Shri Burra Vamsi Rama Mohan, Chairman & Managing Director
Shri G. Ravisankar, Director (Finance) & CFO
Dr. Yatindra Dwivedi, Director (Personnel)
Shri Naveen Srivastava, Director (Operations)
Shri Satyaprakash Dash, Company Secretary & Compliance Officer
Financial Performance Highlights (FY26)
Total Income: Stood at ₹47,684 crore (vs. ₹47,459 crore in FY25). The marginal increase was achieved despite a natural downward trajectory in RTM (Regulated Tariff Mechanism) project revenues.
Profit After Tax (Consolidated): ₹15,928 crore, a 3% year-on-year (YoY) increase.
Profit After Tax (Standalone): ₹15,921 crore, a 4% YoY increase.
HVDC Systems: 11 projects running, providing 101 GW of inter-regional capacity out of a national total of 120 GW.
System Availability: 99.84%.
Subsidiaries: 64 subsidiaries.
Market Capitalization: ₹2.75 lakh crore.
Shareholding: Government of India holds 51.34%; balance held by FIIs and DIIs.
Capital Expenditure (CapEx) & Capitalization
FY26 CapEx: Guidance was initially ₹28,000 crore, revised to ₹35,000 crore, and actual achievement was nearly ₹40,000 crore.
FY26 Capitalization: Guidance was ₹25,000 crore; actual achievement was ₹28,206 crore.
FY27 Guidance: Initial CapEx guidance is ₹37,000 crore. Initial capitalization guidance is ₹30,000 crore.
FY28 Outlook: CapEx is expected to be in the range of ₹40,000-45,000 crore, with capitalization following suit.
Project Execution & Additions (FY26)
Transmission Lines Added: 4,765 ckm.
Transformation Capacity Added: 72,055 MVA (equivalent to one 500 MVA substation every 2.5 days).
Key Projects Commissioned: Bhadla-Sikar, Ahmedabad-Lakadia, Ahmedabad-Navsari (evacuating green power from Khavda to Mumbai).
New Substations Commissioned: Bhadla, Ramgarh, Dausa (in record 8 months), Bikaner-3, KPS-2, KPS-3 (Khavda projects), Ahmedabad new substation, Narela (Delhi), Ananthapuram (Andhra Pradesh).
Technology & Innovation
Commissioned the world's first 765 kV digital substation.
Deployed insulated cross-arms on 400 kV towers to reduce right-of-way requirements and environmental footprint.
Indigenously developed and deployed a 220 kV mobile GIS (Gas Insulated Substation) for rapid deployment and grid resilience. 132 kV and 400 kV mobile GIS versions are expected within the current calendar year.
Commissioned Asia's first transformer using synthetic ester oil (biodegradable, fire-safe with a fire point >300°C, lower environmental impact).
Utilized AI-based defect detection on towers and drone-based patrolling.
Implemented condition monitoring for major equipment like transformers and reactors.
Telecom Business: Revenue grew to ₹1,195 crore (from ₹1,128 crore). Provided the highest 400G interface in the country and delivered the first international long-distance telecom link to Bhutan.
Data Centre: A pilot 1000-rack data centre at Manesar is expected to be visible within the next quarter.
Consultancy Business: Revenue grew significantly to ₹1,755 crore (from ₹799 crore in FY25). Has 39 domestic orders and a footprint in 25 countries internationally.
Order Pipeline & Market Opportunity
Projects in Hand: ₹1.7 lakh crore worth of projects. This comprises:
TBCB projects: ₹1.37 lakh crore (81% of pipeline)
RTM projects: ₹28,000 crore
Other businesses: ₹4,200 crore
(Note: The Pang-Kaithal HVDC project, under government review, is not included in this figure)
Pipeline Under Bidding: ₹1.1 lakh crore worth of projects.
Under bidding: ₹1.05 lakh crore (interstate and intrastate)
To be floated (primarily intrastate): ₹5,270 crore
Key Projects in Pipeline: Rajasthan Barmer Complex Phase 4, Vizag Green Hydrogen, Jam Khambhaliya, Krishnagiri, Lakadia, ERWR Inter-Regional Network, Nawada-Durgapur system.
Long-Term Sector Opportunity:
Government's anchor program for 900+ GW by 2036: Potential ₹7.9 lakh crore opportunity.
76 GW hydro potential in Brahmaputra basin: Potential ₹6.4 lakh crore opportunity in two phases.
New demand centres (data centres, green hydrogen): Requiring 71 GW of power transport.
