Power Grid Corporation of India Limited is a Maharatna CPSU and India’s largest electric power transmission company. GoI holds a 51.34% stake in the company as on March 31, 2021. PGCIL was incorporated in 1989 to set up extra-high voltage alternating current and high-voltage direct current (HVDC) transmission lines.
Q1 FY26 Earnings Summary (Apr–Jun 2025)
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Total Income: ₹11,196 crore, a slight increase compared to ₹10,850 crore in Q1 FY25 (+1.73% approx).
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Revenue from Operations: ₹11,196 crore, up about 1.7% YoY.
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Net Profit (PAT): ₹3,631 crore, down 2.5% YoY from ₹3,724 crore in Q1 FY25.
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EBITDA: Approximately ₹6,682 crore, with an EBITDA margin near 87%.
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Finance Costs: ₹1,934 crore, marginally lower than the previous year.
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Tax Expense: ₹868 crore, slightly down YoY.
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Segments: Transmission revenue was stable, consultancy and telecom segments showed strong growth (consultancy +42.8% YoY, telecom +17.7% YoY).
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Earnings Per Share (EPS): Not separately disclosed.
Key Management Commentary & Strategic Highlights
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Management highlighted steady asset performance and a robust project pipeline in transmission infrastructure.
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The Board approved increasing borrowing limits to ₹25,000 crore for FY25-26 and plans to raise ₹30,000 crore for FY26-27.
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Power Grid is actively participating in tariff-based competitive bidding projects to expand transmission capacity.
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A joint venture with Nepal Electricity Authority is underway to enhance cross-border transmission connectivity.
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The company remains optimistic about long-term growth driven by India’s increasing electricity demand and government initiatives for renewable energy integration.
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Despite a slight dip in profit, operational margins and revenue growth remain stable given the regulated business model.
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There is a focus on non-transmission businesses like consultancy and telecom to diversify revenue.
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The outlook retains confidence in demand recovery as power consumption grows and new capacity is added.
Q4 FY25 Earnings Summary (Jan–Mar 2025)
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Total Income: Around ₹11,279 crore, showing moderate growth.
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Net Profit (PAT): ₹3,724 crore, steady with previous periods.
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Growth supported by continued capitalisation of transmission assets and operational efficiencies.
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Margins remained robust, supported by stable transmission revenue.
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Continued focus on cost control and execution excellence noted by management.