POWERGRID
Large CapPower Grid Corporation of India Limited
Auto
Power Grid Corporation of India Limited is India's largest power transmission utility, managing ~84% of the country's inter-regional capacity. It operates an extensive network of transmission lines and substations, consistently achieving over 99% system availability. The company is a Maharatna CPSE with significant government ownership.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100Rev -5% YoY · margin compression · PAT +10% YoY · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹11,666 Cr | -5.0% | -5.9% |
| EBITDA | ₹5,303 Cr | -48.0% | -50.0% |
| Operating margin | 45.0% | -3800 bps | -4100 bps |
| PAT | ₹4,546 Cr | +9.7% | +8.6% |
| PAT margin | 39.0% | +522 bps | +521 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
POWERGRID reports flat consolidated total income for FY26, with PAT up 3% YoY, driven by strong execution in capacity additions and significant growth in consultancy services. Capex and capitalization targets were exceeded.
POWERGRID continues to demonstrate robust operational performance and execution capabilities, exceeding capex and capitalization targets. The substantial works in hand and bidding pipeline, coupled with strategic drivers like the 900+ GW non-fossil plan and new demand centers, provide strong multi-year visibility. Growth in consultancy and international expansion are positive diversifications, though core transmission charges remained flat.
Works in Hand (as on 31-Mar-2026)
Latest issuer-disclosed distribution across 3 reported categories.
Renewable Energy Evacuation
CEA's 900+ GW Non-Fossil Plan targets ~₹7.9 lakh crore in transmission investments, including 1,37,500 ckm lines and 8,27,600 MVA capacity for ISTS, InSTS, and Green H₂.
Hydro Power Integration
Brahmaputra Basin Hydro potential of ~₹6.4 lakh crore, involving ~76 GW across 12 sub-basins and 42 GW HVDC corridors.
New Demand Centers
Emerging demand from Data Centres and Green Hydrogen projects, with ~71 GW GH2 uplift by 2032, driving ~₹1.9 lakh crore investment till 2035.
International Expansion
First international transmission PPP in Kenya (~$300M) and framework agreement for PPP opportunities in Uganda with Africa50.
Transmission Lines
Added 4,765 ckm of transmission lines in FY26, an increase from 4,054 ckm in FY25.
Transformation Capacity
Commissioned 72,055 MVA of transformation capacity in FY26, significantly up from 32,819 MVA in FY25.
New Substations
Added 9 new substations in FY26, compared to 4 in FY25.
TBCB SPVs Operationalized
8 TBCB SPVs were operationalized during FY26.
Government Infrastructure Push
Strategic drivers like the CEA's 900+ GW Non-Fossil Plan and Brahmaputra Basin Hydro outlook indicate substantial long-term transmission investment.
Emerging Energy Demand
Growth in data centers and green hydrogen projects creates new, significant demand centers for power transmission infrastructure.
Regulatory Support for BESS
CERC notified regulations for Integrated Energy Storage System tariff, supporting the company's maiden BESS project win and future opportunities.
Project Execution Delays
The large pipeline of projects and ongoing SPV rationalization processes carry inherent risks of delays in commissioning and capitalization.
Regulatory Environment
Changes in tariff regulations or policy for transmission projects, including BESS, could impact future revenue and profitability.
Competition in TBCB
While POWERGRID has a strong market share, increasing competition in TBCB projects could impact future order wins and margins.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The investor presentation primarily provides financial and operational data comparing FY26 with FY25, making year-over-year comparison most relevant for assessing annual performance and growth trends.
Transmission Line Additions (ckm)
4,765 ckm added in FY26, up from 4,054 ckm in FY25.
Transformation Capacity Additions (MVA)
72,055 MVA added in FY26, significantly up from 32,819 MVA in FY25.
New Substation Additions
9 new substations commissioned in FY26, up from 4 in FY25.
System Availability
Maintained high system availability at 99.84% in FY26 (FY25: 99.82%).
Exceeded FY26 Targets
Management stated that Capex and Capitalization guidance for FY26 were exceeded, demonstrating strong execution.
Robust Order Visibility
The company has ~₹1.7 lakh crore works in hand and a bidding pipeline of >₹1.1 lakh crore, providing multi-year revenue visibility.
Focus on Diversification
Management is pursuing growth in consultancy, telecom, smart metering, BESS, and international PPP projects to diversify revenue streams.
Commitment to ESG
Committed to achieving Net Water Positive by 2030, Zero Waste to Landfill by 2030, 50% RE electricity by 2025, and Net Zero Emissions by 2047.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| FY27 Capex Guidance | ₹30,000 crore | Achievement against this target, indicating continued execution strength and investment. |
| FY27 Capitalization Guidance | ₹35,000 crore | Progress towards this target, reflecting asset commissioning and revenue generation. |
| Bidding Pipeline Conversion | > ₹1.1 lakh crore | Successful conversion of bidding pipeline into firm orders, especially for large REZ and HVDC projects. |
| International Project Progress | Kenya PPP project underway, Uganda framework signed | Timely execution and financial contribution from international ventures. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
55NeutralSMA20 +6.9% / mo
Technical chart
POWERGRIDdaily · 5Y+6.7%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 38. Wait for confirmation.
- SMA20 falling (~7.8% over last month) — short-term momentum negative.
- RSI(14) at 38 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 12% off 52W high · 14% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Cash flow contributes 6/10 to the score.
- Balance sheet contributes 8/15 to the score.
Main drags
- Fair-value margin of safety is negative at -37.9%.
- Valuation is weaker at 8/30; verify the latest quarterly trend.
- Growth is weaker at 7/25; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 42nd percentile of the scored universe and 28th percentile within Auto. Main check: financial discipline is weak at 50/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Debt/equity is 1.47.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Auto: 28th pctile, median 71 · Large: 22nd pctile, median 74
93 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.1%.
- ▸8 years of positive FCF.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Debt/equity is 1.47.
- ▸ROCE trend is -2.3%.
- ▸OPM spread across recent quarters is 42%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 17.00
- P/B
- 2.69
- EV/EBITDA
- 8.70
- Market Cap
- 270280.00Cr
Profitability
- ROE
- 16.50%
- ROCE
- 9.74%
- ROA
- 5.40%
- Dividend Y
- 3.10%
Growth (CAGR)
- Revenue 5Y
- 3.00%
- EPS 5Y
- 4.00%
- Revenue 3Y
- 1.00%
- EPS 3Y
- 1.00%
Balance Sheet
- Debt/Equity
- 1.47
- Interest Coverage
- 4.15×
- Altman Z
- 1.94
- Book Value
- 108.00
Cash Flow
- FCF Yield
- 2.08%
- FCF Positive Y
- 8/5
- OCF
- 40931.00 Cr
- EPS TTM
- 17.13
Shareholding
- Promoter Hold
- 51.34%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 53%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Auto — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.