Power Grid Corporation Of India Ltd.

•

powergrid.inBSE: 532898NSE: POWERGRID

Market Cap₹ 2,50,279 Cr.

Current Price

High / Low₹ 325 / 250

Stock P/E15.7

Book Value₹ 112

Price to Book2.74

Dividend Yield3.34 %

ROCE9.7 %

ROE16.5 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Transmission: 92.6% • Consultancy: 4.9% • Telecom: 2.5%

AI Sector View

AI GENERATED

Power

Buy

Operationally, power remains one of the strongest sectors in the dataset. Power generation rose 8.0% YoY (2026-07), IIP-electricity was 10.0% YoY (2026-06), electricity core output was 9.0% YoY (2026-07), and coal offtake increased 10.0% YoY (2026-07). FPI outflows are a headwind at INR -10736 crore over 3 months to 2026-08-31, but the fundamental demand signal is strong enough to retain a positive stance.

Confidence

71%

View full sector analysis →

PROS

Company has consistently been profitable over the last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.43x)
Company has been maintaining a healthy dividend payout of 52.6%
Working capital cycle has improved - days down from -86 to -160
Company has a consistent dividend-paying track record
Company generates healthy free cash flow

CONS

Receivables are growing faster than sales - a possible quality concern
Company has a low return on capital employed of 11.9%
Company has delivered a poor sales growth of 3.3% over past five years
Operating margins have contracted to 81.3% from 88.8%
Company has delivered a poor profit growth of 5.8% over past five years
Recurring exceptional / one-off items are inflating headline profit

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

PowerPowerPower Generation/Distribution

Part ofNIFTY 50 NIFTY CPSE NIFTY DIV OPPS 50 NIFTYLARGEMIDCAP250 NIFTY100 EQL WGT

S.No.	Name
1.	ADANIPOWER	209.85	28.39	404689.32	0.00	4866.60	47.24	18901.89	33.97	17.79	42.67
2.	NTPC	333.30	11.64	323189.88	2.70	6896.44	-88.71	50740.96	7.81	8.52	33.23
3.	POWERGRID	269.10	15.74	250279.25	3.34	3598.42	-0.89	11496.72	2.68	9.74	82.97
4.	ADANIGREEN	1282.00	118.37	211167.98	0.00	983.00	19.30	4431.00	16.61	9.90	91.24
5.	ADANIENSOL	1373.75	57.55	168003.37	0.00	12365.60	2194.43	97110.80	1324.06	9.71	31.27
6.	TATAPOWER	365.00	30.19	116629.89	0.68	1400.86	10.98	19051.26	5.63	11.63	21.53
7.	JSWENERGY	525.45	48.97	96340.35	0.38	532.70	-36.27	5207.13	1.24	8.50	55.22
8.	NHPC	76.30	20.19	76643.62	2.11	1178.09	4.15	3808.31	18.50	6.16	61.80
9.	NTPCGREEN	86.90	120.64	73224.80	0.00	304.84	38.26	1106.86	62.72	3.73	91.95
10.	TORNTPOWER	1298.20	28.15	65416.76	1.54	661.85	-10.75	8124.15	2.75	14.37	18.93
11.	NLCINDIA	264.25	11.42	36641.87	1.46	436.33	-48.01	4716.75	23.29	11.27	32.83
12.	ACMESOLAR	401.85	47.07	28405.75	0.05	235.33	79.88	857.50	67.81	9.23	85.63

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	11,048	11,267	11,550	11,978	11,006	11,278	11,233	12,275	11,196	11,476	12,395	11,666	11,497
	1,366	1,359	1,337	1,879	1,404	1,576	1,695	2,052	2,049	2,362	1,742	2,600	7,112
Operating Profit	9,683	9,908	10,213	10,099	9,602	9,701	9,538	10,224	9,147	9,114	10,653	9,066	4,385
OPM %	87.64%	87.94%	88.42%	84.31%	87.25%	86.02%	84.91%	83.29%	81.69%	79.42%	85.95%	77.71%	38.14%
	209	263	270	327	273	568	510	315	248	194	204	305	200
Interest	2,057	2,341	2,446	1,928	2,039	2,441	1,917	2,303	1,934	2,148	2,190	2,175	2,023
Depreciation	3,266	3,277	3,293	3,259	3,200	3,292	3,216	3,196	3,130	3,223	3,381	3,295	3,128
Profit before Tax	4,569	4,553	4,743	5,239	4,637	4,536	4,914	5,041	4,330	3,937	5,285	3,901	4,587
Tax %	13.59%	12.60%	16.60%	18.29%	18.96%	19.50%	22.18%	18.23%	20.05%	21.07%	24.83%	-112.55%	19.24%
Net Profit	0	0	0	0	3,724	3,793	3,862	4,143	3,631	3,566	4,185	45,463	3,598
	3.87	4.06	4.33	4.48	4.00	4.08	4.15	4.46	3.90	3.84	4.50	4.89	3.87

