Power Grid Corporation of India Ltd logo

Power Grid Corporation of India Ltd

POWERGRID NSE

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.

AI Verdict: HOLD Confidence: 6%

Power Grid trades at a PE of 16.9x with a healthy 3.08% dividend yield and consistent 17% ROE over 10 years, but sluggish revenue growth of just 3% CAGR over 5 years limits re-rating potential. The stock deserves a hold given its defensive qualities balanced against muted earnings momentum.

Key Fundamentals

LargecapPower TransmissionPower
Market Cap
2.7L Cr
Volatility
Moderate
P/E Ratio
16.58
EBITDA
₹35,072 Cr
Return on Equity
18.53%
Debt to Equity
1.42
Book Value
₹108.05
EPS
₹16.88
52W High
₹324.95
52W Low
₹250

Technical Indicators

Key Insights

Strengths

2
  • Stock is providing a good dividend yield of 3.09%.
  • Company has been maintaining a healthy dividend payout of 66.6%

Weaknesses

4
  • Stock is trading at 2.69 times its book value
  • 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
-1.53% ↗
Net Income Growth
-25.57% ↘
Cash Flow Change
-2.86% ↘
ROE
-11.23% ↘
ROCE
-5.03% ↗
EBITDA Margin (Avg.)
-14.31% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
HOLD
Risk low

Power Grid trades at a PE of 16.9x with a healthy 3.08% dividend yield and consistent 17% ROE over 10 years, but sluggish revenue growth of just 3% CAGR over 5 years limits re-rating potential. The stock deserves a hold given its defensive qualities balanced against muted earnings momentum.

Bull Case 7
  • Attractive dividend yield of 3.08% with a consistent payout ratio of 66.6%, offering reliable income in a volatile market
  • Consistent return on equity averaging 17% over 10 years demonstrates efficient capital deployment for a regulated utility
  • Strong analyst consensus with 60.87% buy ratings (14 out of 23 analysts recommending buy)
  • Reasonable PE of 16.9x for a monopoly transmission utility with regulated return visibility
  • Stock CAGR of 17% over 5 years and 13% over 10 years shows sustained long-term wealth creation
  • Market cap of Rs 2,69,299 crore provides deep liquidity and index weight, attracting institutional flows
  • TTM profit growth of 4% despite only 2% revenue growth signals improving operational efficiency and cost control
Bear Case 8
  • Poor compounded sales growth of just 3% over 5 years and only 1% over 3 years indicates stagnating top-line
  • Trading at 2.70x book value is elevated for a utility with single-digit revenue growth, limiting margin of safety
  • Compounded profit growth of only 1% over 3 years suggests earnings momentum has stalled significantly
  • Potential capitalization of interest costs may be flattering reported profitability and understating true operating expenses
  • ROE declining from 18% (5-year average) to 16% last year indicates gradual erosion in return profile
  • Low tax rate raises sustainability concerns — any normalization would directly compress net margins
  • 13.04% of analysts (3 out of 23) recommend selling, indicating meaningful disagreement on valuation
  • Stock CAGR of 0% over the last 1 year shows the recent re-rating cycle may have exhausted near-term upside

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

AI News Digest

Anthropic anthropic claude-opus-4.6 1d ago
Headwinds 2
  • Board non-compliance fine May 28

    Exchanges fined POWERGRID ₹5.31 lakh each (total ₹10.62 lakh) for Q4FY26 board composition gaps. Company has requested a waiver citing government appointment processes.

  • Revenue and EBITDA decline Jun 10

    Q4FY26 revenue fell 5% YoY to ₹11,666 crore (missed estimate of ₹12,859 crore) and EBITDA declined 11.3% to ₹9,066 crore from ₹10,224 crore.

Positives 7
  • JPY 80B JBIC loan secured Jun 10

    Board approved unsecured term loan of JPY 80 billion from Japan Bank for International Cooperation and participating financial institutions, supporting transmission infrastructure expansion.

  • ₹485 cr SCADA upgrade approved Jun 10

    Board approved ₹485.04 crore SCADA modernization at NTAMC and RTAMCs to enhance grid monitoring, operational efficiency, and real-time transmission management.

  • WR-ER transmission project won Jun 16

    Power Grid declared successful bidder for WR-ER Inter-Regional Network Expansion Scheme Part-A on BOOT basis.

  • Kakinada transmission project won Jun 12

    Declared successful bidder for Kakinada transmission project under TBCB, including a 765/400kV sub-station.

