Powergrid Management Guidance Tracker

43 forward-looking guidance items tracked across 11 quarters.

Expansion

Q1 FY24Set up 3,000 EV charging pointsTracked

Target to install 3,000 charging points across strategic locations in the near future, up from 141 currently.

Q1 FY24Commission phase 1 of biogas plant in FY24Active

One of India's largest biogas plants in Uttar Pradesh will commission phase 1 in FY24.

Q2 FY24Leh-Ladakh project award by Q4 FY25 or Q1 FY26Tracked

FEED studies ongoing; award expected in late FY25 or early FY26.

Q4 FY24Intrastate JV pipeline of INR 10,000 crore from RajasthanActive

JV with RVPN targets INR 10,000 crore of intrastate transmission projects over 3-4 years, with INR 1,500-2,000 crore in next 2-3 months.

Q1 FY25Data center Phase I commissioning in Q4 FY25Active

The 1,000-rack data center at Manesar is expected to be commercially available by Q4 FY25, with Phase II of INR 2,000 crore planned.

Q2 FY26Leh-Ladakh Project Replaced by AC Line at INR 30,000 CroreTracked

The Leh-Ladakh HVDC project is being reconsidered as an AC transmission line with an estimated cost of INR 30,000 crore, targeting commissioning by 2029.

Growth

Q1 FY24Accelerate CNG station rollout in ODO/DODO formatTracked

Focus on adding more CNG stations in ODO and DODO formats to expand network rapidly.

Q2 FY24FY25 capitalization target of INR 17,000 croreTracked

Capitalization expected to rise to ~INR 17,000 crore in FY25 from INR 10,000 crore in FY24.

Q4 FY24Capitalization target of INR 15,000-16,000 crore in FY25Tracked

Capitalization is expected to double from INR 7,638 crore in FY24 to around INR 15,000-16,000 crore in FY25.

Q1 FY25Capitalization target of INR 18,000 crore in FY25Tracked

Target to commission projects worth INR 18,000 crore in FY25, with INR 25,000-30,000 crore expected in each of FY26 and FY27.

Q1 FY25Bidding pipeline of INR 100,000+ croreTracked

Over INR 100,000 crore of transmission projects are in the pipeline, with 70-80% expected to be awarded in FY25.

Q2 FY25Capitalization to reach INR 35,000-40,000 crore in 2-3 yearsTracked

Capitalization is expected to ramp up to INR 35,000-40,000 crore per annum as projects are commissioned.

Q2 FY25Target win rate of ~50% in TBCB projectsTracked

Management expects to win about 50% of upcoming TBCB projects, translating to INR 192,000 crore additional orders by 2032.

Q4 FY25Capitalization of INR 23,000-25,000 crore in FY26Tracked

Management expects capitalization of INR 23,000-25,000 crore in FY26, up from INR 9,014 crore in FY25.

Q1 FY26FY26 capitalization target of INR 22,000 croreActive

The company expects to commission projects worth INR 22,000 crore in FY26, with quarterly targets of INR 3,000 cr (Q2), INR 7,000 cr (Q3), and INR 8,000 cr (Q4).

Capex

Q2 FY24FY24 CapEx target raised to ~INR 10,000 croreActive

Management increased CapEx guidance from INR 8,800 crore to ~INR 10,000 crore, split equally between RTM and TBCB projects.

Q2 FY24FY25 CapEx target of INR 12,500-15,000 croreTracked

Initial CapEx target for FY25 is INR 12,500 crore, with potential upside from HVDC projects.

Q3 FY24CAPEX of INR 15,000 crore+ in FY25Tracked

Management guided for CAPEX exceeding INR 15,000 crore in FY25, driven by execution of existing order book.

Q3 FY24CAPEX of INR 20,000 crore+ in FY26Tracked

CAPEX expected to rise further to over INR 20,000 crore in FY26, supported by large project pipeline.

Q3 FY24Capitalization of INR 16,000-17,000 crore in FY25Tracked

Capitalization is expected to be around INR 16,000-17,000 crore in FY25, up from ~INR 8,500 crore in FY24.

Q4 FY24FY25 CapEx target of INR 17,000 croreTracked

Management guided CapEx of ~INR 17,000 crore for FY25, up from INR 12,500 crore in FY24, with potential to exceed.

