Power Grid Q4 profit up 9.7%, ₹1.25 dividend approved

What changed for Power Grid in Q4

Power Grid Corporation of India Ltd reported a mixed set of quarterly numbers, with profit rising even as revenue fell. The company posted Q4 net profit of ₹4,546 crore, up 9.7% year-on-year. Revenue declined 5% to ₹11,666 crore for the quarter. The results arrived as the stock traded lower on the day in the secondary market, reflecting how closely investors track execution and revenue momentum in regulated transmission businesses. Motilal Oswal Financial Services flagged the quarter as a revenue miss, according to the data shared.

Q4 FY26 numbers at a glance

On the headline metrics, the quarter showed a clear divergence between earnings and topline. Net profit for Q4 2025-2026 rose to ₹4,546.33 crore, a 9.74% increase from the same period last year. On a sequential basis, the company’s net profit was up 8.63% versus the previous quarter. Revenue for Q4 declined 5% to ₹11,666 crore. The reported figures place the focus on what drove profitability despite lower revenue, especially for a large-cap utility where earnings quality and predictability are central to valuation.

Dividend: final payout of ₹1.25 per share

Alongside the quarterly update, the company approved a final dividend of ₹1.25 per share. For many investors, dividend decisions are a key part of the Power Grid investment case because of the company’s steady cash generation profile. The announced final dividend adds to the set of datapoints markets use to evaluate shareholder returns, especially when price action is volatile. The disclosure also matters for those tracking record dates and payout schedules, although those details were not included in the provided data.

Stock price snapshot and key levels (May 18, 2026)

As per the provided snapshot dated May 18, 2026 at 9:31 pm IST, Power Grid traded at ₹296.55, down ₹9.30 or 3.04%. The day’s low was ₹290.20 and the day’s high was ₹298.45. Over a 52-week period, the stock’s low was ₹250.00 and the high was ₹324.95. The previous close was ₹305.85, while the open was ₹296.30. Reported trading volume for the day was 1.60 crore shares, with an upper circuit of ₹336.40 and a lower circuit of ₹275.30.

Market stance and consensus ratings

The market expectation section showed a buy-tilted consensus based on publicly available information and brokerage expectations. The split reported was 59.09% Buy, 27.27% Hold, and 13.64% Sell. Separately, a recommendations panel cited “Mean Recos by 22 Analysts” as Buy, and listed targets of ₹385 from ICICI Securities and ₹425 from Motilal Oswal Financial Services. The analyst trend table also indicated how ratings shifted over time: Strong Buy at 7 currently, Buy at 6, and Hold at 6, with small changes versus one month and three months ago. While ratings aggregates are not investment advice, they provide a quick view of how expectations are positioned after results.

Broker calls: Prabhudas Lilladher raises target to ₹348

Prabhudas Lilladher reiterated a Buy recommendation with a target price of ₹348 in a report dated March 24, 2026. The note said it factored in revised capitalisation and capex guidance and increased EPS marginally by around 1% over FY27E and FY28E. It valued the stock at 2.8x FY28E book value for the revised target, compared with an earlier target of ₹324 valued at 2.6x FY28E book value. Such changes highlight how brokerage models can move even when the underlying business remains steady, especially when assumptions on capex, regulated returns, or cost of capital are updated.

Price targets: upward and downward tweaks across reports

The provided data includes multiple target revisions, pointing to an active update cycle among analysts. One update said analysts lifted their price target to ₹384 from ₹378, citing higher projected revenue growth alongside a slightly lower profit margin and marginal changes in the discount rate and future P/E estimate. Another update referenced a small reduction to around ₹378 from about ₹379, with revenue growth and margins broadly in line and a slight adjustment to future P/E input. A separate revision indicated a target moved to ₹267 from ₹260 as assumptions changed, including projected revenue growth shifting from a 0.59% decline to 0.42% growth. Other notes mentioned trims to ₹309 from ₹312, and maintaining a target at ₹313.57 with only marginal tweaks.

Forward-looking metrics cited in forecasts

Beyond the quarter, the dataset also included forecast growth assumptions for Power Grid. Earnings and revenue were forecast to grow by 6.7% and 5.9% per annum, respectively. EPS was expected to grow by 8.4% per annum. Return on equity was forecast at 16.6% in three years. These forecast metrics are useful context for comparing Power Grid to other regulated and quasi-regulated infrastructure businesses, where investors often focus on predictable growth and return profiles rather than cyclicality.

Key data table: results, price action, and targets

Market impact: what investors are likely tracking

The combination of higher profit and lower revenue can shift attention to drivers such as operating efficiency, regulated income mix, or one-off items, though those line items were not provided here. Still, the revenue decline is explicitly noted as a miss by Motilal Oswal, signalling that topline delivery remains an active debate point. On the market side, the stock’s movement to ₹296.55 and the intraday low of ₹290.20 show that investors reacted sharply around the period captured. The wide set of analyst targets, ranging from the mid-₹260s to above ₹400 in the provided snippets, also illustrates how sensitive fair value can be to small changes in growth, margin, discount rate, and terminal multiple assumptions.

Conclusion

Power Grid’s Q4 update delivered profit growth to ₹4,546 crore but also a 5% revenue decline to ₹11,666 crore, with the board approving a final dividend of ₹1.25 per share. With the stock trading near ₹296 in the referenced market snapshot and broker targets spanning a broad range, investors are likely to keep focus on revenue traction, capex execution assumptions cited by brokerages, and the next set of earnings updates as they are released.