Power Grid Corporation Of India Ltd.

•

powergrid.inBSE: 532898NSE: POWERGRID

Market Cap₹ 2,50,279 Cr.

Current Price

High / Low₹ 325 / 250

Stock P/E13.3

Book Value₹ 111

Price to Book2.76

Dividend Yield3.34 %

ROCE10.2 %

ROE16.6 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Transmission: 97.0% • Consultancy: 3.0%

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

Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.10x)
Company has been maintaining a healthy dividend payout of 52.6%
Working capital cycle has improved - days down from -76 to -110
Company has a consistent dividend-paying track record
Company generates healthy free cash flow
Stock looks reasonably valued - P/E of 13.3 is below its historical median

CONS

Receivables are growing faster than sales - a possible quality concern
A large part of profit comes from other income (43.7% of PBT)
Company has a low return on capital employed of 12.0%
Operating margins have contracted to 80.8% from 92.8%
Company has delivered a poor sales growth of 1.7% over past five years
Company has delivered a poor profit growth of 5.9% over past five years

* 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

Standalone Figures in Rs. Crores / View Consolidated

	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
	10,245	10,419	10,677	11,051	10,068	10,260	10,121	10,983	9,928	10,000	11,005	9,971	9,795
	1,240	1,212	1,276	1,908	1,324	1,473	1,598	1,760	1,810	1,990	1,586	2,470	7,124
Operating Profit	9,005	9,207	9,401	9,142	8,744	8,787	8,523	9,223	8,118	8,010	9,419	7,501	2,672
OPM %	87.90%	88.37%	88.05%	82.73%	86.85%	85.64%	84.21%	83.98%	81.77%	80.10%	85.59%	75.23%	27.27%
	644	786	791	1,203	782	1,123	1,488	1,500	1,329	1,349	1,431	1,984	1,575
Interest	2,121	2,389	2,516	2,021	2,160	2,605	2,127	2,588	2,304	2,558	2,574	2,614	2,515
Depreciation	3,141	3,142	3,159	3,116	3,073	3,162	3,074	3,043	2,970	3,056	3,207	3,096	2,925
Profit before Tax	4,386	4,463	4,517	5,208	4,293	4,144	4,810	5,092	4,172	3,744	5,069	3,774	4,246
Tax %	12.70%	11.42%	14.60%	17.40%	19.10%	16.40%	19.96%	15.84%	17.58%	18.93%	23.07%	-121.80%	17.17%
Net Profit	3,829	3,953	3,858	4,302	3,473	3,464	3,850	4,286	3,439	3,036	3,900	8,370	3,411
	3.75	4.12	4.27	4.44	3.67	3.99	4.19	4.66	3.93	3.82	4.47	4.90	3.67

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	25,710	29,765	34,119	36,186	37,666	39,933	42,636	42,391	41,431	40,904	40,771
	3,143	3,819	4,840	4,785	4,610	5,007	5,675	5,637	6,157	7,857	13,170
Operating Profit	22,567	25,946	29,279	31,401	33,056	34,926	36,961	36,754	35,274	33,047	27,602
OPM %	87.77%	87.17%	85.81%	86.78%	87.76%	87.46%	86.69%	86.70%	85.14%	80.79%	67.70%
	1,016	4,290	-913	3,817	2,405	5,640	2,848	2,860	5,177	3,269	6,338
Interest	6,350	7,591	9,203	9,814	8,724	8,211	9,707	9,047	9,479	10,050	10,261
Depreciation	7,663	9,091	10,201	11,073	11,712	12,551	12,859	12,558	12,352	12,330	12,285
Profit before Tax	9,570	13,554	8,962	14,331	15,025	19,805	17,243	18,009	18,619	13,935	16,833
Tax %	21.42%	39.17%	-10.90%	24.56%	20.56%	13.69%	12.29%	14.61%	17.54%	-14.25%	-11.82%
Net Profit	7,520	8,245	9,939	10,811	11,936	17,094	15,125	15,377	15,354	15,921	18,823
EPS	14.37	15.76	19.00	20.67	17.11	24.51	16.49	16.53	16.51	17.12	—
Dividend Payout %	30.26%	33.31%	43.85%	48.39%	52.60%	60.19%	68.03%	68.04%	54.52%	52.58%	—