Q1 FY25FY25 CapEx raised to INR 18,000 croreActive

Management increased CapEx guidance from INR 15,000 crore to INR 18,000 crore due to new project wins requiring spending this fiscal.

Q2 FY25CapEx target of INR 18,000 crore for FY25, likely to exceed INR 20,000 croreActive

Management expects CapEx to be at least INR 18,000 crore this fiscal, with potential to exceed INR 20,000 crore.

Q2 FY25CapEx of INR 25,000-30,000 crore in FY26Tracked

Next fiscal CapEx is guided to be between INR 25,000 and INR 30,000 crore.

Q3 FY25FY25 CapEx target of INR 23,000 croreActive

Management reiterated the FY25 CapEx plan of INR 23,000 crore, with INR 19,480 crore already spent by January 31, 2025.

Q3 FY25FY25 capitalization target of INR 18,000 croreActive

Capitalization target for FY25 is INR 18,000 crore, with INR 7,906 crore achieved by January 31, 2025. Management expects to commission ~INR 10,000 crore in the remaining 45-50 days.

Q3 FY25FY26 CapEx guidance of INR 28,000-30,000 croreTracked

For FY26, CapEx is expected to be in the range of INR 28,000-30,000 crore, driven by the strong project pipeline.

Q3 FY25FY27 CapEx guidance of INR 35,000 croreTracked

For FY27, CapEx is expected to be around INR 35,000 crore, with potential upside from additional HVDC projects.

Q4 FY25CapEx of INR 28,000 crore for FY26Tracked

Management guided CapEx of INR 28,000 crore for FY26, with potential to increase to INR 30,000 crore based on project wins.

Q4 FY25CapEx of INR 35,000 crore for FY27 and INR 45,000 crore for FY28Tracked

Management provided CapEx targets of INR 35,000 crore for FY27 and INR 45,000 crore for FY28.

Q1 FY26FY26 Capex target of INR 28,000 croreActive

Management reiterated the full-year capex plan of INR 28,000 crore, with Q1 already achieving INR 6,981 crore.

Q1 FY26FY27 Capex plan of INR 35,000 crore and FY28 of INR 45,000 croreTracked

Management provided a multi-year capex outlook, indicating a ramp-up in spending as the project pipeline materializes.

Q2 FY26FY26 Capitalization Target of INR 20,000 CroreTracked

Management reiterated its target to capitalize INR 20,000 crore worth of projects by March 2026, despite ROW challenges.

Q2 FY26FY26 CapEx Guidance of INR 28,000-30,000 CroreTracked

CapEx for FY26 is expected to be between INR 28,000 crore and INR 30,000 crore, with H1 already at INR 15,385 crore.

Q2 FY26FY27 CapEx of INR 35,000 Crore and FY28 CapEx of INR 45,000 CroreTracked

Management guided for CapEx of INR 35,000 crore in FY27 and INR 45,000 crore in FY28, driven by the strong pipeline.

Q3 FY26FY26 CapEx raised to INR 32,000 croreActive

Management increased FY26 CapEx guidance from INR 28,000 crore to INR 32,000 crore, citing strong execution momentum.

Q3 FY26FY26 Capitalization raised to INR 22,000 croreActive

Capitalization guidance increased from INR 20,000 crore to INR 22,000 crore, with 9M already at INR 12,915 crore.

Q3 FY26FY27 CapEx of INR 37,000 crore and FY28 CapEx of INR 45,000 croreTracked

Management provided multi-year CapEx guidance, reflecting strong pipeline of TBCB and HVDC projects.

Q3 FY26FY27 Capitalization of INR 30,000 crore and FY28 of INR 35,000 croreTracked

Capitalization trajectory aligns with project commissioning timelines, with HVDC spending peaking in FY27-28.

Other

Q3 FY24Dividend payout maintained at current levelTracked

Management confirmed no reduction in dividend payout, with asset monetization through securitization to fund equity requirements.

Q4 FY24Dividend payout to remain healthyTracked

Management expects no reduction in dividend despite higher CapEx, citing sufficient cash flows from profits.

Q4 FY25Dividend payout may reduce furtherActive

Management indicated dividend per share could reduce from INR 9 in FY25 due to higher CapEx requirements.

Ai Strategy

Q1 FY2650% electricity consumption from renewables by December 2025Active

PowerGrid targets to source half of its electricity needs from renewable sources by end of 2025.