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POWER GRID CORPORATION OF INDIA LIMITED · Research view

POWER GRID CORPORATION OF INDIA LIMITED

NSE: POWERGRIDBSE: 532898ISIN INE752E01010Face value ₹10consolidated
₹255
−2.43% · 2026-10-01 · 52-wk ₹254–₹321
Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis

What stands out?

The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.

StrengthConcernWatchContext
WatchTalking point

Sharp margin drop

EBITDA margin dropped 5.6 percentage points in a single year, from 89.0% to 83.3% — worth investigating.

Importance 69 / 95 · anomaly

ConcernTalking point

Margins at a multi-year low

EBITDA margin of 83.3% is the thinnest in 4 years (prior range 88.9% to 90.5%).

Importance 61 / 95 · profitability

Strength

Earnings consistently backed by cash

Operating cash flow has matched or exceeded reported profit in 5 of the last 5 profit-making years (latest 2.57×).

Importance 55 / 95 · cash quality

Section 03 · The company

Who is this company?

Classified by the exchange under Utilities › Power › Power › Power - Transmission.

Market cap
₹2.37 L cr
FY2026 revenue
₹46,733 cr
FY2026 net profit
₹15,928 cr
Net worth
₹1,00,494 cr
Total debt
₹1,48,009 cr
EPS (basic)
₹17.13
Listed
NSE · BSE
Reporting
Ind-ASApr–Mar

Peer set used on this page: 9 power.

Section 04 · Business performance

Is the business growing?

Revenue & net profit — FY22 to FY26₹ crore · consolidated
₹'000 cr01325385001020REVENUENET PROFIT42k16,824FY2246k15,417FY2346k15,573FY2446k15,521FY2547k15,928FY26
RevenueNet profit

Revenue and profit over the loaded history are shown above.

Revenue growth per year
+2.9%over 4 years
Revenue growth
+2.1%vs last year
Net profit growth
+2.6%vs last year
Change in net profit since FY22
−5%
Section 05 · Recent activity

What changed recently?

Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.

Watch

Q1 FY27 net profit was ₹3,598 cr, down 20.9% from ₹4,546 cr in the previous quarter (Q4 FY26).

Rule QTR_PROFIT_SEQUENTIAL_CHANGE

A. Quarterly results

Latest quarters — Q2 '25 to Q1 '27₹ crore · consolidated
₹'000 cr05101520035REVENUENET PROFIT11k3,793Q2 '2511k3,862Q3 '2512k4,143Q4 '2511k3,631Q1 '2611k3,566Q2 '2612k4,185Q3 '2612k4,546Q4 '2611k3,598Q1 '27
RevenueNet profit
QuarterRevenueYoYNet profitYoYNet margin
Q2 FY2511,278—3,793—33.6%
Q3 FY2511,233−2.7%3,862−4.1%34.4%
Q4 FY2512,275+2.5%4,143−0.6%33.7%
Q1 FY2611,196+1.7%3,631−2.5%32.4%
Q2 FY2611,476+1.8%3,566−6.0%31.1%
Q3 FY2612,395+10.3%4,185+8.4%33.8%
Q4 FY2611,666−5.0%4,546+9.7%39.0%
Q1 FY2711,497+2.7%3,598−0.9%31.3%

B. TTM snapshot

Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters

Revenue
₹47,033 crTTM
EBITDA
₹39,272 crTTM
EBIT
₹26,244 crTTM
PBT
₹17,708 crTTM
Net profit
₹15,896 crTTM

