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Power Grid Corporation of India

POWERGRID NSE
₹262.05 +2.50 (+0.96%)
P/E
15.04
View as Markdown
MCP
Close 4 Nov 2026 ₹262.05 −8.15 −3.02% 1Y
Start ₹270.20

Key Fundamentals

LargecapPowerUtilities

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
9.10%
Debt to Equity
1.42
EPS (TTM)
₹17.42
Book Value
₹114.78
Market Cap
—
P/E (TTM)
15.04
P/B
2.28
ROE
15.30%
Dividend Yield
1.16%
EBITDA
₹38,931 Cr
52W High
₹324.95
52W Low
₹242.30
Day Range
₹255.35 – ₹262.15
Volume
1,42,07,015

Peer Comparison

Utilities › Power › Power - Transmission

Power Grid peer comparison
Power Grid (this company)
₹262.0515.33₹2,39,072 Cr2.281.16%15.30%9.10%₹47,374 Cr₹15,895 Cr
IndiGrid Infrastructure Trust
₹169.6927.82₹16,289 Cr1.562.42%7.23%7.99%₹5,015 Cr₹570 Cr
Powergrid Infrastructure Investment Trust
₹104.9210.54₹9,619 Cr1.162.84%11.90%11.60%₹1,256 Cr₹906 Cr
TRIVENI POWER TRANS
₹470.1059.51₹4,912 Cr242.320.00%−8.85%−9.01%₹360 Cr₹82 Cr
Anzen India Energy Yield Plus Trust
₹131.90113.71₹4,433 Cr1.522.33%−0.20%3.28%₹648 Cr₹46 Cr
Median 5 companies₹169.6927.82₹9,619 Cr1.562.33%7.23%7.99%₹1,256 Cr₹570 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

53 Average

Data confidence 100/100

Category scores

Quality
70
Strong
Returns, margins, earnings quality 22% weight
Valuation
62
Good
Cheap vs sector & own history 24% weight
Growth
32
Poor
Sales & profit trajectory 9% weight
Financial Health
29
Poor
Solvency, leverage, coverage 9% weight
Momentum
34
Poor
Trend strength, vol-adjusted 12% weight
Ownership
49
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 57.9%

Weaknesses

3
  • The company has delivered a poor sales growth of 3.35% over past five years.
  • Tax rate seems low
  • Company might be capitalizing the interest cost

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBullish469
OscillatorsBullish063
Moving AveragesStrong Bullish406

Key readings

RSI (14)
55.89
Neutral
MACD (12,26,9)
0.48
Bullish
SMA (50)
260.25
Bullish
SMA (200)
282.65
Bearish

As of

Analyst Rating

Based on 26 analysts
BUY65%

17 of 26 analysts rate Buy, 6 Hold, 3 Sell.

As of

BUY
17
65%
HOLD
6
23%
SELL
3
12%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Sep 2026 against Sep 2025.

Revenue

Revenue growth by window
10Y+8.51%
5Y+3.35%
3Y+0.84%
1Y+2.05%
TTM+2.59%

Net profit

Net profit growth by window
10Y+10.33%
5Y+5.76%
3Y+1.09%
1Y+2.62%
TTM+6.53%

Operating cash flow

Operating cash flow growth by window
10Y+10.55%
5Y+6.84%
3Y+2.51%
1Y+13.01%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−17.80 pp
5Y−17.81 pp
3Y−14.39 pp
1Y−14.44 pp
TTM−8.04 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹25,697 Cr
Mar 2018₹29,954 Cr
Mar 2019₹35,059 Cr
Mar 2020₹37,744 Cr
Mar 2021₹39,640 Cr
Mar 2022₹41,622 Cr
Mar 2023₹45,581 Cr
Mar 2024₹45,843 Cr
Mar 2025₹45,792 Cr
Mar 2026₹46,733 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹7,451 Cr
Mar 2018₹8,204 Cr
Mar 2019₹10,034 Cr
Mar 2020₹11,059 Cr
Mar 2021₹12,036 Cr
Mar 2022₹16,824 Cr
Mar 2023₹15,417 Cr
Mar 2024₹15,573 Cr
Mar 2025₹15,521 Cr
Mar 2026₹15,928 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹11,453 Cr +14.0% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 29 Oct 2026
AI opinion · based on fundamentals
Risk medium

Power Grid Corporation of India Ltd trades at ₹260 as of 2026-10-29 with a market cap of ₹2,41,816 Cr, a P/E (TTM) of 15.21x, and a dividend yield of 3.46%. The stock sits about 20% below its 52-week high of ₹324.95 while ROE stands at 18.61%, though revenue growth has remained sluggish at a 3% CAGR over five years.

