Promises
2 promises
Promise Tracker
0 delivered, 0 close, 2 missed.
View Promises →
Power Grid Corporation — Q4 FY25
Power Grid reported a strong Q4 FY25 with consolidated revenue of INR 12,591 crore and PAT of INR 4,143 crore.
bullish
high
✓ Verified against BSE filing
2-Minute Summary
✦ AI-Generated from Full Transcript
Power Grid reported a strong Q4 FY25 with consolidated revenue of INR 12,591 crore and PAT of INR 4,143 crore. For FY25, consolidated revenue was INR 47,459 crore (flat YoY) and PAT was INR 15,521 crore. The company achieved a record INR 26,255 crore CapEx and won INR 92,000 crore in TBCB projects, capturing ~57% market share. Operational excellence continued with system availability at 99.82% and telecom revenue crossing INR 1,000 crore for the first time. Management guided CapEx of INR 28,000 crore for FY26, INR 35,000 crore for FY27, and INR 45,000 crore for FY28, supported by a strong pipeline of INR 1.54 lakh crore works-in-hand. Key risks include ROW-related delays and potential slowdown in RE-driven transmission demand.
पावर ग्रिड ने वित्त वर्ष 2025 की चौथी तिमाही में मजबूत प्रदर्शन किया। कंपनी की कुल आय 12,591 करोड़ रुपये और शुद्ध लाभ 4,143 करोड़ रुपये रहा। पूरे साल की कुल आय 47,459 करोड़ रुपये (पिछले साल के बराबर) और शुद्ध लाभ 15,521 करोड़ रुपये रहा। कंपनी ने रिकॉर्ड 26,255 करोड़ रुपये का निवेश किया और 92,000 करोड़ रुपये के नए प्रोजेक्ट जीते, जिससे बाजार में उसकी हिस्सेदारी 57% रही। बिजली आपूर्ति 99.82% समय उपलब्ध रही और टेलीकॉम से आय पहली बार 1,000 करोड़ रुपये पार कर गई। आने वाले सालों में कंपनी 28,000 करोड़, 35,000 करोड़ और 45,000 करोड़ रुपये का निवेश करेगी। जोखिमों में जमीन अधिग्रहण में देरी और नवीकरणीय ऊर्जा से जुड़ी मांग में कमी शामिल है।
Promises0 met · 2 missedRisks4 trackedTranscriptfull text
Research workspace
Focused Modules
Risks
4 risks
Risk Intelligence
ROW-related project delays
View Risks →
Transcript
Full text
Call Transcript
Full transcript text is available on this route.
Read Transcript →Quarter Snapshot
TBCB Project Wins (FY25)
INR 92,000 crore
+57% market share
Won 24 TBCB projects with 57.34% market share in NCT cost.
System Availability (FY25)
99.82%
+7bps YoY
Maintained above 99.75% incentive threshold, with trippings at 0.27 per line per year.
Telecom Revenue (FY25)
INR 1,128 crore
+24% YoY
First time crossed INR 1,000 crore; added 75 new customers.
CapEx Guidance (FY26)
INR 28,000 crore
+7% YoY
Targeting INR 28,000 crore for FY26, with potential upside to INR 30,000 crore.
What Changed vs Last Quarter
NEW
Dividend payout may reduce further
Management indicated dividend per share could reduce from INR 9 in FY25 due to higher CapEx requirements.
UPDATED
CapEx of INR 28,000 crore for FY26
Management guided CapEx of INR 28,000 crore for FY26, with potential to increase to INR 30,000 crore based on project wins.
UPDATED
CapEx of INR 35,000 crore for FY27 and INR 45,000 crore for FY28
Management provided CapEx targets of INR 35,000 crore for FY27 and INR 45,000 crore for FY28.
UPDATED
Capitalization of INR 23,000-25,000 crore in FY26
Management expects capitalization of INR 23,000-25,000 crore in FY26, up from INR 9,014 crore in FY25.
NEW RISK
ROW-related project delays
ROW compensation policy changes and state-level adoption delays caused commissioning slippages in FY25; may persist.
NEW RISK
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.
NEW RISK
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.
NEW RISK
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.
RISK GONE
Execution delays due to land acquisition and equipment supply
Management acknowledged challenges in land acquisition (ROW issues) and supply of high-voltage transformers and GIS equipment, which could delay project commissioning beyond the typical two-year timeline.
RISK GONE
Impact of CERC tariff true-up on profitability
The CERC tariff true-up impacted Q3 PAT by INR 140 crore, and the nine-month impact is ~INR 440 crore. This regulatory adjustment could continue to weigh on earnings.
RISK GONE
Loss from JV EESL dragging consolidated profits
PowerGrid's 39% stake in EESL resulted in a loss of INR 140 crore in 9M FY25, contributing to the decline in consolidated PAT. Management has stopped further equity infusion.
RISK GONE
Dividend reduction due to rising CapEx requirements
Management reduced the interim dividend per share (from INR 4.5 to INR 3.25) to conserve equity for the growing CapEx pipeline. Further reductions are possible if CapEx continues to rise.
🤫 Topics management stopped discussing
Mentioned in Q1 FY25, Q2 FY24, Q3 FY24
Management acknowledged that transformers, reactors, and GIS are in tight supply, with costs rising 70-80% since 2017-18, potentially delaying projects.
Fast read
Guidance and risk preview
Management guided CapEx of INR 28,000 crore for FY26, with potential to increase to INR 30,000 crore based on project wins.
ROW compensation policy changes and state-level adoption delays caused commissioning slippages in FY25; may persist.
View Risks →