Side-by-side earnings comparison across financial stats, AI summaries, management guidance, risks, quotes, and accountability signals.
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.
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IGL reported a steady quarter with total sales volume growing 3% YoY to 867 million SCM, driven by resilient CNG demand (up 10% ex-DTC) and PNG growth of 5%.
Read Indraprastha Gas analysis →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.
IGL reported a steady quarter with total sales volume growing 3% YoY to 867 million SCM, driven by resilient CNG demand (up 10% ex-DTC) and PNG growth of 5%. Revenue rose 8% YoY to ₹465 crore, while EBITDA surged 31% to ₹473 crore and PAT grew 25% to ₹358 crore, aided by regulatory tailwinds (Gujarat VAT cut, transmission tariff rationalization) partially offset by forex headwinds. Management reiterated volume guidance of exiting FY26 at 10 MMSCMD and adding 1 MMSCMD annually, with EBITDA margin improving to ₹7-8/SCM as tariff benefits flow through. Key risks include DTC bus phase-out (now minimal) and potential delays in realizing transmission tariff benefits.
Includes INR 1,45,513 crore works in hand plus INR 50,000 crore CWIP, to be commissioned in 3-4 years.
Raised from INR 28,000 crore; driven by renewable evacuation projects and improved execution.
Raised from INR 20,000 crore; 9M capitalization was INR 12,915 crore.
Lowest ever; improved from ~30 days, reflecting better realization and billing efficiency.
Underlying CNG demand grew 10% after adjusting for DTC and DIMS fleet transitions.
DTC closed ~55 stations; operational stations now 925, but new additions continue.
Post GST reduction on CNG vehicles from 28% to 18%, monthly conversions rose from 21,000 to 26,000.
Incremental volume from new geographical areas (outside Delhi-NCR) now accounts for 57% of growth.
Management increased FY26 CapEx guidance from INR 28,000 crore to INR 32,000 crore, citing strong execution momentum.
Management guidance capexCapitalization guidance increased from INR 20,000 crore to INR 22,000 crore, with 9M already at INR 12,915 crore.
Management guidance capexManagement provided multi-year CapEx guidance, reflecting strong pipeline of TBCB and HVDC projects.
Management guidance capexCapitalization trajectory aligns with project commissioning timelines, with HVDC spending peaking in FY27-28.
Management guidance capex
Management expects to exit Q4 FY26 at an average daily volume of 10 million SCM, with March 2026 averaging above 10 MMSCMD.
Management guidance growthIGL targets adding 1 million SCM per day each year for the next 2-3 years, driven by CNG (65-70%) and PNG (30-35%).
Management guidance growthManagement expects EBITDA margin to reach ₹7-8 per SCM in the near term, aided by transmission tariff benefits (~75 paise/SCM), Gujarat VAT benefit (~25 paise/SCM), and reversal of one-time labor code provisions (~30 paise/SCM).
Management guidance marginsCore business capex (CNG/PNG) is expected to be ₹1,200-1,500 crore in FY27, with additional ₹500-800 crore for diversification (CBG, LNG, renewables).
Management guidance capexDomestic transformer capacity (228,000 MVA) is insufficient vs demand (421,000 MVA in FY27), potentially delaying projects unless Chinese component imports are allowed.
high · management_commentaryWhile new guidelines have helped, ROW remains a challenge in some states; execution depends on timely adoption by local authorities.
medium · management_commentaryTwo major HVDC projects (Barmer II-Srikakulam, Bikaner V-Begunia) may slip beyond FY27, impacting CapEx phasing.
medium · analyst_questionIntrastate projects (e.g., Maharashtra, Karnataka) involve higher execution risks; management will bid selectively based on risk assessment.
low · management_commentary
DTC CNG consumption declined from 1.55 lakh kg/day in Q3 FY25 to ~5,000 kg/day in Q3 FY26, and is expected to reach zero by March 2026, impacting headline volume growth.
medium · management_commentaryRupee depreciation of 7-8% (from ~86 to ~90/USD) increased gas costs by ₹2-2.5/SCM, partially offsetting regulatory benefits. Further depreciation could pressure margins.
medium · analyst_questionManagement deferred price increases to avoid volatility, delaying the full benefit of transmission tariff rationalization. If not passed through quickly, margin improvement may be slower than guided.
low · data_observationManagement noted that high penalties on existing GAs make M&A unattractive, limiting inorganic growth opportunities despite interest from potential acquirers.
low · management_commentaryWe 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.
Our long-term guidance remains that 7 to 8 is our target range.
We will be exiting the quarter at 10 million that we are confident.
