POWERGRID · Power · filed 1 Nov 2026
Power Grid Corporation of India Ltd. reported revenue of ₹10,048 cr for July to September 2026, +0.5% on the year and +2.6% on the quarter.
Operating profit (EBITDA) was ₹8,237 cr, a margin of 82.0%, +188 bps on the year and −83 bps on the quarter. Operating costs grew −9.0% against revenue growth of +0.5%, so more of each rupee of sales reached operating profit.
Net profit was ₹3,819 cr, +7.4% on the year and +12.0% on the quarter, with earnings per share of ₹4.10. Profit before other income, one-offs and tax grew 5.1%, so the profit growth came from the business itself.
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 +188 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 +7.4% 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.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, 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 | ₹6,934 cr | ₹10,849 cr | ▼ 36.1% |
| Inventory | ₹1,626 cr | ₹1,447 cr | ▲ 12.4% |
| Cash | ₹2,393 cr | ₹5,162 cr | ▼ 53.6% |
| Bank balances | ₹2,539 cr | ₹2,539 cr | ▼ 0.0% |
| 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 | ₹759 cr | ₹705 cr | ▲ 7.5% |
| Net block | ₹1.49 lakh cr | ₹1.51 lakh cr | ▼ 1.2% |
| Capital work in progress | ₹6,760 cr | ₹8,354 cr | ▼ 19.1% |
| Equity | ₹1.06 lakh cr | ₹99,929 cr | ▲ 6.2% |
| Total assets | ₹2.88 lakh cr | ₹2.79 lakh cr | ▲ 3.2% |
Receivables at 64 days of sales (−33 days against the last year end). Inventory at 15 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% |
| Q2 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|
| Revenue | ₹10,000 cr | ₹9,795 cr | ₹10,048 cr |
| YoY | — | — | +0% |
| EBITDA margin | 80.1% | 82.8% | 82.0% |
| Other income, % of PBT | 36% | 37% | 42% |
| Exceptional items | — | — | — |
| Tax rate | 19% | 17% | 15% |
| Net profit | ₹3,555 cr | ₹3,411 cr | ₹3,819 cr |
| YoY | — | — | +7% |
| Core profit YoY | — | — | +5% |
| EPS | ₹3.82 | ₹3.67 | ₹4.10 |
| Flags | 1 | 1 | ✓ |
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 ₹10,048 cr (+0.5% on the year) and net profit of ₹3,819 cr (+7.4% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +5.1% on the year, against +7.4% for reported profit.
None of the 14 checks that could run raised a question.
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