Power Grid of India (POWERGRID) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 consolidated income was ₹11,444 crore, EBITDA ₹9,527 crore, and PAT ₹3,631 crore; net worth at ₹96,482 crore and gross fixed assets at ₹2,92,446 crore.

• Operates 84% of India's inter-regional power transmission network with 99.84% system availability and 1,80,000 circuit km of lines.

• Board approved unaudited Q1 FY26 results, new JV participations, sale and winding up of JV stakes, and appointment of new auditors.

• Focus on grid expansion, mechanization, digitalization, and recognized for ESG, sustainability, and industry accolades.

• Major project execution milestones include rapid commissioning of critical substations and early completion of key transmission lines.

Financial highlights

• Standalone Q1 FY26 income was ₹11,257 crore, EBITDA ₹9,623 crore, and PAT ₹3,653 crore; consolidated PAT declined 2% YoY due to higher CSR and JV losses.

• Standalone EPS for Q1 was ₹3.93; consolidated EPS ₹3.90; book value per share at ₹103.74.

• Billing for Q1 was ₹8,434 crore, realization ₹8,671 crore, and outstanding reduced to ₹3,151 crore from ₹5,548 crore YoY.

• Standalone operating margin at 97%, net profit margin at 37%; consolidated operating margin at 85%, net profit margin at 32%.

• Commercial realization rate at 102.8% for Q1 FY26; major outstanding dues from select states.

Outlook and guidance

• Capex plan for FY26 is ₹28,000 crore, with ₹22,000 crore targeted for commissioning; FY27 and FY28 Capex plans are ₹35,000 crore and ₹45,000 crore.

• Enhanced borrowing limit to ₹25,000 crore for FY26 and approval to raise up to ₹30,000 crore in FY27 via bonds and other instruments.

• Pipeline includes ₹1,48,644 crore of projects in hand, with significant opportunities in green hydrogen, BESS, and international projects.

• Targeting 50% electricity consumption from renewable energy by December 2025 and Net Zero by 2047.

• Growth drivers include India's $10T economy target, clean energy, storage expansion, and global grid integration.