India · Delayed Price · Currency is INR Power Grid Corporation of India Earnings Call Transcripts
Fiscal Year 2026
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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 strong operational performance with income of INR 11,444 crore and high system availability. Capex and project execution accelerated, but consolidated profit declined 2% YoY due to higher CSR and JV losses. Large project pipeline and robust Capex plans support future growth.
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 wins, and a growing CapEx pipeline. Execution challenges persist, but sector outlook is positive, supported by major HVDC and renewable energy projects.
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Q2 and H1 FY25 saw steady revenue and profit growth, with high system availability and major project wins. CapEx is set to accelerate, targeting over INR 3 trillion by 2032, driven by India's energy transition and grid expansion.
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Q1 FY25 saw a 4% year-over-year profit increase to INR 3,724 crore, with system availability at 99.80% and a raised CapEx plan of INR 18,000 crore. Over INR 1 lakh crore in projects are in the pipeline, and advanced digital initiatives and international expansion are underway.