Power Grid Corporation of India Ltd. share price target

Powergrid transmits ~45% of the total power generated in India on its transmission network & owns ~84% of Inter-State transmission system. It also undertakes transmission related consultancy to more than 150 domestic clients and owns & operates ~100,000 km of telecom network. Q4FY26 performance: Power Grid Corporation of India Limited reported standalone Q4FY26 revenue from operations of 9,971 crore, down 9% YoY from 10,982 crore in Q4FY25. EBITDA stood at ~7,500 crore compared to ~9,222 crore, while EBITDA margin moderated to 75.21% vs 83.96% in Q4FY25. PAT for...

FY26 capex and capitalisation guidance revised upward, supported by project commissioning. INR15trn transmission opportunity anticipated over 202736: INR7.9trn domestic (non-fossil driven), INR3trn...

Management has raised FY26 capex/capitalization guidance to INR350b/INR250b, from INR320b/INR220b guided in Feb’26.

Power Grid's strong operating momentum was driven by a growing project pipeline that aligns with India's transmission expansion plans for renewable energy and green hydrogen. Additionally, management expects robust project execution over the next few years, supported by planned capital deployment, which will enable continued asset-based expansion and provide visibility into regulated returns. Furthermore, the company's foray into battery energy storage and a robust HVDC (high voltage direct current) project pipeline solidifies its strategic position in...

Powergrid transmits ~45% of the total power generated in India on its transmission network & owns ~84% of Inter-State transmission system. It also undertakes transmission related consultancy to more than 150...

In 3QFY26, Power Grid Corporation (PWGR) reported a standalone revenue in line with our estimate at INR110b. EBITDA was also in line with our estimate at INR94b.

Powergrid transmits ~45% of the total power generated in India on its transmission network & owns ~84% of Inter-State transmission system. It also undertakes transmission related consultancy to more than 150...

India is augmenting its transmission infrastructure to integrate renewables into the grid and Power Grid is a leading player in India’s transmission capex story, with >50% market share in transmission bids over the last 2 years.

In 2QFY26, Power Grid Corporation (PWGR) reported a standalone (SA) revenue of INR100b (-3% YoY), 6% below our estimate. EBITDA was 13% below our estimate at INR80.1b (-9% YoY), hit by a 55% YoY surge in other expenses.

Q1FY26 standalone revenue of Rs. 9,928 crore was down 1.4 y-o-y due to 90% mix of RTM projects in transmission revenue.

Power Grid is riding on transmission tailwinds, as India is augmenting its transmission infrastructure to integrate renewables into the grid. It racked-up projects worth >INR 1trn in FY25; it won 24 transmission projects in bids with estimated cost of INR 920bn.

In 1QFY26, Power Grid Corporation (PWGR) reported a standalone (SA) revenue of INR99.3b (-1% YoY), 6% below our estimate.

The sector outlook is expected to remain positive due to industrialisation, urbanisation and e-mobility adoption in the economy along with increased capacity requirements for non-fossil fuel capacity, additional demand for electricity and energy storage requirements. It has a strong pipeline of work across segments and has won good new projects, which is expected to drive growth in the long term. It has a well-planned capex outlook for the next three years and a strong business outlook, especially in the transmission business, up to 2032. However,...

Power Grid had a strong FY25, adding projects worth >INR 1trn (project cost) to its kitty. It had an impressive run in competitive bids, winning 24 transmission projects (market share of >50%) with estimated cost of INR 920bn; the most notable was Khavda-Nagpur HVDC project worth INR 250bn.

Q4FY25 standalone revenue of Rs. 10,983 crore was slightly down y-o-y due to weaker capitalization in the last year. The transmission revenue of Rs. 10,904 crore was down 1.6% y-o-y while consultancy revenue of Rs. 298 crore increased 45% y-o-y.

Power Grid has won 11 TBCB projects after the Q3FY25 results and the company maintains a strong win ratio (>50%) in its projects. The company is on track for a large capex of Rs. ~3.3 lakh crore till FY32 because of the strong renewable energy capacity addition in India.

Power Grid has continued its momentum in project wins; it won bids for transmission projects worth INR 190bn in Q3FY25. In 9MFY25/ FY24, it won INR 760bn/ INR 500bn worth of new projects, respectively.