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.
Read Powergrid analysis →Shera Energy delivered a strong 9M FY26 with consolidated revenue up 30% YoY to ₹1,182 Cr, EBITDA up 55% to ₹66 Cr, and PAT up 57% to ₹25 Cr.
Read Shera Energy 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.
Shera Energy delivered a strong 9M FY26 with consolidated revenue up 30% YoY to ₹1,182 Cr, EBITDA up 55% to ₹66 Cr, and PAT up 57% to ₹25 Cr. EBITDA margin expanded ~89 bps to 5.61% driven by better product mix and operating leverage. Volume growth of 12% YoY to 20,402 MT and higher metal prices supported top line. The key catalyst is the Zambia copper cathode facility, which commenced trial production (8.6 MT in Jan) and is expected to stabilize by Q1 FY27, targeting 15%+ EBITDA margins from that segment. Management guided for 40-60% revenue growth in FY27 backed by new forward integration capex (CTC conductors, solar cables) and backward integration. Risks include execution delays in Zambia ramp-up and potential equity dilution for the ₹300-500 Cr capex plan.
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.
Volume grew from 17,709 MT in 9M FY25, driven by higher capacity utilization.
Improved from 73.65% in FY25 full year, indicating better asset utilization.
First phase targeting 1,200 MT annual capacity; trial production of 8.6 MT completed.
EPS grew from ₹5.36 in 9M FY25, reflecting strong profit 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 capexManagement expects standalone revenue to grow 40-60% in FY27, driven by new capex in forward integration and Zambia operations.
Management guidance revenueOnce commercial production stabilizes, the Zambia copper cathode facility is expected to deliver EBITDA margins above 15%.
Management guidance marginsManagement expects consolidated revenue to double within two years, implying a CAGR of ~41%.
Management guidance growthPlanned capital investment to scale Zambia capacity from 1,200 MTPA to 5,000 MTPA over the next few years.
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_commentaryTrial production faced recovery issues; management expects stabilization by Q1 FY27 but further delays could impact margin guidance.
high · management_commentaryManagement plans to raise equity for the ₹300-500 Cr capex, which could dilute EPS for existing shareholders.
medium · analyst_questionConsolidated revenue remained flat QoQ at ~₹390 Cr despite higher metal prices, indicating volume decline of ~3%.
medium · data_observationInventory holding of ~60 days and three-metal operations keep working capital high; management does not plan reduction.
low · analyst_questionWe 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.
I expect a sizable growth in the company but I shall not be in position to comment you approximate figures.
I am least interested in what my peer industries are doing. I am rather more interested what my machines are capable of.