Bull Case 6
  • ROE of 18.61% is strong for a capital-intensive utility, and the company has maintained a consistent 17-18% ROE over 5- and 10-year periods, indicating efficient use of equity capital.
  • Dividend yield of 3.46% at CMP of ₹260 is attractive, backed by a healthy payout ratio of 57.9%, offering meaningful income to shareholders.
  • P/E (TTM) of 15.21x is reasonable for a regulated monopoly utility with predictable cash flows, suggesting the stock is not excessively valued at current levels.
  • 10-year compounded sales and profit CAGR of 9% each demonstrate a long track record of steady growth aligned with India's expanding power transmission infrastructure.
  • 10-year stock CAGR of 10% reflects consistent long-term wealth creation despite near-term underperformance.
  • As a central transmission utility with a regulated return model, Power Grid enjoys revenue visibility and low business risk, which supports its P/B of 2.41x relative to its ROE profile.
Bear Case 8
  • Compounded sales growth over the past 5 years is just 3%, and TTM revenue growth has slowed further to 2%, indicating a material deceleration from the 10-year 9% CAGR.
  • Debt-to-equity ratio of 1.47x is elevated, and concerns exist that the company might be capitalizing interest costs, potentially flattering reported profitability.
  • 3-year compounded profit CAGR is negative at -2%, showing earnings have actually contracted over the medium term despite the regulated return model.
  • 1-year stock return of -13% signals significant near-term underperformance and possible erosion of market confidence.
  • Last year's ROE declined to 15% from the 3-year average of 17% and the 5-year average of 18%, suggesting diminishing return efficiency.
  • The tax rate appears low, which if normalized higher in future could compress net earnings and reduce EPS from the current TTM level of ₹17.09.
  • ROCE of 10.7% versus ROE of 18.61% highlights the heavy leverage in the capital structure — returns to the overall business are considerably lower than returns to equity holders.
  • TTM profit growth of just 3% against a P/E of 15.21x yields an implied PEG ratio above 5x, suggesting limited earnings momentum at the current valuation.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: POWERGRID is on a strong project-winning streak with 10 TBCB awards totaling ₹7,864 crore in annual transmission charges in FY27, while actively commissioning renewable energy infrastructure. The CTUIL divestment and 28-subsidiary merger signal a strategic cleanup that simplifies the group and removes a long-standing conflict of interest in competitive bidding. No material headwinds are visible in recent news flow. The trend is clearly positive, with sustained order momentum and structural simplification positioning the company well for India's expanding transmission buildout.

Positives 5
  • 10 TBCB wins, ₹7,864cr charges Oct 16

    POWERGRID has secured 10 transmission projects under TBCB in FY27 so far, with cumulative annual transmission charges of ₹7,863.63 crore, including major wins like Rajasthan REZ Phase-IV Barmer-II (₹3,244.33 crore) and Lakadia REZ Phase II (₹1,152.49 crore).

  • 2,500 MW solar scheme commissioned Oct 8

    Completed commissioning of a 2,500 MW solar energy transmission scheme in Bidar, Karnataka, with commercial operation notification received on October 8, 2026.

  • CTUIL divestment removes conflict Nov 2

    Board approved sale of CTUIL to GRID-INDIA for ₹73.46 crore, separating transmission planning from ownership and eliminating a potential conflict of interest in TBCB bidding where POWERGRID holds ~47% tariff market share.

Neutral 4
  • MCA approves 28 subsidiary mergers Nov 3

    Received MCA approval to merge 28 wholly owned subsidiaries into two entities, simplifying group structure and improving operational efficiency.

