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Power Grid Corporation of India Limited Q2 FY26 earnings call summary

NSE: POWERGRID · BSE: 532898

Earnings call of 4 Nov 2025, summarised by AI from the filing.

POWERGRID targets ₹20,000 cr capitalization in FY26 and raises capex guidance to ₹28,000-30,000 cr.

Key takeaways

  1. H1 FY26 results Total income ₹23,115 cr, EBITDA ₹19,109 cr, PAT ₹7,197 cr.
  2. Capex increase FY26 capex guidance raised to ₹28,000-30,000 cr from ₹28,000 cr.
  3. Growth driver Brahmaputra basin offers ₹6,42,944 cr opportunity with 42GW HVDC corridors.
  4. Main risk Right of way and landowner resistance delaying projects to Q3 and Q4.

Original filing on BSE

Power Grid Corporation of India Limited Q1 FY27 results

As filed: Revenue ₹11,497 cr (+3% year on year), EBITDA ₹9,536 cr (+4% year on year), PAT ₹3,598 cr (−1% year on year), EBITDA margin 83.0% (+126 bps).

The Q1 FY27 score, against the company's own trend, is for premium members.

Earlier results and the share price after them

  • Q4 FY26: Revenue ₹11,666 cr (−5% year on year), EBITDA ₹9,066 cr (−11% year on year), PAT ₹4,546 cr (+10% year on year), EBITDA margin 77.7% (−559 bps). Score 33 of 100, Below trend. Revenue and EBITDA growth were well below the company's own trend; profit growth was well above it. EBITDA margin fell 559 bps year on year. Tax rate -113%. Revenue fell 6% from last quarter. Share price after the results: −6.9% in 28 days (Nifty 500: +0.3%).
  • Q3 FY26: Revenue ₹12,395 cr (+10% year on year), EBITDA ₹10,653 cr (+12% year on year), PAT ₹4,185 cr (+8% year on year), EBITDA margin 86.0% (+104 bps). Score 87 of 100, Above trend. Revenue, EBITDA and profit growth were well above the company's own trend. EBITDA margin rose 104 bps year on year. Share price after the results: +18.8% in 28 days (Nifty 500: +0.4%).
  • Q2 FY26: Revenue ₹11,476 cr (+2% year on year), EBITDA ₹9,114 cr (−6% year on year), PAT ₹3,566 cr (−6% year on year), EBITDA margin 79.4% (−660 bps). Score 33 of 100, Below trend. Revenue growth was above the company's own trend; EBITDA and profit growth were well below it. EBITDA margin fell 660 bps year on year. Share price after the results: −6.8% in 30 days (Nifty 500: −0.4%).
  • Q1 FY26: Revenue ₹11,196 cr (+2% year on year), EBITDA ₹9,146 cr (−5% year on year), PAT ₹3,631 cr (−3% year on year), EBITDA margin 81.7% (−556 bps). Score 38 of 100, Below trend. Revenue growth was above the company's own trend; EBITDA and profit growth were below it. EBITDA margin fell 556 bps year on year. Revenue fell 9% from last quarter. Share price after the results: −6.1% in 30 days (Nifty 500: −2.4%).
  • Q4 FY25: Revenue ₹12,275 cr (+2% year on year), EBITDA ₹10,225 cr (+1% year on year), PAT ₹4,143 cr (−1% year on year), EBITDA margin 83.3% (−101 bps). Score 56 of 100, In line with trend. Revenue growth was above the company's own trend; EBITDA growth was in line with it; profit growth was below it. EBITDA margin fell 101 bps year on year. Share price after the results: −5.5% in 30 days (Nifty 500: +0.3%).
  • Q3 FY25: Revenue ₹11,233 cr (−3% year on year), EBITDA ₹9,537 cr (−7% year on year), PAT ₹3,862 cr (−4% year on year), EBITDA margin 84.9% (−351 bps). Score 29 of 100, Below trend. Revenue growth was below the company's own trend; EBITDA and profit growth were well below it. EBITDA margin fell 351 bps year on year.
  • Q2 FY25: Revenue ₹11,278 cr (0% year on year), EBITDA ₹9,701 cr (−2% year on year), PAT ₹3,793 cr (0% year on year), EBITDA margin 86.0% (−192 bps). Score 26 of 100, Below trend. EBITDA margin fell 192 bps year on year. Not enough history for a trend yet: scored on growth alone.

Past price moves after results do not indicate future moves. Not a recommendation.

Power Grid Corporation of India Limited earnings call, investor presentation and press release summaries

Figures from the company's filings with NSE and BSE. Not investment advice.