HVDC Pipeline: 22 HVDC schemes in various stages of bidding and planning, with a combined capacity of 127 GW.
Subsidiary Rationalization
The company has 80+ Special Purpose Vehicles (SPVs) primarily due to the TBCB bidding structure.
To create a leaner structure, 17 SPVs have been merged into 2 other SPVs.
A process to merge another 28 SPVs into 2 other SPVs is underway and expected to materialize shortly.
Collections & Receivables
Collections: ₹40,684 crore realized in FY26 (against ₹40,201 crore).
Outstanding: Reduced to ₹2,905 crore as of FY26 (from ₹4,795 crore in FY24). Outstanding receivables over 45 days have also reduced significantly.
International Expansion
Kenya Project: First international transmission PPP model with a project cost of ~$300 million. The SPV is named Mwanga Transmission Company.
Future Expansion: Discussions are ongoing with Uganda, Zimbabwe, Mozambique, and other countries for similar projects, in partnership with Africa50.
Global Interconnection: Intercontinental cross-border links with India-Sri Lanka, India-Maldives, India-Myanmar, India-UAE, India-Saudi Arabia, and India-Singapore are being discussed.
ESG (Environmental, Social, and Governance)
2025 Target Achieved: 50% of electricity consumption is from renewable energy sources.
Water Positive: 55% towards the 2030 goal of being net water positive.
Zero Waste to Landfill: Nearly 90% achieved towards the goal.
Net Zero Emission: Target is 2047; company is confident of achieving it sooner.
ESG Rating: NSE ESG score of 70.
Diversity: Nine substations are largely manned by women.
Corporate Social Responsibility (CSR)
CSR spend was ₹351 crore.
Focus areas: Health & Nutrition, PM Internship, Skill Development & Employability, Rural Development, Environmental Sustainability, Education, and Women Empowerment.
Awards & Recognitions
SCOPE Eminence Award.
Ranked first in International Transmission Asset Management.
People's L&D Excellence Award for using AI in learning.
Green World Award for climate change initiatives.
Ranked first in CSR category by ICC.
Best Organization for Women conferred by Economic Times.
Q&A Session Key Points
EBITDA Decline in Q4: Attributed to the natural tariff trajectory dip of older RTM assets after completing 12 years of life. New TBCB projects are accounted for under the BOOT method using a financial lease model.
BESS Strategy: Pursuing opportunities through two routes: 1) VGF-based state tenders (e.g., Kalikiri project) and 2) Section 62 regulated tariff route following a recent CERC amendment allowing transmission developers to build integrated storage systems. The company has submitted proposals for the Northern and Western regions.
Right-of-Way (RoW): A perennial challenge. New government guidelines mandate market rate determination using independent valuers to expedite acquisitions and mitigate disputes. Payments are 200% of the tower area and 30-60% of the corridor area based on urbanization.
Intra-State TBCB: Acknowledged as an emerging opportunity with different risks. The company expects the PRAAPTI portal mechanism to eventually extend to intra-state projects for payment security.
Project Cost (NCT vs Actual): The notified cost (NCT) is a pre-bid estimate. The actual project cost is known only post-completion. The company factors in risks and relies on Change in Law provisions in the Transmission Service Agreement for unforeseen cost escalations.
Equity IRR: Management reaffirmed its focus on an 11-13% equity IRR threshold for TBCB projects, stating that efficiencies in execution and operation can potentially lead to better returns.
CapEx Phasing: Stated that project commissioning is not guided by financial years but by project timelines, which can be affected by seasons, supply chain issues, and RoW. Phasing is expected to be even across quarters, and the Q4 FY26 concentration was coincidental.
Tax Regime: The company is migrating to the new tax regime. A one-time re-measurement of deferred tax liabilities was completed in FY26; no further significant impacts are expected.
Transformer Supply: Domestic manufacturing capacity is ~300 GVA against demand of 400+ GVA. Challenges are being mitigated through OEM capacity expansion, bulk procurement, and increased project timelines (from 18 to 26-30+ months).
Discom Health: Expressed that any government measures (like proposed fixed charge increases) leading to healthier Discoms would be positive for the company's receivables.
Forward-Looking Statements & Disclaimer
The annual accounts for FY25-26 are yet to be approved by the shareholders.
CapEx and capitalization guidance for FY27 and FY28 are initial estimates and subject to revision based on project flow and execution.
The massive transmission sector opportunity is contingent on materialization of generation and load centers.
