Power Grid Corporation of India Ltd
Power Grid Corporation of India Ltd
Utilities F&OKey Fundamentals
LargecapPower TransmissionPowerTechnical Indicators
Key Insights
Strengths
2- Company has been maintaining a healthy dividend payout of 62.6%
- Debtor days have improved from 91.5 to 63.5 days.
Weaknesses
3- Stock is trading at 2.73 times its book value
- The company has delivered a poor sales growth of 3.94% over past five years.
- Company might be capitalizing the interest cost
Growth Rate
Quarterly Results
| Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Depreciation | 3,407 | 3,314 | 3,266 | 3,277 | 3,293 | 3,259 | 3,200 | 3,292 | 3,216 | 3,196 | 3,130 | 3,223 | 3,381 |
| EPS in Rs | 3.92 | 4.65 | 3.87 | 4.07 | 4.33 | 4.48 | 4 | 4.08 | 4.15 | 4.45 | 3.9 | 3.83 | 4.5 |
| Expenses | 1,368 | 1,433 | 1,716 | 1,557 | 1,375 | 2,055 | 1,466 | 1,681 | 1,700 | 2,081 | 2,094 | 2,421 | 1,788 |
| Interest | 3,012 | 2,475 | 2,057 | 2,341 | 2,446 | 1,928 | 2,039 | 2,441 | 1,917 | 2,303 | 1,934 | 2,148 | 2,190 |
| Net Profit | 3,645 | 4,323 | 3,597 | 3,781 | 4,028 | 4,166 | 3,724 | 3,793 | 3,862 | 4,143 | 3,631 | 3,566 | 4,185 |
| OPM % | 88% | 88% | 84% | 86% | 88% | 83% | 87% | 85% | 85% | 83% | 81% | 79% | 86% |
| Operating Profit | 9,893 | 10,831 | 9,332 | 9,710 | 10,175 | 9,923 | 9,540 | 9,597 | 9,533 | 10,194 | 9,102 | 9,055 | 10,607 |
| Other Income | 500 | 294 | 209 | 263 | 380 | 389 | 302 | 814 | 552 | 366 | 461 | 712 | 463 |
| PBT | 3,975 | 5,335 | 4,218 | 4,355 | 4,816 | 5,125 | 4,603 | 4,678 | 4,952 | 5,062 | 4,499 | 4,395 | 5,497 |
| Sales | 11,262 | 12,264 | 11,048 | 11,267 | 11,550 | 11,978 | 11,006 | 11,278 | 11,233 | 12,275 | 11,196 | 11,476 | 12,395 |
| Tax % | 8% | 19% | 15% | 13% | 16% | 19% | 19% | 19% | 22% | 18% | 19% | 19% | 24% |
Profit & Loss
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Depreciation | 4,079 | 5,173 | 6,182 | 7,722 | 9,231 | 10,541 | 11,607 | 12,039 | 12,872 | 13,333 | 13,095 | 12,904 | 12,931 |
| Div. Payout % | 30% | 21% | 20% | 31% | 33% | 43% | 47% | 52% | 61% | 67% | 67% | 54% | — |
| EPS in Rs | 4.89 | 5.43 | 6.41 | 8.01 | 8.82 | 10.79 | 11.89 | 12.94 | 18.09 | 16.58 | 16.74 | 16.69 | 16.68 |
| Expenses | 2,588 | 2,613 | 2,468 | 3,247 | 3,993 | 8,140 | 4,858 | 4,734 | 5,796 | 6,028 | 6,599 | 6,955 | 8,384 |
| Interest | 3,254 | 4,081 | 5,086 | 6,204 | 7,324 | 8,737 | 9,509 | 8,135 | 8,036 | 9,634 | 8,773 | 8,700 | 8,576 |
| Net Profit | 4,548 | 5,046 | 5,959 | 7,451 | 8,204 | 10,034 | 11,059 | 12,036 | 16,824 | 15,420 | 15,573 | 15,521 | 15,524 |
| OPM % | 83% | 85% | 88% | 87% | 87% | 77% | 87% | 88% | 86% | 87% | 86% | 85% | 82% |
| Operating Profit | 12,967 | 14,927 | 18,184 | 22,450 | 25,961 | 26,920 | 32,886 | 34,906 | 35,826 | 39,576 | 39,244 | 38,837 | 38,958 |
| Other Income | 725 | 731 | 656 | 933 | 4,065 | 1,505 | 2,820 | 769 | 4,692 | 1,093 | 1,138 | 2,061 | 2,001 |
| PBT | 6,359 | 6,404 | 7,572 | 9,457 | 13,471 | 9,147 | 14,590 | 15,501 | 19,610 | 17,702 | 18,514 | 19,294 | 19,453 |