  • Gujarat project commissioned Jun 3

    Transmission Network Expansion project in Gujarat commissioned with commercial operation starting May 13, 2026, increasing ATC from ISTS.

  • Q4FY26 net profit beats estimate Jun 10

    Consolidated net profit rose 9.7% YoY to ₹4,546.3 crore in Q4FY26, beating CNBC-TV18 poll estimate of ₹4,451 crore.

  • ₹5,000 cr rupee loan approved Jun 10

    Board approved raising up to ₹5,000 crore through unsecured rupee term loans from existing consortium via competitive bidding.

Neutral 5
  • Trading window closed for results Jun 23

    Trading window closed from June 24, 2026, for GID approval, remaining shut until 48 hours after Q1FY27 results announcement.

  • New CFO and CS appointed Jun 10

    Venkata S V appointed CFO effective July 1, 2026; Anjana Luthra appointed Company Secretary and Compliance Officer with immediate effect.

  • Tumkur II RE acquisition May 30

    Acquired Tumkur II RE Transmission Limited for ₹15.46 crore on May 29, 2026, under Tariff Based Competitive Bidding route.

  • ED promotion and superannuation Jun 1

    Sunil Kumar promoted to Executive Director from June 1; Mohammad Quamrul Huda ceased as ED on May 31 due to superannuation.

  • Fund raising board meeting held Jun 4

    Board met on June 10, 2026, to consider fund raising via unsecured term loans; trading window was closed June 5-12.

TL;DR: POWERGRID is on a strong project-winning streak with multiple TBCB and BOOT transmission projects secured in June, backed by aggressive capital mobilization including a JPY 80 billion JBIC loan and ₹5,000 crore domestic borrowing. Net profit growth of 9.7% is healthy, though revenue and EBITDA declines signal some near-term operational softness. The regulatory fine is minor but flags governance gaps. Overall, the capex-driven growth trajectory remains intact with robust order wins and international funding confidence pointing to continued infrastructure expansion.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
12,264
11,048
11,267
11,550
11,978
11,006
11,278
11,233
12,275
11,196
11,476
12,395
11,666
Expenses
1,433
1,716
1,557
1,375
2,055
1,466
1,681
1,700
2,081
2,094
2,421
1,788
6,363
Operating Profit
10,831
9,332
9,710
10,175
9,923
9,540
9,597
9,533
10,194
9,102
9,055
10,607
5,303
OPM %
88%
84%
86%
88%
83%
87%
85%
85%
83%
81%
79%
86%
45%
Other Income
294
209
263
380
389
302
814
552
366
461
712
463
322
Interest
2,475
2,057
2,341
2,446
1,928
2,039
2,441
1,917
2,303
1,934
2,148
2,190
2,175
Depreciation
3,314
3,266
3,277
3,293
3,259
3,200
3,292
3,216
3,196
3,130
3,223
3,381
3,295
PBT
5,335
4,218
4,355
4,816
5,125
4,603
4,678
4,952
5,062
4,499
4,395
5,497
155
Tax %
19%
15%
13%
16%
19%
19%
19%
22%
18%
19%
19%
24%
-2829%
Net Profit
4,323
3,597
3,781
4,028
4,166
3,724
3,793
3,862
4,143
3,631
3,566
4,185
4,546
EPS in Rs
4.65
3.87
4.07
4.33
4.48
4
4.08
4.15
4.45
3.9
3.83
4.5
4.89
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
17,540
20,652
25,697
29,954
35,059
37,744
39,640
41,622
45,603
45,843
45,792
46,733
Expenses
2,613
2,468
3,247
3,993
8,140
4,858
4,734
5,796
6,028
6,599
6,955
11,661
Operating Profit
14,927
18,184
22,450
25,961
26,920
32,886
34,906
35,826
39,576
39,244
38,837
35,072
OPM %
85%
88%
87%
87%
77%
87%
88%
86%
87%
86%
85%
75%
Other Income
731
656
933
4,065
1,505
2,820
769
4,692
1,093
1,138
2,061
952
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
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
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
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
15,420
15,573
15,521
15,928
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
Div. Payout %
21%
20%
31%
33%
43%
47%
52%
61%
67%
67%
54%
79%
Figures in ₹ Crores

Balance Sheet

  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
76,051
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
1,28,584
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
40,615
40,168
42,326
46,163
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
2,52,225
2,50,829
2,66,019
2,94,727
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
1,76,623
CWIP
53,681
45,611
38,264
37,669
37,631
35,177
24,838
12,854
13,772
18,197
33,585
43,654
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
49,527
50,708
56,998
71,455
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
2,52,225
2,50,829
2,66,019
2,94,727
Figures in ₹ Crores

