Finance and M&A

POWERGRID Q2 FY27 Consolidated Profit Rises 8.4% to ₹3,866.16 Crore; Board Declares ₹3 Interim Dividend

November 2, 2026 By Vedant Pandya 5 min read
POWERGRID: Transmission towers and a substation with large transformers at sunrise
0:00 / 06:13

Gurugram-based Power Grid Corporation of India Limited (POWERGRID), the state-owned transmission utility, reported consolidated profit of ₹3,866.16 crore for Q2 FY27 (July–September 2026), up 8.4% from ₹3,566.08 crore a year earlier. Revenue from operations rose 3.0% to ₹11,816.22 crore, the company said in a stock exchange filing on 1 November 2026. The board also declared a first interim dividend of ₹3 per share. Profit before regulatory deferral movements rose 23.7%, and the board separately approved selling its stake in Central Transmission Utility of India Limited (CTUIL).

Key Financial Details

The unaudited consolidated results give these figures for the September quarter, with year-earlier numbers in brackets:

  • Total income: ₹12,055.11 crore (₹11,670.24 crore), including other income of ₹238.89 crore (₹194.29 crore)
  • Total expenses: ₹7,483.09 crore (₹7,733.40 crore)
  • Finance costs: ₹2,191.34 crore (₹2,148.07 crore)
  • Depreciation and amortisation: ₹3,195.53 crore (₹3,223.12 crore)
  • Profit before tax and regulatory deferral account balances: ₹4,568.44 crore (₹3,878.17 crore)
  • Earnings per share: ₹4.16 (₹3.84)

Before regulatory deferral account balances, profit was ₹3,772.02 crore against ₹3,048.81 crore. The net movement in those balances added ₹94.14 crore, against ₹517.27 crore a year earlier. The filing says the movement mainly reflects foreign exchange differences recoverable from, or payable to, beneficiaries in later periods.

For the first half of FY27, consolidated revenue from operations rose 2.8% to ₹23,312.94 crore from ₹22,672.17 crore. Profit rose 3.7% to ₹7,464.58 crore from ₹7,196.66 crore. On a standalone basis, Q2 profit was ₹3,819.08 crore against ₹3,554.80 crore, and total income was ₹11,899.96 crore against ₹11,348.27 crore. Standalone other income rose to ₹1,851.53 crore from ₹1,348.67 crore.

The filing gives no quarterly capital expenditure, capitalisation or commissioning figures, and its cash flow statement covers only the half year. Consolidated capital work-in-progress stood at ₹51,035.65 crore, against ₹43,654.29 crore at 31 March 2026. The filing does not update works in hand.

Dividend and Balance Sheet

The first interim dividend for FY27 equals 30% of the ₹10 face value. The record date is 6 November 2026, and payment to members is set for 30 November 2026. For FY26, the company paid a total of ₹9 per share, made up of ₹7.75 in interim dividend and a ₹1.25 final dividend approved on 20 August 2026.

Consolidated net worth stood at ₹1,06,748.38 crore at 30 September 2026. The consolidated debt-to-equity ratio was 1.42, against 1.37 a year earlier.

Regulatory Backdrop and Group Restructuring

The notes to the results say the Central Electricity Regulatory Commission notified its tariff regulations for the 2024-29 block on 15 March 2024. POWERGRID’s August 2026 presentation put its cumulative tariff market share at about 47% across all inter-state tariff-based competitive bidding (TBCB) projects since inception. It put the long-term sectoral opportunity at more than ₹15 lakh crore, citing the Central Electricity Authority’s 900-plus GW plan, Brahmaputra basin hydro and One Sun One World One Grid.

The notes also record restructuring within the group. POWERGRID proposes to merge two groups of wholly owned transmission subsidiaries into Powergrid Ghiror Transmission Limited and Powergrid South Olpad Transmission Limited. The Ministry of Power and CTUIL have given no objection, and applications went to the Regional Director on 3 September 2026. Separately, the Department of Investment and Public Asset Management has approved, through the Ministry of Power, the exit from three companies. They are Torrent Power Grid Limited, Sikkim Power Transmission Limited and Parbati Koldam Transmission Company Limited.

