We analyzed the tariff-based competitive bidding (TBCB) projects from the annual reports of Power Grid's (PWGR) subsidiaries. In our view, PWGR will generate more than 14% equity IRR (debt/equity ratio of 80/20) on its TBCB projects. The equity IRR on the three projects that are fully commissioned is ~24-38%. PWGR enjoys a competitive edge due to its (a) low cost of borrowed funds, (b) dominant position with suppliers and (c) vast geographical spread, which should continue driving healthy returns. Transmission order inflows are expected to be low over the next few years, but the long-term growth potential is huge. Experience from China and the US suggests that the transmission infrastructure continues increasing in tandem with generation (demand) growth. Renewable generation capacities, flexibility and redundancy requirements also aid transmission investment, as seen in the US/UK over the past few years. India, with just one third of the world's per capita electricity consumption, has huge growth potential. Separation of carriage and content, as proposed in the draft Electricity Act, will provide another growth stream to PWGR, in our view.