- We have commissioned sections of 765 kV substations in about 9-10 months from the date of acquisition of land, which may be a world record.
- Our percentage is very good. As you can also appreciate, INR 92,000 crore projects in a single year is not a small thing. Still, we are maintaining our ROE above the particular level.
- We are not expecting impact of any delay or our expenditure incurred on these schemes. We are not expecting much impact. There may be some impact, but not much impact.
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