Power Grid Q2 FY27 Consolidated PAT Up 8% YoY

Operational and Business Highlights

Company Overview

Power Grid Corporation of India Limited is India's flagship power transmission utility with consolidated gross fixed assets exceeding ₹3.29 lakh crore. The operational network comprises 1,87,576 circuit kilometers of transmission lines (1,606 lines) and 6,49,116 MVA of transformation capacity (293 substations).

System Performance

System availability for H1 FY27 stood at 99.81% (H1 FY26: 99.83%), consistently maintaining levels above the 99.75% threshold required to earn full transmission incentives.
Tripping per line remained unchanged at 0.17 in H1 FY27 compared to H1 FY26.
National Transmission Asset Management Centre (NTAMC) upgradation was completed.
Integrated Indigenous Information Security Operation Centre (I3SOC) was operationalized.

Project Commissioning and Execution

Q2 FY27 Commissioning: The Koppal Gadag Transmission system was commissioned under Tariff Based Competitive Bidding (TBCB).
Capitalisation Guidance: FY27 capitalisation guidance is maintained at ₹25,000-30,000 crore (on consolidated basis, includes assets capitalised as finance lease; excludes FERV).

Technological Advancements

Indigenous 220 kV Mobile GIS Bay: Charged for rapid deployment during emergencies to boost grid resilience and uptime.
SiC-based Power Modules for VSC-HVDC: Collaboration with MeitY and MoP for indigenous design and development of Silicon Carbide (SiC) MOSFET-based power modules for Voltage Source Converter (VSC) HVDC systems. Approximately 13,000 SiC power modules of various voltage classes (3.3 kV, 4.5 kV, 6.5 kV) to be developed and deployed by 2030-31. Pilot project: POWERGRID's 1,000 MW Pusauli Back-to-Back upgradation to VSC-HVDC.
Other Deployments: Insulated Aerial Work Platform (IAWP) deployed for safe maintenance without system outages. Heavy Lift Programmable Drone with 100kg payload capacity developed for material transport to difficult locations.

TBCB Outcomes (H1 FY2027)

The company secured 11 projects through competitive bidding with a total annual tariff of ₹8,107 crore:

9 ISTS Projects: Including Barmer HVDC, Lakadia REZ Phase-II, Jam Khambhaliya Ph-II + Jamnagar (Kalyanpur), Kurnool-V REZ Phase-I, WR–ER network expansion (Part-A), Lakadia/JKZ/Jamnagar common system (Part-C), Green hydrogen hub Kakinada, SynCon at Fatehgarh-II, and Augmentation at Bhadla-III, Ramgarh, Kanpur.
2 InSTS Projects: Humnabad, Karnataka and 765 kV GIS Pune West, Maharashtra.

Order Pipeline and Outlook

Total Order Book: ~₹2.20 lakh crore of transmission works in hand (including CWIP of ₹55,419 crore).
Composition: TBCB projects constitute ₹1.95 lakh crore (89% of total), while RTM (Regulated Tariff Mechanism) projects account for ₹0.25 lakh crore (11%).
Pang Evacuation Scheme: Valued at approximately ₹0.31 lakh crore, being changed to EHVAC scheme of 3.75 GW system (discussed in 44th NCT meeting held on 29 Oct 2026).
Other Businesses: Smart metering (₹2,796 crore), Data centre (₹714 crore), Cross-border (₹275 crore), BESS (₹250 crore), International (₹220 crore).
TBCB Bidding Pipeline: ~₹67,200 crore of projects in the bidding pipeline.

SPV Rationalization

28 Special Purpose Vehicles (SPVs) are to be merged into 2 other SPVs to create a leaner structure and stronger governance.

Financial Performance (Consolidated)

Q2 FY27 Performance

| Transmission charges | 11,191 | 10,736 | 4 |

| Consultancy services | 396 | 492 | (20) |

| Telecom | 229 | 248 | (8) |

| Other income | 239 | 194 | 23 |

| Total income | 12,055 | 11,670 | 3 |

| Operating expenses* | (1,889) | (1,790) | 6 |

| EBITDA - Gross Margin | 10,166 | 9,880 | 3 |

| Depreciation | (3,196) | (3,223) | (1) |

| Finance Cost | (2,191) | (2,148) | 2 |

| PBT before share of JVs | 4,779 | 4,509 | 6 |

| Share of JV profit/(loss) | (3) | (59) | (95) |

| Profit before tax | 4,776 | 4,450 | 7 |

| Tax (net of DA for DTL) | (909) | (884) | 3 |

| Profit after tax | 3,867 | 3,566 | 8 |

*Includes movement in regulatory deferral balance other than DA for DTL

H1 FY27 Performance

| Transmission charges | 22,096 | 21,356 | 3 |

| Consultancy services | 787 | 821 | (4) |

| Telecom | 430 | 495 | (13) |

| Other income | 439 | 443 | (1) |

| Total income | 23,752 | 23,115 | 3 |

| Operating expenses* | (3,974) | (3,591) | 11 |

| EBITDA - Gross Margin | 19,778 | 19,524 | 1 |

| Depreciation | (6,324) | (6,354) | - |

| Finance Cost | (4,214) | (4,082) | 3 |

| PBT before share of JVs | 9,240 | 9,088 | 2 |

| Share of JV profit/(loss) | (1) | (103) | (99) |

| Profit before tax | 9,239 | 8,985 | 3 |

| Tax (net of DA for DTL) | (1,774) | (1,788) | (1) |

| Profit after tax | 7,465 | 7,197 | 4 |

Financial Position (Consolidated)

| Description | As on 30.09.26 | As on 30.09.25 |

| Gross Fixed Assets$ (₹ crore) | 3,29,852 | 2,95,148 |

| Capital Work-in-Progress# (₹ crore) | 55,419 | 47,782 |

| Debt (₹ crore) | 1,51,207 | 1,35,923 |

| Net Worth (₹ crore) | 1,06,748 | 98,932 |

| Earnings Per Share, H1 (₹) | 8.03 | 7.74 |

| Book Value Per Share (₹) | 114.78 | 106.37 |

| Debt : Equity | 59:41 | 58:42 |

| Return on Net Worth, H1 (%) | 6.99 | 7.27 |

Financial Performance (Standalone)

