Power Grid of India (POWERGRID) Q1 26/27 earnings summary

Executive summary

• Gross fixed assets exceeded ₹3.25 lakh crore, with 186,000 circuit kilometers of transmission lines, 634,516 MVA transformation capacity, and 99.80% system availability as of June 30, 2026.

• Government of India holds 51.34% stake; market cap at ₹2.66 lakh crore; FII and DII shareholding at 24.33% and 20.70% respectively.

• Major commissioning in Q1 FY27 included 1,635 circuit kilometers and 10,500 MVA transformation capacity, with key projects in Andhra Pradesh, Rajasthan, and Karnataka.

• Maintains highest domestic credit ratings (AAA) and strong international ratings (BBB/Baa3).

• Board approved major mergers of subsidiaries and in-principle divestment of CTUIL and certain JV stakes.

Financial highlights

• Consolidated Q1 FY27 total income rose to ₹11,697 crore, up from ₹11,444 crore YoY; PAT at ₹3,598 crore, slightly down from ₹3,631 crore YoY.

• EBITDA margin remains robust; consolidated EBITDA at ₹9,581 crore for Q1 FY27.

• Q1 capitalization at ₹5,277 crore, over 3x last quarter's ₹1,683 crore.

• Billing for Q1FY27 at ₹11,404 crore with a realization rate of 104.03%.

• Gross fixed assets (consolidated) at ₹3,25,671 crore as of June 30, 2026.

Outlook and guidance

• CapEx guidance for FY27 set at ₹37,000 crore, with over 10% achieved in Q1; capitalization guidance at ₹30,000 crore.

• Works in hand valued at ~₹1.75 lakh crore; bidding pipeline exceeds ₹1.19 lakh crore.

• Long-term sectoral opportunity estimated at over ₹15 lakh crore, driven by non-fossil and hydro plans.

• Transmission income recognized as per new CERC Tariff Regulations, 2024, with ongoing transition to new tax regime expected to impact deferred tax balances.

• Sector outlook supported by data center growth, green hydrogen, and cross-border transmission opportunities.