Powergrid Infrastructure Investment Trust
Powergrid InvIT (Infrastructure Investment Trust) owns, constructs, operates, maintains, and invests in power transmission assets in India. Powergrid InvIT registered with SEBI as an InvIT on January 7, 2021.[1]
- Market Cap ₹ 7,916 Cr.
- Current Price ₹ 86.9
- High / Low ₹ 98.4 / 75.0
- Stock P/E 4.19
- Book Value ₹ 94.0
- Dividend Yield 13.8 %
- ROCE 21.7 %
- ROE 23.1 %
- Face Value ₹ 100
Pros
- Stock is trading at 0.92 times its book value
- Company has delivered good profit growth of 37.9% CAGR over last 5 years
Cons
- The company has delivered a poor sales growth of -7.75% over past five years.
- Promoter holding is low: 15.0%
- Tax rate seems low
- Company has a low return on equity of 10.8% over last 3 years.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| 344 | 977 | 1,324 | 973 | 1,049 | 945 | 885 | |
| 14 | 34 | 38 | 195 | 1,287 | -120 | -1,054 | |
| Operating Profit | 330 | 943 | 1,286 | 778 | -238 | 1,065 | 1,939 |
| OPM % | 96% | 97% | 97% | 80% | -23% | 113% | 219% |
| 8 | 8 | 10 | 3 | 6 | 8 | 7 | |
| Interest | 116 | 328 | 429 | 0 | 41 | 47 | 56 |
| Depreciation | 93 | 275 | 379 | 0 | 0 | 0 | 0 |
| Profit before tax | 129 | 348 | 487 | 781 | -274 | 1,026 | 1,890 |
| Tax % | 11% | 29% | 22% | 0% | 1% | 0% | 0% |
| 114 | 248 | 379 | 780 | -276 | 1,023 | 1,887 | |
| EPS in Rs | 25.80 | 24.84 | 31.55 | 8.57 | -3.03 | 11.24 | 20.74 |
| Dividend Payout % | 29% | 48% | 110% | 123% | -494% | 27% | 58% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | -8% |
| 3 Years: | -3% |
| TTM: | -6% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 38% |
| 3 Years: | 34% |
| TTM: | 85% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | -13% |
| 1 Year: | -9% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 11% |
| Last Year: | 23% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 442 | 999 | 1,201 | 9,100 | 9,100 | 9,100 | 9,100 |
| Reserves | 71 | 220 | 333 | 97 | -1,271 | -1,340 | -544 |
| 5,347 | 5,577 | 5,177 | 575 | 572 | 569 | 1,072 | |
| 645 | 205 | 111 | 1 | 0 | 0 | 0 | |
| Total Liabilities | 6,505 | 7,000 | 6,821 | 9,773 | 8,401 | 8,330 | 9,628 |
| 1,779 | 6,704 | 6,437 | 0 | 0 | 0 | 0 | |
| CWIP | 4,548 | 9 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 4,254 | 2,978 | 3,109 | 4,682 |
| 178 | 288 | 384 | 5,519 | 5,424 | 5,221 | 4,946 | |
| Total Assets | 6,505 | 7,000 | 6,821 | 9,773 | 8,401 | 8,330 | 9,628 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| 1,052 | -12 | -13 | -14 | -25 | |||
| -107 | -4,594 | 1,160 | 1,161 | 584 | |||
| -908 | 4,886 | -1,136 | -1,142 | -645 | |||
| Net Cash Flow | 37 | 280 | 11 | 6 | -86 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 54 | 44 | 48 | 0 | 0 | 0 | 0 |
| Inventory Days | |||||||
| Days Payable | |||||||
| Cash Conversion Cycle | 54 | 44 | 48 | 0 | 0 | 0 | 0 |
| Working Capital Days | -695 | -60 | -135 | -0 | -0 | 0 | 0 |
| ROCE % | 11% | 14% | -3% | 13% | 22% |
Documents
Announcements
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Reg 23(5)(i): Disclosure of material issue
30 May - PGInvIT Q4 & FY25 results: ₹12/unit distribution, acquisition completed, steady operations, growth outlook discussed.
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Reg 23(5)(i): Disclosure of material issue
29 May - Annual Secretarial Compliance Report of PGInvIT for FY 2024-25 with no deviations reported.
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Reg 23(5)(i): Disclosure of material issue
26 May - Audio recording of POWERGRID InvIT Q4 & FY2025 earnings call available online.
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Reg 23(5)(i): Disclosure of material issue
26 May - PGInvIT Q4 & FY2025 financial results, operational performance, debt profile, and distribution guidance.
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Reg 18(6): Disclosure of record date for purpose of distribution
26 May - PGInvIT FY25 audited results approved; Rs.3.00/unit distribution declared; NAV at Rs.94.12; no net worth erosion.
Annual reports
Concalls
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May 2025TranscriptPPTREC
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Mar 2025TranscriptNotesPPT
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Nov 2024TranscriptNotesPPT REC
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Oct 2024TranscriptPPT
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Jul 2024TranscriptNotesPPT
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May 2024Transcript PPT
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Feb 2024Transcript PPT REC
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Nov 2023Transcript PPT REC
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Aug 2023TranscriptNotesPPT REC
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May 2023TranscriptNotesPPT REC
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Jan 2023TranscriptNotesPPT REC
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Nov 2022TranscriptNotesPPT REC
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Jul 2022TranscriptNotesPPT REC
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May 2022TranscriptNotesPPT REC
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Jan 2022TranscriptNotesPPT REC
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Nov 2021TranscriptNotesPPT REC
India’s 1st PSU InvIT
It is sponsored by Power Grid Corporation India Ltd and is also responsible for managing the InvIT, providing the initial portfolio assets, and undertaking investment decisions related to its assets. [1]
IDBI Trusteeship Services Limited is the debenture trustee, responsible for ensuring the necessary compliance with InvIT Regulations and monitoring the activities of the Investment Manager and Project Manager. [2]