Power Grid releases Q2 FY26 earnings call transcript, reports strong H1 financials and increased capex.
Power Grid released its Q2 FY26 earnings call transcript, reporting ₹7,197 crore PAT, ₹15,385 crore H1 capex, and a target of ₹20,000 crore capitalization by March 2026, with strong future project pipeline.
The announcement provides comprehensive updates on financial results, operational achievements, and future strategic direction, including substantial capex plans and major project developments like the Sasaram HVDC upgrade and the re-evaluation of the Leh Ladakh project. This information is crucial for investor decision-making.
The company reported robust financial performance for H1 FY26, including increased total income and profit after tax. It also showed significant progress in project execution with a higher capex and capitalization compared to the previous year, along with a positive outlook for future growth opportunities and a strong project pipeline.
* Power Grid Corporation of India Limited (POWERGRID) released the transcript of its webinar held on 4th November, 2025, for investors and analysts to discuss Q2 and Half Year ended 30th September, 2025 results. * Key Financial Highlights for H1 FY26 (Consolidated): * Total Income: ₹23,115 crore * EBITDA: ₹19,109 crore * Profit After Tax: ₹7,197 crore * Net Worth: ₹98,932 crore * Gross Fixed Asset: ₹2,95,148 crore * Debt Equity Ratio: 58:42 * Operational Highlights: * Achieved 99.83% system availability. * Commissioned a capex of ₹15,385 crore in H1 FY26, significantly up from ₹10,002 crore in H1 FY25. * Capitalized ₹4,587 crore till date in FY26, compared to ₹4,006 crore in H1 FY25. * Received in-principle approval for upgradation of Sasaram HVDC project at an estimated cost of ₹3,440 crore, enhancing capacity from 500MW LCC-based to 1,000 MW VSC-based with indigenous semiconductors. * Developed India's first 220 kV mobile GIS in collaboration with Toshiba for quick restoration in case of calamities and for renewable power evacuation. * Innovation in insulated cross arm for 400 kV transmission lines, enabling 20% reduction in right-of-way. * Achieved 102% realization against billing for transmission charges. * Consultancy income increased to ₹821 crore from ₹255 crore in H1 FY25, mainly due to smart meter business. * Management Commentary and Future Outlook: * Chairman and Managing Director, Dr. R. K. Tyagi, affirmed commitment to increasing capitalization, targeting ₹20,000 crore by March 2026. * Committed capex for FY26 is ₹28,000 crore, with expectations to exceed it to between ₹28,000 crore and ₹30,000 crore. * Projected capitalization for FY27 is ₹25,000-₹26,000 crore and for FY28 is ₹28,000 crore, maintaining a two-year lag from capex. * Identified significant opportunities in the Brahmaputra basin, estimated at ₹6,42,944 crore, including 42 GW of HVDC corridors. * The Leh Ladakh HVDC project is being re-evaluated for an AC project due to cost escalation and feasibility, with an estimated cost of around ₹30,000 crore and expected commissioning by 2029. * The company is addressing challenges with Right-of-Way (RoW) from landowners, with new government guidelines expected to streamline compensation. * Addressing equipment shortages (e.g., transformers, GIS) through advance and bulk procurement. * The total bid pipeline for the balance fiscal is approximately ₹45,000 crore, expected to pick up momentum. * Participation in battery energy storage tenders continues, with expectations to secure projects in the future. * The data center project is delayed and expected to be commissioned by Q4 FY26. * Awards: POWERGRID received the Scope Eminence Award for Human Resource Management and the Rajbhasha Kirti first prize.
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Power Grid Corporation of India Limited filed this with the NSE as a statutory disclosure, categorised under concall transcript released. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Power Grid Corporation of India Limited. Read the original for the full detail.