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	25,697	29,954	35,059	37,744	39,640	41,622	45,603	45,843	45,792	46,733	47,033
	3,145	3,837	4,842	4,804	4,647	5,050	6,104	5,941	6,729	8,754	13,816
Operating Profit	22,552	26,117	30,217	32,939	34,993	36,571	39,500	39,902	39,063	37,979	33,217
OPM %	87.76%	87.19%	86.19%	87.27%	88.28%	87.87%	86.62%	87.04%	85.30%	81.27%	70.63%
	735	3,761	-1,810	2,612	690	3,868	1,251	499	1,946	-1,822	903
Interest	6,250	7,324	8,849	9,509	8,358	8,036	9,634	8,773	8,700	8,448	8,536
Depreciation	7,722	9,231	10,541	11,607	12,039	12,872	13,333	13,095	12,904	13,030	13,028
Profit before Tax	9,457	13,471	9,147	14,590	15,501	19,610	17,702	18,514	19,294	14,547	17,710
Tax %	21.21%	39.10%	-9.69%	24.20%	22.35%	14.21%	12.89%	15.88%	19.55%	-9.50%	-7.72%
Net Profit	7,451	8,204	10,034	11,059	12,036	16,824	15,420	15,573	15,521	15,928	19,077
EPS	14.24	15.68	19.18	21.14	17.26	24.12	16.58	16.74	16.69	17.13	—
Dividend Payout %	30.54%	33.48%	43.43%	47.30%	52.16%	61.16%	66.72%	67.19%	53.93%	52.55%	—

COMPOUNDED SALES GROWTH

10 Years:: 9%
5 Years:: 3%
3 Years:: 1%

COMPOUNDED PROFIT GROWTH

10 Years:: 10%
5 Years:: 6%
3 Years:: 1%

STOCK PRICE CAGR

10 Years:: 10%
5 Years:: 16%
3 Years:: 12%
1 Year:: -6%

RETURN ON EQUITY

10 Years:: 18%
5 Years:: 19%
3 Years:: 17%
Last Year:: 16%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	5,232	5,232	5,232	5,232	5,232	6,975	6,975	9,301	9,301	9,301
	44,634	49,194	53,857	59,464	64,704	69,272	76,051	77,845	83,362	91,193
	1,18,685	1,29,594	1,49,568	1,62,409	1,56,665	1,42,938	1,40,007	1,28,907	1,35,733	1,52,620
Trade Payables	414	240	365	227	188	267	328	371	620	956
	36,814	47,743	46,019	38,082	37,679	43,825	40,063	40,673	43,415	46,430
Total Liabilities	2,05,778	2,32,004	2,55,040	2,65,413	2,64,468	2,63,277	2,63,424	2,57,096	2,72,431	3,00,500
	1,37,678	1,56,198	1,72,740	1,81,112	1,83,726	1,91,773	1,85,437	1,77,761	1,72,320	1,76,531
Capital Work in Progress	38,187	37,604	37,388	34,904	24,680	12,800	13,741	18,082	33,269	43,654
	1,165	1,224	1,296	1,431	1,486	3,804	3,750	4,424	3,117	2,995
	907	1,049	1,247	1,433	1,398	1,357	1,340	1,406	1,803	2,126
	0	0	0	0	0	0	0	11,540	7,965	11,673
Cash & Bank	3,354	2,189	4,337	5,454	5,539	5,048	7,385	7,495	10,077	8,920
	24,488	33,739	38,032	41,078	47,640	48,496	51,771	36,389	43,881	54,601
Total Assets	2,05,778	2,32,004	2,55,040	2,65,413	2,64,468	2,63,277	2,63,424	2,57,096	2,72,431	3,00,500

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	23,447	24,969	25,552	33,307	31,589	29,843	43,056	37,290	36,222	40,935
Cash from Investing	-23,836	-25,701	-18,727	-10,733	-9,063	753	-7,138	-13,114	-23,532	-35,310
Cash from Financing	3,959	1,285	-2,431	-18,806	-20,521	-28,967	-30,450	-25,903	-12,357	-4,006
	1,698	-1,707	2,113	1,199	-182	-2,091	2,615	-1,728	333	1,619

