Power Grid of India (POWERGRID) — concall transcript

📢 Key Event
Power Grid reported Q3 results and outlined FY26-FY27 CapEx plans amid regulatory and project updates.

🔄 What Changed
Nine-month PAT rose to ₹11,379 crores from prior periods, while debt increased to ₹1,29,288 crores; forward CapEx guidance was raised to ₹28,000-30,000 crores for FY26 and ₹35,000 crores for FY27.

🔮 What's Next
FY26 CapEx of ₹28,000-30,000 crores and FY27 potential of ₹35,000 crores; HVDC projects to be commissioned within 4.5 years; InvIT monetization delayed due to NMP rules.

💡 Investor Takeaway
Shareholders should note rising CapEx commitments and regulatory headwinds may pressure short-term dividends despite long-term growth ambitions.

Power Grid discussed Q3 and nine-month results ending 31 December 2024, reporting standalone Q3 income of ₹11,609 crores and consolidated PAT of ₹11,379 crores for the nine-month period. Management highlighted a ₹180 billion capitalisation target for FY25, with ₹10,000 crores CapEx in Q3, and confirmed ₹28,000-30,000 crores CapEx guidance for FY26 and ₹35,000 crores potential for FY27. Key projects include the ₹3,700 crore Khavda bid win with a 0.25% margin over competitors and ₹63,909 crores awarded projects by December 2024. HVDC pipeline developments are advancing, though InvIT monetization faces regulatory constraints under NMP guidelines. Dividend policy remains stable, linked to project commissioning and DIPAM compliance.

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About Power Grid Corporation of India Ltd (POWERGRID)

Power · Power Generation & Distribution · Listed on BSE

Market Cap: ₹2,46,326.49 Cr P/E: 15.5 ROE: 15.8% ROCE: 10.5% Div Yield: 5.10%

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🔥 Also filed on 31 December 2024

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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