Cash Flow

  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
40,203
37,290
36,223
40,931
Investing
-24,185
-21,576
-23,836
-25,701
-18,727
-10,733
-9,244
753
-7,138
-13,114
-23,533
-35,305
Financing
6,399
5,621
3,959
1,285
-2,431
-18,806
-20,521
-28,967
-30,450
-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
1,619
Free Cash Flow
-9,178
-6,671
-2,349
-3,470
820
19,372
19,786
18,157
31,960
25,886
12,112
3,682
CFO/OP
114
90
104
96
95
101
90
83
109
104
101
126
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
46
48
44
44
49
49
79
81
119
92
63
91
Cash Conversion Cycle
46
48
44
44
49
49
79
81
119
92
63
91
Working Capital Days
-356
-306
-250
-220
-201
-274
-187
-241
-174
-134
-166
-227
ROCE %
8%
9%
10%
10%
9%
11%
12%
11%
13%
13%
13%
10%

Shareholding Pattern

As of Mar 2026
Promoters 51.34%
FIIs 25.03%
DIIs 20.13%
Public 2.99%
Others 0.51%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
51.34%
51.34%
51.34%
51.34%
51.34%
51.34%
51.34%
51.34%
51.34%
51.34%
51.34%
51.34%
51.34%
51.34%
51.34%
51.34%
51.34%
51.34%
51.34%
51.34%
51.34%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.02%
0.01%
0.01%
0.00%
0.00%
0.01%
29.83%
28.73%
28.26%
28.12%
26.78%
26.51%
25.67%
24.73%
25.03%
DIIs
13.72%
13.84%
8.34%
8.42%
8.45%
8.59%
13.81%
12.74%
13.39%
12.58%
12.48%
14.01%
15.28%
16.33%
16.90%
17.04%
18.35%
18.55%
19.39%
20.26%
20.13%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
2.58%
2.82%
2.77%
2.73%
2.73%
2.65%
2.62%
2.63%
2.60%
2.55%
2.94%
2.90%
3.03%
3.08%
2.99%
3.00%
3.02%
3.09%
3.07%
3.16%
2.99%
Others
32.36%
32.00%
37.55%
37.51%
37.48%
37.42%
32.21%
33.27%
32.66%
33.54%
33.24%
31.74%
0.52%
0.53%
0.51%
0.50%
0.51%
0.51%
0.53%
0.51%
0.51%
No. of Shareholders
0
5,91,585
6,71,110
7,19,276
7,77,072
8,04,152
7,90,532
8,23,239
8,02,619
7,83,265
9,31,366
9,61,585
11,00,850
13,17,080
13,29,740
13,51,250
13,83,990
13,88,420
13,72,720
13,74,800
13,35,910

Documents

1
Concall - Nov 2017 Nov 2017
2
Concall - Feb 2018 Feb 2018
3
Concall - May 2018 May 2018
4
Concall - May 2018 May 2018
5
Concall - Nov 2019 Nov 2019

Frequently Asked Questions about Power Grid Corporation of India Ltd

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 is listed on the Indian stock exchanges. It is listed on NSE: POWERGRID and BSE: 532898. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Power Grid Corporation of India Ltd belong to?
Power Grid Corporation of India Ltd operates in the Utilities sector within the Power industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Power Grid Corporation of India Ltd?
Power Grid Corporation of India Ltd has a market capitalisation of approximately ₹265764.75 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Power Grid Corporation of India Ltd?
The Price-to-Earnings (PE) ratio of Power Grid Corporation of India Ltd is 16.58. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Power Grid Corporation of India Ltd?
Over the past 52 weeks, Power Grid Corporation of India Ltd has traded between a low of ₹250 and a high of ₹324.95. This range helps investors understand the stock's price volatility and recent trading levels.
Does Power Grid Corporation of India Ltd pay dividends?
Yes, Power Grid Corporation of India Ltd has a dividend yield of 2.66%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Power Grid Corporation of India Ltd?
Power Grid Corporation of India Ltd has a Return on Equity (ROE) of 18.53%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Power Grid Corporation of India Ltd on Tapetide?
On Tapetide, you can view Power Grid Corporation of India Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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

Explore More

More in Utilities → FII DII Data Stock Screener Nifty 50 Heatmap F&O Ban List