C. Corporate actions

13 Aug 2026DividendFinal Dividend - Rs. - 1.2500 — ₹1.25/share
9 Feb 2026DividendInterim Dividend - Rs. - 3.2500 — ₹3.25/share
10 Nov 2025DividendInterim Dividend - Rs. - 4.5000 — ₹4.50/share
19 Aug 2025DividendFinal Dividend - Rs. - 1.2500 — ₹1.25/share
7 Feb 2025DividendInterim Dividend - Rs. - 3.2500 — ₹3.25/share
14 Nov 2024DividendInterim Dividend - Rs. - 4.5000 — ₹4.50/share
16 Aug 2024DividendFinal Dividend - Rs. - 2.7500 — ₹2.75/share
15 Feb 2024DividendInterim Dividend - Rs. - 4.5000 — ₹4.50/share
16 Nov 2023DividendInterim Dividend - Rs. - 4.0000 — ₹4.00/share
12 Sept 2023Bonus issueBonus issue 1:3 — 3:4
8 Aug 2023DividendFinal Dividend - Rs. - 4.7500 — ₹4.75/share
8 Feb 2023DividendInterim Dividend - Rs. - 5.0000 — ₹5.00/share
14 Nov 2022DividendInterim Dividend - Rs. - 5.0000 — ₹5.00/share
19 Aug 2022DividendFinal Dividend - Rs. - 2.2500 — ₹2.25/share
16 Feb 2022DividendInterim Dividend - Rs. - 5.5000 — ₹5.50/share
22 Dec 2021DividendInterim Dividend - Rs. - 4.0000 — ₹4.00/share
22 Dec 2021DividendSpecial Dividend - Rs. - 3.0000 — ₹3.00/share
8 Sept 2021DividendFinal Dividend - Rs. - 3.0000 — ₹3.00/share
29 Jul 2021Bonus issueBonus issue 1:3 — 3:4
8 Mar 2021DividendInterim Dividend - Rs. - 4.0000 — ₹4.00/share
17 Dec 2020DividendInterim Dividend - Rs. - 5.0000 — ₹5.00/share
2 Sept 2020DividendFinal Dividend - Rs. - 4.0400 — ₹4.04/share
16 Mar 2020DividendInterim Dividend - Rs. - 5.9600 — ₹5.96/share
19 Aug 2019DividendFinal Dividend - Rs. - 2.5000 — ₹2.50/share
14 Mar 2019DividendInterim Dividend - Rs. - 5.8300 — ₹5.83/share
Section 06 · Business performance

Is it becoming more profitable?

Margins — FY22 to FY26% of revenue · consolidated
0%5%10%15%20%25%30%35%40%45%50%55%60%65%70%75%80%85%90%95%83.3%33.4%FY22FY23FY24FY25FY26
EBITDA marginNet margin
Concern

EBITDA margin of 83.3% is the thinnest in 4 years (prior range 88.9% to 90.5%).

Rule MARGIN_AT_MULTI_YEAR_LOW

EBITDA margin now
83.3%
5-year range
83.3–90.5%
ROE FY2026
16.5%
ROCE FY2026
11.0%

ROE of 16.5% is well above the power median of 11.4%.

Section 07 · Financial health

Is financial health improving?

Net worth — FY22 to FY26₹ crore · consolidated
₹'000 cr06713320076kFY2283kFY2387kFY2493kFY251.00LFY26
Net worth (shareholders' funds)
Strength

Operating cash flow has matched or exceeded reported profit in 5 of the last 5 profit-making years (latest 2.57×).

Rule CFO_CONSISTENTLY_EXCEEDS_PAT

Operating cash flow vs net profit₹ crore · FY22–FY26
0k17k33k50k26k17kFY2238k15kFY2337k16kFY2436k16kFY2541k16kFY26
Operating cash flowNet profit
Total debt
₹1,48,009 cr
Operating cash flow ÷ net profit
2.57×FY2026
Free cash flow
₹3,682 cr
Current ratio
0.60×

Free cash flow has been positive in 5 of the last 5 years.

Net debt is 3.57× EBITDA.

Section 08 · Relative position

How does it compare with peers?

Ranked against 9 power (FY2026, consolidated).

Revenue growth

POWERGRID · 6th of 9 · set median 11.9%

JSWENERGY60.9%ADANIENSOL16.1%ADANIGREEN15.3%NLCINDIA14.4%NHPC11.9%POWERGRID2.1%NTPC-0.4%ADANIPOWER-3.5%TATAPOWER-4.7%

EBITDA margin

POWERGRID · 2nd of 9 · set median 43.2%

ADANIGREEN90.2%POWERGRID83.3%JSWENERGY58.4%NHPC54.3%ADANIPOWER43.2%NLCINDIA37.5%ADANIENSOL35.6%NTPC30.8%TATAPOWER23.8%

Return on equity

POWERGRID · 2nd of 9 · set median 11.4%

ADANIPOWER20.9%POWERGRID16.5%NLCINDIA16.0%NTPC13.7%TATAPOWER11.4%ADANIENSOL9.7%NHPC9.0%JSWENERGY8.8%ADANIGREEN7.6%

P/E ratio

POWERGRID · 3rd of 9 · set median 21.3×

NLCINDIA10.4×NTPC10.8×POWERGRID14.9×NHPC16.9×TATAPOWER21.3×ADANIPOWER26.1×JSWENERGY34.6×ADANIENSOL51.5×ADANIGREEN98.9×
Context

Trades at 14.90× earnings — 30% below the power median of 21.28×.

