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Power Grid Corporation — Q3 FY26
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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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.
पावर ग्रिड ने वित्त वर्ष 2025-26 की तीसरी तिमाही में अच्छा प्रदर्शन किया। कंपनी की कमाई 12,436 करोड़ रुपये रही, जो पिछले साल से 7% ज्यादा है। मुनाफा भी 7% बढ़कर 4,160 करोड़ रुपये हो गया। इसकी वजह प्रोजेक्ट्स का तेजी से पूरा होना और जमीन विवादों का हल होना है। कंपनी ने इस साल खर्च का अनुमान बढ़ाकर 32,000 करोड़ और निवेश को 22,000 करोड़ रुपये किया है। अगले दो सालों में यह और बढ़ेगा। कंपनी के पास 1.95 लाख करोड़ रुपये के ऑर्डर हैं, जिनमें ज्यादातर बिजली ट्रांसमिशन के हैं। भविष्य में हरित ऊर्जा, बैटरी स्टोरेज और अंतरराष्ट्रीय प्रोजेक्ट्स से ग्रोथ होगी। लेकिन ट्रांसफॉर्मर की कमी और कुछ प्रोजेक्ट्स में देरी का जोखिम है।
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Order Book (Works in Hand)
INR 1,95,000 crore
+34% YoY
Includes INR 1,45,513 crore works in hand plus INR 50,000 crore CWIP, to be commissioned in 3-4 years.
CapEx Guidance FY26
INR 32,000 crore
+14% vs earlier guidance
Raised from INR 28,000 crore; driven by renewable evacuation projects and improved execution.
Capitalization Guidance FY26
INR 22,000 crore
+10% vs earlier guidance
Raised from INR 20,000 crore; 9M capitalization was INR 12,915 crore.
Trade Receivable Days
24.65 days
-5 days YoY
Lowest ever; improved from ~30 days, reflecting better realization and billing efficiency.
What Changed vs Last Quarter
UPDATED
FY26 CapEx raised to INR 32,000 crore
Management increased FY26 CapEx guidance from INR 28,000 crore to INR 32,000 crore, citing strong execution momentum.
UPDATED
FY26 Capitalization raised to INR 22,000 crore
Capitalization guidance increased from INR 20,000 crore to INR 22,000 crore, with 9M already at INR 12,915 crore.
UPDATED
FY27 CapEx of INR 37,000 crore and FY28 CapEx of INR 45,000 crore
Management provided multi-year CapEx guidance, reflecting strong pipeline of TBCB and HVDC projects.
UPDATED
FY27 Capitalization of INR 30,000 crore and FY28 of INR 35,000 crore
Capitalization trajectory aligns with project commissioning timelines, with HVDC spending peaking in FY27-28.
DROPPED
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.
NEW RISK
Right-of-way issues persist despite improvements
While new guidelines have helped, ROW remains a challenge in some states; execution depends on timely adoption by local authorities.
NEW RISK
HVDC project award delays
Two major HVDC projects (Barmer II-Srikakulam, Bikaner V-Begunia) may slip beyond FY27, impacting CapEx phasing.
NEW RISK
Intrastate project risks
Intrastate projects (e.g., Maharashtra, Karnataka) involve higher execution risks; management will bid selectively based on risk assessment.
RISK GONE
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.
RISK GONE
Slowdown in TBCB Tendering
TBCB tendering has slowed down due to approval processes, which could impact future order inflows.
RISK GONE
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.
🤫 Topics management stopped discussing
Mentioned in Q1 FY25, Q2 FY26
Shortage of transformers, GIS, and HVDC equipment with long lead times could affect project timelines.
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Guidance and risk preview
Management increased FY26 CapEx guidance from INR 28,000 crore to INR 32,000 crore, citing strong execution momentum.
Domestic transformer capacity (228,000 MVA) is insufficient vs demand (421,000 MVA in FY27), potentially delaying projects unless Chinese component...
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