FY26 Capitalization Target: Rs 20,000 crore
Management reaffirmed Rs 20,000 crore project commissioning target for FY26 despite H1 achieving only Rs 4,587 crore. Projects delayed due to RoW approvals expected in Q3-Q4.
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FY27 Capex: Rs 28,000 crore
Capex for FY27 guided at Rs 28,000 crore with TBCB projects worth Rs 19,062 crore and RTM Rs 3,554 crore.
FY28 Capex: Rs 35,000 crore
FY28 capex guidance of Rs 35,000 crore reflecting continued scale-up of execution capacity.
FY27 Capitalization: Rs 25,000-26,000 crore
Given ~2-year lag between capex and capitalization, FY27 capitalization expected at Rs 25,000-26,000 crore based on Rs 26,000 crore FY25 capex.
FY26 Capex Raised to ₹32,000 Crore
9-month capex of ₹29,200 crore already exceeds original ₹28,000 crore target; management confident of surpassing ₹32,000 crore by fiscal year-end.
FY27 Capex Guidance: ₹37,000 Crore
Committed to government of India for FY27 capex of ₹37,000 crore, representing 16% increase over FY26 revised target.
FY28 Capex Guidance: ₹45,000 Crore
Major HVDC projects (Bikaner-South, Bikaner-Bhuj) driving significant capex escalation to ₹45,000 crore in FY28 as equipment supply and execution accelerate.
FY26 Capitalization Target: ₹22,000 Crore
Already commissioned ₹18,700 crore of projects by January 31, 2026; target exceeds original ₹20,000 crore guidance with major elements (Bhadla3-Sikar2, Navsari-Fatehgarh, Kundul3-Maheshwaram) slated for Q4 completion.