Power Grid of India (POWERGRID) Q3 25/26 earnings summary

Executive summary

• Gross fixed assets surpassed INR 3 trillion, reinforcing the position as a leading global and national transmission utility.

• Project execution and performance improved year-over-year, overcoming prior commissioning challenges and supporting growth visibility.

• Major focus on renewable integration, grid automation, and international expansion, including a PPP project in Kenya with Africa50.

• Strategic entry into Battery Energy Storage Systems with a 150 MW/300 MWh project win.

• Achieved 50% renewable power consumption target ahead of 2025, supporting ESG commitments.

Financial highlights

• Consolidated total income for nine months reached INR 35,714 crore, up 2% year-over-year; EBITDA at INR 29,846 crore; PAT at INR 11,382 crore.

• Q3 FY26 consolidated income was INR 12,599 crore; net profit after tax was INR 4,185 crore.

• Debt-equity ratio maintained at 59:41; net worth at INR 98,906 crore as of Dec 31, 2025.

• Billing realization rate at 103% of billing; trade receivable days at a record low of 24.65.

• CapEx for nine months at INR 26,761 crore, surpassing annual target; capitalization at INR 12,915 crore.

Outlook and guidance

• FY26 CapEx guidance raised to INR 32,000 crore; FY27 and FY28 CapEx projected at INR 37,000 crore and INR 45,000 crore.

• Capitalization guidance: INR 22,000 crore for FY26, INR 30,000 crore for FY27, INR 35,000 crore for FY28.

• Pipeline includes INR 1,95,000 crore worth of projects to be commissioned in next 3-4 years; works in hand at INR 1,45,513 crore as of Jan 30, 2026.

• Aggressive participation in battery energy storage and international projects, especially in Africa.

• Positioned to benefit from India's energy transition, with demand drivers including EVs, green hydrogen, and data centers.