Rule PE_BELOW_PEERS

P / E
14.9×TTM to Jun 26
P / B
2.4×latest book
P / S
5.0×TTM sales
Earnings yield
6.7%TTM to Jun 26

On the trailing twelve months. Last full year: P/E 14.9× · P/S 5.0× · ROE 16.5%.

Section 09 · The stock

How has the stock performed?

Adjusted close — 2020-01 to 2026-10₹ per share · split / bonus adjusted
0k₹2552020202120222023202420252026

Long-term price performance is shown above.

1-year return
−9.3%
3-year return
+27.5%
5-year return
+77.0%
From 52-wk high
−20.6%
Section 10 · Technical data

What does the technical data say?

Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.

vs 50-day avg
Below₹272
vs 200-day avg
Below₹284
RSI (14)
34.9neutral
MACD histogram
-0.7
From 52-wk high
−20.6%
From 52-wk low
+0.2%
30-day volatility
21.3%ann.
6-month return
−14.8%
RSI (14) · 0–10034.9 — neutral
0305070100OVERSOLDOVERBOUGHT34.9
Section 11 · Open questions

What should I investigate further?

Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.

  • Watch
    Sharp margin drop
    EBITDA margin dropped 5.6 percentage points in a single year, from 89.0% to 83.3% — worth investigating.
    MARGIN_SHARP_DROP · conviction 69
  • Concern
    Margins at a multi-year low
    EBITDA margin of 83.3% is the thinnest in 4 years (prior range 88.9% to 90.5%).
    MARGIN_AT_MULTI_YEAR_LOW · conviction 61
  • Watch
    Receivables stretching
    Receivable days rose from 63 to 91 — collections are slower.
    RECEIVABLE_DAYS_JUMP · conviction 50
  • Watch
    Unusual tax rate
    Effective tax rate of -7.9% (FY2026) is well below the ~25% corporate norm — a one-off tax item may be flattering or depressing reported profit.
    EFFECTIVE_TAX_UNUSUAL · conviction 45
  • Concern
    Meaningful debt load
    Net debt is 3.57× EBITDA.
    HIGH_LEVERAGE · conviction 40
Data coverage is complete — 5 years of financials (FY2022–FY2026), full P&L, balance sheet and cash-flow statement, sector metrics fully mapped.
Section 12 · Reference

The numbers

The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.

Income & balance sheet — ₹ crore, consolidated
MetricFY22FY23FY24FY25FY26
Revenue41,61645,58145,84345,79246,733
Total income42,69846,60646,91347,45947,684
EBITDA37,64840,50240,97340,73238,931
Profit before tax20,06117,53519,10519,12817,453
Net profit16,82415,41715,57315,52115,928
EPS (₹)24.122.116.716.717.1
Net worth76,24783,01587,14592,6631,00,494
Total debt1,34,6651,26,5951,23,4491,30,9651,48,009
Operating cash flow26,12438,00537,29036,22340,931
Free cash flow18,49132,76327,96613,6323,682
Key ratios — consolidated
RatioFY22FY23FY24FY25FY26
Growth
Revenue growth YoY—9.50.6-0.12.1
Profit growth YoY—-8.41.0-0.32.6
Profitability
EBITDA margin %90.588.989.489.083.3
Net margin %39.433.133.232.733.4
Return on equity %22.119.418.317.316.5
Return on capital %11.712.913.312.811.0
Leverage & cash
Debt to equity1.771.521.421.411.47
Cash flow ÷ profit1.552.472.392.332.57
Current ratio0.630.870.780.730.60
Financials: BSE Integrated Filing inline XBRL (SEBI taxonomy), normalised to standard metric keys. Prices: NSE end-of-day, raw OHLC preserved; a corporate-action factor produces the adjusted series. The insight engine writes factual observations from fixed rules — it does not make recommendations. Not investment advice.