Powergridofindia earnings calls.

Power Grid reported H1 FY26 consolidated total income of Rs 23,115 crore with PAT of Rs 7,197 crore, reflecting steady performance driven by transmission charge growth. The company faces right-of-way (RoW) challengesCurrent reported value: right-of-way (RoW) challenges. No comparable prior figure is available in the source record. impacting project execution timelines, though government guidelines issued in March 2025—increasing land compensation rates and introducing a three-valuer methodology—aim to accelerate approvals. Management maintained its Rs 20,000 crore capitalization targetCurrent reported value: Rs 20,000 crore capitalization target. No comparable prior figure is available in the source record. for FY26 despite H1 achieving only ~4,587 crore, with projects delayed to Q3/Q4. Equipment supply constraints persist for transformers and GIS, addressed through advance bulk procurement. Tendering activity has slowed due to approval cycles, but management expects pickup. FY27 capex guidance of Rs 28,000 crore and FY28 of Rs 35,000 crore reflects robust project pipeline including Brahmaputra basin opportunities worth Rs 6.4 lakh crore. Key riskCurrent reported value: Key risk. No comparable prior figure is available in the source record.: revenue pressure from aging RTM assets (depreciation and interest components declining post-12 years) partially offset by new TBCB project commissioning.