POWERGRID · Power · filed 1 Nov 2026
Power Grid Corporation of India Ltd. reported revenue of ₹11,816 cr for July to September 2026, +3.0% on the year and +2.8% on the quarter. That is in line with how this quarter has grown in recent years (+0.9% on average). Over the last four quarters revenue comes to ₹47,374 cr, +2.6% on the four before.
Operating profit (EBITDA) was ₹9,720 cr, a margin of 82.3%, +284 bps on the year and −69 bps on the quarter. Over the last 8 quarters the margin has ranged from 45.5% to 85.6%, averaging 78.1%. Operating costs grew −11.3% against revenue growth of +3.0%, so more of each rupee of sales reached operating profit.
Net profit was ₹3,866 cr, +8.4% on the year and +7.4% on the quarter, with earnings per share of ₹4.16. Profit before other income, one-offs and tax grew faster, at +17.5%; other income, one-offs or tax held the headline back. The tax rate of 17% is in line with its recent average. Profit over the last four quarters totals ₹16,196 cr, +6.5% on the four before.
Of the 7 companies in Power and utilities that have reported Q2 FY27 so far, Power Grid Corporation of India Ltd. ranks 7th on revenue growth; the sector median is +37.0%. Its margin moved +284 bps on the year against a sector median of +66 bps.
Power Grid Corporation of India Ltd. is a Nifty 50 company. Of the 24 Nifty 50 companies reported so far, the median profit growth is +18.0%; Power Grid Corporation of India Ltd.'s +8.4% puts it below that.
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.
On earnings per share of ₹17.42 over the last four quarters, the stock at ₹250.80 trades at 14.4 times trailing earnings.
No check fired. That is a statement about the checks below, not a verdict on the company.
Profit is backed by cash: operating cash flow exceeded profit.
Operating cash flow for the first half ₹18,668 cr against profit of ₹7,465 cr.
Source: Cash flow statement
Could not run on this quarter: Exceptional items that recur, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹7,781 cr | ₹11,673 cr | ▼ 33.3% |
| Inventory | ₹2,416 cr | ₹2,126 cr | ▲ 13.6% |
| Cash | ₹2,521 cr | ₹5,281 cr | ▼ 52.3% |
| Bank balances | ₹3,648 cr | ₹3,640 cr | ▲ 0.2% |
| Long-term borrowings | ₹1.26 lakh cr | ₹1.21 lakh cr | ▲ 4.3% |
| Short-term borrowings | ₹24,989 cr | ₹26,937 cr | ▼ 7.2% |
| Trade payables | ₹753 cr | ₹956 cr | ▼ 21.3% |
| Net block | ₹1.73 lakh cr | ₹1.75 lakh cr | ▼ 0.9% |
| Capital work in progress | ₹51,036 cr | ₹43,654 cr | ▲ 16.9% |
| Equity | ₹1.07 lakh cr | ₹1.00 lakh cr | ▲ 6.2% |
| Total assets | ₹3.01 lakh cr | ₹2.95 lakh cr | ▲ 2.2% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | ₹18,668 cr | ₹14,832 cr |
| Capital expenditure | −₹18,913 cr | −₹14,177 cr |
| Investing cash flow | −₹17,602 cr | −₹13,092 cr |
| Financing cash flow | −₹3,608 cr | −₹2,213 cr |
| Dividends paid | −₹1,165 cr | −₹1,163 cr |
Operating cash flow was 2.50× profit. Receivables at 61 days of sales (−30 days against the last year end). Inventory at 19 days of sales (+2 days).
No emphasis of matter.
₹2,000 cr still unused. “Issue proceeds of ₹2,000.00 crore raised on 29-09-2026 via Private Placement remained unutilised as at September 30, 2026”
Board approved 1st Interim Dividend of ₹3.00 per equity share (@30% of paid-up capital) for FY 2026-27 with Record Date fixed as November 6,…
Tax: Consolidated tax expense of ₹796.42 crore (current tax ₹759.22 crore, deferred tax ₹37.20 crore) on Profit before tax of ₹4,568.44 crore; company transitioning to new tax regime under Income-tax Act, 2025
| Metric | Q2 FY27 |
|---|---|
| Receivable days (days) | 60.91 |
Worked out from filed numbers. Receivable Days (Annualised): Consolidated trade receivables (7,781.41) / (H1 Revenue from operations 23,312.94 * 2) * 365
Net movement in Regulatory Deferral Account Balances for Q2 FY27 was ₹94.14 crore consolidated (net of tax), and regulatory deferral account debit balances stood at ₹6,495.48 crore.
Regulatory deferral balances represent foreign currency fluctuation recoveries and deferred tax adjustments recoverable as per CERC Tariff Regulations 2024-29.
Group Capital Work-in-Progress (CWIP) expanded to ₹51,035.65 crore as on 30.09.2026 compared to ₹43,654.29 crore as on 31.03.2026, reflecting active ongoing project execution.
Substantial expansion in CWIP demonstrates steady capital deployment across inter-state and intra-state power transmission schemes.
Read using the Power and utilities framework (named in the filing read). Primary valuation lens: P/B against allowed RoE.
Read more closely in this sector: Regulatory receivables and late payment surcharge · Capacity announced against commissioned.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Transmission | ₹11,207 cr | ▲ 4.5% | ₹6,738 cr | ▲ 5.0% |
| Consultancy | ₹520 cr | ▼ 15.3% | ₹36.0 cr | ▼ 19.8% |
| Telecom | ₹283 cr | ▼ 2.7% | ₹119 cr | ▼ 13.7% |
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹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 | ₹11,816 cr |
| YoY | — | — | −0% | +0% | −3% | +2% | +2% | +2% | +10% | −5% | +3% | +3% |
| EBITDA margin | 88.1% | 82.8% | 86.7% | 85.1% | 84.9% | 83.0% | 81.3% | 79.4% | 85.6% | 45.5% | 82.9% | 82.3% |
| Other income, % of PBT | 8% | 8% | 7% | 17% | 11% | 7% | 10% | 5% | 8% | 208% | 4% | 5% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 16% | 19% | 19% | 19% | 22% | 18% | 19% | 21% | 24% | — | 19% | 17% |
| Net profit | ₹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 | ₹3,866 cr |
| YoY | — | — | +4% | +0% | −4% | −1% | −2% | −6% | +8% | +10% | −1% | +8% |
| Core profit YoY | — | — | +7% | −6% | −1% | −1% | −6% | −5% | +14% | −104% | +9% | +18% |
| EPS | ₹4.33 | ₹4.48 | ₹4.00 | ₹4.08 | ₹4.15 | ₹4.45 | ₹3.90 | ₹3.84 | ₹4.50 | ₹4.89 | ₹3.87 | ₹4.16 |
| 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 ₹11,816 cr (+3.0% on the year) and net profit of ₹3,866 cr (+8.4% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +17.5% on the year, against +8.4% for reported profit.
None of the 15 checks that could run raised a question.
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