About POWERGRID

POWERGRID is a Government of India enterprise, with the government holding 51.34% at 30 June 2026. On that date, it reported 1,86,595 circuit kilometres of transmission lines, 6,34,516 MVA of transformation capacity and 291 substations. It also reported consolidated gross fixed assets of more than ₹3.25 lakh crore and system availability of 99.80%. Burra Vamsi Rama Mohan is Chairman and Managing Director.

Works in hand stood at ₹1,75,700 crore at 30 June 2026, including ₹50,419 crore of capital work-in-progress. The total comprised ₹1,46,315 crore of TBCB projects, ₹25,168 crore of regulated tariff mechanism work and ₹4,217 crore of other business. It excluded the Pang-Kaithal project at ₹22,942 crore and offshore projects at ₹13,142 crore. The bidding pipeline stood at more than ₹1.19 lakh crore at 31 July 2026.

The Company’s Recent Pipeline

  • March 2026: The board approved a Union Bank of India facility of up to ₹5,000 crore and a framework agreement with Africa50 and Uganda Development Bank for a transmission project in Uganda.
  • September 2026: POWERGRID acquired Barmer HVDC Power Transmission Limited, the project vehicle for 6,000 MW, ±800 kV high-voltage direct current terminals at Barmer-II in Rajasthan and South Kalamb in Maharashtra, joined by a bipole line of about 1,000 km.
  • September 2026: Its bonds committee approved a private placement of up to ₹5,000 crore, and the board cleared a State Bank of India facility of up to ₹10,000 crore.
  • September 2026: Akhilesh Pathak took charge as Director (Projects).
  • October 2026: The company acquired Lakadia II Power Transmission Limited, Lakadia C Power Transmission Limited and Jam Khambhaliya REZ Transmission Limited under TBCB.

Outlook

The next step for the subsidiary mergers is the Regional Director’s confirmation. The next step for the CTUIL sale is a share purchase agreement, and the sale is due to close within three months of its signing. POWERGRID has not given a date for either. The results filing also gives no date for its next update on capital expenditure and works in hand.

Official Sources

  1. Power Grid Corporation of India Limited – Board Meeting Outcome and Q2 FY27 Results (NSE, 1 November 2026): https://nsearchives.nseindia.com/corporate/POWERGRID1_01112026200821_BSENSEReg30FileFinal.pdf
  2. Power Grid Corporation of India Limited – Investor Presentation Q1 FY27 (NSE, 7 August 2026): https://nsearchives.nseindia.com/corporate/POWERGRID1_07082026104951_NSEBSE.pdf
  3. Power Grid Corporation of India Limited – Acquisition of Barmer HVDC Power Transmission Limited (NSE, 23 September 2026): https://nsearchives.nseindia.com/corporate/POWERGRID1_23092026191217_BSENSEReg30Acqdt23092026_v2signed.pdf
  4. Power Grid Corporation of India Limited – Acquisition of Lakadia II Power Transmission Limited (NSE, 12 October 2026): https://nsearchives.nseindia.com/corporate/POWERGRID1_12102026173004_BSENSEReg30acquisitionDt12102026REC.pdf
  5. Power Grid Corporation of India Limited – Outcome of Board Meeting (NSE, 9 March 2026): https://nsearchives.nseindia.com/corporate/POWERGRID1_09032026202038_BSENSEReg30dt09032026.pdf
  6. Power Grid Corporation of India Limited – Board Outcome, State Bank of India Facility (NSE, 26 September 2026): https://nsearchives.nseindia.com/corporate/POWERGRID1_26092026165837_NSEBSEPI26092026_signed_v1.pdf

Discussion (0)

Leave a Comment

CAPTCHA