Power Grid of India (POWERGRID) Q2 25/26 earnings summary

Executive summary

• India's flagship power transmission utility with 51.34% government ownership, 74 subsidiaries, and the world's largest 765 kV network, maintaining 'Excellent' MOU rating since 1993-94 and consistent dividend payments.

• Recognized for innovation, asset management, and engineering leadership, with major advancements in indigenous technology and operational excellence.

• Maintains strong governance, AAA domestic ratings, and stable international credit ratings.

• Multiple awards for HR, CSR, and operational excellence.

• Unaudited standalone and consolidated financial results for H1 FY26 approved, with interim dividend of ₹4.50 per share declared.

Financial highlights

• H1 FY26 consolidated total income: ₹23,115 crore; EBITDA: ₹19,109 crore; PAT: ₹7,197 crore; net worth: ₹98,932 crore.

• Gross fixed assets: ₹2,95,148 crore; debt: ₹1,35,000 crore; debt/equity: 58:42.

• EPS: ₹7.74; book value per share: ₹106.37; return on net worth: 7.27%.

• Q2 FY26 consolidated income declined 1% YoY; EBITDA and PAT down 5% and 4% YoY respectively.

• Commercial realization at 102% of billing; outstanding dues reduced to ₹2,899 crore.

Outlook and guidance

• CapEx guidance: FY25-26 at ₹28,000 crore, FY27 at ₹35,000 crore, FY28 at ₹45,000 crore.

• Capitalization target: ₹20,000 crore for FY26, ₹25,000-26,000 crore for FY27, ₹28,000 crore for FY28.

• Large pipeline of projects in hand worth ₹1,52,287 crore, with significant opportunities in Brahmaputra basin and national grid expansion.

• Strategic focus on green energy, energy storage, and global grid integration; major transmission expansion planned.

• Transmission income recognized as per CERC Tariff Regulations 2024 for the block period 2024-29.