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Power Grid Corporation — Q2 FY26
PowerGrid reported H1 FY26 total income of INR 23,115 crore, EBITDA of INR 19,109 crore, and PAT of INR 7,197 crore.
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PowerGrid reported H1 FY26 total income of INR 23,115 crore, EBITDA of INR 19,109 crore, and PAT of INR 7,197 crore. Revenue growth was muted due to the transition from RTM to TBCB projects, where tariff recognition differs, and the impact of aging assets where depreciation and interest costs decline. Management maintained its FY26 capitalization guidance of INR 20,000 crore, despite ROW challenges, and guided for CapEx of INR 28,000-30,000 crore in FY26, INR 35,000 crore in FY27, and INR 45,000 crore in FY28. The Leh-Ladakh project is being reconsidered as an AC line at an estimated cost of INR 30,000 crore. Key risks include persistent ROW delays and potential slowdown in TBCB awarding. The company remains confident in its execution capability and long-term demand drivers from renewable energy and grid modernization.
पावरग्रिड ने पहली छमाही (अप्रैल-सितंबर) में कुल कमाई 23,115 करोड़ रुपये, परिचालन लाभ (EBITDA) 19,109 करोड़ रुपये और शुद्ध लाभ (PAT) 7,197 करोड़ रुपये दर्ज किया। कमाई में बढ़ोतरी कम रही क्योंकि कंपनी पुराने तरीके (RTM) से नए प्रोजेक्ट मॉडल (TBCB) पर आ रही है, जिसमें कमाई पहचानने का तरीका अलग है। साथ ही पुराने संपत्तियों पर घिसावट और ब्याज खर्च घटने का भी असर पड़ा। प्रबंधन ने इस साल 20,000 करोड़ रुपये के पूंजीकरण लक्ष्य को बरकरार रखा है। आने वाले सालों में खर्च योजना: 2026 में 28,000-30,000 करोड़, 2027 में 35,000 करोड़ और 2028 में 45,000 करोड़ रुपये है। लेह-लद्दाख प्रोजेक्ट को अब एसी लाइन से बनाने पर विचार हो रहा है, जिसकी लागत करीब 30,000 करोड़ रुपये आएगी। मुख्य जोखिम हैं जमीन अधिग्रहण में देरी और नए प्रोजेक्ट देने में सुस्ती। कंपनी को अपनी क्षमता और नवीकरणीय ऊर्जा से बढ़ती मांग पर भरोसा है।
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Right-of-Way (ROW) Delays Impacting Capitalization
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Capitalization (H1 FY26)
INR 4,587 crore
+14.5% YoY
Capitalization in first half of FY26 was INR 4,587 crore, up from INR 4,006 crore in H1 FY25.
CapEx (H1 FY26)
INR 15,385 crore
+53.8% YoY
CapEx in H1 FY26 was INR 15,385 crore, significantly higher than INR 10,002 crore in H1 FY25.
Transmission System Availability
99.83%
+8bps YoY
System availability remained above the incentive threshold of 99.75%, at 99.83%.
Works in Hand
INR 152,287 crore
N/A
Total projects in hand stood at INR 152,287 crore, with INR 102,992 crore from TBCB projects.
What Changed vs Last Quarter
NEW
Leh-Ladakh Project Replaced by AC Line at INR 30,000 Crore
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.
UPDATED
FY26 Capitalization Target of INR 20,000 Crore
Management reiterated its target to capitalize INR 20,000 crore worth of projects by March 2026, despite ROW challenges.
UPDATED
FY26 CapEx Guidance of INR 28,000-30,000 Crore
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.
UPDATED
FY27 CapEx of INR 35,000 Crore and FY28 CapEx of INR 45,000 Crore
Management guided for CapEx of INR 35,000 crore in FY27 and INR 45,000 crore in FY28, driven by the strong pipeline.
DROPPED
50% electricity consumption from renewables by December 2025
PowerGrid targets to source half of its electricity needs from renewable sources by end of 2025.
NEW RISK
Right-of-Way (ROW) Delays Impacting Capitalization
ROW challenges from landowners have delayed project execution, though new government guidelines are expected to ease the process.
NEW RISK
Slowdown in TBCB Tendering
TBCB tendering has slowed down due to approval processes, which could impact future order inflows.
NEW RISK
Equipment Supply Constraints
Shortage of transformers, GIS, and HVDC equipment with long lead times could affect project timelines.
NEW RISK
Revenue Impact from Aging Assets
As assets complete 12 years, depreciation and interest costs decline, reducing revenue by ~9% of project cost, which may pressure reported growth.
RISK GONE
Right-of-way challenges persist
ROW issues remain a significant bottleneck for transmission line commissioning, especially in Delhi and Haryana, despite new compensation guidelines.
RISK GONE
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.
RISK GONE
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.
RISK GONE
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.
Fast read
Guidance and risk preview
Management reiterated its target to capitalize INR 20,000 crore worth of projects by March 2026, despite ROW challenges.
ROW challenges from landowners have delayed project execution, though new government guidelines are expected to ease the process.
View Risks →