COMPOUNDED SALES GROWTH

10 Years:: 7%
5 Years:: 2%
3 Years:: -1%

COMPOUNDED PROFIT GROWTH

10 Years:: 10%
5 Years:: 6%
3 Years:: 2%

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:: 17%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	44,576	49,183	53,786	59,208	64,347	69,176	75,869	77,566	82,915	90,628
	1,18,273	1,36,820	1,49,181	1,62,110	1,56,466	1,42,935	1,40,003	1,28,649	1,35,352	1,52,226
Trade Payables	414	240	364	226	186	266	325	354	568	705
	31,889	39,078	45,488	37,329	36,679	40,730	36,224	35,727	35,937	32,151
Total Liabilities	2,00,384	2,30,553	2,54,050	2,64,104	2,62,911	2,60,082	2,59,396	2,51,597	2,64,072	2,85,011
	1,35,508	1,53,610	1,63,860	1,69,836	1,76,944	1,79,732	1,72,278	1,62,701	1,53,635	1,52,150
Capital Work in Progress	35,807	30,261	33,364	30,180	17,897	7,344	7,668	9,581	12,167	8,354
	1,330	1,608	2,757	3,764	5,218	7,244	7,676	9,601	11,312	16,392
	907	1,038	1,226	1,401	1,363	1,353	1,324	1,304	1,378	1,447
	0	0	0	0	0	0	0	10,826	7,273	10,849
Cash & Bank	3,341	2,170	4,332	5,409	5,274	2,971	4,734	5,027	6,419	7,701
	23,491	41,864	48,511	53,514	56,217	61,438	65,717	52,558	71,887	88,118
Total Assets	2,00,384	2,30,553	2,54,050	2,64,104	2,62,911	2,60,082	2,59,396	2,51,597	2,64,072	2,85,011

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	23,122	24,110	25,351	31,715	29,821	28,349	40,636	34,790	31,357	31,983
Cash from Investing	-23,434	-22,981	-18,648	-9,368	-7,803	2,189	-5,701	-10,434	-17,897	-26,548
Cash from Financing	3,871	-612	-2,374	-18,712	-20,186	-28,801	-30,449	-25,882	-12,357	-3,996
	1,688	-1,712	2,127	1,159	-375	-1,973	1,689	-1,526	1,103	1,439

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	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

