ICRA Reaffirms [ICRA]AAA (Stable) Rating for POWERGRID; Assigns AAA to ₹30,000 Crore Bond Programme

Rating Reaffirmation and New Assignment

ICRA has reaffirmed the [ICRA]AAA rating with a Stable outlook for Power Grid Corporation of India Limited (POWERGRID). In a concurrent move, the rating agency has assigned an “AAA” rating to the company’s new ₹30,000 crore bond programme.

Debt Composition and Rated Instruments

The total rated debt for the corporation stands at ₹1,88,268 crore. The rating covers the following specific financial instruments:

• The newly assigned ₹30,000 crore bond programme.
• Long-term bonds.
• Term loans.
• Commercial paper.

ICRA Rating Rationale

The rating rationale incorporates the following factors:

• Tariff Structure: The cost-plus nature of transmission tariffs, which allows for a regulated recovery of costs.
• Revenue Visibility: The entity maintains long-term revenue visibility regarding its cash flows.
• Operational Performance: Ratings account for performance metrics associated with the national grid, which the Ministry of Power classifies as among the most expansive and resilient globally, noted for minimal peak and energy shortages.

Corporate Profile and National Transmission Scale

POWERGRID is a Maharatna Central Public Sector Undertaking (CPSU) under the administrative control of the Ministry of Power. The company’s operations are situated within the context of the national power transmission network, which reached the following milestones according to the Ministry of Power’s 2025-26 performance highlights:

• Network Scale: The national transmission network now exceeds 5 lakh circuit kilometres (ckm) of transmission lines (220 kV and above).
• Transformation Capacity: The system possesses a transformation capacity of 1,407 GVA.
• Inter-regional Capacity: The inter-regional power transfer capacity is recorded at 1,20,340 MW, facilitating the “One Nation – One Grid – One Frequency” synchronous system.
• Shortage Metrics: During the 2025-26 period (up to December 2025), the national peak shortage was recorded at 0.1%. The report also noted an energy shortage of 0.03% during the same interval.