POWERGRID · Power
Power Grid Corporation of India Ltd. reported revenue of ₹11,476 cr for July to September 2025, +1.8% on the year and +2.5% on the quarter. Over the last four quarters revenue comes to ₹46,180 cr, +0.8% on the four before.
Operating profit (EBITDA) was ₹9,055 cr, a margin of 78.9%, −619 bps on the year and −239 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 78.9% to 88.1%). Operating costs grew +44.0%, faster than revenue at +1.8%, so operating profit grew less than sales.
Net profit was ₹3,566 cr, −6.0% on the year and −1.8% on the quarter, with earnings per share of ₹3.83. Profit before other income, one-offs and tax fell 4.7%, so the profit growth came from the business itself. The tax rate of 19% is in line with its recent average. Profit over the last four quarters totals ₹15,202 cr, −3.2% on the four before.
Most power earnings are regulated returns on equity, with fuel costs passed through, so revenue can swing with fuel prices while profit moves far less. The quarterly statements do not carry plant load factor, capacity added and regulated equity; those come with the filing read.
On earnings per share of ₹16.33 over the last four quarters, the stock at ₹250.80 trades at 15.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 78.9%, −619 bps on the year (−239 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹11,267 cr | ₹11,550 cr | ₹11,978 cr | ₹11,006 cr | ₹11,278 cr | ₹11,233 cr | ₹12,275 cr | ₹11,196 cr | ₹11,476 cr | ₹12,395 cr | ₹11,666 cr | ₹11,497 cr |
| YoY | — | — | — | −0% | +0% | −3% | +2% | +2% | +2% | +10% | −5% | +3% |
| EBITDA margin | 86.2% | 88.1% | 82.8% | 86.7% | 85.1% | 84.9% | 83.0% | 81.3% | 78.9% | 85.6% | 45.5% | 82.0% |
| Other income, % of PBT | 6% | 8% | 8% | 7% | 17% | 11% | 7% | 10% | 16% | 8% | 208% | 5% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 13% | 16% | 19% | 19% | 19% | 22% | 18% | 19% | 19% | 24% | — | 20% |
| Net profit | ₹3,781 cr | ₹4,028 cr | ₹4,166 cr | ₹3,724 cr | ₹3,793 cr | ₹3,862 cr | ₹4,143 cr | ₹3,631 cr | ₹3,566 cr | ₹4,185 cr | ₹4,546 cr | ₹3,598 cr |
| YoY | — | — | — | +4% | +0% | −4% | −1% | −2% | −6% | +8% | +10% | −1% |
| Core profit YoY | — | — | — | +7% | −6% | −1% | −1% | −6% | −5% | +14% | −104% | +6% |
| EPS | ₹4.07 | ₹4.33 | ₹4.48 | ₹4.00 | ₹4.08 | ₹4.15 | ₹4.45 | ₹3.90 | ₹3.83 | ₹4.50 | ₹4.89 | ₹3.87 |
| Flags | · | · | · | ✓ | ✓ | 1 | ✓ | 1 | 1 | ✓ | 3 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Power Grid Corporation of India Ltd. reported revenue of ₹11,476 cr (+1.8% on the year) and net profit of ₹3,566 cr (−6.0% on the year) for July to September 2025.
Profit before other income, exceptional items and tax moved −4.7% on the year, against −6.0% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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