POWERGRID · Electric Utilities · INE752E01010
Analyst mean 2.17 · 23 analysts · 47% bullishWhat the numbers mean when read together — computed from the filings, not a score.
Operating cash flow is 257% of trailing profit — the earnings are converting to cash, not just accruals.
Last operating cash flow ₹40,931 cr against trailing net profit ₹15,928 cr. A ratio at or above ~0.9 means reported profit is showing up as real cash.
Both revenue and profit grew over the last year (2.1% and 2.6%) — growth is translating to the bottom line.
Trailing revenue ₹46,733 cr, trailing profit ₹15,928 cr. Profit growing at least as fast as revenue indicates operating leverage or pricing power.
Net margin improved from 33.8% to 39% year-on-year — the business is keeping more of each rupee.
Quarter net margin 39% vs 33.8% four quarters earlier. Expansion from operating leverage is healthy; verify it is not a one-off gain.
Free cash flow swings between positive and negative across the cycle.
Latest ₹3,682 cr, negative in 4 of 12 years.
Capital work-in-progress has stayed high (25% of fixed assets) without converting to productive assets — worth checking whether projects are genuinely progressing.
CWIP ₹43,654 cr vs ₹18,197 cr two years earlier, against fixed assets ₹176,623 cr. Perennial CWIP that never becomes a fixed asset can hide stalled projects or capitalised costs that should have been expensed.
Markers show corporate actions (splits, bonus, dividends). Prices are split-adjusted so the series is continuous.
| Metric | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11,006 | 11,278 | 11,233 | 12,275 | 11,196 | 11,476 | 12,395 | 11,666 |
| Expenses | 1,466 | 1,681 | 1,700 | 2,081 | 2,094 | 2,421 | 1,788 | 6,363 |
| Other Income | 302 | 814 | 552 | 366 | 461 | 712 | 463 | 322 |
| Depreciation | 3,200 | 3,292 | 3,216 | 3,196 | 3,130 | 3,223 | 3,381 | 3,295 |
| Profit before tax | 4,603 | 4,678 | 4,952 | 5,062 | 4,499 | 4,395 | 5,497 | 155 |
| Net Profit | 3,724 | 3,793 | 3,862 | 4,143 | 3,631 | 3,566 | 4,185 | 4,546 |
| EPS | 4.00 | 4.08 | 4.15 | 4.45 | 3.90 | 3.83 | 4.50 | 4.89 |
| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 5,232 | 6,975 | 6,975 | 9,301 | 9,301 | 9,301 |
| Reserves | 64,704 | 69,272 | 76,039 | 77,845 | 83,362 | 91,193 |
| Borrowings | 143,232 | 134,696 | 126,661 | 123,516 | 131,030 | 148,071 |
| Fixed Assets | 183,726 | 191,773 | 185,437 | 177,761 | 172,320 | 176,623 |
| CWIP | 24,838 | 12,854 | 13,772 | 18,197 | 33,585 | 43,654 |
| Investments | 1,486 | 3,788 | 3,489 | 4,163 | 3,117 | 2,995 |
| Total Assets | 255,708 | 250,950 | 250,303 | 250,829 | 266,019 | 294,727 |