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. The company moves large blocks of power from the central generating agencies and areas that have surplus power to load centres within and across regions. It is under the administrative control of the Ministry of Power, GoI.
PGCIL also executes several strategically important projects, assigned to the company by GoI on nomination basis. Power Grid Corporation of India is principally engaged in planning, implementation, operation and maintenance of Inter-State Transmission System (ISTS), Telecom and consultancy services.
POWERGRID Q3 FY26 Earnings Results
- Revenue from Operations: Standalone ₹11,005 cr (+8.7% YoY vs ₹10,121 cr); consolidated total income ₹12,599 cr with transmission segment driving growth via tariff recognitions (₹10,341 cr per CERC orders + ₹257 cr provisional).
- EBITDA: Standalone ₹10,650 cr (+11.6% YoY), margin 85.95% (+103 bps YoY) reflecting operational efficiency.
- PAT: Standalone ₹4,160 cr (+6.8% YoY vs ₹3,894 cr), EPS ₹4.47 (+6.7% YoY); consolidated ₹4,185 cr (+8% YoY); 9M standalone PAT ₹11,368 cr, revenue ₹30,933 cr.
- Other key metrics: Debt-equity 1.45x, interest coverage 3.84x; net worth ₹98,387 cr; borrowing approval ₹32,000 cr for FY26 capex.
Management Commentary & Strategic Decisions
- Strong profitability on tariff income, cost discipline; FY26 capex on track to exceed guidance amid transmission demand.
- Strategic moves: 2nd interim dividend ₹3.25/share (record date Feb 9); JV stake sales (Torrent Power Grid, Sikkim Power, Parbati Koldam); subsidiary mergers.
Q2 FY26 Earnings Results
- Limited specific Q2 data in updates; 9M trends indicate steady revenue/PAT growth with transmission focus.
- Key metrics: H1 borrowing tied up; operational network expansion.
Management Commentary Q2
- Consistent execution; capex ramp-up for grid strengthening.
- Strategic moves: Multilateral funding, bond issuances for long-term debt.
To view the company’s previous earnings and latest concall transcripts, click here to visit the Alphastreet India news channel.