| Sales | 15,555 | 17,540 | 20,652 | 25,697 | 29,954 | 35,059 | 37,744 | 39,640 | 41,622 | 45,603 | 45,843 | 45,792 | 47,343 |
| Tax % | 28% | 21% | 21% | 21% | 39% | -10% | 24% | 22% | 14% | 13% | 16% | 20% | — |
Balance Sheet
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Borrowings | 84,220 | 96,243 | 1,08,545 | 1,18,988 | 1,31,503 | 1,46,376 | 1,48,270 | 1,43,232 | 1,34,696 | 1,28,584 | 1,23,516 | 1,31,030 | 1,35,984 |
| CWIP | 50,069 | 53,681 | 45,611 | 38,264 | 37,669 | 37,631 | 35,177 | 24,838 | 12,854 | 13,772 | 18,197 | 33,585 | 43,808 |
| Equity Capital | 5,232 | 5,232 | 5,232 | 5,232 | 5,232 | 5,232 | 5,232 | 5,232 | 6,975 | 6,975 | 9,301 | 9,301 | 9,301 |
| Fixed Assets | 74,252 | 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 | 1,68,999 |
| Investments | 423 | 220 | 919 | 1,165 | 1,224 | 1,296 | 1,431 | 1,486 | 3,788 | 3,489 | 4,163 | 3,117 | 3,745 |
| Other Assets | 16,736 | 15,693 | 17,688 | 18,555 | 30,264 | 35,713 | 38,951 | 45,659 | 42,536 | 49,527 | 50,708 | 56,998 | 61,860 |
| Other Liabilities | 22,562 | 26,102 | 26,797 | 26,809 | 39,425 | 41,916 | 43,706 | 42,539 | 40,008 | 40,615 | 40,168 | 42,326 | 43,497 |
| Reserves | 29,466 | 33,207 | 38,738 | 44,634 | 49,194 | 53,857 | 59,464 | 64,704 | 69,272 | 76,051 | 77,845 | 83,362 | 89,631 |
| Total Assets | 1,41,480 | 1,60,784 | 1,79,312 | 1,95,662 | 2,25,354 | 2,47,380 | 2,56,671 | 2,55,708 | 2,50,950 | 2,52,225 | 2,50,829 | 2,66,019 | 2,78,412 |
| Total Liabilities | 1,41,480 | 1,60,784 | 1,79,312 | 1,95,662 | 2,25,354 | 2,47,380 | 2,56,671 | 2,55,708 | 2,50,950 | 2,52,225 | 2,50,829 | 2,66,019 | 2,78,412 |
Cash Flow
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CFO/OP | 127 | 114 | 90 | 104 | 96 | 95 | 101 | 90 | 83 | 109 | 104 | 101 |
| Financing | 13,712 | 6,399 | 5,621 | 3,959 | 1,285 | -2,431 | -18,806 | -20,521 | -28,967 | -30,450 | -25,903 | -12,357 |
| Investing | -26,639 | -24,185 | -21,576 | -23,836 | -25,701 | -18,727 | -10,733 | -9,244 | 753 | -7,138 | -13,114 | -23,533 |
| Operating | 15,223 | 15,800 | 15,008 | 21,575 | 22,710 | 23,271 | 30,739 | 29,403 | 26,124 | 40,203 | 37,290 | 36,223 |
| Free Cash Flow | -11,830 | -9,178 | -6,671 | -2,349 | -3,470 | 820 | 19,372 | 19,786 | 18,157 | 31,960 | 25,886 | 12,112 |
| Net Cash Flow | 2,295 | -1,986 | -948 | 1,698 | -1,707 | 2,113 | 1,199 | -362 | -2,091 | 2,615 | -1,728 | 333 |
Ratios
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash Conversion Cycle | 38 | 46 | 48 | 44 | 44 | 49 | 49 | 79 | 81 | 119 | 92 | 63 |
| Debtor Days | 38 | 46 | 48 | 44 | 44 | 49 | 49 | 79 | 81 | 119 | 92 | 63 |
| ROCE % | 9% | 8% | 9% | 10% | 10% | 9% | 11% | 12% | 11% | 13% | 13% | 13% |
| Working Capital Days | -365 | -356 | -306 | -250 | -220 | -201 | -274 | -187 | -241 | -174 | -134 | -166 |
Documents
Frequently Asked Questions about Power Grid Corporation of India Ltd
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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.