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Power Grid Corporation — Q1 FY26
PowerGrid reported Q1 FY26 consolidated total income of INR 11,444 crore, EBITDA of INR 9,527 crore, and PAT of INR 3,631 crore.
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PowerGrid reported Q1 FY26 consolidated total income of INR 11,444 crore, EBITDA of INR 9,527 crore, and PAT of INR 3,631 crore. PAT declined ~2% YoY due to higher CSR spend (INR 70 crore) and JV losses. Standalone PAT grew 7% YoY to INR 3,653 crore. Capex in Q1 was INR 6,981 crore, up 51% YoY, with a full-year target of INR 28,000 crore. The company has a strong order book of INR 148,000 crore (NCT cost) and expects INR 22,000 crore capitalization in FY26. Management highlighted robust demand from India's 500 GW renewable target, with INR 5.5-6 lakh crore of transmission projects yet to be awarded. Key risks include right-of-way challenges and supply chain inflation for transformers and GIS equipment.
पावरग्रिड ने पहली तिमाही में कुल कमाई 11,444 करोड़ रुपये दर्ज की। कंपनी का मुनाफा 3,631 करोड़ रुपये रहा, जो पिछले साल से 2% कम है। इसकी वजह सामाजिक जिम्मेदारी पर 70 करोड़ रुपये का अतिरिक्त खर्च और संयुक्त उद्यमों में घाटा है। अकेले कंपनी का मुनाफा 7% बढ़कर 3,653 करोड़ रुपये हो गया। कंपनी ने इस तिमाही में 6,981 करोड़ रुपये का निवेश किया, जो पिछले साल से 51% अधिक है। पूरे साल 28,000 करोड़ रुपये निवेश का लक्ष्य है। कंपनी के पास 1,48,000 करोड़ रुपये के ऑर्डर हैं। भारत के 500 गीगावॉट नवीकरणीय ऊर्जा लक्ष्य से बिजली ट्रांसमिशन की मांग बढ़ रही है। अभी 5.5-6 लाख करोड़ रुपये के प्रोजेक्ट बाकी हैं। मुख्य चुनौतियां जमीन अधिग्रहण और ट्रांसफॉर्मर व उपकरणों की बढ़ती कीमतें हैं।
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Right-of-way challenges persist
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Capex Q1 FY26
INR 6,981 crore
+51% YoY
Capital expenditure in Q1 FY26 increased from INR 4,615 crore in Q1 FY25.
Order Book (NCT cost)
INR 148,000 crore
N/A
Projects in hand include TBCB (INR 99,000 cr), RTM (INR 9,000 cr), new RTM (INR 37,000 cr), and others.
System Availability
99.84%
+2bps YoY
Transmission system availability remains world-class, improving from 99.82% last year.
Outstanding Receivables
INR 3,151 crore
-43% YoY
Receivables reduced significantly from INR 5,548 crore in Q1 FY25, indicating improved collections.
What Changed vs Last Quarter
NEW
50% electricity consumption from renewables by December 2025
PowerGrid targets to source half of its electricity needs from renewable sources by end of 2025.
UPDATED
FY26 Capex target of INR 28,000 crore
Management reiterated the full-year capex plan of INR 28,000 crore, with Q1 already achieving INR 6,981 crore.
UPDATED
FY26 capitalization target of INR 22,000 crore
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).
UPDATED
FY27 Capex plan of INR 35,000 crore and FY28 of INR 45,000 crore
Management provided a multi-year capex outlook, indicating a ramp-up in spending as the project pipeline materializes.
DROPPED
Dividend payout may reduce further
Management indicated dividend per share could reduce from INR 9 in FY25 due to higher CapEx requirements.
NEW RISK
Right-of-way challenges persist
ROW issues remain a significant bottleneck for transmission line commissioning, especially in Delhi and Haryana, despite new compensation guidelines.
NEW RISK
Supply chain inflation for key equipment
Transformer costs have doubled in seven years, and GIS bay costs have risen from INR 6 crore to INR 14-15 crore, impacting project costs.
NEW RISK
Leh HVDC project technology risk
The Leh HVDC project faces delays due to technology challenges at high altitude; an alternative AC solution may be costlier and unproven in India.
NEW RISK
Consolidated PAT decline due to JV losses
Consolidated PAT fell ~2% YoY partly due to INR 70 crore loss from joint venture ESL, which management did not elaborate on further.
RISK GONE
ROW-related project delays
ROW compensation policy changes and state-level adoption delays caused commissioning slippages in FY25; may persist.
RISK GONE
Lower TBCB pipeline in FY26
Current TBCB pipeline is only INR 45,000-46,000 crore, significantly lower than INR 92,000 crore won in FY25, which could slow order book growth.
RISK GONE
ROE compression from higher equity base
ROE dipped ~100bps YoY as net worth grew faster than profits; further dilution possible if CapEx ramp-up requires equity.
RISK GONE
RE demand slowdown impacting transmission needs
Weak power demand and delayed PPAs for RE projects could reduce urgency for new transmission lines, affecting long-term pipeline.
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Guidance and risk preview
Management reiterated the full-year capex plan of INR 28,000 crore, with Q1 already achieving INR 6,981 crore.
ROW issues remain a significant bottleneck for transmission line commissioning, especially in Delhi and Haryana, despite new compensation guidelines.
View Risks →