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Power Grid

POWERGRID NSE

Key Fundamentals

LargecapPower TransmissionPower
Market Cap
2.5L Cr
Volatility
Moderate
P/E Ratio
15.75
EBITDA
₹38,931 Cr
Return on Equity
18.61%
Debt to Equity
1.47
Book Value
₹108.05
EPS
₹16.88
52W High
₹324.95
52W Low
₹250

Tapetide Score

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

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

Growth Rate

Revenue Growth
0.47% lower than 3Y
Net Income Growth
22.68% higher than 3Y
Cash Flow Change
13.01% higher than 3Y
ROE
13.13% lower than 3Y
ROCE
-12.8% higher than 3Y
EBITDA Margin (Avg.)
-4.88% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3h ago
AI opinion · based on fundamentals
Risk medium

Power Grid Corporation of India trades at a market cap of ₹2,51,535 Cr with a PE of 15.9x and a dividend yield of 3.31%. The company has delivered a 10-year profit CAGR of 9% but recent growth has slowed significantly, with TTM sales growth at just 2% and 3-year profit CAGR turning negative at -2%.

Bull Case 7
  • Consistent ROE track record with 5-year average of 18% and 10-year average of 17%, indicating efficient capital deployment for a capital-intensive utility
  • Attractive dividend yield of 3.31% backed by a healthy payout ratio of 57.9%, providing steady income in a regulated-return business
  • Reasonable valuation at a PE of 15.9x for a quasi-monopoly transmission utility with predictable regulated returns
  • Long-term stock CAGR of 11% over 10 years and 16% over 5 years demonstrates sustained wealth creation over extended periods
  • 10-year compounded sales growth of 9% and 10-year profit growth of 9% reflect a solid long-term expansion trajectory tied to India's rising power demand
  • Price-to-book of 2.52x is reasonable given the regulated-return model where asset base directly drives earnings visibility
  • As the central transmission utility with ~85% of India's inter-state transmission network, Power Grid benefits from a near-monopoly positioning with regulated 15.5% ROE on equity base
Bear Case 8
  • Poor recent sales growth of just 3.35% over 5 years and only 1% compounded over 3 years signals stagnating top-line momentum
  • 3-year compounded profit growth has turned negative at -2%, indicating earnings pressure despite a growing asset base
  • TTM sales growth of only 2% and TTM profit growth of 3% suggest near-term growth remains sluggish
  • Potential capitalization of interest costs may be flattering reported profitability, masking the true cost structure of the business
  • Last year ROE of 15% has dipped from the 5-year average of 18%, suggesting declining return efficiency on the expanding equity base
  • Stock has delivered -6% returns over the past 1 year, underperforming broader markets and reflecting near-term investor caution
  • Seemingly low tax rate raises questions about the sustainability of post-tax earnings if tax benefits or exemptions normalize over time
  • As a regulated utility, earnings upside is inherently capped by CERC tariff norms, limiting re-rating potential even if capex accelerates

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

AI News Digest

Anthropic anthropic claude-opus-4.6 3h ago
Headwinds 2
  • SEBI fine for board gaps Aug 26

    Power Grid penalised ₹22.7 lakh (₹11.36 lakh each by BSE and NSE) for non-compliance with SEBI LODR board composition norms during Q4FY26.

  • Record grid stress at 271 GW Aug 31

    India's power demand hit a record 271 GW during a heatwave, with solar absence after sunset increasing stress on the national grid and reliance on dispatchable capacity.

Positives 6
  • ₹3,244 cr HVDC project win Sep 3

    Power Grid declared successful bidder for a ₹3,244 crore per annum HVDC transmission project, enabling efficient long-distance power transfer and boosting the order book.

  • ₹1,152 cr Gujarat transmission win Sep 4

    Power Grid won a ₹1,152.49 crore per annum transmission project in Gujarat, strengthening its western India infrastructure portfolio.

  • ₹823 cr Gujarat RE integration order Aug 21

    Power Grid secured a ₹822.91 crore BOOT contract via TBCB for renewable energy transmission in Gujarat, representing 6.7% of quarterly revenue.

  • AGM outlines strong growth strategy Sep 1

    At the 37th AGM, POWERGRID reported 292 sub-stations, over 1,86,889 ckm transmission lines, 6,37,016 MVA transformation capacity, and 99.81% average system availability as of July 31.

  • ₹40,000 cr borrowing limit hike Aug 20

    Shareholders approved a ₹40,000 crore increase in borrowing limits at the 37th AGM on August 20, supporting future infrastructure expansion.