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	51.34	51.34	51.34	51.34	51.34	51.34	51.34	51.34	51.34
	28.72	28.26	28.11	26.79	26.50	25.66	24.73	25.02	24.33
	16.32	16.89	16.98	18.29	18.48	19.32	20.18	20.04	20.61
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	3.62	3.51	3.53	3.54	3.61	3.61	3.68	3.50	3.64

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-08

Change in Auditors

2026-09-08 - Power Grid Corporation of India Limited has informed the Exchange regarding Change in Auditors of the company.

2026-09-03

General Updates

2026-09-03 - Power Grid Corporation of India Limited has informed the Exchange about POWERGRID declared as successful bidder under TBCB.

2026-09-02

General Updates

2026-09-02 - Power Grid Corporation of India Limited has informed the Exchange about POWERGRID declared as successful bidder under TBCB

2026-08-31

Change in Management

2026-08-31 - Power Grid Corporation of India Limited has informed the Exchange about Change in Senior Management (Cessation).

2026-08-28

Acquisition

2026-08-28 - Power Grid Corporation of India Limited has informed the Exchange about Acquisition of Fatehgarh II Transmission Limited by POWERGRID under TBCB route.

2026-08-26

General Updates

2026-08-26 - Power Grid Corporation of India Limited has informed the Exchange about Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

2026-08-21

Shareholders meeting

2026-08-21 - Power Grid Corporation of India Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 20, 2026. Further, the company has informed the Exchange regarding voting results.

2026-08-21

General Updates

2026-08-21 - Power Grid Corporation of India Limited has informed the Exchange about POWERGRID declared as successful bidder under TBCB.

2026-08-20

Shareholders meeting

2026-08-20 - Power Grid Corporation of India Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 20, 2026