  • New Govt Nominee Director named Nov 3

    Anupam Kumar appointed as Government Nominee Director effective November 3, 2026, replacing Abhay Bakre.

  • Rajasthan 20 GW RE project launched Oct 12

    Launched a transmission project in Rajasthan to handle 20 GW of renewable energy evacuation, supporting large-scale solar and wind generation from the state.

Quarterly Results

₹ Cr
POWERGRID quarterly results, ₹ crore
Particulars Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
11,267
11,550
11,978
11,006
11,278
11,233
12,275
11,196
11,476
12,395
11,666
11,497
11,816
Expenses
1,557
1,375
2,055
1,466
1,681
1,700
2,081
2,094
2,421
1,788
6,363
2,066
2,100
Operating Profit
9,710
10,175
9,923
9,540
9,597
9,533
10,194
9,102
9,055
10,607
5,303
9,430
9,716
OPM %
86%
88%
83%
87%
85%
85%
83%
81%
79%
86%
45%
82%
82%
Other Income
263
380
389
302
814
552
366
461
712
463
322
200
333
Interest
2,341
2,446
1,928
2,039
2,441
1,917
2,303
1,934
2,148
2,190
2,175
2,023
2,191
Depreciation
3,277
3,293
3,259
3,200
3,292
3,216
3,196
3,130
3,223
3,381
3,295
3,128
3,196
PBT
4,355
4,816
5,125
4,603
4,678
4,952
5,062
4,499
4,395
5,497
155
4,481
4,663
Tax %
13%
16%
19%
19%
19%
22%
18%
19%
19%
24%
−2829%
20%
17%
Net Profit
3,781
4,028
4,166
3,724
3,793
3,862
4,143
3,631
3,566
4,185
4,546
3,598
3,866
EPS (₹)
4.07
4.33
4.48
4
4.08
4.15
4.45
3.9
3.83
4.5
4.89
3.87
4.16
YoY Sales growth
1
3
−2
0
0
−3
2
2
2
10
−5
3
3

Profit & Loss

₹ Cr
POWERGRID profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
17,540
20,652
25,697
29,954
35,059
37,744
39,640
41,622
45,581
45,843
45,792
46,733
47,374
Expenses
2,613
2,468
3,247
3,993
8,140
4,858
4,734
5,796
7,001
6,599
7,013
13,901
12,318
Operating Profit
14,927
18,184
22,450
25,961
26,920
32,886
34,906
35,826
38,580
39,244
38,779
32,831
35,056
OPM %
85%
88%
87%
87%
77%
87%
88%
86%
85%
86%
85%
70%
74%
Other Income
731
656
933
4,065
1,505
2,820
769
4,692
2,089
1,138
2,120
3,193
1,320
Interest
4,081
5,086
6,204
7,324
8,737
9,509
8,135
8,036
9,634
8,773
8,700
8,448
8,580
Depreciation
5,173
6,182
7,722
9,231
10,541
11,607
12,039
12,872
13,333
13,095
12,904
13,030
13,000
PBT
6,404
7,572
9,457
13,471
9,147
14,590
15,501
19,610
17,702
18,514
19,294
14,547
14,796
Tax %
21%
21%
21%
39%
−10%
24%
22%
14%
13%
16%
20%
−10%
—
Net Profit
5,046
5,959
7,451
8,204
10,034
11,059
12,036
16,824
15,417
15,573
15,521
15,928
16,196
EPS (₹)
5.43
6.41
8.01
8.82
10.79
11.89
12.94
18.09
16.58
16.74
16.69
17.13
17.42
Div. Payout %
21%
20%
31%
33%
43%
47%
52%
61%
67%
67%
54%
53%
—
Sales growth
13
18
24
17
17
8
5
5
10
1
0
2
3

