Power Grid Corporation of India Ltd

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Power Grid Corporation of India Ltd

₹ 270 1.16%
25 Sep - close price
powergrid.in BSE: 532898 NSE: POWERGRID F&O
About

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.

Key Points

Business Segments Q1 FY27
a) Transmission (93%): [1] [2]
The company is India’s flagship power transmission utility and a leading player in bulk power transmission, operating an EHVAC and HVDC network. It develops high-capacity inter-State and intra-State transmission systems and facilitates the integration of renewable energy zones into the national grid, and executes cross-border interconnections with neighbouring countries. Its network comprises 1,86,595 ckm of transmission lines across 1,595 lines and 291 substations with 6,34,516 MVA of transformation capacity, supported by technologies like 765 kV/400 kV EHVAC substations, LCC/VSC-based HVDC links, SVCs and STATCOMs. The company maintains 99.80% system availability, consistently above 99.5%.

Website BSE NSE F&O
  • Market Cap ₹ 2,50,651 Cr.
  • Current Price ₹ 270
  • High / Low ₹ 325 / 250
  • Stock P/E 16.0
  • Book Value ₹ 107
  • Dividend Yield 3.34 %
  • ROCE 9.79 %
  • ROE 15.8 %
  • Face Value ₹ 10.0
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Pros

  • Company has been maintaining a healthy dividend payout of 58.2%

Cons

  • Stock is trading at 2.51 times its book value
  • The company has delivered a poor sales growth of 1.66% over past five years.
  • Tax rate seems low

* 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

Utilities Power Power Power - Transmission

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
10,245 10,419 10,677 11,051 10,068 10,260 10,121 10,983 9,928 10,000 11,005 9,971 9,795
1,584 1,371 1,276 2,083 1,385 1,473 1,598 1,760 1,810 1,990 1,586 6,288 1,790
Operating Profit 8,661 9,049 9,401 8,968 8,683 8,787 8,523 9,223 8,118 8,010 9,419 3,683 8,005
OPM % 85% 87% 88% 81% 86% 86% 84% 84% 82% 80% 86% 37% 82%
702 825 903 1,203 782 1,370 1,533 1,550 1,543 1,868 1,691 1,984 1,575
Interest 2,121 2,389 2,516 2,021 2,160 2,605 2,127 2,588 2,304 2,558 2,574 2,614 2,515
Depreciation 3,141 3,142 3,159 3,116 3,073 3,162 3,074 3,043 2,970 3,056 3,207 3,096 2,925
Profit before tax 4,100 4,343 4,630 5,034 4,232 4,391 4,854 5,143 4,387 4,263 5,329 -44 4,140
Tax % 14% 12% 14% 18% 19% 15% 20% 16% 17% 17% 22% -10,495% 18%
3,543 3,834 3,970 4,128 3,412 3,711 3,894 4,336 3,653 3,555 4,160 4,553 3,411
EPS in Rs 3.81 4.12 4.27 4.44 3.67 3.99 4.19 4.66 3.93 3.82 4.47 4.90 3.67
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
17,177 20,666 25,710 29,765 34,119 36,186 37,666 39,933 43,343 42,391 41,431 40,904 40,771
2,571 2,460 3,224 4,106 7,428 4,821 4,218 5,730 4,595 6,211 6,191 12,201 11,654
Operating Profit 14,606 18,206 22,486 25,659 26,691 31,365 33,448 34,203 38,748 36,181 35,241 28,703 29,117
OPM % 85% 88% 87% 86% 78% 87% 89% 86% 89% 85% 85% 70% 71%
748 650 1,050 4,577 1,563 3,853 1,790 6,363 1,407 3,531 5,210 7,613 7,117
Interest 3,979 5,135 6,304 7,591 9,091 9,814 8,501 8,211 9,744 9,047 9,479 10,050 10,261
Depreciation 5,085 6,180 7,663 9,091 10,201 11,073 11,712 12,551 12,940 12,558 12,352 12,330 12,285
Profit before tax 6,289 7,541 9,570 13,554 8,962 14,331 15,025 19,805 17,471 18,107 18,619 13,935 13,689
Tax % 21% 21% 21% 39% -11% 25% 21% 14% 12% 15% 18% -14%
4,979 5,948 7,520 8,245 9,939 10,811 11,936 17,094 15,333 15,475 15,354 15,921 15,679
EPS in Rs 5.35 6.40 8.09 8.86 10.69 11.62 12.83 18.38 16.49 16.64 16.51 17.12 16.86
Dividend Payout % 21% 20% 30% 33% 44% 48% 53% 60% 67% 68% 55% 53%
Compounded Sales Growth
10 Years: 7%
5 Years: 2%
3 Years: -2%
TTM: -1%
Compounded Profit Growth
10 Years: 10%
5 Years: 3%
3 Years: -2%
TTM: 1%
Stock Price CAGR
10 Years: 11%
5 Years: 14%
3 Years: 10%
1 Year: -5%
Return on Equity
10 Years: 18%
5 Years: 18%
3 Years: 17%
Last Year: 16%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 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 32,935 38,580 44,576 49,183 53,786 59,208 64,347 69,176 75,869 77,566 82,915 90,628
95,045 108,255 118,698 131,213 146,086 147,980 143,073 134,695 128,583 123,490 131,013 148,051
25,110 26,363 26,192 38,306 41,392 43,148 41,639 37,038 36,796 35,065 34,642 31,457
Total Liabilities 158,321 178,429 194,697 223,933 246,496 255,568 254,291 247,885 248,223 245,422 257,871 279,436
89,686 114,942 135,508 153,610 163,860 169,836 176,944 179,732 172,278 162,702 153,637 152,152
CWIP 52,924 43,795 35,884 30,307 33,578 30,400 17,972 7,376 7,699 9,672 12,399 8,391
Investments 926 841 1,330 1,608 2,757 3,764 4,265 7,229 7,415 9,340 11,312 16,392
14,784 18,851 21,975 38,408 46,301 51,568 55,110 53,548 60,832 63,707 80,522 102,500
Total Assets 158,321 178,429 194,697 223,933 246,496 255,568 254,291 247,885 248,223 245,422 257,871 279,436

