POWERGRIDOFINDIA Q3 FY26 earnings call.
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Revenue
₹12,436 Cr
verification pending
Revenue YoY
7%
reported change
EBITDA
Pending
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Power Grid delivered a solid Q3 FY26 with standalone revenue of ₹12,436 crore (+7% YoY) and PAT of ₹4,160 crore (+7% YoY). The 9-month performance shows revenue at ₹35,041 crore (+4%) and PAT at ₹11,368 crore (+3%), with the lower PAT growth attributed to a one-time income in the prior year. Capex execution accelerated significantly—₹29,200 crore already invested in 9 months against the revised FY26 target of ₹32,000 crore, with ₹18,700 crore already commissioned by January-end. The order book stands at ₹1.95 lakh crore, underpinned by robust project wins in FY26 including transmission systems for evacuation from pump storage (₹3,626 crore) and battery energy storage at Kalikiri (₹250 crore). Management raised FY26-28 capex guidance materially to ₹37,000 crore and ₹45,000 crore respectively. The key near-term risks are transformer supply chain constraints—with domestic capacity at 2.28 lakh MVA against projected demand of 4.21 lakh MVA in FY27—and persistent right-of-way challenges despite recent government guidelines improving execution pace. The Kenya HVDC project (~$311 million) marks the company's first independent transmission project in Africa under the Africa 50 partnership.
Colored figures show movement against the previous available record.
Guidance to track
- 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.
- Committed to government of India for FY27 capex of ₹37,000 crore, representing 16% increase over FY26 revised target.
- Major HVDC projects (Bikaner-South, Bikaner-Bhuj) driving significant capex escalation to ₹45,000 crore in FY28 as equipment supply and execution accelerate.
- 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.
Risks flagged
- Domestic manufacturing capacity at 2.28 lakh MVA against projected demand of 4.21 lakh MVA in FY27. Government is considering relaxation for Chinese companies to set up manufacturing in India, which if approved would boost supply.
- Though government guidelines (June 2024, March 2025, December 2025) have improved execution, ROW remains a pain point requiring continued engagement with state governments and chief ministers.
- Management acknowledged this remains a challenge; discussions ongoing with government of India for resolution, though no timeline provided.
- While maintaining 50-60% market share in TBCB projects, competition is intensifying with competitor claiming ₹75,000 crore works in hand including HVDC projects. HVDC projects have only 3 global manufacturers (Hitachi, ABB, Siemens) creating execution dependencies.
Key quotes
- We have entered in Africa 50 with the partnership with the Africa 50 in Kenya particularly 400 KV and 220 KV project we will be starting shortly considering energy storage in battery.
- We have achieved our target of 50% which we committed in front of you for by 2025 December we have achieved this target.
- We are POwer Grid. Alert, dedicated and active. Power grid towards the light of progress. Transmitting power, transforming lives.
- We want to focus on these projects so that no power is curtailed in India because these are very critical projects which are commissioned and we don't want that any power green power which is almost free given by nature so it should not be curtailed at any cost.
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