Balance Sheet

₹ Cr
POWERGRID balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital
5,232
5,232
5,232
5,232
5,232
5,232
5,232
6,975
6,975
9,301
9,301
9,301
9,301
Reserves
33,207
38,738
44,634
49,194
53,857
59,464
64,704
69,272
76,039
77,845
83,362
91,193
97,448
Borrowings
96,243
1,08,545
1,18,988
1,31,503
1,46,376
1,48,270
1,43,232
1,34,696
1,26,661
1,23,516
1,31,030
1,48,071
1,51,269
Other Liabilities
26,102
26,797
26,809
39,425
41,916
43,706
42,539
40,008
40,627
40,168
42,326
46,109
43,328
Total Liabilities
1,60,784
1,79,312
1,95,662
2,25,354
2,47,380
2,56,671
2,55,708
2,50,950
2,50,303
2,50,829
2,66,019
2,94,674
3,01,346
Fixed Assets
91,191
1,15,094
1,37,678
1,56,198
1,72,740
1,81,112
1,83,726
1,91,773
1,85,437
1,77,761
1,72,320
1,76,531
1,75,054
CWIP
53,681
45,611
38,264
37,669
37,631
35,177
24,838
12,854
13,772
18,197
33,585
43,747
51,036
Investments
220
919
1,165
1,224
1,296
1,431
1,486
3,788
3,489
4,163
3,117
2,995
3,351
Other Assets
15,693
17,688
18,555
30,264
35,713
38,951
45,659
42,536
47,604
50,708
56,998
71,401
71,906
Total Assets
1,60,784
1,79,312
1,95,662
2,25,354
2,47,380
2,56,671
2,55,708
2,50,950
2,50,303
2,50,829
2,66,019
2,94,674
3,01,346

Cash Flow

₹ Cr
POWERGRID cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
15,800
15,008
21,575
22,710
23,271
30,739
29,403
26,124
38,005
37,290
36,222
40,935
Investing
−24,185
−21,576
−23,836
−25,701
−18,727
−10,733
−9,244
753
−6,126
−13,114
−23,532
−35,445
Financing
6,399
5,621
3,959
1,285
−2,431
−18,806
−20,521
−28,967
−29,264
−25,903
−12,357
−4,006
Net Cash Flow
−1,986
−948
1,698
−1,707
2,113
1,199
−362
−2,091
2,615
−1,728
333
1,484
Free Cash Flow
−9,178
−6,671
−2,349
−3,470
820
19,372
19,786
18,157
31,102
25,886
12,111
3,687
CFO/EBITDA
114
90
104
96
95
101
90
83
106
104
102
134

Ratios

POWERGRID financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
46
48
44
44
49
49
79
81
104
92
63
91
Cash Conversion Cycle
46
48
44
44
49
49
79
81
104
92
63
91
Working Capital Days
−356
−306
−250
−220
−201
−274
−187
−241
−168
−134
−166
−229
ROCE %
8%
9%
10%
10%
9%
11%
12%
11%
13%
13%
13%
9%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Power Grid insights

68 extracted metrics across FY08–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 51.34%
  • FIIs 24.03%
  • DIIs 20.91%
  • Public 3.12%
  • Others 0.59%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Power Grid Corporation of India

What does Power Grid Corporation of India Ltd do?
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.
Where is Power Grid Corporation of India Ltd (POWERGRID) listed?
Power Grid Corporation of India Ltd trades as POWERGRID on the NSE and under code 532898 on the BSE.
Which sector does Power Grid Corporation of India Ltd belong to?
Power Grid Corporation of India Ltd is classified under the Utilities sector, in the Power industry.
What is the PE ratio of Power Grid Corporation of India Ltd?
Power Grid Corporation of India Ltd trades at a PE ratio of 15.04 as of 4 Nov 2026, on earnings per share of ₹17.42, against a book value of ₹114.78 per share.
What is the 52-week high and low of Power Grid Corporation of India Ltd?
Over the last 52 weeks Power Grid Corporation of India Ltd has traded between ₹242.3 and ₹324.95 as of 4 Nov 2026.
Does Power Grid Corporation of India Ltd pay dividends?
Power Grid Corporation of India Ltd has a dividend yield of 1.16%.
What is the Return on Equity (ROE) of Power Grid Corporation of India Ltd?
Power Grid Corporation of India Ltd reported a return on equity of 15.30%. Its debt-to-equity ratio is 1.42.

Company Information

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.

Website powergrid.in
CEO Dr. Ravindra Kumar Tyagi
Employees 9,048
Listed 5 Oct 2007
Face Value ₹10

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