Q2 FY27 Performance

| Transmission charges | 9,843 | 9,867 | - |

| Consultancy services | 206 | 133 | 55 |

| Other income | 1,851 | 1,348 | 37 |

| Total income | 11,900 | 11,348 | 5 |

| Operating expenses* | (1,605) | (1,418) | 13 |

| EBITDA | 10,295 | 9,930 | 4 |

| Depreciation | (2,986) | (3,056) | (2) |

| Finance Cost | (2,733) | (2,558) | 7 |

| Profit before tax | 4,576 | 4,316 | 6 |

| Tax (net of DA for DTL) | (757) | (761) | (1) |

| Profit after tax | 3,819 | 3,555 | 7 |

H1 FY27 Performance

| Transmission charges | 19,473 | 19,639 | (1) |

| Consultancy services | 371 | 289 | 28 |

| Other income | 3,426 | 2,677 | 28 |

| Total income | 23,270 | 22,605 | 3 |

| Operating expenses* | (3,413) | (2,980) | 15 |

| EBITDA | 19,857 | 19,625 | 1 |

| Depreciation | (5,911) | (6,026) | (2) |

| Finance Cost | (5,248) | (4,862) | 8 |

| Profit before tax | 8,698 | 8,737 | - |

| Tax (net of DA for DTL) | (1,468) | (1,529) | (4) |

| Profit after tax | 7,230 | 7,208 | - |

Financial Position (Standalone)

| Description | As on 30.09.26 | As on 30.09.25 |

| Gross Fixed Assets$ (₹ crore) | 2,80,070 | 2,66,164 |

| Capital Work-in-Progress# (₹ crore) | 7,186 | 13,771 |

| Debt (₹ crore) | 1,51,207 | 1,35,923 |

| Net Worth (₹ crore) | 1,06,090 | 98,497 |

| Earnings Per Share, H1 (₹) | 7.77 | 7.75 |

| Book Value Per Share (₹) | 114.07 | 105.90 |

| Debt : Equity | 59:41 | 58:42 |

| Return on Net Worth, H1 (%) | 6.81 | 7.32 |

Other Key Financial Information

Q2 FY27 Details

| Interest from subsidiaries and JVs* | 1,201 | 794 | 1,089 |

| Incentive (consolidated) | 98 | 159 | 123 |

| Dividend from JVs* | 60 | 24 | 17 |

| Dividend from subsidiaries* | 345 | 300 | 254 |

| CSR expenses* | 82 | 67 | 118 |

| FERV (Gross Block) | 162 | 491 | 47 |

| Equity in TBCB: Operational* | 10,684 | 4,956 | 9,965 |

| Equity in TBCB: Under Construction* | 4,642 | 3,448 | 3,408 |

| Short-term loan# | 400 | 2,209 | 1,600 |

Funds Tied Up During H1 FY27

JBIC Green Loan: JPY 80 billion
Term Loan/Line of Credit: SBI (₹10,000 Crore), UBI (₹5,000 Crore)
Bonds: ₹2,000 Crore

Subsidiary Business Performance

Telecom Business (Power Grid Tele Services Limited)

Q2 FY27 Telecom Revenue (consolidated basis before elimination): ₹283 crore (Q2 FY26: ₹291 crore)
Backbone availability: 100%
Q2 FY27 Orders: ~₹132 crore (including multi-year orders)
New customers in Q2 FY27: 13
Notable achievements: High-capacity >6.4 Tbps links for a hyper scaler, second ILD customer for Bhutan, Pan India more than 200 links delivered for a GoI Strategic entity
Country footprint: 26 countries (Saudi Arabia added in Q2 FY27)
Pursuing transmission opportunities across South Asia, Middle East, Africa, South America, Europe, Australia & North America

Consultancy Business

Q2 FY27 Consultancy Revenue: ₹396 crore (Q2 FY26: ₹492 crore)
Smart-meter business at PESL contributed ₹202 crore in Q2 FY 2026-27
Meter installation status: UGVCL (20.4 lakh out of 36.5 lakh meters), MGVCL (16.4 lakh out of 33.6 lakh meters)
Orders during Q2 FY27: 40
New orders/Extensions in Q2 FY27: 2

Data Centre Business

Salient Features: 100% Indian owned Infrastructure, 07 layer security system, Capacity: 1000 racks, 14 MW, Tier-III certified
Expected Commissioning: FY2027
MeitY empanelled Cloud Service Provider
Sovereign Cloud
Pan-India opportunity across Data Centre and 400G connectivity needs

Credit Profile and Shareholding

Credit Ratings

Shareholding Pattern

GoI shareholding: 51.34%
FII/DII shareholding: 24.03%/20.91%
Market capitalization: ~₹2.42 lakh crore

Sustainability and Recognition

ESG Ratings

| NSE Sustainability | 70 | 0 to 100, higher is better | Dec-2025 |

Accolades

TERI–UNDP 5th Water Sustainability Award
Finalist in three categories of the S&P Global Energy Awards 2026: 1. Power: Excellence in Energy, 2. Infrastructure Project of the Year, 3. Targeted Program: Corporate Impact Award