10,245

10,419

10,677

11,051

10,068

10,260

10,121

10,983

9,928

10,000

11,005

9,971

9,795

1,240

1,212

1,276

1,908

1,324

1,473

1,598

1,760

1,810

1,990

1,586

2,470

7,124

Operating Profit

9,005

9,207

9,401

9,142

8,744

8,787

8,523

9,223

8,118

8,010

9,419

7,501

2,672

OPM %

87.90%

88.37%

88.05%

82.73%

86.85%

85.64%

84.21%

83.98%

81.77%

80.10%

85.59%

75.23%

27.27%

644

786

791

1,203

782

1,123

1,488

1,500

1,329

1,349

1,431

1,984

1,575

Interest

2,121

2,389

2,516

2,021

2,160

2,605

2,127

2,588

2,304

2,558

2,574

2,614

2,515

Depreciation

3,141

3,142

3,159

3,116

3,073

3,162

3,074

3,043

2,970

3,056

3,207

3,096

2,925

Profit before Tax

4,386

4,463

4,517

5,208

4,293

4,144

4,810

5,092

4,172

3,744

5,069

3,774

4,246

Tax %

12.70%

11.42%

14.60%

17.40%

19.10%

16.40%

19.96%

15.84%

17.58%

18.93%

23.07%

-121.80%

17.17%

Net Profit

3,829

3,953

3,858

4,302

3,473

3,464

3,850

4,286

3,439

3,036

3,900

8,370

3,411

3.75

4.12

4.27

4.44

3.67

3.99

4.19

4.66

3.93

3.82

4.47

4.90

3.67

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

25,710

29,765

34,119

36,186

37,666

39,933

42,636

42,391

41,431

40,904

40,771

3,143

3,819

4,840

4,785

4,610

5,007

5,675

5,637

6,157

7,857

13,170

Operating Profit

22,567

25,946

29,279

31,401

33,056

34,926

36,961

36,754

35,274

33,047

27,602

OPM %

87.77%

87.17%

85.81%

86.78%

87.76%

87.46%

86.69%

86.70%

85.14%

80.79%

67.70%

1,016

4,290

-913

3,817

2,405

5,640

2,848

2,860

5,177

3,269

6,338

Interest

6,350

7,591

9,203

9,814

8,724

8,211

9,707

9,047

9,479

10,050

10,261

Depreciation

7,663

9,091

10,201

11,073

11,712

12,551

12,859

12,558

12,352

12,330

12,285

Profit before Tax

9,570

13,554

8,962

14,331

15,025

19,805

17,243

18,009

18,619

13,935

16,833

Tax %

21.42%

39.17%

-10.90%

24.56%

20.56%

13.69%

12.29%

14.61%

17.54%

-14.25%

-11.82%

Net Profit

7,520

8,245

9,939

10,811

11,936

17,094

15,125

15,377

15,354

15,921

18,823

EPS

14.37

15.76

19.00

20.67

17.11

24.51

16.49

16.53

16.51

17.12

—

Dividend Payout %

30.26%

33.31%

43.85%

48.39%

52.60%

60.19%

68.03%

68.04%

54.52%

52.58%

—

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

44,576

49,183

53,786

59,208

64,347

69,176

75,869

77,566

82,915

90,628

1,18,273

1,36,820

1,49,181

1,62,110

1,56,466

1,42,935

1,40,003

1,28,649

1,35,352

1,52,226

Trade Payables

414

240

364

226

186

266

325

354

568

705

31,889

39,078

45,488

37,329

36,679

40,730

36,224

35,727

35,937

32,151

Total Liabilities

2,00,384

2,30,553

2,54,050

2,64,104

2,62,911

2,60,082

2,59,396

2,51,597

2,64,072

2,85,011

1,35,508

1,53,610

1,63,860

1,69,836

1,76,944

1,79,732

1,72,278

1,62,701

1,53,635

1,52,150

Capital Work in Progress

35,807

30,261

33,364

30,180

17,897

7,344

7,668

9,581

12,167

8,354

1,330

1,608

2,757

3,764

5,218

7,244

7,676

9,601

11,312

16,392

907

1,038

1,226

1,401

1,363

1,353

1,324

1,304

1,378

1,447

10,826

7,273

10,849

Cash & Bank

3,341

2,170

4,332

5,409

5,274

2,971

4,734

5,027

6,419

7,701

23,491

41,864

48,511

53,514

56,217

61,438

65,717

52,558

71,887

88,118

Total Assets

2,00,384

2,30,553

2,54,050

2,64,104

2,62,911

2,60,082

2,59,396

2,51,597

2,64,072

2,85,011

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

23,122

24,110

25,351

31,715

29,821

28,349

40,636

34,790

31,357

31,983

Cash from Investing

-23,434

-22,981

-18,648

-9,368

-7,803

2,189

-5,701

-10,434

-17,897

-26,548

Cash from Financing

3,871

-612

-2,374

-18,712

-20,186

-28,801

-30,449

-25,882

-12,357

-3,996

1,688

-1,712

2,127

1,159

-375

-1,973

1,689

-1,526

1,103

1,439

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

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Cash Flows

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Power Grid Corporation Of India Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI