India · Delayed Price · Currency is INR Power Grid Corporation of India Earnings Call Transcripts
Fiscal Year 2026
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CapEx and capitalization exceeded guidance in FY 2026, with robust financials and strong operational performance. Major sector opportunities and international expansion are underway, supported by technology adoption and ESG progress.
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CapEx and capitalization guidance have been raised, with multi-year investments set to accelerate sharply by FY2028. Execution capacity and project pipeline are expanding, supported by strong financials and streamlined governance. Transmission opportunities are robust, driven by renewable integration and grid modernization.
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Strong financial growth with Q3 income and PAT up 7% year-over-year, CapEx and project execution exceeding targets, and a robust pipeline of INR 1,95,000 crore in projects. Outlook remains positive with increased CapEx guidance and major focus on renewables and international expansion.
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H1 FY26 saw robust financials with ₹23,115 crore income and ₹7,197 crore PAT, strong project execution, and a large pipeline of future projects. CapEx guidance is raised to ₹28,000-45,000 crore over the next three years, with ongoing challenges in ROW and equipment supply being actively managed.
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Q1 FY26 saw robust financials with INR 11,444 crore income and INR 3,600 crore profit, strong project execution, and a CapEx target of INR 28,000 crore. Key risks include right-of-way and supply chain constraints, but the outlook remains positive with a large project pipeline and expansion into green energy.
Fiscal Year 2025
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Secured INR 92,000 crore in new projects, maintained high system availability, and achieved record CapEx in FY25. Revenue and profit grew, with strong guidance for future CapEx and a robust project pipeline, despite some delays from ROW and policy changes.
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Q3 and nine-month results show strong financials with high system availability, robust project execution, and a growing project pipeline. CapEx and capitalization targets are rising, supported by green financing and sectoral growth drivers. Dividend payout is moderated to fund expansion.
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Q2 and H1 FY2024-25 saw steady revenue and profit growth, with strong project execution and a robust pipeline exceeding INR 3 trillion by 2032. Operational excellence, high system availability, and major project wins support a positive outlook, despite JV losses and regulatory impacts.
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Q1 FY25 saw revenue of INR 11,280 crore and PAT of INR 3,724 crore, with system availability above 99.80% and major project wins boosting CapEx guidance to INR 18,000 crore. Equipment supply challenges are managed through advanced procurement, and sustainability, digital, and CSR initiatives remain key priorities.