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
15,042 16,151 21,251 21,881 23,149 29,239 27,614 24,640 35,268 34,790 31,357 31,983
-23,843 -21,148 -23,434 -22,981 -18,648 -9,368 -7,803 2,189 -4,316 -10,434 -17,897 -26,548
6,447 5,387 3,871 -612 -2,374 -18,712 -20,186 -28,801 -29,264 -25,882 -12,357 -3,996
Net Cash Flow -2,355 391 1,688 -1,712 2,127 1,159 -375 -1,973 1,689 -1,526 1,103 1,439
Free Cash Flow -9,201 -4,337 21,213 2,804 3,687 21,233 21,224 20,995 32,204 29,278 26,237 26,409
CFO/OP 111% 96% 103% 94% 95% 101% 89% 83% 98% 105% 97% 122%

Ratios

Standalone / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 45 48 46 45 50 49 82 83 120 93 64 97
Inventory Days
Days Payable
Cash Conversion Cycle 45 48 46 45 50 49 82 83 120 93 64 97
Working Capital Days -343 -315 -242 -205 -300 -272 -192 -225 -151 -112 -132 -179
ROCE % 8% 9% 10% 12% 10% 11% 12% 12% 13% 13% 13% 10%

Insights

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Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
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Number of Substations
count
Transformation Capacity
MVA
Transmission Lines (Network Length)
ckm
Transmission System Availability
%
Inter-Regional Power Transfer Capacity (Company share)
MW
Order Book / Works in Hand
₹ crore

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Shareholding Pattern

Numbers in percentages

1 Recently
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
51.34% 51.34% 51.34% 51.34% 51.34% 51.34% 51.34% 51.34% 51.34% 51.34% 51.34% 51.34%
32.01% 30.51% 29.82% 28.73% 28.26% 28.11% 26.79% 26.50% 25.66% 24.73% 25.02% 24.33%
13.21% 14.77% 15.26% 16.32% 16.89% 16.99% 18.30% 18.49% 19.33% 20.19% 20.05% 20.62%
0.00% 0.00% 0.00% 0.00% 0.00% 0.04% 0.06% 0.07% 0.07% 0.07% 0.08% 0.08%
3.44% 3.37% 3.58% 3.61% 3.50% 3.50% 3.52% 3.61% 3.60% 3.67% 3.51% 3.63%
No. of Shareholders 9,31,3669,61,58511,00,85013,17,07713,29,74113,51,25213,83,98613,88,41713,72,72513,74,80113,35,90913,51,868

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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