News

Recent coverage and analyst commentary for POWERGRID

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Name

ADANIPOWER

209.85

28.39

404689.32

0.00

4866.60

47.24

18901.89

33.97

17.79

42.67

NTPC

333.30

11.64

323189.88

2.70

6896.44

-88.71

50740.96

7.81

8.52

33.23

POWERGRID

269.10

15.74

250279.25

3.34

3598.42

-0.89

11496.72

2.68

9.74

82.97

ADANIGREEN

1282.00

118.37

211167.98

0.00

983.00

19.30

4431.00

16.61

9.90

91.24

ADANIENSOL

1373.75

57.55

168003.37

0.00

12365.60

2194.43

97110.80

1324.06

9.71

31.27

TATAPOWER

365.00

30.19

116629.89

0.68

1400.86

10.98

19051.26

5.63

11.63

21.53

JSWENERGY

525.45

48.97

96340.35

0.38

532.70

-36.27

5207.13

1.24

8.50

55.22

NHPC

76.30

20.19

76643.62

2.11

1178.09

4.15

3808.31

18.50

6.16

61.80

NTPCGREEN

86.90

120.64

73224.80

0.00

304.84

38.26

1106.86

62.72

3.73

91.95

TORNTPOWER

1298.20

28.15

65416.76

1.54

661.85

-10.75

8124.15

2.75

14.37

18.93

NLCINDIA

264.25

11.42

36641.87

1.46

436.33

-48.01

4716.75

23.29

11.27

32.83

ACMESOLAR

401.85

47.07

28405.75

0.05

235.33

79.88

857.50

67.81

9.23

85.63

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

11,048

11,267

11,550

11,978

11,006

11,278

11,233

12,275

11,196

11,476

12,395

11,666

11,497

1,366

1,359

1,337

1,879

1,404

1,576

1,695

2,052

2,049

2,362

1,742

2,600

7,112

Operating Profit

9,683

9,908

10,213

10,099

9,602

9,701

9,538

10,224

9,147

9,114

10,653

9,066

4,385

OPM %

87.64%

87.94%

88.42%

84.31%

87.25%

86.02%

84.91%

83.29%

81.69%

79.42%

85.95%

77.71%

38.14%

209

263

270

327

273

568

510

315

248

194

204

305

200

Interest

2,057

2,341

2,446

1,928

2,039

2,441

1,917

2,303

1,934

2,148

2,190

2,175

2,023

Depreciation

3,266

3,277

3,293

3,259

3,200

3,292

3,216

3,196

3,130

3,223

3,381

3,295

3,128

Profit before Tax

4,569

4,553

4,743

5,239

4,637

4,536

4,914

5,041

4,330

3,937

5,285

3,901

4,587

Tax %

13.59%

12.60%

16.60%

18.29%

18.96%

19.50%

22.18%

18.23%

20.05%

21.07%

24.83%

-112.55%

19.24%

Net Profit

3,724

3,793

3,862

4,143

3,631

3,566

4,185

45,463

3,598

3.87

4.06

4.33

4.48

4.00

4.08

4.15

4.46

3.90

3.84

4.50

4.89

3.87

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

25,697

29,954

35,059

37,744

39,640

41,622

45,603

45,843

45,792

46,733

47,033

3,145

3,837

4,842

4,804

4,647

5,050

6,104

5,941

6,729

8,754

13,816

Operating Profit

22,552

26,117

30,217

32,939

34,993

36,571

39,500

39,902

39,063

37,979

33,217

OPM %

87.76%

87.19%

86.19%

87.27%

88.28%

87.87%

86.62%

87.04%

85.30%

81.27%

70.63%

735

3,761

-1,810

2,612

690

3,868

1,251

499

1,946

-1,822

903

Interest

6,250

7,324

8,849

9,509

8,358

8,036

9,634

8,773

8,700

8,448

8,536

Depreciation

7,722

9,231

10,541

11,607

12,039

12,872

13,333

13,095

12,904

13,030

13,028

Profit before Tax

9,457

13,471

9,147

14,590

15,501

19,610

17,702

18,514

19,294

14,547

17,710

Tax %

21.21%

39.10%

-9.69%

24.20%

22.35%

14.21%

12.89%

15.88%

19.55%

-9.50%

-7.72%

Net Profit

7,451

8,204

10,034

11,059

12,036

16,824

15,420

15,573

15,521

15,928

19,077

EPS

14.24

15.68

19.18

21.14

17.26

24.12

16.58

16.74

16.69

17.13

—

Dividend Payout %

30.54%

33.48%

43.43%

47.30%

52.16%

61.16%

66.72%

67.19%

53.93%

52.55%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

5,232

6,975

9,301

44,634

49,194

53,857

59,464

64,704

69,272

76,051

77,845

83,362

91,193

1,18,685

1,29,594

1,49,568

1,62,409

1,56,665

1,42,938

1,40,007

1,28,907

1,35,733

1,52,620

Trade Payables

414

240

365

227

188

267

328

371

620

956

36,814

47,743

46,019

38,082

37,679

43,825

40,063

40,673

43,415

46,430

Total Liabilities

2,05,778

2,32,004

2,55,040

2,65,413

2,64,468

2,63,277

2,63,424

2,57,096

2,72,431

3,00,500

1,37,678

1,56,198

1,72,740

1,81,112

1,83,726

1,91,773

1,85,437

1,77,761

1,72,320

1,76,531

Capital Work in Progress

38,187

37,604

37,388

34,904

24,680

12,800

13,741

18,082

33,269

43,654

1,165

1,224

1,296

1,431

1,486

3,804

3,750

4,424

3,117

2,995

907

1,049

1,247

1,433

1,398

1,357

1,340

1,406

1,803

2,126

11,540

7,965

11,673

Cash & Bank

3,354

2,189

4,337

5,454

5,539

5,048

7,385

7,495

10,077

8,920

24,488

33,739

38,032

41,078

47,640

48,496

51,771

36,389

43,881

54,601

Total Assets

2,05,778

2,32,004

2,55,040

2,65,413

2,64,468

2,63,277

2,63,424

2,57,096

2,72,431

3,00,500

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

23,447

24,969

25,552

33,307

31,589

29,843

43,056

37,290

36,222

40,935

Cash from Investing

-23,836

-25,701

-18,727

-10,733

-9,063

753

-7,138

-13,114

-23,532

-35,310

Cash from Financing

3,959

1,285

-2,431

-18,806

-20,521

-28,967

-30,450

-25,903

-12,357

-4,006

1,698

-1,707

2,113

1,199

-182

-2,091

2,615

-1,728

333

1,619

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

51.34

28.72

28.26

28.11

26.79

26.50

25.66

24.73

25.02

24.33

16.32

16.89

16.98

18.29

18.48

19.32

20.18

20.04

20.61

Government

0.00

3.62

3.51

3.53

3.54

3.61

3.68

3.50

3.64

Power Grid Corporation Of India Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

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Power Grid Corporation Of India Ltd.

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Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

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