  • Fatehgarh II acquisition for ₹19.11 cr Aug 28

    Power Grid acquired 100% stake in Fatehgarh II Transmission SPV for ₹19.11 crore to install two Synchronous Condensers at Fatehgarh-II PS under TBCB route.

Neutral 1
  • ED Vibhay Kumar superannuation Aug 31

    Executive Director Vibhay Kumar stepped down on August 31, 2026, due to superannuation, disclosed under SEBI Listing Regulations.

TL;DR: Power Grid is on a strong order-winning streak, securing over ₹5,200 crore per annum in new transmission projects in just two weeks, including a significant HVDC contract. Operational metrics remain excellent at 99.81% system availability, and the ₹40,000 crore borrowing limit hike signals aggressive capex plans. Risks are minor — a small SEBI penalty for board composition gaps and rising grid stress from record power demand. The trend is clearly improving with a robust pipeline aligned to India's renewable energy integration and transmission expansion needs.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
11,048
11,267
11,550
11,978
11,006
11,278
11,233
12,275
11,196
11,476
12,395
11,666
11,497
Expenses
1,716
1,557
1,375
2,055
1,466
1,681
1,700
2,081
2,094
2,421
1,788
6,363
2,066
Operating Profit
9,332
9,710
10,175
9,923
9,540
9,597
9,533
10,194
9,102
9,055
10,607
5,303
9,430
OPM %
84%
86%
88%
83%
87%
85%
85%
83%
81%
79%
86%
45%
82%
Other Income
209
263
380
389
302
814
552
366
461
712
463
322
202
Interest
2,057
2,341
2,446
1,928
2,039
2,441
1,917
2,303
1,934
2,148
2,190
2,175
2,023
Depreciation
3,266
3,277
3,293
3,259
3,200
3,292
3,216
3,196
3,130
3,223
3,381
3,295
3,128
PBT
4,218
4,355
4,816
5,125
4,603
4,678
4,952
5,062
4,499
4,395
5,497
155
4,481
Tax %
15%
13%
16%
19%
19%
19%
22%
18%
19%
19%
24%
-2829%
20%
Net Profit
3,597
3,781
4,028
4,166
3,724
3,793
3,862
4,143
3,631
3,566
4,185
4,546
3,598
EPS in Rs
3.87
4.07
4.33
4.48
4
4.08
4.15
4.45
3.9
3.83
4.5
4.89
3.87
Figures in ₹ Crores

Profit & Loss

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
47,033
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
12,639
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
34,395
OPM %
85%
88%
87%
87%
77%
87%
88%
86%
85%
86%
85%
70%
73%
Other Income
731
656
933
4,065
1,505
2,820
769
4,692
2,089
1,138
2,120
3,193
1,698
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
8,536
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
13,028
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
14,529
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
15,896
EPS in Rs
5.43
6.41
8.01
8.82
10.79
11.89
12.94
18.09
16.58
16.74
16.69
17.13
17.09
Div. Payout %
21%
20%
31%
33%
43%
47%
52%
61%
67%
67%
54%
53%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
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
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
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
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
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
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
Investments
220
919
1,165
1,224
1,296
1,431
1,486
3,788
3,489
4,163
3,117
2,995
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
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
Figures in ₹ Crores

Cash Flow

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/OP
114
90
104
96
95
101
90
83
106
104
102
134
Figures in ₹ Crores

Ratios

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

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Shareholding Pattern

Others0.56%Promot.51.34%Public3.06%DIIs20.70%FIIs24.33%As ofJun 2026

Documents

Frequently Asked Questions about Power Grid

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. PGCIL was incorporated in 1989 to set up extra-high voltage alternating current and high-voltage direct current (HVDC)...
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 Power sector, in the Power Transmission industry.
What is the market capitalisation of Power Grid Corporation of India Ltd?
Power Grid Corporation of India Ltd has a market capitalisation of ₹2,51,535 Cr, which places it in the Large Cap band.
What is the PE ratio of Power Grid Corporation of India Ltd?
Power Grid Corporation of India Ltd trades at a PE ratio of 15.75, on earnings per share of ₹16.88, against a book value of ₹108.05 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 ₹250 and ₹324.95.
Does Power Grid Corporation of India Ltd pay dividends?
Power Grid Corporation of India Ltd has a dividend yield of 3.31%.
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 18.61%. Its debt-to-equity ratio is 1.47.

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 2007-10-05
Face Value ₹ 10
Issued Size 9,30,06,03,819

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