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.
The full Power Grid Corporation of India Q2 FY27 results page carries every quarter on the same rules, the checks that ran and the ones that need the filing read: Power Grid Corporation of India Q2 FY27 results, read forensically.
Power Grid Corporation of India Q2 FY27: the numbers
| Sep '26 | Previous quarter | A year ago | On the year | |
|---|---|---|---|---|
| Revenue | ₹11,816 cr | ₹11,497 cr | ₹11,476 cr | +3.0% |
| EBITDA | ₹9,720 cr | ₹9,536 cr | ₹9,114 cr | +6.7% |
| EBITDA margin | 82.3% | 82.9% | 79.4% | +284 bps |
| Net profit | ₹3,866 cr | ₹3,598 cr | ₹3,566 cr | +8.4% |
| EPS | ₹4.16 | ₹3.87 | ₹3.84 | +8.3% |
Consolidated figures in ₹ crore, as filed with the exchanges.
What the numbers say
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 5 companies in Power and utilities that have reported Q2 FY27 so far, Power Grid Corporation of India Ltd. ranks 5th on revenue growth; the sector median is +14.9%. 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 18 Nifty 50 companies reported so far, the median profit growth is +16.0%; 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.
Where the profit change came from
Net profit went from ₹3,566 cr in Sep '25 to ₹3,866 cr in Sep '26. Taking each line in turn: Business (EBITDA) added ₹606 cr, depreciation added ₹27.6 cr, finance cost took away ₹43.3 cr, other income added ₹44.6 cr, tax added ₹32.9 cr and other lines took away ₹368 cr.
Segments
| 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% |
Questions the numbers raise
None of the 15 checks that could run on this quarter raised a question. That says the numbers cleared these checks; it is not a verdict on the company.
How it compares with Power and utilities this season
| Company | Revenue growth | Margin change | Profit growth |
|---|---|---|---|
| Adani Energy Solutions Ltd. | +52.8% | +114 bps | +144.9% |
| NTPC Ltd. | +21.2% | +18 bps | +40.7% |
| Indian Energy Exchange Ltd. | +8.6% | −213 bps | +12.9% |
| Jaiprakash Power Ventures Ltd. | +5.1% | +1,070 bps | −81.9% |
| Power Grid Corporation of India Ltd. | +3.0% | +284 bps | +8.4% |
What to watch next
For a company in Power and utilities, the numbers to watch are plant load factor, capacity added and regulated equity.
The next quarter, Q3 FY27, has to be filed by 14 Feb 2027. The same checks will run on it, and the results page will compare it with this one.
All of Power Grid Corporation of India's quarters, the checks and the profit bridge →
The Power Grid Corporation of India terminal: financials, valuation history and forensic checks →
Frequently asked questions
What were Power Grid Corporation of India Ltd. Q2 FY27 results?
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.
Was Power Grid Corporation of India Ltd. profit growth driven by the core business?
Profit before other income, exceptional items and tax moved +17.5% on the year, against +8.4% for reported profit.
Are there any red flags in Power Grid Corporation of India Ltd. Q2 FY27 results?
None of the 15 checks that could run raised a question.
Is this a recommendation?
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by published rules. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security.
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